Modo Loan Review: Lack of Detail – Find Better Alternatives

Is Modo Loan legit?

It’s hard to say if Modo Loan is a legitimate loan marketplace or not. The company doesn’t have a profile on the Better Business Bureau (BBB) — only its parent company does — so there’s little feedback available there. And while it has a profile on Trustpilot, no customers have weighed in yet. That’s kind of odd, especially for a company that was founded more than a decade ago.

There are also transparency and consistency issues, with different APRs and repayment terms listed on various parts of the company website. The address provided on the company website is for a mailing service, not a physical office, which also raises questions of legitimacy. And with customer service available only by email, you have few options if you run into any issues. You might be better off skipping this service and finding a personal loan somewhere else.

How Modo Loan compares to other lenders

5 of 5 results

Updated regularly

Finder Score	Loan amount	Turnaround time	Requirements
Promoted 9.5 Excellent EarnIn	9.5 Excellent	Up to $150/day, with a max of $1000 between paydays	1–2 business days standard; minutes with Lightning Speed	At least 18 and a US resident, Valid Social Security number, At least 60 days of banking history, Proof of consistent income, Positive bank balance, Get paid by direct deposit.	Access up to $150 per day, with a max of $1000 between paydays. Not available to CT or Washington, D.C. residents. Subject to EarnIn terms & conditions.	Important information EarnIn is not a bank. Access limits are based on your earnings and risk factors. Available in select states. Terms and restrictions apply. Visit EarnIn.com for full details. Expedited transfers available for a fee. Visit Earnin.com for full details.	Go to siteView details Compare product selection Compare	loading
Promoted 8.2 Great Cleo	8.2 Great	$20 to $250	3 to 4 days or instant for a fee.	Not stated	Automatically monitor your spending plus access cash advances up to $100 at a time.	Go to siteView details Compare product selection Compare	loading
Promoted 9.4 Excellent Varo Cash Advance	9.4 Excellent	Up to $250 today. Build up to $700 over time with direct deposit at Varo. Average loan: $195. Qualifications Apply.	Instant, once qualified	You must have an active Varo Bank Account with a positive balance, no delinquent Varo Line of Credit or charged off Believe account in prior 6 months. Varo Advance qualification is subject to evaluation of consumer reports and Varo account activity.	Important information Varo Advance qualification is subject to evaluation of consumer reports and Varo account activity. If approved, initial limits range from $20- $250. Unlock higher limits up to $700 over time when you bring your qualifying direct deposit to Varo and build a positive history with us. Negative repayment history may impact credit. Fees range from $1.60 - $100 based on loan amount, and deposits to your Varo Bank Account. Your current limit and applicable fees can be viewed in the Varo App. Qualifying direct deposits are electronic deposits of your paycheck, pension or government benefits (such as Social Security or unemployment) from your employer or government agency to the extent that can be identified. Tax refunds and government stimulus payments, Person-to-Person payments (such as Venmo or Varo to Anyone), and funds deposited using a Varo routing number are not considered a direct deposit.	Go to siteView details Compare product selection Compare	loading
9.4 Excellent OppLoans Installment Loans	9.4 Excellent	$500 to $5,000	As soon as the same business day	+18 years old, Receive paychecks through direct deposit, $1,500 minimum monthly income, Live in eligible state	Not available in: CO, CT, GA, IA, MD, MA, NY, SD, VT, WV. Comes with the option to change your due date so you won’t fall behind on repayments.	Important information The advertised APR is an estimate based on currently available information, is not final, and is subject to change. If approved, your actual rate will be determined and assigned based on your creditworthiness, income, application information, and other relevant factors. Applications submitted on the OppLoans platform will be originated by one of our bank partners and serviced by OppLoans. Please see the Rates and Terms for details regarding the availability of products in your state of residence. Subject to credit approval and verification. Actual approved loan amount and terms are dependent on our bank partners’ standard underwriting guidelines and credit policies. Funds may be deposited for delivery to your bank via ACH as soon as the same business day if verification is completed and final approval occurs before 12:00 PM CT on a business day. If approval occurs after 12:00 PM CT on a business day or on a non-business day, funds may be delivered as soon as the next business day. Availability of the funds is dependent on how quickly your bank processes the transaction. Installment loan amounts typically range from $500 to $5,000. Annual percentage rate (APR) ranges from 129% to 195%. Installment loan lengths range from 9 to 18 months. Example: A $2,000 installment loan repayable in 9 monthly payments with an APR of 160% would have monthly payments of $394.58. Loan amount, APR, and repayment terms may vary by state, please see https://www.opploans.com/rates-and-terms for additional information. Approval is not guaranteed. If approved, your actual rate will fall within the marketed range of rates, and will be determined and assigned based on your creditworthiness, income, application information, and other relevant factors. Not all applicants will qualify for the lowest available rates. This is an expensive form of credit and you should determine whether the offered product(s) meets your financial needs. OppLoans’ Bank Partners may use credit report information provided by Clarity Services and Experian as part of the application process to determine your creditworthiness. The credit inquiry will appear as a soft credit inquiry on your Experian credit report and a hard credit inquiry on your Clarity report. Therefore it will not affect your FICO credit score. OppLoans and its Bank Partners report customer payment history to the three major credit bureaus. On-time payments may improve credit score.	Go to siteView details Compare product selection Compare	loading
8.8 Great Albert Instant	8.8 Great	$25 to $1,000	Within minutes	An active bank account with transaction history linked to Albert	Advance up to $1,000 in minutes with Albert Instant.	Important information Albert is not a bank. Savings account provided by Wells Fargo, N.A., Member FDIC. Albert plans start at $19.99/mo. Try for 30 days before you're charged. Fees auto-renew until canceled. Cancel in the app. Terms apply. Albert Instant Line of Credit is an unsecured line of credit issued by FinWise Bank, a Utah chartered bank, Member FDIC. Limits range from $25-$1,000. Draw fees apply. Terms and eligibility criteria including geographic restrictions apply. In some states, Albert may offer you an Albert Instant Advance instead. Limits range from $25-$1,000, subject to terms and eligibility criteria. No Albert subscription is required for Albert Instant Line of Credit or Albert Instant Advance. See Albert Terms of Use for additional important terms.	Go to siteView details Compare product selection Compare	loading

loading

Load More

Showing 5 of 5 results

Compare other products

We currently don't have that product, but here are others to consider:

Looking for other options? Check out these similar products.

How we picked these

What is the Finder Score?

The Finder Score crunches 3+ types of short-term loans across 65+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.

To provide a Score, we compare like-for-like loans. So if you're comparing the best short-term loans for all credit types, you can see how each short-term loan stacks up against other short-term loans with the same borrower type, rate type and repayment type.

Read the full breakdown

Where Modo Loan falls short

Modo Loan falls short on consistency and transparency. Its website lists conflicting details. For example, APRs are advertised as low as 4.95% in one place and 5.99% in another, with mentions of tribal lenders that may charge triple-digit rates. The only way to know your terms is to apply, which isn’t typical of reputable lenders.

Repayment terms are just as unclear. One section says loans range from 91 days to 72 months, while another caps terms at 24 months. Add in limited customer feedback and no phone support, and it raises red flags. You’re better off using more reliable, transparent loan marketplaces like Upstart and Credible.

What makes Modo Loan shine?

The best thing about Modo Loan’s matching service is that it doesn’t require a minimum credit score. This allows borrowers with bad credit to access the funds they need without the hassle of shopping around with various lenders. And its other requirements are minimal. You just need to be 18+ years old and employed with a valid checking account.

Advertised APRs are pretty low, also, ranging from just 5.99% to 35.99%. The application process is easy and can be completed 100% online in just a few minutes. Once you’ve been approved and signed your loan agreement, funds should arrive either the same day or the next business day.

Modo Loan loan details

Modo Loan contact information

Calculate your monthly loan payments

Calculating how much a personal loan will cost you is easy. Just enter your expected loan amount, repayment period and APR into the calculator below.

How to qualify for Modo Loan

Qualifying for a loan through Modo Loan is easy. The only requirements are:

• Be 18 years of age or older
• Have a permanent address
• Have a valid checking account
• Be employed with a regular income

There is no minimum credit score requirement, but some of Modo Loan’s partner lenders may do a hard credit check if you accept their loan offer.

How to apply

You can apply for a loan directly on the Modo Loan website. Here’s what the process looks like:

1. Go to Modo Loan’s website and select Get a loan quote in the upper right corner.
2. Provide some basic information, such as the amount you want to borrow, the loan’s purpose, name, contact information, financial details, etc.
3. Receive offers within minutes if Modo Loan finds loans matching your criteria.
4. Review the loan details and decide whether you want to accept the offer.
5. Complete a full application on the lender’s website if necessary.
6. Sign the loan offer. Expect to see funds in your account within one business day.

OppLoans reviews and complaints

There’s not much information about Modo Loan online. The only BBB profile that’s available is for Modo Loan’s parent company, Ping Yo, Inc. It is currently not accredited by the BBB and has only one review, which rates the company with just a single star.

The situation on Trustpilot is similar. While there is a profile for Modo Loan, it currently has no reviews from past customers and therefore has a zero-star rating.

Frequently asked questions

Is Modo Loan real?

Yes, Modo Loan appears to be a real loan matching service. However, there’s little feedback from customers available online, so it’s hard to tell if the company is reputable or not.

Are there any hidden fees with Modo Loan?

Modo Loan states on its website that its services are 100% free. However, there’s some chatter online that it may charge fees that it doesn’t disclose up front.

Is Modo Loan a good option for bad credit?

Yes, Modo Loan may be a good option if you have bad credit. There’s no minimum credit score requirement, so borrowers of all types are able to apply.