Octopus Payday Loan Reviews

Octopus Payday Loan ReviewsOctopus Payday Loan says that can get cash into your bank account in just 15 minutes. That sounds like a ridiculously fast time frame,

The first thing you’ll probably notice is the very easy user interface and clever branding with an octopus saying that it can lend you an extra hand. But octopi don’t have hands, they have arms, so perhaps it’s not so clever. We’ve seen many good-looking websites, so you have to do more than look good in order to get our nod of approval.

Looking further into their offerings we notice that their application page is not secure. That’s interesting because they describe the process as being 100% safe, but there’s no way that is true with an unencrypted application page. You wouldn’t want to send your personal information and banking details in an email to someone, and that’s essentially what the level of security is like here.

Octopus Payday Loan Reviews

The first thing we saw that didn’t quite add up is the 15 minute claim boldly made, and then basically the extension of the claim to within the hour. This is still a very fast turnaround time, and if you’re comparing it to many other lenders this is still much faster, and still within the same day.

Wide Borrowing Range
You can borrow as little as 50 quid and up to 1000 pounds, which should satisfy the needs of most borrowers. They say you can take the money out for any reason under the sun, which is the case for most payday lenders, they don’t care what you’re using the money for because there isn’t anything being put up for collateral, so you won’t need to justify why you’re taking out the money.

Extra Bonus Features
One thing that separates Octopus from other lenders is that you can take out a loan at any time, whether it’s 4am on a Sunday or regular business hours, they even process loan applications on public holidays, but of course you’ll need to wait until the banks open to get to your funds. The entire transaction happens online, and with a form that is not very hard to fill out. They say that everything is laid out for you clearly, and you won’t be surprised by hidden fees that you might get stuck with at other lenders.

How Easy Can It Really Be?
They say you won’t have to deal with any phone calls with people asking you questions, and they don’t even require that you have to show ID. It seems like they are really going out of their way in order to make the process as easy as possible for you, but they have forgotten one little thing like giving you a secure server to fill out your application. This little oversight is enough to make you want to go elsewhere. For example, Uncle Buck has a nicely encrypted page for you to submit your personal and banking details. It makes you wonder why they’ve left this open to hackers and other shady businesses to try to access your identifiable and sensitive information.

Repeat Business
They say that 98% of their borrowers would use their service again in the future. It would be interesting to see if that is a survey, or if they are using raw data in the form of repeat customers. Most of the time borrowers need to take out a payday loan more than once to get back on their feet, so this could be a nice way of saying that most of the people that borrow from them find it necessary to borrow again, and are willing to do so with Octopus.

Our recommendation is to take a pass on Octopus and go with a site that encrypts your data and keeps things more secure. There are so many different lenders out there that have secure application forms that it only makes sense to do business with them. If you need the money quickly and it’s the middle of the night you might want to take a chance with them since they seem to be one of the fastest service providers out there. In all likelihood you’ll be fine, but for total peace of mind we wish they would fix that one little glitch to their process.

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