Next Day Personal Loan Review
Next Day Personal Loan is a US-based company with headquarters in Kansas that connects borrowers with lenders by collecting some basic personal information through a quick online form. Loan amounts range from $100 to $40,000 and are classified as personal loans. This means there’s no collateral required to secure the loan.
The company’s main focus is connecting people who need a personal loan with lenders. There’s no minimum credit score required, since each lender in Next Day Personal Loan’s marketplace has their own qualification criteria.
This marketplace of lenders offers the advantage of one form, as opposed to filing out multiple forms and researching many companies to find the right lender.
Next Day Personal Loan – Loan Types and Terms
|Loan amount||$100 – $40,000|
|Repayment terms||Varies according to lender|
|APR||5.99% – 35.99% or higher|
|Minimum credit score||Varies according to lender|
|Good for:||Most credit types|
Who is Next Day Personal Loan Good For:
Borrowers who don’t want to shop around for loans can use Next Day Personal Loan’s marketplace and fill out a single form that goes to a multitude of lenders. In many cases, these borrowers have bad credit or low credit scores and can’t qualify for a short-term personal loan at their bank or credit union.”
Next Day Personal Loan – Pros
- Fast form-submission process
- Users can see lenders’ proposed terms and interest rates before agreeing to a specific loan
- Funding in as little as 24 hours
Next Day Personal Loan – Cons
- Interest rates could be as high as the borrower’s state of residence allows or even higher if the borrower gets connected with a tribal lender exempt from state caps on interest rates
- Could result in multiple credit inquiries
- Next Day Personal Loan does not have dedicated customer support available to users
When using the Next Day Personal Loan marketplace, potential borrowers are not under any obligation to accept loan offers from lenders.
The user doesn’t have to pay a fee through the Next Day Personal Loan marketplace of partner lenders. Next Day Personal Loan gets referral fees from lenders in their marketplace for connecting qualified borrowers.
The user starts by choosing a loan amount, monthly income, credit score range, and zip code from a series of drop-down menus. The user must be able to verify their income to be eligible for a loan.
After completing the first few questions, the user is directed to a page asking for the following information:
- First name
- Last name
- Date of birth
- Reason for loan
- Street address
- Direct deposit available
- Bank account type
- Pay frequency
- Military affiliation
- Credit card debt total
- Social security number
- Phone number
The user can agree to be contacted at the phone number they provide by up to six individual lenders and for other marketing purposes. These contacts could include texts, prerecorded messages, and telemarketing that is exempt from the “Do Not Call” registry rules. Agreeing to this level of phone contact from multiple agencies and lenders is not required to request or get a loan in the Next Day Personal Loan marketplace, however.
The fine print at the bottom of the form indicates that by clicking “Continue” the user agrees to multiple credit checks.
“I am providing my express written consent under the Fair Credit Reporting Act for our Lenders and/or Lending Partners with whom I am connected to obtain my consumer credit report from my credit profile or other information from contracted Credit Bureau(s) associated with my pre-qualification for credit inquiry.”
Since each lender conducts its own credit evaluation, requesting a loan may result in multiple credit report inquiries. Credit inquiries for the purposes of obtaining a loan could reduce FICO scores by a few points.
If one or more lenders in the Next Day Personal Loan marketplace determines that a borrower meets their lending criteria, the Next Day Personal Loan platform will show the user the name of the company, the proposed interest rate and terms of the loan, and then direct them to that lender’s website, where they can choose to complete the loan process.
At this point, Next Day Personal Loan is no longer part of the lending process. In the future, marketplace lenders may use an user’s contact information to reach out to them with loan offers, as well.Get my rate
Terms & Requirements
Paragraph describing the general terms and requirements and how they compare to other lenders or markets.
Users must meet the following criteria:
- Income from the past four weeks must be verifiable
- User must have a current working phone number
- Bank account in good standing in the user’s name
- User must have a Social Security Number
- Monthly income must be at least $1,000
Terms of the loan vary according to the lender. Users can see an interest rate range and proposed terms before moving on to communicate directly with a lender. Some lenders in the Next Day Personal Loan marketplace are tribal lenders. They don’t have to follow state laws about maximum interest rates.
Next Day Personal Loan offers personal, unsecured loans only.
Since the Next Day Personal Loan marketplace includes hundreds of individual lenders, repayment terms vary widely.
Privacy & Security
On their website, Next Day Personal Loan says they use 256-bit encryption to keep user personal information confidential.
Once a borrower accepts a loan offer from a marketplace lender, they work solely with that lender. Next Day Personal Loan does not collect payment, enforce the terms of the loan, or act as a go-between to help the borrower and the lender communicate. In fact, they don’t have chat or online support. Next Day Personal Loan users who need help can call the customer support number at (866) 829-4551 or use the contact form on their website.
Next Day Personal Loan has an “F” rating with the Better Business Bureau (BBB) due to their failure to respond to 2 customer complaints filed with the BBB within the past two years. They are not BBB accredited. They have 191 customer reviews at eKomi.com, 64% of which are positive. Reviewers who considered their experience with Next Day Personal Loan positive noted that the process and funding was fast. Those leaving negative reviews say they had to offer too much personal information, they were denied for a loan on the Next Day Personal Loan marketplace, interest rates were too high, or they didn’t get the loan amount they wanted.
The major advantage to using Next Day Personal Loan to find a personal loan is the convenience of filling out just one single form to access a multitude of lenders. This saves borrowers the time and trouble of filling out multiple forms and evaluating lenders one-by-one.
Users should read the fine print on the Next Day Personal Loan website before submitting a form so they fully understand how Next Day Personal Loan may share their personal and identifying information.
6709 W. 119th Street #338
Overland Park, Kansas 66209Get my rate