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NetLoanExpress is a loan matching service that connects prospective borrowers with prospective lenders over the internet. NetLoanExpress helps prospective borrowers obtain both cash advances and installment loans.
What Is NetLoanExpress?
There’s no information regarding NetLoanExpress‘ corporate structure on the website itself. No physical address is given, and the names of its executives or staff are not provided either.
Additionally, the site’s registration is private, making it impossible to know who’s actually providing the company’s services.
The only points of contact for the company itself are an email address for support and a single telephone number. Tracing this number back leads to the company’s Better Business Bureau profile, revealing a physical address in St. Petersburg, Florida, at what looks like a small strip of stores.
NetLoanExpress provides a matchmaking service between prospective borrowers and lenders willing to extend financial services to these borrowers.
Site users choose how much they’re looking to borrow – from $100 to $5000 – and then add in their personal details – name, address, phone number, email address, and often Social Security number as well – and NetLoanExpress does the work in matching a user with a borrower.
As NetLoanExpress isn’t a direct lender, the terms and conditions of any loans it sources for users will vary from one financial services provider to another.
Using NetLoanExpress represents an opportunity to secure a loan quickly and easily over the internet. Most borrowers who are matched successfully with a lender receive their funds electronically by the next business day, making it a convenient method for getting funds quickly.
This could be seen as a benefit by anyone who needs emergency funds in a hurry or is unable to secure a traditional loan from their bank.
NetLoanExpress goes through some serious efforts to keep their personal details hidden, and there’s a reason for that – one that was revealed to us only after finding the company’s Better Business Bureau profile.
The BBB has given NetLoanExpress a damning grade of “F” because the company has failed to comply with the bureau’s request.
In 2015, the BBB requested NetLoanExpress show proof of its license from the Florida Department of Financial Services to provide the lending matchmaking services it does; to this day, the company has yet to provide this information, leaving the BBB no choice but to assume NetLoanExpress is not licensed to operate in the state of Florida.
Working with an unlicensed loan provider or matchmaker is a very bad idea.
There’s less in the way of legal recourse open to someone who’s victimized by an unlicensed matchmaker, and these companies are not bound by the terms of their licensing agreements to uphold certain standards in behavior and business dealings.
Not to mention that operating such a company without a license may be patently illegal.
Since NetLoanExpress has not shown any proof of its licensing, we cannot recommend you make use of its services at this time. The risks in such a situation are simply too great, and we would be remiss in not making you aware of them well beforehand.
There are other lending matchmaker services out there that you can use, but before you do, please be aware that these companies will be collecting your personal information – up to and including your Social Security number.
These companies use this information to connect you with a lender, but afterwards they keep your personal details and then market other products and services to you aggressively, sometimes through third parties.
Some of these companies have privacy policies that allow you to opt out of such behavior, but opting out takes time. There’s no limitation to how far your details might fly into the hands of third party marketers before your chosen matchmaker gets the memo and honors your opt out request.
It’s simply something to be aware of if you are still looking for an online loan. You can certainly keep looking for one, but do your best to avoid NetLoanExpress.