Quick2lend.com Pricing

Quick2lend.com states unequivocally that its core service—the loan matching process—is free for the consumer. This is a significant selling point, positioning them as a no-cost gateway to potential loan offers. However, it’s crucial to understand that while their referral service is free, the actual loans offered by the direct lenders in their network are certainly not, and they come with explicit costs in the form of interest (APR) and potential fees.

Free Loan Matching Service

Quick2lend.com explicitly highlights: “Quick2lend is FREE loan matching service.

There is no charge to obtain a quote.” This means that individuals can submit their loan request and receive offers from potential lenders without paying any upfront fees to quick2lend.com itself.

• No Application Fees: Users are not charged a fee to complete the initial online loan request form or to have their information sent to lenders.
• No Brokerage Fees: Quick2lend.com does not act as a loan broker that charges the borrower a fee for facilitating the loan. Their revenue model is entirely based on compensation from lenders.
• Initial Cost-Free Access: This “free” aspect is designed to encourage more users to submit requests, as there’s no financial barrier to simply seeing what loan offers might be available.

Lender-Determined APR and Fees

The true cost comes from the direct lenders quick2lend.com connects you with.

The website clearly states: “Quick2Lend cannot guarantee any APR since we are not a lender ourselves.

An APR can generally run between 5.99% up to 35.99%.” This range represents the primary “pricing” of the loans. What to Expect from xiaomi.com

• Annual Percentage Rate (APR): This is the fundamental cost of the loan. It includes the interest rate plus any additional fees charged by the lender, expressed as an annual percentage.
  • Range: The stated range of 5.99% to 35.99% is quite broad. The actual APR offered to a borrower will depend on their creditworthiness, the loan amount, the repayment term, and the specific lender.
  • Representative Examples: The site provides clear examples such as a “$1,000 loan over a 12-month term would have a total cost, including interest, a total payback amount of $1,134.72. APR 29.82%.” These examples are critical for understanding the real financial burden.
• Additional Lender Fees: While quick2lend.com itself charges no upfront fees, the direct lenders may impose various charges. These can include:
  • Origination Fees: A fee charged by the lender for processing the loan.
  • Late Payment Fees: Penalties for payments made after the due date.
  • NSF (Non-Sufficient Funds) Fees: Charges if a payment bounces due to insufficient funds in the borrower’s account.
  • Prepayment Penalties: Though less common with personal loans, some lenders might charge a fee if the loan is paid off early.

Financial Implications and Ethical Stance on Pricing

From an Islamic financial perspective, the entire “pricing” model of these loans is problematic because it is based on Riba (interest). While quick2lend.com is transparent about this, the presence of Riba makes the service ethically impermissible.

• Riba is Forbidden: Any interest charged on a loan is considered Riba in Islam, regardless of the percentage. This makes the fundamental pricing structure of the loans facilitated by quick2lend.com Haram (forbidden).
• Cost of Debt: The APR represents the cost of using someone else’s money. For a Muslim, debt should ideally be interest-free (Qard Hasan) or based on ethical profit-sharing/trading models.
• Consumer Responsibility: Quick2lend.com explicitly advises, “You are responsible for reviewing the loan agreement carefully and accepting the offer only if you agree to all the terms.” This highlights that while they offer the connection, the onus is on the borrower to scrutinize the Riba-laden terms before acceptance.