Like Tala which I reviewed on this post, Loan Ranger is yet another online lending app available for those who are in need of a financial help. I actually applied to Loan Ranger before I became a Tala member and had gone through of waiting ten (10) days just to get a reply. During that time, they kept asking me to send various documents including payslip, proof of income, etc. I’ve grown tired and I quit.
Fast forward and for the sake of creating this review, I resubmitted my requirements, waited for 5 days and got it approved! By the way, just to let you know, I’m also a BillEase user (here’s my review) for quite sometime now. I think both apps are own by a single company because basically they have the same dashboard that only differs in color. They are also being advertised along side with the other.
So, aside from the required documents that I sent them, my record in BillEase would have speed up my approval this time. Had I been a bad borrower in BillEase, I doubt I’ll get a green light for Loan Ranger.
Between Loan Ranger and Tala, Loan Ranger offers the lowest monthly interest rate of 12% compared to Tala at 15%. That is enough reason for me to jump ship and use Loan Ranger solely in the future.
As with all online lending app, you need to use them sparingly. The outrageous interest rates are just hard to shallow but as I’ve said before, you gotta do what you gonna have to do.