ModoLoan Review: What You Need to Know Before Borrowing
ModoLoan is a legitimate loan matching service, but it lacks transparency and detailed information about its lending partners. If you're considering a personal loan to pay off existing debts, settling your debt directly may be a better and more affordable option.
Respond to CollectorsPersonal loans can help you meet urgent financial needs. Digital lending makes it easier than ever to get approved quickly. But as lenders multiply, spotting legitimate loan offers gets harder.
ModoLoan connects consumers to real lenders and helps people get approved for loans. Loan amounts typically range from $250 to $3,000. You can get approved in minutes.
Facing Debt Collection on a Personal Loan?
Don't borrow more to pay off old debt. Settle what you owe for less and respond properly to collectors. Protect yourself from lawsuits and wage garnishment.
Settle Your DebtModoLoan has no part in the debt collection process. The company accepts no responsibility for agreements between consumers and lenders. If you fail to repay your loan according to the terms, the lender will reach out directly. ModoLoan is no longer part of the process once you accept the loan.
If you are considering ModoLoan’s service, proceed carefully with any lender. Research the lender thoroughly before signing any agreement.
How ModoLoan Works
ModoLoan is a fintech company that streamlines the borrowing process. Getting started requires three simple steps:
- Fill out a simple online application
- Get a quick decision from lenders
- Sign the paperwork and receive your funds, usually within 24 hours
The process sounds easy, but there’s no guarantee about the lender’s reputation. You must research any potential lender and carefully examine the loan terms.
The service is free to consumers. The commission is paid by lenders. However, the costs of the service are passed on to you in your loan conditions.
ModoLoan is concerning because little information about the company or their lenders is available online. Use caution if you decide to use this loan matching service.
Is ModoLoan Legitimate?
Yes, ModoLoan is legit. But you should know some things about the company before enrolling.
First, little information about the company is available online. Trusted sites such as the Better Business Bureau (BBB) and Trustpilot do not have the company listed. The company’s own website lacks basic information. There is no address or phone number available.
Connection to Ping Yo, Inc.
The terms and conditions on the website list Ping Yo, Inc. as “the company.” Ping Yo is located at 134 Ne 1st Ave, Ste 3, Delray Beach, FL 33444-3713. The phone number is (954) 347-0608.
Like ModoLoan, there is no mention of Ping Yo on trusted sites. The BBB does not accredit it. No consumer reviews are available.
Ping Yo is an online lead generation network. According to the Federal Trade Commission (FTC), online lead-generation networks often traffic in personal data.
Privacy Concerns
Any loan application you fill out for ModoLoan contains personal data. The data can then be sold to third parties. There are no allegations that ModoLoan sells personal information without your consent. However, with so little known about the company, the FTC warning about lead-generation networks should cause concern.
There are safer and more transparent personal lending services available.
Better Alternatives to ModoLoan
NerdWallet has an A+ accreditation from the BBB. The platform offers a loan-matching service to help you find the right loan. The lenders are typically well-known with transparent lending practices.
Some examples of lenders include:
- Discover
- Upstart
- SoFi
- Upgrade
- Prosper
LendingClub is another well-known loan matching service to explore. Loan amounts start at $1,000. It also carries an A+ accreditation by the BBB.
However, consumers should be aware that the BBB issued a current alert for the business. The alert centers on their promise of “no hidden fees.” Without any admission of wrongdoing, LendingClub agreed to pay $18 million to the FTC to settle charges. The company is now barred from making misrepresentations to future loan applicants.
Regardless of the lender you choose, do thorough research. Read the proposed loan documentation carefully before you take out any loan.
Settle Your Debt Instead of Borrowing
Are you exploring a loan to take care of pressing debts? You may have a better alternative.
If you have been contacted by a debt collector, our partner Solo can help you respond properly. You might be able to settle your debt for less than you owe.
Resolve Your Personal Loan Debt
Taking out a personal loan can lead to high interest rates and fees. If piled up over time, these costs can lead to a mountain of debt. If enough time passes without payment, you might find yourself in a debt lawsuit.
You can resolve your debt at any stage of the debt collection process. Whether you need to respond to a debt collector’s initial communication, answer a summons for debt collection, or settle a debt before your court date, help is available.
When Debt Collectors Contact You
Debt collectors must follow specific rules when contacting you. You have rights under the Fair Debt Collection Practices Act. You can request validation of the debt. You can dispute inaccurate claims. You can negotiate a settlement.
If you’ve been sued for a personal loan debt, you must respond. Ignoring a lawsuit guarantees you’ll lose. The collector can then garnish your wages or freeze your bank account.
Responding to a lawsuit protects your rights. You force the collector to prove they own the debt. You force them to prove the amount is correct. Many debt lawsuits fail because collectors cannot provide adequate proof.
Our partner Solo can help you respond to a debt collector or settle your debt. You can resolve the situation before a court judgment.