Sometimes you need cash fast. Rent’s due tomorrow and you had an emergency. Or maybe you were out of work for a week due to family illness. Regardless of your situation, life happens. When it does, you may be tempted to apply for a cash loan.
Snap Finance reviews are plentiful on the internet. The company offers access to loans through a network of lenders, and the application process is simple. We did a bit of research into the company and chose to share further information about the company to help you decide if Snap Finance is right for you.
What is Snap Finance?
Simply put, Snap Finance is a loan broker. They’re based in Utah and have been in operation since 2012. When you visit the Snap website, you’ll be prompted to enter information about yourself. You’ll supply your name, of course, as well as the last four digits of your social, your employment information and your bank account information.
Once you’ve input this info, Snap Finance will send your information to a “network” of lenders that may or may not be willing to work with your credit situation. If one is, you’ll receive a loan offer right then stating the amount you’re approved for and your interest rate.
From that point, Snap Finance is out of the picture. That is to say that Snap Finance is not a lender, they just connect you with lenders. The lending company will deposit funds into your checking account, and you can pay rent on time!
Sound good? Again, everyone runs into a situation where fast cash is a must-have. But what are Snap Finance reviews saying? Is the service reputable?
Snap Finance Reviews: The Interest
Directly on the Snap Finance homepage, the company reveals the interest rates available to borrowers. Those rates range from 11.80% all the way up to 32%. Repayment plans are available from 12 months to 30 months. Your specific terms will depend on your income and creditworthiness.
So what do Snap Finance customers have to say about the service? Well, it depends who you ask. Some customers, generally those who repaid their loans quickly, were satisfied with Snap Finance. They said their payments were always deducted from their bank accounts on time and they didn’t have any customer service issues. In fact, paying off your loan within 100 days can mean no interest charges at all.
Other Snap Finance reviews were not so pleasant. Customers who chose longer repayment terms were typically those with less than perfect credit. They stated that the exorbitant interest rates caused their loan to cost them 100% more than they’d initially borrowed. We assume this to be true at 32% interest over 30 months.
As a BBB accredited business, the company has received a rating. That rating is A+. That means that customer issues were resolved, or that customers were largely satisfied with Snap Finance.
Snap Finance: What You Need to Know
We are always a little wary of lenders like Snap Finance. Payday loans and high interest personal loans are always a gamble – in fact, that’s why we choose to review them here. In most cases, you’ll be confronted with hidden fees and, of course, interest charges that are well above the norm.
Snap Finance is a little different from a payday loan company, as they offer long-term repayment options as well as short term cash. However, you’ll still be presented with fees you may not expect. To this, we will offer the caveat that you should always read the terms of your agreement.
Don’t rely on verbal verification from a representative that there’s “no fee” or that you’ll pay a certain amount of money back to the lender. Instead, read the agreement before you sign the paperwork. Have a friend look over it, too, if you like.
Print the agreement out and look it over again. Highlight any fees and fully understand what those fees are for. For instance, some lenders may charge a fee of around $40 to access your loan. This may have to be paid upfront or may be incorporated into your loan.
Reading the agreement is just common sense. You wouldn’t buy a new car without fully understanding its cost, so why should you do so with your personal loan? Calculate exactly how much this loan is going to cost you before you sign the paperwork.
Should You Use Snap Finance?
As things go, we’re not wild about high interest personal loans. There are other ways you can get money. Ask family, or sell unwanted items. Even a pawn shop can offer better alternatives than these short term lenders.
First, we’re not always comfortable with a company having access to automatically draft money from your checking account. This can cause huge financial stress – sometimes even a day’s delay in manually making your payment can mean the difference between feeding your family or not.
We also don’t love what happens when they lenders don’t get their money as quickly as they think they should. Harassing phone calls to you, your family members and even your employer are not unheard of. Should you use a company like Snap Finance, you’d do well to be 100% certain that money is in your account on the day of your bank draft.
With that said, however, Snap Finance reviews actually aren’t terrible. While some companies earn nothing but one star reviews and horror stories from customers, Snap Finance does seem to be one of the better companies we’ve come across.
Once again, if you feel like you’re in a position that warrants a personal loan, be sure you read every word of your consumer agreement.
Be prepared for the actual cost of repayment. Then, if you feel as if the overall cost is affordable, go ahead and apply through Snap Finance.
In summary, we’re not huge fans of payday loans. But if you absolutely need one, there’s no real reason to avoid Snap Finance. You could certainly do much worse. There are may other great lenders we would consider first though, so checkout our guides to: