By : 
Mr Credit Card
Mr Credit CardIntro: Who Is 24/7 Loan Pros?
Typical Loan that 24/7 Loan Pros Offers
Requirements and Qualifications
- $800 Minimum Income - Benefits do not qualify - You need to have a income of at least $800 a month. Income from benefits like social security etc do not qualify. It has to be actual work income.
- Minimum 540 FICO Score - You will need a FICO score of at least 540 to stand a chance of qualifying for loans from this network.
- Military Members are not eligible - Unfortunately, 24/7 Loan Pros do not serve military members.
- Folks from NY, Vermont, W. Virginia, Arkansas Cannot Apply - If you are from any of these states, you cannot apply.
- Bank Account - Once you sign up with a lender that is willing to lend you and you agree to their terms, they will transfer the money into your checking or savings account. That is why you need to have a bank account to take advantage of Citrus.
- Be a U.S. Citizen and a valid social security number
How Does the Loan Process Work?
Compared to other aggregators, 24/7 Loan Pros application is rather cumbersome in that each page of the application form only had a couple of information needed and you have to scroll through quite a few pages.
Competition
| Loan Co | Amount | Excluded States | Not Eligible | Min Income | Credit Score |
|---|---|---|---|---|---|
| 24/7 Loan Pros | $1,000-$35,000 | NY, VT, WV, AK | No Military Personnel | $800/m | >540 |
| 100 Lenders | $100-$40,000 | CT, NH, WA, VT | No Military Personnel | $1,000/m | N.A. |
| Zippy Loans | $100-$15,000 | NY | N.A. | N.A. | N.A. |
| Viva Loans | $100-$15,000 | NY, WV, DC | N.A. | N.A. | N.A. |
| Signature Loans | $100-$35,000 | N.A. | N.A. | N.A. | N.A. |
| Next Day Personal Loans | $100-$40,000 | CT, NH, WA, VT | No Military Personnel | N.A. | N.A. |
| Life Loans | $100-$40,000 | CT, NH, WA, VT | No Military Personnel | $1,000/m | N.A. |
| Honest Loans | $400-$50,000 | NY |
No Military Personnel No Federal Employees |
$8,000/m | N.A. |
| Fast 5k Loans | $100-$10,000 | NY, VT, WV, AK | No Military Personnel | $800/m | >540 |
| Excel Online Loans | $500-$20,000 | NY, DC, WV | N.A. | N.A. | N.A. |
| Bad Credit Loans | $100-$10,000 | N.A. | N.A. | N.A. | N.A. |
As you can see from the table above, there are quite a few loan aggregators that will lend quite a large sum $20,000 to 50,000 to consumers (24/7LoanPros amongst them). They all have a few things in common.
Firstly, most of them have some restrictions on residents of certain states. In 24/7LoanPros case, it is residents from NY, VT, WV and AK that cannot apply. Secondly, military personnel are not eligible as well. And this is not uncommon at all. The fact that interest rates range from 5.99% to 35.99% suggest that you need to have fair credit to apply through 24/7LoanPros. Anther thing to note is that 24/7 Loan Pros do not accept benefits as income.
There are a couple of competitors that overcome some of the restrictions that 24/7LoanPros have. For example, ExcelOnlineLoans.com accepts military personnel and applicants from all 50 states. Zippy Loan also allows military personnel and only restricts residents of NY from applying. Both ExcelOnlineLoans.com and Zippy Loan accept benefits as income.
Pros and Cons
pros
- Wide range of loan amounts - You can get a wide range of loan amounts from lenders from this network. It ranges from $100 to $35,000.
- Minimum of 540 credit score - You will need a minimum of 540 to get apply and qualify for a loan. That means those of you with bad credit can get a loan.
- Process is Fast - The application process is fast, easy and relatively painless.
Cons
- Not Available in a few states - 24/7 Loan Pros is not available to people from New York, Vermont, W. Virginia, Arkansas
- Will not serve those in active military - 24/7 Loan Pros will not serve folks from the military.
- Will not accept benefits as income - Lenders in the 24/7 Loan Pros network are more strict in how they define income. While some networks and lenders accept benefits as income, with 24/7, you need to have actual work income to qualify for their loans.
Our Take
If you are a military personnel, you should consider other loan aggregators like Zippy Loan as they accept all applicants though they only extend up to $15,000 in loan amount. Another alternative is Signature Loans which will lend you up to $35,000.
Another issue with 24/7 Loan Pros is that residents from NY, VT, WV and AK cannot apply. If you are from these states, then once again, we suggest you check out Signature Loans as they allow residents from all 50 states to apply.
It is also worth noting that both Zippy Loan and Signature Loans accept benefits as income while 24/7 Loan Pros does not.
There is another thing that I really do not like about 24/7 Loan Pros. And that is their application progress can be a little cumbersome. You are asked to fill only one or two information at a time before the next screen appears and this takes up more time than necessary. It would be much easier if they had just a couple of screens like most aggregators where you can fill in as much info as they need in just one or two web pages.
To sum up, 24/7 Loan Pros will save you time and effort in shopping around for a loan. However, there are many restrictions and if you do not meet their requirements, there are better places like Zippy Loan and Signature Loans which have much less restrictions.
