Speedy Net Loan Review, Borrow up to $5,000 in Unsecured Loans

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What is Speedy Net Loan?

Speedy Net Loan is an online loan aggregator that allows you to apply for a loan with their network of lenders with just one simple online application. They offer both short term and medium term personal loans. When we filled in the application forms, it only took about 2 minutes and it was really simple. If you are connected to one of their lenders, you can get your cash in your checking account as soon as the next business day. There are a few requirements you have to meet and we will review these and also compare it with some of their peers. Speedy Net Loan accepts application from military personnel (which many loan networks don't) but will not lend to Federal Employees. Both US Citizens and legal residents can apply.

Typical Loan that Honest Loans Offers

Speedy Net Loans has a network of lenders that will give you personal installment loans and short terms loans. The maturity of loans vary between 6 to 60 months (ie half a year to 6 years). You can borrow between $100 and $5,000.

Requirements and Qualifications

To get approved for loan from lenders, you will need to at least meet the following requirements:

18 Years Old and Above - This is a standard requirement.

Job or Regular Income - Speedy Net Loan accepts applicants with regular employment or those who are self employed. They also accept applications from military personnel (which many lenders do not). Those whose income are from pension, social security or disability can also apply. Speedy Net Loan does not accept applicants who are federal employees.

Checking Account - You need this simply because lenders will deposit your cash in your checking account.

U.S. Citizens and Legal Resident Can Apply - Speedy Net Loan requires you to fill out your social security so both US Citizens and Legal Residents can apply.

Valid Drivers License or State ID - You need this to show proof of residency.

NY Residents cannot apply - Speedy Net Loans accept applicants from every state accept the State of New York

Comparables

Loan Co	Amount	Excluded States	Not Eligible	Min Income
Speedy Net Loan	$100-$5,000	NY	Federal Employees	N.A.
Lendingforbadcredit.com	$100-$40,000	N.A.	N.A.	$1,000/m
Zippy Loans	$100-$15,000	NY	N.A.	N.A.
Viva Loans	$100-$15,000	NY, WV, DC	N.A.	N.A.
Excel Online Loans	$500-$20,000	NY, DC, WV	N.A.	N.A.
Bad Credit Loans	$100-$10,000	N.A.	N.A.	N.A.

Speedy Net Loan provides both short term loans and personal loans, accepts Military Personnel and also excludes applicants from the State of New York. Based on these characteristics, I am going to compare it with similar loan aggregators and also contrast it other others who are different.

The most similar loan aggregators to Speedy Net Loan are Vivaloan, ZippyLoan, Excel Online Loans, Bad Credit Loans and Lendingforbadcredit.com. All of them lend to military personnel and allow both US Citizens and Permanent Residence to apply. Viva and Zippy Loan excludes some states whereas Bad Credit Loans and Lending for bad credit do not. Amongst them, Speedy Net Loan has the lowest limit in that they only lend up to $5,000. The other lend up to between $10,000, $15,000, $20,000 and $40,000 for lendingforbadcredit.com.

As you can see from the table above, the other loan aggregators tend to exclude military personnel from applying though they may offer a larger loan amount.

Pros and Cons

Pros

Offers both short term loans and personal installment loans - Speedy Net Loan offers both short term loans and medium term installment loans.

Military Personnel Can Apply - SpeedyNetLoan.com is one of the few loan aggregators that are open to lending to military personnel.

Non-US Citizens Can Apply - Legal Residents in the US can apply (as long as you have a valid social security number). This is in contrast to some loan aggregators that only allow US citizens to apply.

Cons

Federal Employees Cannot Apply - Lenders in the Speedy Net Loan network are not inclined to lend to Federal Employees.

$5,000 loan limit - The $5,000 loan limit appears to be low compared to some other aggregators. If you do not intend to borrow more than $5,000, then that should not be an issue.

Residents from State of New York Cannot Apply - If you are a resident of NY, then you have to consider other loan aggregators.

Evaluations and Review Ratings

Speedy Net Loan is one of the better loan aggregators. It offers both short term emergency cash loans as well as longer term installment loans. While many loan aggregators and lenders do not like to lend to military personnel, Speedy Net Loans accepts applications from them. Furthermore, legal residents in the US (those with a valid SSN) can also apply.

There are a few restrictions that you have to be aware of. Firstly, you can borrow up to $5,000. Secondly, their network of lenders do not lend to Federal Employees. If you need to borrow more than that and/or are a Federal Employee, other loan networks like Zippy Loan and Vivaloan (up to $15,000) would be more suitable. If you need to borrow up to $35,000 to $50,000, then a network like lendingforbadcredit.com would be more appropriate.

Despite these shortcomings, I would give Speedy Net Loan a rating of 3.8. If you are looking for either a short term loan or an installment loan up to $5,000, I would use Speedy Net Loan to shop around for the best deal.

How to Apply?

I find that the application pages for Speedy Net Loan really easy to navigate. There are only 4 pages to navigate.

On the first page, you will need to fill out the loan amount you want to borrow, you credit score range, your monthly income and the purpose of your loan.

On the second page, you will need to fill in your name and date of birth.

On the third page, you have to fill in the following: Primary Source of Income (employed, self employed, benefits, military), company's name, position, length of time at job, work phone number, number of times you are paid a month and your next payday.

The fourth page is requires you to fill out your contact information and bank deposit details. These include your email address, phone number, address, social security number and drivers license. You would also need to submit your bank account as well as routing number.

You then have to submit your application and wait briefly to see if you are approved and what are the terms of you loan. The application process is really simply and it literally took 2 minutes to fill out.

Below are screenshots of the application pages.