What is Rapid Loans Direct?
Rapid Loans Direct is found at rapidloansdirect.com and is owned by BSIDC, LLC. It was founded in 2015. Its office is in Scottsdale, AZ. It is not a lender but rather a middle man.
How Does Rapid Loans Direct Work?
As the site says on almost every page, Rapid Loans Direct is not a lender. Thus, they do not lend money themselves. Instead, they connect customers to a large number of lenders through one application process. An applicant must fulfill these requirements to apply:
- Be at least 18 years old
- Be a United States citizen
- Have a steady job or other regular source of income
- Have a bank account preferably with Direct Deposit
- Be seeking a minimum of $1,000.00
After completing a three-page secured online application, offers from the lenders listed on this page will arrive based on the data provided.
Rapid Loans Direct Features
- All applications are secured.
- Loans from $1,000.00 to $5,000.00 are available through their network of lenders.
- Convenient payment options are available.
- All credit types are considered.
The Best Things About Rapid Loans Direct
A Good Amount of Helpful Information:
The site provides a decent amount of help for deciding whether a personal loan would be ideal for a customer. As its disclaimers mention, its information isn't all-inclusive as many of the finer points like loan maximums and APRs vary from lender to lender. However, the site does provide a good overview with which to start the process.
Disclaimers are given on almost every page, and the lenders associated with Rapid Loans Direct are listed with links. So it doesn't look like anything is hidden from the public.
The application process is encrypted.
Rapid Loans Direct Complaints
Customer Service Is Terrible:
Despite providing an e-mail, mailing address, and phone number, there have been numerous reports of failed attempts to contact the company. Phone calls go to a message system, but responses take days to reach customers (if responses are received at all). Also the site is quick to ask for personal information but not so quick to answer customers' questions beforehand. That is a major red flag as well.
Affiliated Lenders Are Suspect:
After looking at the lenders listed on the site, I am not overflowing with confidence. Most of the lender links lead to pages that look like carbon copies of each other. Furthermore, no known lending firms or banks are listed or connected. Overall, it looks very suspicious.
No Better Business Bureau Listing:
At the time of this review, Rapid Loans Direct is not listed in the Better Business Bureau nor is their parent company BSIDC. Thus, the lack of a listing may be a deal-breaker given the sensitive information they obtain.
Is Rapid Loans Direct the Right Way To Go?
Finally, I have a mixed opinion about Rapid Loans Direct. If a person is just looking for very general information on starting the payday loan process, the site does fit the bill decently enough. However, the red flags on the customer service and the connected lenders keep me from recommending their services. So you may want to explore other options.
We would like to hear your opinions or experiences with Rapid Loans Direct. So leave your thoughts or experience in the comments section below.
Thanks for your reading.
Rapid Loan Direct is just a middleman lender. Unfortunately their options are limited and customer service isn't the best.