Is ClickNLoan a safe option for a rental loan?

ClickNLoan became one of the faster growing internet loan outlets beginning in 2013, although the company itself was created in 2009. Recently we examined the company and reviewed its approach to lending to determine whether or not ClickNLoan is a safe option for a tenant seeking a loan for rent.

Transparency

We found two very distinct aspects of the business that are relatively polar opposites when it comes to transparency. First of all, the website is one of the most transparent that we have ever seen. What this means is that the rates are clearly posted, and there is even a prominently posted calculator in which you could see what your monthly payments would be given a specific interest rate, amount borrowed and length of the repayment period. For the website, we give it an A.

In terms of who the company is, we discovered that ClickNLoan is a trade name of Blue Global Media of Scottsdale, Arizona. The company is not an actual loan company. This is clearly disclosed in the small print at the bottom of  each page. Additionally, the company discloses that your cash loan would come from one of their “online lending partners.”

What this means is that the website is an affiliate style marketing asset of an internet technology firm. They simply promote their site through advertising, and then you have the option of utilizing their portal to be connected to lenders that have agreed to pay money for a chance to earn your business.

There is nothing shady with the approach. This is a clean and open marketing tool that allows for the company to earn a commission for referring you to actual loan companies.

Reputation

When reviewing the Better Business Bureau file for Blue Global Media, we discovered that the firm had a D rating and was not a BBB member. There is no requirement that a firm become a BBB member, and it does not reflect poorly on any firm that chooses not to join.

The company did receive 32 complaints within the past 3 years, which could potentially be commensurate with the volume of business conducted by the firm. However, 2 of those complaints received no response, which is not a good sign for a company that is concerned with its reputation.

Loan Terms

Your actual loan terms will vary depending on which lender(s) you are referred to. The ClickNLoan website provided an expected interest rate range of 4.999% to 35.80% APR. We have no method for confirming whether your loan would be based on an interest rate in that range. It is your responsibility to ensure that your actual loan terms are fair and legal prior to signing any loan contract.

Is ClickNLoan a Safe Option?

ClickNLoan appears to be no more safe or risky than most other loan referral websites. Your actual rental loan would come from a third party that bought your information from the company. This is a similar approach utilized by other loan website companies. Some of the more prominent companies are Bankrate.com and LowerMyBills.com, the latter of which I have successfully utilized in the past.

The best advice that we can give is that if you choose to request a loan through the ClickNLoan portal or any other online lending website, that you carefully review the terms of any loan offers that you receive from those third parties that respond to your request. Check each loan company carefully to ensure that they are reputable and compare their terms with that of their competitors.

Most importantly, look for reviews of various lenders and local rental assistance programs using our site. If qualified, you could most benefit by accepting a rental assistance grant than you could by having to repay a borrowed amount.

* Please note that ClickNLoan is a trade name of Blue Global Media and is unaffiliated with Personal Financial Network, Inc. in any way. Any advertisements appearing on this site by any lender is a result of an agreement with an advertising aggregator.