ZippyLoan might be a good fit if:
- You are having trouble getting approval for loans through direct lenders
- You want to compare rates without sending a large number of individual applications
- You want immediate financing for a range of expenses
ZippyLoan Review
Interest rates: Most of the annual percentage rates for ZippyLoan range between 5.99% and 35.99%. However, due to the variety of lenders who this company works with, some of their rates may fall out of this range.
Cost: ZippyLoan’s origination, late payment, prepayment and insufficient funds fees are dependent on the lender, the amount of the loan and the borrower’s state of residence and credit score. ZippyLoan’s website does not offer information about the range of fees and costs associated with its products.
How fast can you get your money? Loans from ZippyLoan can fund as soon as the next day, depending on the product and the lender.
How to Qualify for ZippyLoan: ZippyLoan does not require a minimum credit score or annual income to be eligible for one of their loans. However, applicants should be over 18 years of age, have verifiable and regular income, have a bank account and reside within the United States.
Types of Loans ZippyLoan Offers: ZippyLoan offers unsecured personal loans of up to $15,000, with loan repayment terms of up to 60 months. A personal loan is a type of loan that is intended to cover personal expenses such as home improvement, debt consolidation, down payments and personal projects.
Loan Example: If a borrower takes out $9,000 with an interest rate of 20.2% and a loan term of 40 months, the minimum monthly payment will be $311.01.
ZippyLoan Pros and Cons
Pros
- Quick to fund
- Over a hundred partner lenders
- Wide range of loan amounts for a variety of financial needs
- Quick, online application
- Decision within minutes
- No minimum credit score or annual income requirement
- Easier for borrowers with low credit to find a loan that they’re approved for
Cons
- Several ZippyLoan users have filed complaints with the Better Business Bureau
- No customer service telephone number
ZippyLoan Approval Process
ZippyLoan’s approval process starts with a five-minute application on their website. Before applying, you’ll want to have your financial information, address and contact information available. Their homepage is also optimized for both iOS and Android users if you decide to apply on your smartphone.
Once you complete the application, the site will process your information and provide you with offers within minutes. The offers that you will receive are based on your credit score, state of residence, verifiable income and financial history. You can then review and e-sign your loan agreement if you decide to accept any of the offers.
Lenders Like ZippyLoan
Before you make a final decision on a loan, it’s always wise to compare rates from a number of different lenders. Here are some additional companies you might want to consider applying to:
- 24/7 Loan Pros - Like ZippyLoan, 24/7 Loan Pros is an online personal loan-matching service that connects applicants with lenders and products that suit their needs and financial qualifications. They offer amounts ranging between $500 and $35,000, with APRs typically falling anywhere between 5.99% and 35.99%.
- OpenLoans - OpenLoans offers loans of up to $40,000, with APRs ranging between 4.99% and 35.99%, although some of their rates may fall outside of this. Their products typically fund within three business days, so if you’re looking immediate cash, you might want to apply with a different service or lender.
- LoanStart - LoanStart connects applicants with personal installment, peer-to-peer and bank personal loans with amounts starting at $1,000 with a maximum of $35,000. Their minimum APR is 6.63% with a ceiling of 36%. Due to the variety of loan types and lenders LoanStart is affiliated with, this service also caters to borrowers with a wide range of financial qualifications.
- OneMain - OneMain is a personal installment loan provider offering loans ranging between $1,500 and $30,000. Their APRs start at 16.05% with a maximum of 35.99%, and a minimum rate of 9.99% for secured loans. Due to its relatively high minimum APR, this lender primarily caters to borrowers with average or poor credit scores. Unlike some of its online competitors, potential borrowers may be required to visit a OneMain branch to apply in person.
Is ZippyLoan Legit and Safe?
ZippyLoan encrypts all of the information that is sent through their website, according to the standard security protocol for online lenders. They also work with several legitimate companies and lenders.
However, there have been over 23 official complaints lodged against ZippyLoans with the Better Business Bureau. The complaints range from borrowers alleging that the platform sold their personal information to claims that ZippyLoans has charged unusually high processing fees.
They also do not list a customer service telephone number or sponsoring bank or organization.
Let’s take a look at ZippyLoan
If you need to secure a loan quickly, it's important to grasp a few key points regarding loans from the network of lenders associated with Zippyloan.
- $100 to $15,000 loans: Lenders in collaboration with Zippyloan provide loans varying from $100 to $15,000. The specific amount you're eligible to borrow depends on aspects like your credit history, income, and other criteria set by the lenders.
- Beware of payday loans: When taking out a small loan, exercise caution because it could mean the balance is payable by your upcoming payday. Ensure you fully comprehend the terms of the loan agreement before borrowing. Keep in mind, short-term payday loans frequently come with annual percentage rates (APRs) exceeding 300%.
- Loans are unsecured. The majority of loans provided through Zippyloan's network of lenders do not require collateral, so you don’t have to secure the loan with assets, like your car.
- Quick disbursement: After receiving approval for your Zippy loan from a lender, the funds could be deposited into your bank account by the following business day. However, be aware that based on your bank's policies, there might be a delay before the funds are accessible to you.
- Interest rates differ: Because Zippyloan is not a lender, it cannot assure you a specific interest rate from its affiliated network of lenders.
- No credit minimum: While Zippyloan cannot ensure a lender match, individuals with poor credit might still qualify for a loan via one of Zippyloan's partner lenders.
What credit score do you need for ZippyLoan?
Zippy Loan doesn't specify a minimum or maximum credit score requirement, welcoming applications from people with a variety of credit histories. To qualify, applicants must be at least 18 years old or meet the minimum age requirement of their state, whichever is greater. Zippy loan reviews indicate that users with a wide range of credit scores have been able to obtain loans through Zippy Loans. It’s important to know that Zippy Loans isn’t issuing the loans themselves; they are connecting users with lenders.
What is the Zippyloan interest rate?
Zippy Loans interest rates are between 6.99% and 24.99%, with some lenders providing rates as low as 2.49%. According to Credit Karma, a $15 charge per $100 borrowed over a 14-day period translates to an annual percentage rate (APR) of 391%.
Who owns Zippy Loans?
When pondering “Is ZippyLoan legit?” one thing you may want to consider is the ownership of the company. Launched in 2021 by former bankers and now community-focused leaders, CEO Ben Halliday and President COO Jordan Bucy, Zippy is driven by a team of experienced professionals dedicated to increasing housing affordability. They use cutting-edge consumer lending solutions and innovative software to support today's community home sellers.
How can a loan through ZippyLoan help you to build your credit?
Securing a loan to build credit through Zippy Loan can help build your credit in several ways. Consistent, on-time payments are a critical factor in credit scoring models, so by repaying a ZippyLoan as agreed, you demonstrate responsible credit behavior. This positive credit building loan repayment history can contribute to an improved credit profile over time. Additionally, managing a loan responsibly can diversify your credit mix, which is another component considered in your credit score. However, it's essential to confirm that the lender does report to credit bureaus. Some of the lenders in ZippyLoan's network provide this service.
How fast can you receive funds through ZippyLoan?
Funds Available Tomorrow - If you're trying to cope with overdue bills, facing unforeseen costs, or just want to plan a getaway vacation Zippyloan offers quick loans and can help you meet your financial objectives promptly. After you match with a lender from our network, your funds can generally be deposited into your account by the next business day, assuming your application is submitted before 5pm CST.
Conclusion
ZippyLoans provides one of the fastest lending experiences in the industry. With an online application that takes just a few minutes and loans that can fund as soon as the next business day, this service is one that might be a good idea to consider if you’re looking for fast cash.
Additionally, they work with a large variety of lenders so borrowers with average to poor credit have higher chances of finding a product that they’re approved for. Their APRs typically fall within a reasonable range so applicants can be fairly certain that they won’t be charged extremely high interest rates.
However, this service does lack a few things like a customer service number and a list of its affiliate lenders. It might be a good idea to apply with some of its competitors which openly list this information, in order to ensure a transparent borrowing experience.
