Pick the Loan Review

Pick the Loan ReviewPick the Loan says that you can get your loan with instant approval, even with bad credit, and have the money within 24 hours, all with no faxing and no driving. Sounds pretty good, so there must be a catch, right? We went to work to see if this is really the best lender for you.

There are some advantages to getting an online loan, and the first of which is that it’s more private, more convenient, and potentially more secure than getting it from a local lender. After all, your nearest lender might not be that local for you, and might involve some driving time. That adds to the cost and expense, both in time and in money in the form of gas and wear and tear on your car. By getting an online loan from a place like Pick the Loan, you don’t even have to fax anything, so it’s super easy just using your computer.

The drawback is that there’s only one way they can get the money to you, and that’s by wiring it to your checking account, which might not be where you want it to go. Many people get payday loans to protect their account from being overdrawn, and to avoid NSF fees. But what if your account is already screwed up? Maybe you have other pressing bills to pay before you pay back the bank.

Pick the Loan Review – A Matching Service

Pick the Loan doesn’t actually loan the money directly, they’ll present to you a lender that wants to do business with you, and they make their money by collecting a sort of finder’s fee or commission for bringing that lender a new lead, which is you. It could be that they only get paid if you complete your loan with the lender, or they may have it set up that they simply send the lender leads and get paid for them whether or not you take out the loan. The important thing to remember is that you are not charged a fee for using this service, and the lender does not recoup their fee by including in the loan fees, it’s paid by them so it’s free for you to use it.

1 Hour Loans?
They say that they offer loans that only take an hour to process. We have yet to see a lender successfully be able to get money to a borrower in one hour. That’s not just Pick the Loan, that’s any online lender. It’s something that sounds nice, but most of the time it’s just used as a ploy to get you to apply because having the money in an hour sounds really good for a desperate borrower. But usually what you’ll find is that you might get approved in an hour, and the money might be sent within an hour, but it’s usually the next business day that you see it go through on your bank’s end and the money becomes available.

Screening Lenders
They give some pretty good advice as to how you should screen your lenders before choosing the one that does your loan. Looking for CFSA involvement is a good choice, because this is like an industry membership where a payday lender can voluntarily join and promise to follow best practices in regards to lending and collecting on loans that are past due. It’s not to say that you can’t get a good loan from a lender that’s not part of this club, or that you can’t get a bad loan from a lender that is a member, but it gives you the best chances and is an easy way to quickly determine the intent of the company.

Our Recommendation
This is a good matching service to go with because they have a secure site and they’ve spelled everything out quite clearly in regards to how it works and when you’ll be able to expect your money. It’s good to remember that as the borrower you’re the prize and all of these lenders want your business. That’s why it’s good to only go with the one that makes the process as easy as possible. This service is making it so you don’t have to fill out a ton of apps just to get one lender to say yes.

Add Your Own Experience to Our Pick the Loan Review Below

GD Star Rating
a WordPress rating system
GD Star Rating
a WordPress rating system
You May Also Like:

Leave a Comment