Make the most of a short term loan by protecting yourself from unscrupulous lenders.
SWIFT is lender-matching service for when you need a payday or installment loan but don’t have time to search and compare multiple lenders. If you have less-than-perfect credit and you’re short on cash, SWIFT can help match you with a loan provider.
Is SWIFT Money Loans legit?
SWIFT Money Loans is a legitimate matching service run by the Pomo One Marketing, Inc., which functions under the Habematolel Pomo of Upper Lake. This means they not only connect you to lenders from the US but also tribal lenders who can operate even if state laws forbid payday or title loans.
What does SWIFT Money Loans offer?
Here are some key features about SWIFT Money Loans’ short term loans:
- Variable loan term. Varies by lender and state of residence.
- Variable APR. Varies by lender and state of residence.
- Free to use. There are no fees to use SWIFT Money Loans, but keep in mind that lenders may have fees based on the loan amount and term.
- Maximum loan amount. You can receive up to $1,000 for approved first-time applicants and up to $1,200 for approved returning applicants.
- Quick application turnaround. You can fill out your application and be matched with lenders who suit your needs in a matter of minutes.
Protect yourself from predatory lending
While SWIFT Money Loans is a reputable provider, there are others who aren’t so legitimate. These lenders and brokers carry a higher risk so it’s important to be careful.
Here are some red flags to look out for:
- Steep fees. Many loan providers charge financing fees of $15 or more for every $100 borrowed. They will also charge you late payments, missed payments or even early payments.
Read your loan contract carefully to be aware of all the potential costs of your loan.
- High interest rates. Some lenders charge over 1,200% for interest. This makes it hard to pay it back by the due date, especially when that due date is by your next payday.
- Risk of a debt spiral. Because of the high fees and interest rates, loans have a high cost. If you have to take out a loan to pay back your loan, you could find yourself in a crippling debt spiral that can be nearly impossible to get out of. Be wary of offers to borrow more money than you need.
- Incentivized repeat borrowing. According to Pew Charitable Trusts, nearly 12 million Americans take out short term loans annually. Many of those people end up taking out more than one short term loan, to the point that companies have started incentivizing repeat borrowing.
Is applying online for a short term loan safe?
Using 128-bit secure socket layer (SSL) encryption is common across most lenders, keeping your identifying information safe. Secure servers and databases are also used to ensure that your personal ID from falling into the wrong hands.
What else do I need to know?
SWIFT Money Loans is a broker rather than a direct lender. This means they match applicants with lenders from their network who have offers that fit your needs.
Lending brokers can be useful because they can match you with lenders you may not reach otherwise. But illegitimate brokers could sell your information to lending companies long after you’ve applied. Before you apply for any loan, be sure to read the fine print. Lenders are legally bound to telling you what they do with your information. If you can’t find this information, consider another lender instead.
How do SWIFT Money Loans compare?
What other options are available?
If you aren’t sure about SWIFT Money Loans, or you want to do a little more research, there are other providers you can look into so you can compare APRs, fees and other details.
Here is a list of other options you might want to consider.
- Balance transfers. If you’re looking to use a loan to consolidate your debt, a balance transfer might be a reasonable alternative. Balance transfers allow you to get all of your debt in one place, potentially with a lower interest rate.
- Credit Cards. A credit card may be your best option if you’re looking to make a big purchase. Some credit cards have significantly better APRs than short term loans, and a few even have introductory offers.
- Personal loans. Personal loans options include secured personal loans, debt consolidation loans and peer-to-peer loans.
SWIFT Money Loans is a legit money-matching service that can connect you with lenders who meet your financial needs and will consider you even if you have bad credit.