Nowadays, receiving an online loan takes less than 15 minutes, but sometimes too quick is too harmful. This blog is based on the Modo Loan Review, and as a loan seeker, should you take a loan from them or not? Let us discuss this.
Table of Contents
What is Modo Loan and why does it exist?
Modo Loan is a middleman between a loan seeker and a loan lender. So we can say that Modo Loan is not a direct lender for those seeking a personal loan.
Being a middleman between customer and businessman is a commission-based business, and Modo Loan also exists because they bring loan providers and loan seekers together in one place.
The application process for this requires few details from customers with minimal credit histories. The amazing thing about them is that when they approve an application, loans get disbursed in just 24 hours at zero cost.
Who is the owner of Modoloan.com?
The CEO of this company hasn’t revealed his identity, but due to identity secrecy, we can’t question if they are legit or not.
How is Modo Loan different from other Loan providers?
Most loan providers take commission either from the borrower, the lender, or both of them. But Modo Loan always does not charge any commission from loan seekers; instead, they charge a few commissions from loan lenders.
Certifications and Licence of Modo Loan
On their website, they haven’t uploaded any authoritative documents that show they are legit or not. But based on this we can’t judge their legitimacy.
Modo Loan Review: Is Modo Loan Legit or a Scam?
When you open the website of Modo Loan, you’ll find steps on “How to Avoid Loan Scams”. If we assume that this company is a scam, then why did the scammer alert you?
Hence, we can say that Modo Loan is not a Scam.
What are customers saying about Modo Loan?
We have gone through almost all of Modo Loan’s social media accounts but haven’t found even a single customer review about them.
We also checked the official YouTube channel of Scam Advisor about them, but we still haven’t found any comments about whether they’re legit or not.
Does Modoloan.com rank on Google?
Yes, they rank on Google, and according to Similarweb.com, their monthly traffic on their official website was 215k+ on May 20, 2023.
Here we can conclude that their brand name is spreading through word of mouth.
Precautions for Loan seekers
No matter how much you read about them, as a loan seeker, you should read carefully before agreeing to their Terms and Conditions. We also highlighted some points before taking an online loan.
1. Research a Reputable Lender: An online platform is the best option to research any loan provider from home. Check reviews, ratings, and comments by customers for that loan agency.
2. Check authority: make sure that your loan provider is authorized and registered under a government body.
3. Compare loan options: the rate of interest varies from lender to lender. So always choose the best plan by considering other factors as well.
4. Protect your personal information: If you’re filling out your details, make sure that website has an SSL certificate (a lock icon before the website domain name).
Also Read, Advia CD Rates
What does the scam advisor think about Modo Loan?
According to the scam adviser, this website is legit, and its legitimacy score is also 100.
Read more: Who is a scam adviser?
How to Apply for Modo Loan?
1. Check if you’re eligible or not: To apply for a loan from them, you should be over 18 years old with a permanent address and proof. Also, there should be a regular source of income.
2. Begin with the loan application: choose the amount you want to borrow. They provide loans for 3–24 months. At last, choose the amount you want to repay and the future date for repayment.
3. Answer on checking account: A checking account is one of the criteria for applying for a loan from them. If a checking account is there with you, then click “YES” and move to the next step.
4. Enter your details: A regular source of income is necessary to apply for a loan from them. For lenders, if they give a loan to someone who doesn’t have a regular source of income, then it would be a risky task.
5. Address Details are necessary: Enter your complete address with the pin code to proceed to the next step. Also, mention that you’re the owner or tenant.
6. Bank information: They only ask for your bank’s name, account number, and how long you’ve been with them.
7. Accepting Terms and Conditions: We have a habit of clicking “Agree” before reading what exactly is written in their Terms and Conditions.
We highly recommend you first read the terms on which they’ve agreed to lend money to you.
After that, Modo Loan will send your application to various lenders, and you’ll get a loan.
A detailed video on Modo Loan Review
Conclusion:
Modo Loan is a legitimate company that works as a link between loan seekers and lenders. Even after research, we found that you can get a loan in just a few minutes with the minimum required details. According to similarweb.com, we found that they had a monthly average of 200k+ visitors in May 2023. Overall, we can say that Modo Loan is legit, and you can trust them.
