Compared to other aggregators, 24/7 Loan Pros
application is rather cumbersome in that each page of the application form only had a couple of information needed and you have to scroll through quite a few pages. As you can see from the table above, there are quite a few loan aggregators that will lend quite a large sum $20,000 to 50,000 to consumers (24/7LoanPros amongst them). They all have a few things in common. Intro: Who Is 24/7 Loan Pros?
24/7 Loan Pros is one of many loan aggregators that is available to consumers to shop for loans. One of the advantages of using someone like 24/7 Loan Pros is that with just one online application, you can apply to all lenders in their network. This saves you time and lets lenders compete for your business. One of the strong points of 24/7 Loan Pros is
that their lenders can lend you up to $35,000. This is on the higher side of the range among it's competitors. Typical Loan that 24/7 Loan Pros Offers
Loans from 24/7 Loan Pros range from 2 months to 3 years. The loan amount ranges from $100 to $35,000. The interest rate also ranges from 5.99% to 35.99%. Requirements and Qualifications
To get approved for loan from
lenders, you will need to at least meet the following requirements: How Does the Loan Process Work?
Apply for a loan involves filling in an online application form online. It is then submitted to their network of lenders who will then compete for your business. You might get a few offers from lenders which you will have to go through and choose the one that offers
the best terms. Once you e-sign the documents with the lender that you accept, your loan will be deposited into your checking account as soon as the next business day. Below is screenshot of the first of many application pages. Competition
Loan Co Amount Excluded States Not Eligible Min Income Credit Score 24/7 Loan Pros
$1,000-$35,000
NY, VT, WV, AK
No Military Personnel
$800/m
>540
100 Lenders
$100-$40,000
CT, NH, WA, VT
No Military Personnel
$1,000/m
N.A.
Zippy Loans
$100-$15,000
NY
N.A.
N.A.
N.A.
Viva Loans
$100-$15,000
NY, WV, DC
N.A.
N.A.
N.A.
Signature Loans
$100-$35,000
N.A.
N.A.
N.A.
N.A.
Next Day Personal Loans
$100-$40,000
CT, NH, WA, VT
No Military Personnel
N.A.
N.A.
Life Loans
$100-$40,000
CT, NH, WA, VT
No Military Personnel
$1,000/m
N.A.
Honest Loans
$400-$50,000
NY
No Military Personnel
No Federal Employees
$8,000/m
N.A.
Fast 5k Loans
$100-$10,000
NY, VT, WV, AK
No Military Personnel
$800/m
>540
Excel Online Loans
$500-$20,000
NY, DC, WV
N.A.
N.A.
N.A.
Bad Credit Loans
$100-$10,000
N.A.
N.A.
N.A.
N.A.
Firstly, most of them have some restrictions on residents of certain states. In 24/7LoanPros case, it is residents from NY, VT, WV and AK that cannot apply. Secondly, military personnel are not eligible as well. And this is not uncommon at all. The fact that interest rates range from 5.99% to 35.99% suggest that you need to have fair credit to apply through 24/7LoanPros. Anther thing to note is that 24/7 Loan Pros do not accept benefits as income.
There are a couple of competitors that overcome some of the restrictions that 24/7LoanPros have. For example, ExcelOnlineLoans.com accepts military personnel and applicants from all 50 states. Zippy Loan also allows military personnel and only restricts residents of NY from applying. Both ExcelOnlineLoans.com and Zippy Loan accept benefits as income.
Pros and Cons
pros
- Wide range of loan amounts - You can get a wide range of loan amounts from lenders from this network. It ranges from $100 to $35,000.
- Minimum of 540 credit score - You will need a minimum of 540 to get apply and qualify for a loan. That means those of you with bad credit can get a loan.
- Process is Fast - The application process is fast, easy and relatively painless.
Cons
- Not Available in a few states - 24/7 Loan Pros is not available to people from New York, Vermont, W. Virginia, Arkansas
- Will not serve those in active military - 24/7 Loan Pros will not serve folks from the military.
- Will not accept benefits as income - Lenders in the 24/7 Loan Pros network are more strict in how they define income. While some networks and lenders accept benefits as income, with 24/7, you need to have actual work income to qualify for their loans.
Our Take
24/7 Loan Pros is one of many loan aggregators that is available to consumers looking for a loan. They have their own specific criteria that may rule out some of you. For example, they only look at work income and do not count benefits as income. If you are from New York, Vermont, W Virginia and Arkansas, you are also not eligible. They also do not accept military personnel as applicants.If you are a military personnel, you should consider other loan aggregators like Zippy Loan as they accept all applicants though they only extend up to $15,000 in loan amount. Another alternative is Signature Loans which will lend you up to $35,000.
Another issue with 24/7 Loan Pros is that residents from NY, VT, WV and AK cannot apply. If you are from these states, then once again, we suggest you check out Signature Loans as they allow residents from all 50 states to apply.
It is also worth noting that both Zippy Loan and Signature Loans accept benefits as income while 24/7 Loan Pros does not.
There is another thing that I really do not like about 24/7 Loan Pros. And that is their application progress can be a little cumbersome. You are asked to fill only one or two information at a time before the next screen appears and this takes up more time than necessary. It would be much easier if they had just a couple of screens like most aggregators where you can fill in as much info as they need in just one or two web pages.
To sum up, 24/7 Loan Pros will save you time and effort in shopping around for a loan. However, there are many restrictions and if you do not meet their requirements, there are better places like Zippy Loan and Signature Loans which have much less restrictions.