Slip Loan Review

Slip LoanSlip Loan says that is you need up to $1000 they can provide it, and that they can put you in touch with dozens of lenders with just one application.

This is one of the first times we’ve seen a matching service that boasts just dozens of lenders. Most times payday matching services try to exaggerate this by saying they have hundreds or even thousands of lenders in an attempt to get you to loan. It’s refreshing to finally see one that doesn’t make a wild claim. It’s perfectly reasonable to think that they could have a network of a few dozen lenders waiting for applications.

And really, if all it takes is one lender to get you the money you need, what is the point of having hundreds of them in your network? Only one lender can lend to one borrower, so it’s just a matter of having the right kind of lenders in your network, not having every one of of them.

Slip Loan Review – A Matching Service

Slip Loan is what is known as a matching service, and they fall into the 90% of payday loan websites out there that are not lenders, but instead have developed a network of lenders that rely on them to send them qualified applicants. A good matching service should pre-qualify you by showing you the requirements, such as being over 18, having a job, and having an open and active checking out. This will reduce the chances of getting rejected, and also makes sense to the matching service because they likely get paid when you follow through with a loan from one of their recommended lenders.

Don’t think that you’ll be paying more for you loan by using a matching service, as the lender pays these fees separately and does not pass on this cost to you.

Getting Your Money
So Slip will pass on your information, and then you’ll get a response from a lender, usually with an offer of a loan based on the information you provided. You then agree or disagree to the loan, and if you agree they will finalize the loan and get money sent to your bank account. From there it is up to your bank and their own processing times, which usually takes an extra business day, so most often the money ends up in your account a day after you apply.

To get your money faster you can always go to a local lender and you’ll leave with cash in hand, but you’ll have to return with cash as well and pay your loan off on your next payday.

No Rates of Fees Listed
Slip Loan has a page that is labeled Rates and Fees, but goes on to state that there’s no way that they can provide this sort of information because that varies from lender to lender. This is better than providing you with some generic information that may or may not be true once you get placed with a lender. Be sure to check your loan agreement that you get from the lender that goes with you so that you can tell what sort of fees you’ll be paying. This should also be broken down into an APR so you can see how it measures up to traditional loans.

Don’t be surprised to find that the APR you get for a short term loan like this is going to be several times higher than a normal APR on a credit card or loan from the bank. These types of loans are expensive, and the reason they are is because you have to put up very little in the way of collateral or financial qualifications.

Our Recommendation
Slip Loan is a company that promises quick payday loans and may actually be able to back up that claim. They provide a secure site so you can provide your information to them without worrying that it will be intercepted by a third party. You can find out some helpful information from their FAQ page and different articles they feature. They seem to be going above and beyond what the majority of matching services provide in the way of value, and your chances are pretty good that you’ll find a lender through them.

Add Your Own Experience to Our Slip Loan Review Below

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