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

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Finder Score	Loan amount	Turnaround time	Requirements	bullet point infobox
Promoted Finder score 9.5 Excellent EarnIn	Finder score 9.5 Excellent	Up to $150/day, with a max of $1000 between paydays	1 to 2 business days or within 30 minutes for a fee	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. Subject to EarnIn terms & conditions.	Go to siteMore info Compare product selection Compare	loading
Promoted Finder score 8.2 Great Cleo	Finder score 8.2 Great	Up 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 siteMore info Compare product selection Compare	loading
Promoted Finder score 9.4 Excellent OppLoans Installment Loans	Finder score 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.	Go to siteMore info Compare product selection Compare	loading
Finder score 9.1 Excellent CreditNinja Installment loan	Finder score 9.1 Excellent	$300 to $5,000	1 to 2 business days	Checking account at least 60 days old, regular income through direct deposit, resident of eligible state, age of majority in your state	Not available in: AK, CO, CT, FL, GA, IL, IA, KY, ME, MD, MA, MT, NV, NH, NJ, NM, NY, NC, ND, OR, VT, VA, WA, WV. Fast online funding up to $5K, but you won't know about rates and terms until after you apply.	Go to siteMore info Compare product selection Compare	loading
Finder score 8.7 Great Current	Finder score 8.7 Great	$50 to $750	Up to 3 days or within an hour for a fee	Among other factors, you must receive a monthly total of $500 or more in Eligible Payroll Deposits into your Current Account.	Get up to $750 before payday, once you qualify. Paycheck Advance is an earned wage access service and is not a loan or credit product. Subject to Paycheck Advance Terms and Conditions.	Go to siteMore info Compare product selection Compare	loading

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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.