Click n Loan Review

Click N Loan reviewYou may have seen an advertisement for Click n Loan and wondered if they’re good to do business with. We analyzed them to see how they compare to other lending services.

Getting a loan is not easy for most people. There are many requirements to comply with. It’s not going to be easy finding a lender that can offer favorable rates and terms. The collateral required by most loans is something not everyone can meet. Fortunately, there are companies that offer quick personal loans with the hassles associated with conventional loans offered by banks. These loans have their pros and cons so it is important to carefully evaluate if they can indeed help or only aggravate your unfavorable financial situation. If you want to avail of these loans, Click n Loan can help.

Click n Loan Review – What They Offer

Click N Loan is not a lender itself but a site that facilitates lending. What it does is to match those who are looking for personal loans with companies that provide such loans. It simplifies the process of finding loans that are deemed desirable for those who cannot obtain credit through banks or other conventional means. They maintain a network of lenders that offer loans with favorable interest rates, finance charges, and repayment periods. The site aims to help personal loan seekers in finding the best options available to them. The loans availed will have terms and processing speed that depend on the company chosen.

Rates and Fees
Since Click n Loan only serves as a facilitator, it cannot provide exact or fixed rates for prospective borrowers. Nevertheless, it offers an online facility that estimates borrowing costs based on the prevailing or most common interest rates and terms available. This tool presents an estimated monthly payment figure based on the loan amount (in dollars), interest rate, and term (in months). On average, a $1,000 with a 7% interest rate payable within 60 days will yield a monthly interest of $19.80. This means a total of $39.60 interest payable within the 60-month period. The average APR of lenders available through Click N Loan is from 4.99% to 35.80%. This does not include the finance or service charge that may be deducted by some companies from the total loan proceeds.

There are also penalties for delayed payments and fees for loan renewal or refinancing. If you cannot pay the loan within the specified term, it is possible to have it refinanced but this certainly makes the total borrowing cost bigger. Refinancing is something that should be used very sparsely, and only when desperately needed. Users are advised to be responsible when borrowing money. The site has a section that specifically reminds prospective loan customers to be mindful of their borrowing.

The Loan Application Process
Getting a loan through Click N Loan is a simple three-step process. First, an application has to be made online. The lender then contacts the applicant to finalize the loan application procedure. Next, the applicant collects the funds when the loan application has been approved. With Click N Loan, finding good options for a personal loan is as easy as clicking some buttons and entering some information through the keyboard. If the site fails to find a personal loan that suits a customer’s need, the site can offer options for short-term loans that could be good enough alternatives.

Applicants will be asked to complete a short online form presented on the website as the “Get Started Here” box. This box will ask for the loan amount desired, purpose of the loan, credit type, applicant’s monthly income, and ZIP code. Clicking on the “Apply Now” button will automatically redirect an applicant to the website of a lending company that offers a suitable personal loan product.

Advantages and Disadvantages
The main advantage of using Click N Loan is the convenience it offers. Through the site, it’ll be easy finding a loan that matches an applicant’s desired amount and credit standing. Everything is presented in a simple and intuitive manner. However, it would have been great if the site presents all personal loan options first before redirecting to a company it deems appropriate for a customer. The redirection is certainly convenient but it does not offer the flexibility of going through other options that a customer might find more preferable.

Click N Loan is a great website for those who are looking for personal loans. It is simple and convenient. It is not cluttered by various ads that could mislead loan applicants. It even features an online tool for estimating loan payment. The redirection of the online application form can make use of a better implementation but it is by no means a bad idea. Moreover, there are articles on the site that loan applicants can read to be guided with their loan or borrowing decisions.

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