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Frequently Asked Questions
Here's a selection of frequently asked questions. If you need to speak to us, please contact us.
Modo Loan is a loan introduction service which attempts to match your application details with a lender willing to lend to you. This service is FREE to the customer applying. We may receive a commission from the lender for any customer introductions.
A personal loan is a fixed term loan that can be used for a variety of purposes such as home improvements or vehicle repairs. The terms vary from 3 months to 4 years. Rather than repaying this type of loan in one single installment, they are typically repaid over a set number of monthly installments.
This amount depends on the lender who issues the loan, but typically amounts range from $250 to $3000.
There are no limitations for what you can do with your personal loan! People generally get personal loans to help with home repairs, a vacation or an unexpected expense.
- You must be over 18 years old
- Have a valid checking account
- Have a permanent address
- Have a regular income via employment
Yes, we have many lenders in our panel that work with customers who have less than perfect credit or no credit at all. What's more, by accepting a loan offer you may improve your credit score when you make your repayments on time. Many of our lenders report to the main credit reference agencies who will report your on-time payments. Be aware though that they will also report late or missed payments so please don’t request a loan if you cannot afford to repay it
There are no fees involved when applying with Modo, our services will always be free of charge. Simply complete some information about yourself using our online form and get an answer within minutes. The only cost you are responsible for comes after you review and agree to a lender’s terms, by signing a loan contract. Fees associated with the loan will vary depending on your state, the lender, and the amount of your personal loan.
The APR will vary depending on which lender you are matched with, your final APR will be provided to you in a written document by the lender after you submit your loan application, but before you digitally sign your loan agreement.
Within a few minutes, you will receive a notification from one of our authorised lenders letting you know if you’re approved! If you are presented with a loan offer, you will have the option to review the terms of the loan, which you may accept or decline. Remember, this is a FREE loan quoting service, there is no obligation until after you have agreed to receive a loan from one of the lenders in our panel.
This will depend on your bank’s processing time, funds could be transferred into your checking account on the same day, or as soon as the next business day after loan approval.
Your repayments will be taken automatically from your checking account on the same agreed date each month.
The lenders we work with will each have different policies regarding late payments. Most lenders apply a late fee for missing the loan payment deadline or asking to skip a payment. You should review and understand the late payment policy specified in the lender’s loan documents before accepting the loan terms and signing the loan agreement.
Your privacy and security are of the utmost importance to us here at Modo! Our site offers encryption technology that allows you to use www.modoloan.com with confidence. See our privacy policy for further details about our security.
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