Is Modo Loan Legit? Borrowing can sometimes be useful. You can quickly take out a loan to pay bills and meet urgent financial needs.
However, it is not the only thing that matters to take out a loan. The credibility and reputation of the borrower also count.
You will notice that the number of lending platforms has soared over the years. So, identifying legit loan equipment has become a chore.
Many of these institutions offer delectable rates that can easily entice customers seeking loans. But if you fall into the wrong hands, you may regret ever asking for a loan.
Modo Loan has been around for a while, but the question is, are they real? In this article, we will share information about Modo Loans and let you know if they are legit or not.
Table of Contents
Is Modo Loan Legit and How Does A Modo Loan Work?
How Does A Modo Loan Work? The first step that a loan seeker interested in using Modo Loan should take is to know how the platform works. If you understand how something works, it would be hard for anyone to play a fast one on you.
By now you must have realized that Modo Loan is not a lending platform. They match interested loan seekers with lenders willing to help.
Any agreement you have with the lender, therefore, does not relate to Modo Loan. The loan payment procedure also does not include Modo Loan.
Most people prefer to use Modo Loan because they have a wide list of lenders. Lenders can also consider loan applications from loan seekers more quickly if the request is from Modo Loan.
Uncovering the Truth Behind the Lender – Is Modo Loan Legit?
Is Modo loan legit?
Is Modo loan legit? Yes, Modo Loan is legit. They’ve been in business for a while.
Modo Loan is not a lender. Thus, they do not offer loans to individuals seeking personal loans. Instead, they match loan seekers with interested lenders.
So don’t let anyone mislead you. Modo Loan does not offer loans as its name suggests. They do not get involved in the loan collection process and do not know the agreement that loan seekers enter into with the lenders.
Is Modo Loan Legit? Uncovering the Truth Behind the Lender: The company’s sole mission is to match loan seekers with lenders in exchange for some commission. Modo Loan does not charge loan seekers. They only depend on commissions from lenders.
The Modo Loan website provides information on how loan seekers can avoid scams. No company with fraudulent intent will provide detailed information on how to spot a loan scam.
Nevertheless, you should carefully research the lenders and identify fraudsters. Modo Loan claims that it only matches loan seekers with legitimate lenders. But that doesn’t mean you shouldn’t do your homework.
You should be vigilant and review every lender you deal with before agreeing to their terms. If you’re not comfortable with a lender’s terms, walk away.
So, how does Modo Loan work? Let’s explain that in detail.
1. Learn About Your Eligibility
Are you eligible for a Modo loan? That’s the first thing you need to know. If you are in urgent financial need, a loan seeker is not eligible. Your eligibility is based on several criteria.
First, applicants for a Modo loan must be over the age of 18. You must also have a permanent address and of course proof of address.
The applicant for the loan must also have a checking account and a regular source of income.
If you do not meet these requirements, then forget about applying for a quick loan through Modo Loan. As much as the company is eager to profit by acquiring more leads for lenders, they also have a reputation to protect.
So if you are eligible for a quick personal loan via Modo Loan, continue with the next step.
2. Start an Online Loan Application
You determine the amount you want to borrow and the payment term. Remember, you can borrow from $200 to $3000. It all depends on the amount that the lender is comfortable offering you.
The payment term of a Modo Loan varies from 3 to 24 months. However, the final agreement on the payment term rests with the lender, not with Modo Loan.
So choose the amount you want, including how long you will repay the loan.
3. Answer The Checking Account Question
One of the criteria to qualify for a loan through Modo Loan is a checking account. If you do not have this, you cannot get a loan.
So if you have a checking account, click “yes” and move on to the next step.
4. Enter Your Personal Details
When applying for a loan through Modo Loan, you must provide your details. These include your name, date of birth, cell phone number, work phone number, social security number, email, and driver’s license number.
5. Provide Information/Details About Your Income
One of the requirements to apply for a loan through Modo Loan is to have a steady source of income. No lender is willing to offer a loan to someone who does not have a job or business that provides a steady income.
No offense, but giving a loan to someone who doesn’t have a job is a huge risk. There is a high probability that the individual will not repay the loan or will give the lender a hard time during repayment.
Modo Loan is therefore interested in more information about your income. They want to make sure that you can repay the loan.
At this stage, you will find questions about your type of employment. Are you self-employed, full-time, part-time, temporarily in paid employment, disability benefit, unemployment benefit or retired? Modo Loan wants you to say it.
The other information you will find on this page is about how you want to repay the loan. Is it by check or direct deposit? Choose the method that is most convenient for you.
Next is how often you want to repay your loans. Is it weekly, biweekly, twice a month, or monthly? Choose one. Then state your net monthly amount.
6. Enter Your Address Information:
Where in the US do you live? Mention it in your Modo Loan application. They need you to provide an address, city, county, state, and zip code.
You must also indicate how long you have lived at your proposed address, including your residence status. Are you a homeowner or tenant?
7. Enter Your Bank Details
The three basic bank details that Modo Loan needs are your bank name, your bank account number, and how long you have been with the bank.
8. Accept The Terms & Conditions
Your decision to apply for a loan through Modo Loan is a choice. You can decide to go back at any time. But please do this before signing an agreement with the lender.
The last step is to accept the terms and conditions. We recommend that you read this section thoroughly before agreeing. Step back if you are not comfortable with any of the terms and conditions listed by Modo Loan.
Once you accept the terms and conditions, Modo Loan will match you with a lender who may be willing to listen to your loan request.
Do you need to register for a Modo loan to find a lender?
No, you will not do that. Visit the platform and provide the necessary information so that they can match you with a lender.
After you submit your details, Modo Loan will perform a data check on the information provided and match you with a lender. If they can’t verify your information, they won’t match you with a lender.
What are the things that make the Modo loan legit?
As we have answered your question above (Is Modo loan legit?); let’s show you the things that make Modo loan legit below:
Identifying a scam website is not that difficult. You can identify a scammer or a platform that matches loan seekers with lenders like Modo Loan if you are observant enough.
We believe that Modo Loan is legit as several signs indicate that they are legit. Let’s discuss those signs.
· Loan seekers don’t pay a cent
Modo Loan will not ask for payment to link you to a lender. They do it for free for loan seekers.
· Professional Looking Website:
Most scammers set up professional-looking and very attractive websites online. But what sets Modo Loan apart is how their website is organized.
You can apply for a loan within a few minutes via Modo Loan. They also verify information provided by loan seekers. If any of your information is incorrect, they will not match you with a lender.
· Comprehensive Tips about Loan Scams:
One thing scammers can’t do is reveal their secrets. They only do that if they are caught by the authorities.
Modo Loan is not a scam platform and their tips for identifying loan scams prove it.
They even go so far as to warn loan seekers to avoid lenders that ask for prepayments before offering a loan.
· Positive Reviews
Reviews have ensured that many people have not fallen into the hands of scammers. You can determine a fraudulent lending platform through review.
Interestingly, many sites have started to spend their time identifying and summoning fraudulent platforms. You can check them online to know if a company you are dealing with is legit or not before making a commitment.
It was confirmed on Scam Adviser that Modo Loan was very likely legit. And the trust score of the lending platform was high.
How to Avoid Scams – Top Tips
Modo Loan takes the security and privacy of its customers seriously, we have put together this page to help you understand what to look out for and how to avoid falling victim to scammers.
- Never prepay for a loan promise
- Never give out personal information if you cannot verify the identity of the person or company contacting you
- Never send money to any person or company if you don’t remember getting a loan from them
Fraud is sometimes difficult to spot; some fraudsters take the name of real companies and pretend to send letters or make cold calls to their victims promising loan agreements that don’t really exist. They invite the victim to part with the money on the promise that a loan will follow. Be aware of these types of scams.
Below are just two examples of scams where fraudsters impersonate lenders or credit brokers. Read the details and learn how to protect yourself.
1. Advanced Loan Scams
The fraudsters responsible for this scam demand payment in advance of various “fees”, requesting payment via cash, bank transfers cash transfers, or via prepaid debit cards such as Green Dot.
The people who run these scams are skilled and experienced in convincing their targets to part with their money.
These scammers are not affiliated with ModoLoan or anyone associated with us. ModoLoan does not require any upfront payment on any of its loans and does not charge or charge any fees. These scammers often try to copy the licenses of legitimate lenders or use fake loan confirmations or letters of approval.
Warning signs
- They ask you to transfer money
- They ask for prepayment
- They ask for a prepaid debit card like Green Dot
2. Debt collection scam
These scammers make phone calls pretending to be legitimate collectors or moneylenders. In these calls, they fraudulently attempt to collect actual and fake debts.
These calls are not made by ModoLoan or anyone affiliated with us. These fraudulent collection agencies call to harass and threaten consumers in an attempt to intimidate or defraud people into making payments for debts, including debts that do not actually exist, have been previously paid, or are owed to another collection agency.
Warning signs
- They refuse to provide you with your loan agreement or history
- They threaten you with violence, arrest, or wage garnishment
- They are trying to collect a different amount than what you owe
If you suspect that a fraudulent company has contacted you and attempted to obtain personal information, report the caller to the Online Lenders Alliance. The information you provide can help inform other consumers so that they can avoid future scams.
Conclusion – Is Modo loan legit?
Is Modo loan legit? Yes, they are a legitimate company. However, Modo Loan is not a lender. Their way of working is to match loan seekers with lenders.
Modo Loan does not charge any fee from loan seekers. They only charge lenders when a deal is completed. You can apply for a loan through Modo Loan, but always be vigilant.
Read the terms of the platform and the lender before putting pen to paper. Don’t accept an offer you’re not comfortable with.