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Question DetailsAsked on 11/1/2016

want to know if typo loan is legit

i'am looking to get a loan for about 6000.00 with a fair credit score and wanted to know if typo loan is a good place to go to

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4 Answers

1
Vote

They appear to be "legit" from what I could google (including government scam and warning sites - though the lack of warning flags could just mean they are quite new som no complaints have accumulated yet) but it appears to be just a "connection point" or electronic posting forum between borrowers and potential lenders - they put your loan request info out there and connect you to potential lenders. They do not actually make loans and are not a loan broker - so they do not direct or manage your loan - they are just a "hookup" site between lenders and potential borrowers. And looking at the lender list I do not see any major lenders that I recognize, so it looks like distressed client lenders are most of the firms they have connections with - which means higher or highest end loan rates for you.


Would scare me a bit because some of your personal info (their list of the data they collect is quite extensive, including personal identification into and credit report info and such) might be going to dubious lenders or phishing sites. ALso, there are web reports of a number of phishing sites with similr names or advertising themselves as typoloan when they actually are scams, so you would have to be VERY careful you are getting the actual site.


Because they do not actually make any loans, I would go to known reputable lenders directly to find out their typical rates and choose one to go to with your application. Credit unions typically have best rates (if you are a long-time member so they trust you), then internet based lenders with low overhead (no branches) like Quicken Loans, then savings and loans / banks, then typically cash loan or direct lenders including ones like GE Capital and insurance company lending arms, with distressed borrower lenders and payday advance and similar type places of course having incredibly uneconomic loan terms and rates generally at least 15-20%/month averaging up to around 500-600%/year in the highest allowable rate states and as high as 7000% annual percentage rate in the worst cases.


Of course, if you have assets that can be used as collateral on a loan your rates will almost always be better than an unsecured loan - home equity type loans typically cheapest though of course you are risking your ownership of the house if you don't pay it off properly, and a few banks and savings and loans still do equity loans with your car securing the loan, though that is a lot less common now than it used to be.


Of course, almost anything you can do to cut your spending and avoid taking out a loan in the first place is commonly your best bet, unless you are getting a loan at a much better rate to pay off very high priced debt - like maybe a 10-15% consolidation loan to pay off payday advance or similar extremely high interest rate debt.

Answered 2 years ago by LCD

2
Votes

Hi,

This is Chris F. in Member Care. Thanks for your question. I'm happy to help!

I’m not finding any information on this provider. It appears they are not yet added to Angie’s List. As such, I can’t say if they are a scam or not. I would advise going over LCD’s info.

If you require further assistance, please let us know. You can respond to this thread or submit a new Answers post. You can also reach us at memberservices@angieslist.com. We're happy to help.

Answered 2 years ago by Member Services

1
Vote

I'm a personal finance blogger (part time), and I've seen Typoloan around for almost decade now I think. They're just a hub point between lenders and borrowers. They don't give out loans or any kind of credit.


Their only claim to fame is that borrowers won't damage their credit scores further by applying through their site. When you apply through their site the "pre-app" (their term...not mine) is seen by hundreds of US based lenders. Typoloan says they constantly vet their lender list and listen to any complaints about lenders that act in a shady way.


They also don't allow personal information like social security numbers, phone numbers, street addresses, work addresses, last names, etc. to be published or gathered in their pre-applications to the lender group. The lenders only get your email address and the State you live in - very basic info to protect your privacy. You don't provide anything personal until you are emailed by a legitimate lender.


I've had comments on my blogs from people who used them with success. No complaints I can find on them so that must mean something because if they sucked there would be a lot of complaints out there.


Even so, I would always try a local bank or credit union before trying a web based thing.


Hope this helps.

Answered 1 year ago by Whoshooter

0
Votes

Yes they are legit - they don't charge you at all - they match you with legitimate lenders. They only make money from advertising.

Answered 1 year ago by AndrewLighter




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