Extra Loans Review

Extra Loans ReviewExtra Loans says you can get up to $1000 and that you’ll start getting offers from lenders right after you submit your application. This sounds like you’re going to get spammed by a bunch of lenders right after you apply. For this reason we aren’t going to recommend using this “service”.

In the payday loan industry there are direct lenders, matching services, and then there are companies like this that don’t lend money and don’t match you up, but merely collect your information and enter you into the system whereby your information is available to anyone that has paid to be in the network. They can then email you and contact you in order to try to get you to take out a loan with them. Unless you want a big headache you shouldn’t provide your information to a site like this.

Direct lenders are nice because your information is sent to only one company, and they make the decision to loan to you and then loan you the money. Matching services are nice because they look at the information you’ve provided and then match you up with lenders that are suited to your unique needs. But a site like Extra Loans is only after your email address and phone number so that lenders can hound you down and try to get you to go with them.

Extra Loans Review – Figuring It Out

Extra Loans has a sharp website and at first glance you might actually think that this is a good company that would provide you with the money you need. But what we’ve uncovered is that there isn’t much to this company at all, and really they serve as a way to get your contact information and pass it on to hungry lenders that just want their next meal in the form of a new borrower.

Reading Between the Lines
While they try to pitch this service in the best light possible, they are actually doing you a disservice. The lenders they are sending your info to know that a bunch of other lenders also got your info and so they are going to compete like crazy to close the deal before anyone else. This means you can expect to be bombarded by pushy loan execs trying to get you to sign up with them. If you are vulnerable due to all the stress that comes with money woes, you may belief all of the lies they will tell you and take out a loan you don’t need at rates that no one should have to pay.

Secure or Not?
On their application page they have a green lock show up in the top of the tab, but in the URL window there is no https, just http. They have a logo for something called Secure Site Pass, but this is not clickable so it is unknown what that means. In the source code we do see something leading out to https://leadapi.net which is likely the application, since this is not a direct lender and you really are just a lead to them. It would still be nice if they could host this on a secure server of their own rather than rely on embedding a secure app into an insecure page.

They say that you can be sure that your information stays secure with them, but they are not the ones that are processing your application, so your information doesn’t actually go to them in the first place, so it can’t stay with them. By nature, they are forwarding your information instantly. They are not collecting your information and then matching you up with the proper lender, they are simply blasting your information to all of the lenders that are in the Lead API network. They may get paid for every quality lead they send, or they may only get a commission from any loans that are taken out from leads they send.

Our Recommendation
Extra Loans doesn’t really bring much to the table here in terms of value for the borrower, and it’s pretty clear that they simply want you to submit your application so that they can collect their finders fee. They are not a matching service, but simply a lead generation company.

Add Your Own Opinion to Our Extra Loans Review Below

VN:F [1.9.20_1166]
Rating: 0.0/5 (0 votes cast)
VN:F [1.9.20_1166]
Rating: 0 (from 0 votes)
You May Also Like:

Leave a Comment