LoanSolo – PayDay Loans Company review

ABOUT LoanSolo 

LoanSolo is an international money lending company that originated in USA in 2005 and has ever since extended its services to over 20 countries on almost all continents.

It is a truly well recognised and well-known company that serves millions of borrowers around the world.

What does it offer?

The company offers private loans of $100- $1000 for the time period of 16-21-30 days.

LoanSolo specializes in instant cash products with a goal to assist people when they need urgent cash. Its services include:

  • Same Day Cash Loans
  • Payday Loans
  • Cash Loans
  • Fast Loans
  • Microloans
  • Cash Advance Loans

These fast cash loans are a perfect solution for those who are stuck with a due bill, family emergency or unexpected opportunity you can’t afford to miss out on.

The terms and conditions for every of these products vary depending on the amount and repayment time for each client.

Also, in partnership with other financial organisations, LoanSolo offers other credit programs such as Residential Loans, Personal Loans, Commercial Loans, Motor Vehicle & Equipment Finance, SMSF, Investment Loans, Insurance.

The process for getting a loan

LoanSolo has a very through-through online automatic system, the initial application is processed electronically making it fast and easy for their clients.

Once LoanSolo loan application system gets your data and documents, the loan can be process in as little as 15 minutes (initial approval).

Among the documents you will need to upload are your ID and bank statements for the last 90 days and a filled in application form with the stated amount you want to borrow.

There’s no need to submit fax, scan copy or originals of your bank statements. The website is user-friendly and has a programme that will upload your bank statements with verification.

It is important that you fill in your application honestly: state all your income and expenses, as well as tell in detail what is it you need the money for. This is the requirement of the American regulations that the loan must correspond to the borrower’s needs and objectives.

LoanSolo follows the guidelines for responsible lending, and it would NOT be responsible for the company to:

  • approve you for a too big amount of money so your loan can become unmanageable when the repayment is due;
  • give you credit when your monthly expenses are greater than the income;

After LoanSolo confirms on your incomes and expenses, you will be notified about the loan approval. However, there might be some delays or additional factor that will slow down the process a bit. On average, LoanSolo clients still get their loans within a day.

Fees and Conditions

LoanSolo fees are very transparent and easy to understand. Every instant cash loan will cost the borrower a 20% establishment fee of the loan amount excluding direct debit fees + 4% monthly fee. That’s all – no more additional charges or fees.

Don’t be discouraged when you see a different percentage in your documents. American regulation states that all the loans have to be compared using the annual percentage rate (APR). That would be the fee you would have to pay if you borrowed the money for 12 months. However, the maximum period you can borrow with LoanSolo is 32 days, that’s why the percentage is actually much lower.

Keep in mind that besides the interest rate, there are other obligatory fees that are applied to all loans in USA. Such as $1.25 of Ezi Debit Transaction Fee paid to the government.

In case you are not able to repay the loan in the agreed terms, you should contact the customer support line as soon as possible to reschedule it. In this situation there will be other collections fees you will have to pay.

Their Main Advantage

The best benefit to LoanSolo’s clients is that it operates on over 20 markets and thus is able to offer their clients reasonable fees and convenient conditions.

Also, it’s worth mentioning that the whole process of applying for the loan is free – it means you don’t have to pay anything until the repayment is due!

LoanSolo is an American-based internationally respected company that provides high-quality financial services to millions of people. Check it out!