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Zippyloan Personal Loan Review
If you’ve struggled to find the right personal loan, Zippyloan might be able to help. Zippyloan provides an online marketplace where borrowers can find a loan based on their financial situation. Be aware that some Zippyloan offers come in the form of personal loans, with short terms and high interest rates. That being said, this lender marketplace might be an option for someone who has struggled to find a loan elsewhere. When we compare personal loan companies, we use our in-house, evidence-based SimpleScore methodology to consider factors such as interest rates, loan size, customer satisfaction, support, and fees.
Zippyloan personal loans at a glance
|APR||Varies by lender|
|Best for||Small loan amounts under $15,000|
|Not for||Good credit borrowers or borrowers who want the best interest rate|
|Customer Service||No contact information available, FAQ page available only|
What we like about Zippyloan
Loans as low as $100
People who need to borrow just a small amount of money often struggle to find a lender who will work with them. After all, lenders might not see it as worth the time to lend just a few hundred dollars. Zippyloan partners with lenders that offer loans as low as $100. As a result, people who need just a small amount of money to cover an unexpected emergency or catch up on bills can get the money they need.
Personal loans for bad credit
People with bad credit often have a difficult time finding an unsecured personal loan to help them consolidate debt, cover an unexpected emergency or cover any other type of financial burden. Zippyloan believes that everyone should have access to loans, even when their credit isn’t exactly stellar. The company helps borrowers with bad credit to find lenders willing to work with them.
Things to consider
Loans aren’t through Zippyloan
Zippyloan isn’t a personal loan lender. Instead, the company is an online marketplace that matches prospective borrowers with personal loan lenders. On one hand, this could mean you have more options available to you. But it also means that Zippyloan doesn’t provide customer service on the loans you borrow, and it doesn’t answer for poor service or bad loan terms from lenders.
High interest rates
When you get a personal loan through Zippyloan, the company isn’t the one actually lending you the money. Instead, they help to match you with other lenders. As a result, Zippyloan can’t control the exact interest rate you’ll be offered. That being said, some Zippyloan personal loans partners can often be considered payday lenders and may come with particularly high interest rates.
Poor customer satisfaction
There isn’t much information available online when it comes to Zippyloan’s customer satisfaction. Unfortunately, the company has an F rating from the Better Business Bureau, with an average customer rating of 1 out of 5 stars. As a result, you might be best served by looking into alternative options before applying for a loan with Zippyloan.
[ Next: How Personal Loans Work ]
Zippyloan personal loans vs. the competition
How much does a Zippyloan personal loan cost?
It’s impossible to know ahead of time how much your Zippyloan personal loan will cost. Because Zippyloan is a third-party marketplace and not a lender, it can’t publish rates and fees on its website. That being said, here are a few costs you may expect to incur:
- Interest: Regardless of your lender, you’ll pay interest on your personal loan. The lender you borrow from and your credit score will largely determine your interest rate.
- Origination fee: Many lenders charge origination fees on loans, ranging anywhere from 1% to as high as 8%.
- Late payment fee: Most financial institutions charge a fee when you make a late payment on a loan. Some online lenders no longer charge these fees.
- Prepayment penalty: While they aren’t super common, some lenders charge a fee to borrowers who pay off their loans early.
Cheaper alternatives to Zippyloan personal loans
Zippyloan connects borrowers to many different lenders, so it’s impossible to know exactly how much your loan will cost. That being said, Zippyloan personal loans are often payday loans, meaning they’re short-term loans with extremely high interest rates. As a result, they may not be the best choice for many borrowers.