The Truth About Quick Loans America Reviews

Quick Loans America is a financial services company that offers personal loans to consumers across the United States. As an online lender, they make the loan application process fast and convenient by allowing you to apply and get approved entirely online.

However, as is common with financial companies like Quick Loans America, people are wary of getting loans from online lenders There are many Quick Loans America reviews online from customers describing their experiences, both good and bad In this extensive article, we will take an in-depth look at Quick Loans America, reviews from customers, interest rates and fees, eligibility requirements, and more to help you determine if Quick Loans America is the right lender for your borrowing needs.

Overview of Quick Loans America

Quick Loans America is an online lending company headquartered in San Francisco, California. They provide installment loans ranging from $100 to $35,000 to customers across most states. With Quick Loans America, the entire application process can be done on your computer or smartphone.

Here are some key things to know about Quick Loans America loans:

• Available loan amounts range from $100 to $35,000
• Loan terms are between 3 months and 72 months
• Interest rates start as low as 4.99%
• No prepayment penalties
• Funds deposited as soon as the next business day

Quick Loans America states that they can provide funds quickly because they evaluate loan applications using non-traditional underwriting models rather than relying solely on credit scores. This opens up the possibility of getting approved for consumers with bad credit or limited credit history.

Quick Loans America Reviews from Customers

Reviews from actual customers can give you the best insight into what it will be like to get a loan from Quick Loans America. We examined reviews on trusted consumer websites to find out what real customers have experienced.

On the Better Business Bureau website, Quick Loans America currently has 1.4 out of 5 stars based on 10 customer reviews. Positive reviews mention getting funds deposited quickly. Negative reviews cite difficulty contacting the company with issues and complaints about unexpected fees or interest rates different than originally quoted.

There are 6 formal complaints on BBB against Quick Loans America in the past 3 years, with topics like billing disputes, problems with products/services, and issues involving guaranty/warranty. Quick Loans America has responded to 3 of the complaints.

Here are a few examples of Quick Loans America reviews left on BBB

• “They keep calling ME. Please make them STOP I don’t want anything to do with them.” – Susan I (6/3/2024)

• “I was approved a loan of $2000 from Quick Loans America and never received the funds.” – Anonymous (2/5/2024)

• “Please lend me 2500 and take it out my taxes” – John S. (11/18/2023)

Reviews of Quick Loans America on other consumer sites similarly highlight difficulties contacting the lender and issues with loan terms differing from expectations.

For example, here are some reviews from customers on Trustpilot:

• “Was approved but never got loan avoid them I’m reporting them to BBB.” – Kevin K.

• “Interest rates were not what I was told! I would avoid them.” – Sarah W.

• “Impossible to reach a live agent, seems shady, info given wasn’t accurate” – Lucas P.

And on ConsumerAffairs, reviews echo many of the same problems:

• “They did not give me clear information on the terms of the loan and interest rates.” – John K. of Houston, TX

• “I WAS APPROVED FOR A LOAN I NEVER RECEIVED THE MONEY” – Joan C. of Innwood, FL

While there are certainly negative reviews about issues with unclear loan details and difficulty reaching support, positive reviews mention Quick Loans America providing funds quickly at reasonable rates compared to payday loans. It seems experiences can vary widely between different customers.

Interest Rates and Fees from Quick Loans America

Two key factors to understand when getting a personal loan are the interest rate and fees you will be charged. This greatly impacts the total cost of borrowing.

According to their website, Quick Loans America offers interest rates starting at 4.99%. While this is lower than many predatory payday and title lenders, it is still higher than rates from traditional banks or credit unions, which often start under 10%.

The exact rate you will be offered from Quick Loans America depends on many factors like your credit history, income, and existing debt obligations. Rates start at 4.99%, but can potentially be much higher depending on your application details. Some customer reviews complained of being offered rates of 20% or higher.

In addition to interest charges, you may have to pay an origination fee that is deducted from the approved loan amount. Quick Loans America’s origination fees can be up to 6% of the loan amount for loans under $2,000. For loans above $2,000, the origination fee is capped at $120.

Late fees are 5% of the overdue payment amount or $15, whichever is greater. The non-sufficient funds (NSF) fee is $20.

Always read the full loan agreement carefully so you understand the interest rate and all applicable fees for your loan. While Quick Loans America advertises rates starting at 4.99%, the rate you are approved for could end up being significantly higher based on your credit profile and other eligibility factors.

Quick Loans America Eligibility Requirements

To get approved for a Quick Loans America personal loan, you must meet the following eligibility criteria:

• Be at least 18 years old
• Have a regular source of income
• Be a U.S. citizen or permanent resident
• Have a valid email address and U.S. bank account

You do not need good credit to qualify. Quick Loans America states they use alternative data sources to evaluate your ability to repay outside of traditional credit reports.

However, from many online reviews, it seems applicants with lower credit scores are more likely to be offered higher interest rates or smaller loan amounts from Quick Loans America. Having an established credit history does help improve your chances of getting approved at lower rates.

Quick Loans America will run a soft credit check that does not affect your credit score to pre-qualify you for loan amounts and rates. This initial eligibility check is a good way to see what offers you may qualify for without a hard inquiry on your credit report.

If you meet the eligibility criteria, you can complete the full online application with information like your income, employment, and banking details. Quick Loans America says funding can be as fast as the next business day if you are approved.

Pros of Getting a Loan with Quick Loans America

Here are some potential benefits of getting a personal loan from Quick Loans America:

Fast funding – Borrowers can receive funds deposited as soon as the next business day after approval. This is much faster than many traditional bank loans.

Online process – The entire application process can be completed on your phone or computer. This is convenient compared to having to go in-person to a bank or store.

No prepayment penalties – Quick Loans America does not charge any prepayment fees if you pay off the loan early. This isn’t the case with all lenders.

Alternative underwriting – They claim to look beyond just credit scores to determine eligibility. This helps applicants who may not have great credit or long credit history get approved.

Customer service – Some positive reviews mention friendly and responsive customer service representatives helping them through the process.

Cons of Quick Loans America Loans

Of course, there are also some downsides to consider with Quick Loans America.

High interest rates – Compared to credit unions and banks, interest rates can be very high based on your creditworthiness, sometimes over 20%. This can make borrowing very expensive.

Origination fees – The origination fee of up to 6% on smaller loans can take a chunk out of the approved loan amount you actually receive.

Third-party lender – Quick Loans America themselves does not lend money directly. They are a loan broker that sells your application info to third parties. This adds uncertainty to the lending terms.

Poor transparency – Numerous reviews cite unclear terms, rates different than expected, and difficulty contacting support. Transparency seems poor.

Rigid repayment terms – Unlike credit card or line of credit debt, personal loans have set repayment terms that you must stick to. This offers less flexibility if you hit financial hardship.

Risk of high fees – Missed or late payments can lead to large fees like $20 NSF charges that add to your total repayment costs.

For borrowers with bad credit or an immediate need for funds, Quick Loans America may still be an option despite the drawbacks. But you should understand the risks before applying.

Alternatives to Quick Loans America

Here are a few alternatives to consider if you need to borrow money:

Local banks/credit unions – Even with poor credit, credit unions and community banks are worth applying to first since they offer the lowest interest rates and greatest transparency.

Payday alternative loans – Offered by some credit unions, these small dollar loans have interest rates capped at 28% and more consumer protections.

Peer-to-peer lending – Sites like LendingClub let investors provide loans to borrowers. Rates can be