SimpleFastLoans: Reviews and Ratings
Life is prone to throwing some serious curveballs at you. No matter how well prepared you may think you are, something completely unexpected can blindside you. As the Murphy’s Law theory goes: Anything that can happen, will happen. Unexpected expenditures can often leave you deflated. Maybe your car broke down, a shocking medical bill landed in your mailbox, or you realized you finally have to address that rotting floorboard in the corner. If you’re not prepared for these moments, the need for money can cross over to emergency status. If you’re seeing yourself in this picture, SimpleFastLoans may be just what the doctor ordered.
This article will go into great detail to explain to you all that SimpleFast Loans has to offer. We’ll explore their history, break down their services, weigh the pros and cons, and see what real customers are saying. We’ll even stack them up against the competition. This will all add up to allowing you to make the most informed decision possible, which is the ultimate goal here.
Before we proceed, we need to make one thing extremely clear. SimpleFastLoans may sound very appealing by the end of this article, but the research does not end when this article does. It is in your best interest to explore all possible options to find the best outcome for you, unequivocally. Now, with that being said, let’s jump right into it!
Our Verdict: For anyone who is facing mandatory financial needs and wants an easy, no nonsense lender, SimpleFastLoans is a good option. However, as always, borrowers need to compare different lenders to find the very best option for their unique financial needs.
- Loan amounts up to $100,000
- Custom Terms: Repayment periods from 12 to 60 months with fast 48-hour approvals.
- Trusted Expertise: Recognized for ethical lending and innovative financial solutions.
History and Overview: Let’s get to know SimpleFastLoans
An Overview of Their Services:
The backbone of SimpleFastLoans’ services is providing potential borrowers with installment loans. This means in essence borrowing an agreed upon amount of money, then paying it off incrementally with monthly payments. This differs from short term paycheck loans which usually require a lump sum repayment.
Here’s a breakdown of the types of loans they offer:
- Installment Loans: The majority of people will be using SimpleFast Loans for this service. You get the loan in full and pay it back incrementally, which can be a godsend in terms of budgeting. The loan amount ranges from $200 to $3,000. The repayment schedule usually includes both principal (the amount you borrowed) and interest (the cost of borrowing).
- Online Service: The online model for lending is extremely easy and convenient. This eliminates the need for in-person visits and allows you to apply from the comfort of your own home, at any time you are able to.
- Registration Loan: This type of loan uses your vehicle’s registration as collateral. Understand that failure to pay could lead to the loss of your vehicle! So, make sure you have the means to pursue this type of loan. Availability can vary by location, such as South Carolina or Utah.
It’s highly worth noting that terms and services can vary based on location. Always check the SimpleFastLoans website for the most up-to-date information relevant to your area.
Their Approach:
The name “SimpleFastLoans” pretty much sums up their approach and selling points: simplicity and speed. Their goal is to streamline the lending process so you get that money in a “simple” and “fast” manner. This is important if you are in a financial emergency. There is an online application process, quick approval decision, and the potential for funds to be deposited into your account within a few business days.
Lendtly.com
- Direct Lending Excellence: Matches you with the best loans.
- Loans ranging from $2,500 to $100,000
- Flexible terms: 3 to 120 months, 24 hours post-approval
- Same day approval
Advantages and Disadvantages
As is common with any public service, SimpleFastLoans has inherent strengths and weaknesses. Understanding What these are is vital in determining if they align with your individual financial needs and risk tolerance. The following points are based on existing data and facts about SimpleFastLoans, especially as compared to other lenders.
Pros:
- Speed and Convenience: With a quick, easy, and straightforward online application process, SimpleFastLoans really lives up to their name on this front. It can be done from anywhere you have an internet connection. Customers are often very satisfied on this front.
- Accessibility for People with Subprime Credit: Many traditional lenders, such as banks, have strict credit requirements, often demanding at least prime credit to use their services. SimpleFastLoans is much more accessible for those with subprime credit.
- Installment Repayments: With fixed long-term payments, this type of loan is much more digestible for budgeting purposes.
- Fewer Requirements Than Traditional Banks: Installment loans don’t have as many requirements as traditional bank loans. This means they are more accessible to a wide range of people.
- Transparency in the Application Process: SimpleFast Loans gives clear information about fees, interest rates, and repayment terms. This is all provided at the beginning of the process. This is great news for people who are conscious of hidden fees.
Cons:
- Higher Interest Rates and Fees: With higher accessibility to borrowers, the trade off is the rates will be more expensive. If you have good credit you will likely find a better lender elsewhere.
- Risk of Debt Cycle: Being unable to make payments on time as agreed upon can lead to perpetual debt, so it’s important to be prepared to meet payment
- Complaints and Customer Service Issues: SimpleFastLoans is at times subject to complaints regarding customer service, billing issues, or the terms of their loans.Research of customer feedback will provide much perspective.
- Potential for Predatory Lending Practices: There is a stigma associated with the subprime targeting high APR lending industry that they are predatory of people who are desperate for a loan. While this doesn’t apply to SimpleFastLoans directly, it’s a consideration whenever dealing with this type of lender.
- Impact on Credit Score: Inability to pay off your loan can seriously impact your credit score. If you are already struggling with your credit score, it can get worse with declined loan payments.
Lendexpress.net
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Your Best Lending Partner: We match you with top lenders for the best deals.
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Fast, Easy Process: Quick approvals with expert support.
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Tailored Solutions: Flexible terms that fit your needs.
Comments, Ratings, and Reviews: What Customers Are Saying
User testimonials are invaluable when diagnosing a business. After all, what better way to predict what your experience would be than researching existing experiences? We will look at comments, ratings, and reviews on trustworthy platforms like the Better Business Bureau (BBB), Trustpilot, and Google Reviews.
Better Business Bureau (BBB):
The BBB will provide a letter grade rating for businesses based on factors like complaints filed, responsiveness to complaints, and business practices. SimpleFastLoans is unaccredited on BBB, and currently holds an F rating. It’s worth noting that there are limited data points.
- Positive Comment: “I’ve received letters of pre-approval. Just happened I needed money to get me through a situation. So I applied online, got the approval and funds deposited the next day. I paid off the loan within 26 days. No complaints. Easy process.”
- Negative Comment: “Hello, I opened a loan in Dec 22, $1200!!!! I checked all the months I paid $348.27 Xs 4…in Sept 23 they SOLD my loan to ARB…they want $1096.54. I honestly CAN NOT believe this happening that a Loan ****** would sell a PAID OFF loan to a collection agency! I will FIGHT this, dispute with transactions and file many complaints against SFL. SHAME ON THIS. This needs to get out that you never TRUST such company…..its poor Business!!!!”
Trustpilot and Google Reviews:
- Positive Comment: “I received a loan offer in the mail from Simple Fast and to be honest started to throw it in the trash. But on second thought, I decided to give it a try as I could really use a cash infusion right now. That was yesterday afternoon, and today I have been approved! Process was easy and completely online – never had to speak with a salesman or underwriter. Highly Recommended!”
- Negative Comment: “I received a pre-approval letter for $2,500, but online it tells me $700. I finished my application and eSigned my documents and gave my banking information because online it said I WAS approved, not pre-approved. After all that, suddenly my credit was denied.”
Remember that people will generally only leave reviews if they had a very positive or very negative experience. There are alosi lots of “troll” and “emotional” reviews out there. Just something to consider.
DebtCarePlus
- Competitive APR: 3.49% to 35.99% for loans $1,000 to $100,000.
- Program: 24-36 months, 100% service guaranteed.
- BBB A Rating: Trusted online marketplace.
Comparison to Competitors: Understanding Your Options
SimpleFastLoans has a lot of contemporaries to compete with in the subprime lending industry. Different lenders have their own strengths, weaknesses, and unique selling points. The “best” option for you will depend on your individual financial situation, credit score, and individual values.
Here’s a general comparison of SimpleFastLoans to three potential direct competitors:
| Feature | Simple Fast Loans | Upstart | LendingClub | SoFi | Payday Lenders |
| Loan Amounts | $200–$3,000 | Up to $40,000 | Up to $35,000 | Up to $50,000 | Usually <$1,000 |
| APR Range | ~99%–360% (state-dependent, not disclosed upfront) | 7.90%–35.99 | 7.99%–17.97 | 8.99%–35.99% | 391%–780% |
| Credit Requirements | Bad credit OK, alternative data used | Min. 620 | Min. 660 | Good/excellent credit | No credit check |
| Funding Speed | Same/next business day | 1–3 business days | ~22 hours | Few days | Same day |
| Prepayment Penalty | None | None | None | None | Varies |
| Transparency | No upfront APR disclosure | Clear rates/fees | Clear rates/fees | Clear rates/fees | Often unclear |
| BBB Rating | F, not accredited | Varies | Varies | Varies | Often low |
| Customer Reviews | Mixed: Fast funding praised, high costs and some complaints | Generally positive | Generally positive | Generally positive | Often negative |
Key Takeaways from the Comparison:
- Focus: While some lenders might offer lines of credit or peer-to-peer loan services, SimpleFastLoans focuses on Installment loans. It’s important to explore all the options on the market to see what appeals to you the most.
- Speed vs. Cost: A trade-off of speed and ease of application is that the interest rate will probably be higher. If time isn’t an issue, you might want to explore options elsewhere.
- Credit Sensitivity: Different creditors market towards different credit scores. Depending on how high your credit score is, you may be able to find better rates elsewhere.
- Reputation and Service: There is great variance in BBB score among creditors. Their scores are definitely worth taking into account.
The Importance of Comparison:
Just like you would compare prices and features when buying any other product or service, please make sure to compare and research different lenders before taking out a loan. Don’t settle for the first lender you look into. Take the time to explore your options, understand the terms, and choose the loan that best fits your financial situation and ability to repay comfortably.
- Eligibility: Minimum $7,500 debt, no minimum credit score required.
- Program: 24-48 months, no upfront fees.
- Experience: Decades of trusted services.
How to Apply: Navigating the SimpleFastLoans Process
If you’ve made it this far and you feel like SimpleFastLoans is a good option for you, you’re probably wondering how to apply. Worry not, the following is a broken-down, step-by-step guide to applying to SimpleFastLoans:
- Visit the Website: Go to SimpleFastloans.com. Look at their offerings, rates, and fees.
- Check Eligibility Requirements: They will have basic eligibility criteria, such as having a regular source of income, an active bank account, etc. Make sure you meet the requirements before proceeding.
- Complete the Online Application Form: Fill out the online application form. Provide details such as name, address, date of birth, Social Security number, employment details, and income information.Make sure all the info is accurate and complete.
- Provide Supporting Documentation (If Required): You may be asked to provide supporting documentation. This could include proof of income (such as paycheck stubs), bank statements, or a copy of your driver’s license or other identification.
- Submit Your Application: Once you have completed the application form and uploaded any required documents, you will submit your application online.
- Review Loan Offer: If your application is approved, SimpleFastLoans (or the lending partner they work with) will present you with a loan offer. This offer will detail the loan amount, interest rate, fees, repayment schedule (including the amount and frequency of payments), and the total costs of the loan. Carefully review all the terms and conditions before accepting the offer. Don’t hesitate to ask questions if anything is unclear.
- Accept the Loan Agreement: If you are satisfied with the loan offer, you will typically need to electronically sign the loan agreement to indicate your acceptance of the terms.
- Receive Funds: Once the loan agreement is finalized, the funds will usually be deposited directly into your bank account. The timeframe for receiving funds can vary, but many online lenders aim for quick funding, sometimes within one business day.
- Make Scheduled Payments: You will then need to make regular payments according to the agreed-upon schedule. Most online lenders offer options for automatic withdrawals from your bank account to ensure timely payments.
800Financial
- Direct Lending Excellence: Matches you with the best loans with optimal loan terms.
- Comprehensive Loan Network: Loans ranging from $2,500 to $50,000
- Flexibility & Speed: Flexible terms from 3 to 120 months, 24 hours post-approval.
Is SimpleFastLoans Right for You? Assessing Your Needs
To figure out if SimpleFastLoans is the right option for you, there are several key considerations to make. The following is a consolidation of all the things we have learned up to now to give you a clear picture with which to decide if you should move forward with SimpleFastLoans.
SimpleFastLoans Might Be a Suitable Option If:
- You Need Funds Quickly: If you are facing an urgent financial situation and need access to cash relatively quickly, the potentially fast online application and funding process could be appealing.
- You Have Bad Credit: If your credit score is not ideal and you have difficulty securing loans from traditional lenders, SimpleFastLoans may be more willing to work with individuals with bad credit, although at a potentially higher cost.
- You Prefer Online Convenience: If you value the convenience of applying for a loan from the comfort of your own home and managing the entire process online, their platform may be a good fit.
- You Prefer Installment Payments: If you prefer the predictability of fixed monthly payments over a longer term compared to the short repayment terms of paycheck loans, an installment loan from SimpleFastLoans could be suitable.
- You understand the Terms and Costs: If you are diligent and will take the time to thoroughly understand the interest rates, fees, and repayment schedule associated with the loan, and are comfortable with those terms.
However, SimpleFastLoans Might Not Be the Best Choice If:
- You Have Good Credit: If you have a good credit score, you are likely to qualify for personal loans or other credit products from traditional lenders like banks or credit unions. These options offer significantly lower interest rates and more favorable terms. This means long-term savings since you’ll be paying a lower APY
- You Can Wait for Funding: If your financial need is not immediate, taking the time to explore options with potentially longer approval times but lower costs could be beneficial.
- You Are Uncomfortable with Higher Interest Rates and Fees: If you are risk-averse or find the potential interest rates and fees associated with SimpleFastLoans to be too high, you should explore other avenues. Even with bad credit, comparing multiple online lenders might reveal options with slightly better terms.
- You Lack a Clear Repayment Plan: If you are unsure about your ability to repay the loan according to the agreed-upon schedule, taking out a high-interest loan could make your financial trouble even worse. So, make sure you have a solid plan for managing your finances and ensuring timely payments.
- You Are Concerned About Potential Debt Cycles: If you have a history of relying on short-term or high-interest loans, taking out another one without addressing the underlying financial issues could lead to a cycle of debt that is difficult to break free from. Consider seeking financial counseling or exploring debt consolidation options instead.
Ultimately, the decision of whether SimpleFastLoans is right for you depends on your individual circumstances, just how quickly you need funds, your creditworthiness, and your comfort level with the associated costs. Carefully weigh the pros and cons and compare their offerings with other available options before making a decision.
Frequently Asked Questions (FAQ) About SimpleFastLoans
To help you gain a clearer understanding of SimpleFastLoans, here are some frequently asked questions that borrowers often have:
Q: What types of loans does SimpleFastLoans offer?
A: SimpleFastLoans primarily focuses on online installment loans. Depending on your location and specific needs, they may also offer personal loans and, in some areas, registration loans where your vehicle’s registration serves as collateral. Installment loans allow you to borrow a lump sum and repay it over a fixed period with scheduled payments, which can help with budgeting.
Q: What are the basic eligibility requirements to apply for a loan with SimpleFastLoans?
A: While specific eligibility requirements can vary, generally, you will need to be at least 18 years old (or the age of majority in your state), have a regular source of income, an active bank account, and a valid form of identification. Additional criteria may apply based on the type of loan and your location. It’s best to check the SimpleFastLoans website for the most accurate and up-to-date requirements.
Q: How quickly can I receive funds after my loan is approved?
A: One of the key advantages often associated with SimpleFastLoans is the speed of funding. If your application is approved, you may receive the funds deposited directly into your bank account as quickly as within one business day. However, processing times can vary, so it’s important to confirm the expected timeframe with SimpleFastLoans during the approval process.
Q: What are the interest rates and fees associated with SimpleFastLoans?
A: The interest rates and fees associated with SimpleFastLoans can vary depending on factors such as the loan amount, your creditworthiness, and the specific type of loan you are applying for. It’s crucial to carefully review the loan agreement before accepting it, as online lenders, especially those catering to individuals with bad credit, may have higher interest rates compared to traditional banks. All applicable fees should be clearly outlined in the loan documents.
