In business since 2001 and based out of Raleigh, NC, 24/7 Lending Group helps consumers with poor credit ratings obtain personal loans for anywhere from $100 to $35,000 or more. While the company advertises that their service can be used by customers in all credit brackets, they specialize in those with poor and no credit. According to their website, current interest rates range between 6.46% and 33%, with a minimum borrowing term of one year, and a maximum of six.

24/7 Lending Group is not registered with the Better Business Bureau, but appears to have a relatively good reputation, based on a wide variety of online customer reviews. Most feedback appears to be positive, with the majority of complaints referencing poor communication. However, 24/7 Lending Group also maintains a strong online presence, and appears to answer customer questions and complaints fairly quickly.

How 24/7 Lending Group Works

Contrary to what the company’s name might lead you to believe, 24/7 Lending Group is not a lending service. Instead, they act as a “middleman” for a group of more than 50 direct (also known as “payday advance”) lenders. In other words, they help you choose a qualified lender that best matches your specific needs, such as loan amount, repayment schedule, etc.

In order to apply for a loan through 24/7 Lending Group, you must meet four criteria:

  1. At least 18 years of age,
  2. A citizen of the United States,
  3. Actively employed, or receiving a regular income (e.g. disability, retirement, etc.), and
  4. An active checking account.

The 24/7 Lending Group Loan Process

To begin using 24/7 Lending Group’s services, you’ll first need to fill out a short application, where all included information should be accurate and up to date. According to the company’s website, the details obtained during your loan approval process are 100% secure, and will remain completely private throughout.

After your application has been submitted, it will be reviewed and forwarded to specific lenders based on your credit score and loan requirements. Then, you’ll typically receive a phone or email response within 24 hours, and if approved, will also be given important details such as the loan amount, APR, repayment schedule, and so forth.

In addition, it’s important to keep in mind that fees, late payment stipulations, and renewal information is lender-specific, so if there’s something in your contract you don’t understand, this would be the best time to speak up and ask. If you choose to continue after carefully reviewing all the terms and conditions, simply e-sign the agreement, and your money should be available shortly thereafter, either electronically or by check.

Is 24/7 Lending Group a Scam?

Based on our research, 24/7 Lending Group appears to be a legitimate business. However, the company’s target market is individuals with poor or no credit, which means that the majority of their loans are going to carry high interest rates. Because these high rates can also accompany steep late fees and other types of penalties, they can ultimately leave consumers saddled with much more debt than the original loan amount.

With this in mind, it’s typically a good idea to stay away from “personal” or “payday advance” loans, as they can spiral out of control fairly quickly. However, if you absolutely must take out this type of loan, 24/7 Lending Group appears to be a good resource for finding one that best meets your needs.

The company even goes so far as to screen prospective lenders for any indication of being a scam, such as requiring you to pay money upfront, or to add funds onto a prepaid debit card, in order to act as “insurance” for your loan. They also maintain a strong online presence regarding customer questions and complaints, which is a good sign that the company cares about its public image, as well as their customers’ overall experiences.

Pros

  • Completely free, and easy to use.
  • Ability to cancel the loan process at any time, without having to worry about incurring penalties or fees.
  • Receive a response within 24 hours (sometimes immediately), and have your cash quickly thereafter.
  • Can be a good resource for customers with poor or no credit.
  • Most customer feedback appears to be positive.

Cons

  • Many personal and/or payday advance loans can carry unfavorable terms, so make sure you fully understand your contract before signing.
  • Because 24/7 Lending Group specializes in clients who have poor or no credit, APRs can be higher—in some instances, much higher—than more traditional lending services.