Qloot Payday Loans Review

Qloot Payday Loans ReviewQloot says you can get from $100 dollars to $1000 dollars quickly, so they’re very similar to other payday lenders in the market. The question becomes whether they are worth doing business with, and whether you should choose them over competing lenders.

The biggest thing you want to determine is whether doing business with Qloot online beats going with a lender you can find in your local area. Since they are adhering to state laws and regulations, your probably notice that many of the fees are very similar. This mean you’ll need to judge them on things like customer service, and ease of access to your funds.

They do have a live customer service line that is available during business hours throughout the week. This is a nice change compared to some of the lenders out there they have a recorded message 24/7. Many times if you do get a live operator, they are just sales reps trying to get you to loan money

Qloot Payday Loans Review: The Good and The Bad

There are some good and bad qualities with any lender you choose, so we’ve tried to break them down here for you so that you can make up your own mind whether they sound right for you. One of the first things you’ll notice is that there is more than one type of loan you’re able to get through them. This makes them different than 90% of the payday lenders out there, and is worth looking into further.

Installment Loans
Qloot is a bit different than many lenders out there because they offer installment loan. This allows you to make payments every 2 weeks until the loan is paid off. This means it is not a typical payday loan, but more like a personal loan he would get from the bank. However, all similarities end there because you’ll end up paying close to $3000 in order to pay off a simple $600 loan.

They don’t have a prepayment penalty, so it is in your best interest to pay the loan off sooner than the 16 weeks they give you. When you compare this to a regular payday loan it all depends how fast you can pay off the balance. If you take out a traditional payday loan in and getting caught in the payday loan trap, you can rack up the same sort of fees over time.

But even if you take out 600 dollars for a payday loan, and have to reloan the money again and again for 16 consecutive paydays you might pay around $1200 in fees, so their installment option is not looking too hot right now. They don’t mention if the requirements are more strict if you go with the installment loan, but most likely they are. The reason the requirements are so lax on a payday loan is because they know they’ll get their money in 2 weeks.

Secure Server
One thing worth noting is that while their homepage is not encrypted, when you go to fill out the application you’re taken to a secure server. You’d be surprised how many lenders and matching services out there don’t bother to put their application form on to a secure page, and expect you to enter your personal and banking information on a non secure server.

Excluded States
If you’re a member of the following states you won’t be able to get a payday loan from Qloot: Arkansas, Arizona, Colorado, Connecticut, Georgia, Illinois, Kansas, Kentucky, Maine, Massachusetts, Michigan, Minnesota, New Hampshire, North Carolina, Ohio, Pennsylvania, Vermont, Virginia, Washington, and West Virginia. It is unclear why they do not do business in many of these states yet, as most of the states listed do allow payday loans.

Our Recommendation
There doesn’t seem to be a pressing reason not to do business with Qloot. You want to be sure to take a close look at the fee schedule for your specific loan. Compare it against the kind of rates you’ll be able to get from a local lender in your area. Run the numbers, and be honest with yourself about how long it’s going to take you to pay the money back. If it makes sense to go with them, then give it a go.

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