For those experiencing financial difficulties, a quick and easy loan is the perfect way to stem the tide.
Unfortunately, there are numerous loan brokers out there, which makes it a challenge to sift through all the scams to identify an authentic loan broker for installment loans online.
This is where our SimpleFastLoans review can be helpful. We provide you with an objective assessment of SimpleFastLoans so that you can decide if it fits your requirements for a loan broker online.
SimpleFastLoans is an especially great option for those looking for installment loans for bad credit and payday loans for bad credit. However, for those looking for BBB-accredited loan brokers or loan brokers with good BBB ratings, then there are better alternatives to SimpleFastLoans.
SimpleFastLoans is a loan broker that provides a simple, fast, and efficient way of borrowing loans online.
The platform is available in 28 states and provides installment loans online to clients as long as they meet their requirements even if what they need are payday loans for bad credit.
SimpleFastLoans offers loan amounts between $200 - $3,000 with a repayment period of between 3 -12 months.
- Loan amounts: $200 - $3,000.
- Loan types: Installment loan.
- Credit check: Hard credit inquiry.
- Minimum credit score: Not disclosed, bad credit considered.
- Funding time: Same day or the next business day after approval.
- Repayment terms: 3 to 12 months.
- Interest rate: Not disclosed, depends on its third-party lenders.
- Fees: Processing the loans is free. However, other fees will fluctuate depending on the lender you choose.
- BBB Rating: F.
- Quick funding.
- Bad credit considered.
- No collateral considered.
- SimpleFastLoans has an F on the BBB rating.
- No upfront information about rates and terms.
- The application process is misleading.
SimpleFastLoans is a direct lender based out of Atlanta, Georgia. The company works as a short-term lender and offers installment loans, title loans, and lines of credit.
Where SimpleFastLoans Stands Out
Fast funding is one of the advantages of using the SimpleFastLoans platform. For loans signed before 2 PM ET on a bank day, they are funded on the same day. On the other hand, loans signed after 2 PM ET on a bank day are funded before the next bank day ends.
SimpleFastLoans also provide clients with the option to get instant funding. Of course, before that, they have to check whether you are eligible for the funding through the online application form and direct contact with their customer service agents. Only those with MasterCard or Visa debit cards are eligible for instant funding.
Bad credit considered
Offering installment loans for bad credit is yet another advantage of SimpleFastLoans. The service doesn't exclude borrowers as long as they pass the SimpleFastLoans pre-approval process.
No collateral considered
Most lenders require that the borrowers provide some form of collateral before they can provide funding. In most cases, the collateral is used to offset the risks of the funding.
However, SimpleFastLoans doesn't require its borrowers to provide any collateral. For starters, they have a strict pre-approval process and they only offer small installment loans, which negates a majority of the risk.
Where SimpleFastLoans Falls Short
SimpleFastLoans has an F on the BBB rating
SimpleFastLoans is not BBB accredited, which is a demerit. Additionally, the business only has a rating of 1.22/5 and is rated F, which is the lowest BBB rating. The reasons behind the rating are also demerits.
There were 44 complaints filed against the business, 12 of which the company failed to respond to. The business also failed to solve the issue behind the complaints in the first place, which affected the rating.
No upfront information about rates and terms
Another issue with SimpleFastLoans is that they do not offer upfront information on their rates.
Most lenders are upfront with their rates, which allows the borrower to make an informed decision on their choices. SimpleFastLoans only offers information on their rates after finalizing the pre-approval process.
The application process is misleading
There have been complaints that the company is misleading its customers.
Most complaints point to the fact that the company got client information through the pre-approval process and then sent confirmation documents that the clients were approved but failed to deliver the funding.
The clients who followed up were told that they failed the approval process, which contradicts the approval documents sent prior.
Some customers have reported this issue to the federal authorities but we do not have further confirmation on the charges or litigation.
This issue raised some red flags with us and lowered our trust rating for the company in this SimpleFastLoans review.
Compare SimpleFastLoans to other lenders
5.99% to 35.99%
5.99% to 35.99%
$200 - $3,000
$1,000 to $35,000
$500 - $10,000
3 - 12 months
3 - 72 months
3 - 72 months
Hard credit check
Soft credit check
Soft credit check
While SimpleFastLoans has its merits, the disadvantages are also too pronounced to ignore. Instead of risking it with a company that has a low BBB rating and poor market trust, why not try some of its other qualified alternatives?
SimpleFastLoans vs Personal LoansTM
Personal LoansTM is one of the best options if you are looking for an alternative to SimpleFastLoans.
Personal LoansTM is not a direct lender, unlike SimpleFastLoans. The service provides a platform to connect borrowers and lenders.
Unlike SimpleFastLoans, all the information on their rates and fees are published on the website, which gives the borrowers all the information they need to make informed decisions.
Personal LoansTM provides its clients with an APR rate of between 5.99% - 35.99%. Borrowers can get loans between $1,000 - $35,000.
The payment duration varies based on the lenders you choose on the website but Personal LoansTM provides its borrowers with between 3 – 72 months to repay their loans.
While both conduct a credit check on their borrowers, Personal LoansTM conducts a soft credit check while SimpleFastLoans conducts a hard credit check.
SimpleFastLoans vs CashUSA
CashUSA is an excellent alternative to Small Fast Loans. Unlike Small Fast Loans, CashUSA is not a direct lender. Instead, it is similar to Personal LoansTM in that they provide an online platform that borrowers can connect with and find suitable lenders.
CashUSA is BBB-accredited with a rating of C-. Through CashUSA, borrowers enjoy an APR rate of between 5.99% - 35.99%.
Additionally, they can borrow from between $500 - $10,000. Payment durations vary depending on the lender but the borrowers have up to 72 months to repay any loans.
All these are significantly better benefits than those offered by SimpleFastLoans.
More importantly, CashUSA accepts loan applications from borrowers with bad credit. Compared with SimpleFastLoans, all the fees and rates are published on the CashUSA website.
Lastly, while SimpleFastLoans does a hard credit check, CashUSA only does a soft credit check during its application process.
Requirements For SimpleFastLoans
You need the following to apply with SimpleFastLoans:
- You should be 18 years old.
- A valid phone number.
- Government photo ID or Driver's License.
- Recent bank statements.
- A U.S.A. Social Security number.
- Proof of checking or savings account.
- Proof of residence permit or citizenship.
Available in 28 states including: Alabama, Alaska, Arkansas, Arizona, California, Delaware, Florida, Idaho, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Missouri, Mississippi, Montana, Nebraska, Nevada, Ohio, Oklahoma, South Carolina, Texas, Utah, Washington, Wisconsin, and Wyoming.
Apply for SimpleFastLoans in 3 Steps
- Visit the SimpleFastLoans website to apply for your loan.
- Fill in your information on the online application form. The information may include your Social Security number, address, and employment status among other personal information.
- Select the purpose of your loan and then review the disclosures.
After submitting the application, SimpleFastLoans should let you know if you've been approved or denied for the loan you applied for.
Keep in mind that there may be issues with the preapproval process where they claim you've been approved and fail to provide funding.
The time between the approval and receiving your funding should be relatively quick. If you apply before 2 P.M. ET, you will receive your funds before the end of bank day.
How CreditYelp Rates SimpleFastLoans
|Requirements & Application||4.0/5||It accepts bad credit and the requirements are easy to meet but is only available in 28 states.|
|Loan Application||2.5/5||Misleading pre-approved mail offers and unclear funding commitments|
|Loan Flexibility||2.5/5||Maximum repayment term is 1 year, which makes it stressful to make the repayments.|
|Loan Affordability||3/5||Limited upfront information about rates and terms.|
|Reviews & Transparency||1.5/5||High volume of customer complaints.|
Q1: Is simplefastloans.com legit?
A: Yes. While there are customer complaints that question the legitimacy of the company, SimpleFastLoans is a legal, registered company.
However, you can opt out of having your information shared by contacting the company through either email or phone.
Q2: Why do I have to provide my online banking credentials?
A: SimpleFastLoans uses either Decision Logic or Plaid, which are Instant Bank Verification services to verify the borrower's banking information matches the applicant's banking information.
In actuality, the information is provided to the Instant Bank Verification service for authentication and not to SimpleFastLoans.
Q3: Does SimpleFastLoans report my account activity to credit bureaus?
A: Yes. SimpleFastLoans provides reports on your account information to credit bureaus. That means that defaulting on payment, late payments, or missed payments would reflect on and affect your credit report.
Alternatively, making payments on time would also be a good reflection on your credit report and a good way to improve your credit.
Q4: Does SimpleFastLoans charge a prepayment fee?
A: Although rare, there are lenders who charge a fee for paying your loans early. However, SimpleFastLoans does not charge a prepayment fee. Therefore, you are free to pay your loan as early as you are able to without penalty.
Q5: How do I change my loan repayment schedule?
A: When you find that you don't have enough money and your repayment schedule is due, instead of dealing with the stress of trying to come up with the repayment, SimpleFastLoans provides you with an easy solution.
You should contact them 48 hours before your date of repayment either by email or phone and both parties can make arrangements for your repayment. SimpleFastLoans charges a late fee so you will have to confirm the fees with the company during your discussion.
Q6: Does SimpleFastLoans provide loans for military personnel?
A: No. SimpleFastLoans does not provide installment loans online for reserve members, regular members, members on active duty, or dependents of serving military personnel including those from the Navy, Marine Corps, Army, Air Force, or Coast Guard.
Q7: How does SimpleFastLoans affect my credit score?
A: One of the foremost considerations you need to make as a borrower is whether applying for the loan affects your credit score. This is especially important for borrowers with bad credit.
While most loan brokers and lenders conduct a soft credit check, SimpleFastLoans conducts a hard credit check. Hard credit checks involve a review of your full credit history, which may damage your credit further.
On the other hand, SimpleFastLoans reports your account information to credit bureaus. This can go either way. If you pay your loans on time, then a report to credit bureaus is an excellent way to prove your financial responsibility and improve your credit score.
Alternatively, if you pay your loans late or default on payment, then the report will affect your credit score negatively.
Q8: Can I cancel the loan after approval?
A: What happens when you decide that you don't need the loan after applying? Loans are an excellent way to solve your financial difficulties and are especially great for emergencies.
However, before borrowing a loan, you should ensure that you have no other alternatives. There are loan brokers who allow you to cancel the loan after the approval process is complete.
SimpleFastLoans doesn't provide a cancellation service. Therefore, you need to guarantee that you need the loan because once it is deposited into your account, you will be required to repay it. So, how do you avoid taking a loan when you don't need one?
- Create a budget. A budget is an excellent way to manage your finances and do some accounting. Sometimes, you'll find that you have unwanted expenditures or that you have too much of one purchase. Returning those purchases could increase your finances and save you in an emergency.
- Consult a financial advisor. A financial advisor will provide you with a plan on how to manage your finances and avoid debt. In case of emergencies, a financial advisor could provide you with suitable alternatives that don't include borrowing a loan.
- Create a contingency fund. It is advisable to always save some funds for emergencies. An emergency fund can be a great help when you least expect it. Save a portion of your monthly expenditure for about 12 months, which should provide you with a sufficient cushion for when you need it.
- Use cash where necessary. It can be hard to track your credit spending so you should use cash where necessary. It helps you monitor your expenditure and limit maxing out your credit cards.