Loanerr Review

Loanerr Review
Loanerr says their specialty is fast cash loans you can do online securely and instantly. In order to start your application you are asked to select how much you would like to borrow from $100 to $1000 or more. From there they ask for some basic information like your first and last name and your email address.

They clearly point out that they are not a lender but rather they represent a network of lenders so you are not she only with just one lender here, but rather a lot more than that. This allows them to take just a few minutes to collect your information with their application and then get approval from one of the lenders in their network.

They do have a pretty informative how it works page, as well as a few different ways to get a hold of them. They have a toll free number you can call in order to speak to a representative, as well as a mailing address to send them regular mail, and an email address to get in touch with them more quickly. It is always nice to see multiple ways of getting in touch with a service like this so that you are not left feeling like you are not being helped at all.

It’s important to point out that they cannot decide whether or not to give you a loan because they are not the lender themselves. If you have a complaint with one of the lenders you should probably deal directly with them and ask them why you did not get approved rather than trying to go through Loanerr.

Loanerr Review

Loanerr does a good job of disclosing the fees that are calculated into the APR and showing the consumer just how much they will be paying for these loans. They say that for short term loans you can expect to pay 260 percent to 18 25 percent which is a lot more than you would pay to get a loan from the bank. However everybody knows that payday loans are not as good as loans from the bank, but sometimes people don’t know just how bad these ones are.

They do. Out that even with the high PR you can still in the city money over overdraft fees and late fees from credit card payments and other bills. You really just have to run the numbers and see which way is going to cost you the least amount, and whether or not it is worse to take out a payday loan or pay the late fees or overdraft fees.

Security Matters
Loanerr does not offer a secure server for their application page even though they have an icon with a lock on it on top of the application. They also have an icon for TrustE which says certified privacy, and another logo that says “secured by GeoTrust”. But these logos are not clickable, and it is unclear as to whether or not they are legitimate. It would be nice if they could host their application on an encrypted server which is the norm for financial sites and any site asking for personal information, and which would result in https showing up in the address bar before the domain name.

In an interesting display they show today’s statistics for applications, and today they say they have had 2740 applications filed, and of those 2466 have been approved. They also say that they have 323 lenders in their network. Of course you would have to take this at face value because there’s really no way to prove how many applications have been filed, nor how many have been approved or rejected, and especially there’s no way to tell how many lenders they have in their network other than to listen to what they are saying.

Our Recommendation
Loanerr would get our recommendation but we can’t give it out because they have not build up enough trust in our opinion in regards to the security of their application. We would advise against filling out an application and less you see the HTTPS in the browser window, the same way it shows up when you are on Facebook, banks and other financial websites.

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