Is Modo Loan legit?
It’s hard to say if Modo Loan is a legitimate loan marketplace or not. The company doesn’t have a profile on the Better Business Bureau (BBB) — only its parent company does — so there’s little feedback available there. And while it has a profile on Trustpilot, no customers have weighed in yet. That’s kind of odd, especially for a company that was founded more than a decade ago.
There are also transparency and consistency issues, with different APRs and repayment terms listed on various parts of the company website. The address provided on the company website is for a mailing service, not a physical office, which also raises questions of legitimacy. And with customer service available only by email, you have few options if you run into any issues. You might be better off skipping this service and finding a personal loan somewhere else.
How Modo Loan compares to other lenders
Compare other products
We currently don’t have that product, but here are others to consider:
How we picked these
What is the Finder Score?
The Finder Score crunches 3+ types of short-term loans across 65+ lenders. It takes into account the product’s interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate – this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you’re comparing the best short-term loans for all credit types, you can see how each short-term loan stacks up against other short-term loans with the same borrower type, rate type and repayment type.
Read the full Finder Score breakdown
Where Modo Loan falls short
Modo Loan falls short on consistency and transparency. Its website lists conflicting details. For example, APRs are advertised as low as 4.95% in one place and 5.99% in another, with mentions of tribal lenders that may charge triple-digit rates. The only way to know your terms is to apply, which isn’t typical of reputable lenders.
Repayment terms are just as unclear. One section says loans range from 91 days to 72 months, while another caps terms at 24 months. Add in limited customer feedback and no phone support, and it raises red flags. You’re better off using more reliable, transparent loan marketplaces like Upstart and Credible.
What makes Modo Loan shine?
The best thing about Modo Loan’s matching service is that it doesn’t require a minimum credit score. This allows borrowers with bad credit to access the funds they need without the hassle of shopping around with various lenders. And its other requirements are minimal. You just need to be 18+ years old and employed with a valid checking account.
Advertised APRs are pretty low, also, ranging from just 5.99% to 35.99%. The application process is easy and can be completed 100% online in just a few minutes. Once you’ve been approved and signed your loan agreement, funds should arrive either the same day or the next business day.
Modo Loan loan details
| Loan amount | $250 to $3,000 |
| Terms | 91 days to 72 months |
| APR | 5.99% to 35.99% |
| Turnaround | As soon as the same day, but could be the next business day |
| Minimum credit score | No minimum requirement |
| Other requirements | Be 18 years of age or older Have a permanent address Have a valid checking account Be employed with a regular income |
| Fees | Varies by lender |
Modo Loan contact information
| customers@modoloan.com | |
| Address | 6586 W Atlantic Ave, Unit #2050 Delray Beach, FL 33446 |
Calculate your monthly loan payments
Calculating how much a personal loan will cost you is easy. Just enter your expected loan amount, repayment period and APR into the calculator below.
Fill out the form and click on “Calculate” to see your
estimated monthly payment.
or
$
per month
Based on your loan terms
| Principal | $ |
|---|---|
| Interest | $ |
| Total Cost | $ |
How to qualify for Modo Loan
Qualifying for a loan through Modo Loan is easy. The only requirements are:
- Be 18 years of age or older
- Have a permanent address
- Have a valid checking account
- Be employed with a regular income
There is no minimum credit score requirement, but some of Modo Loan’s partner lenders may do a hard credit check if you accept their loan offer.
How to apply
You can apply for a loan directly on the Modo Loan website. Here’s what the process looks like:
- Go to Modo Loan’s website and select Get a loan quote in the upper right corner.
- Provide some basic information, such as the amount you want to borrow, the loan’s purpose, name, contact information, financial details, etc.
- Receive offers within minutes if Modo Loan finds loans matching your criteria.
- Review the loan details and decide whether you want to accept the offer.
- Complete a full application on the lender’s website if necessary.
- Sign the loan offer. Expect to see funds in your account within one business day.
OppLoans reviews and complaints
| BBB accredited |
No |
|---|---|
| BBB rating |
NR |
| BBB customer reviews |
1 out of 5 stars, based on 1 customer reviews |
| Customer reviews verified as of |
22 July 2025 |
There’s not much information about Modo Loan online. The only BBB profile that’s available is for Modo Loan’s parent company, Ping Yo, Inc. It is currently not accredited by the BBB and has only one review, which rates the company with just a single star.
The situation on Trustpilot is similar. While there is a profile for Modo Loan, it currently has no reviews from past customers and therefore has a zero-star rating.
What do people on Reddit say?
Conversations about Modo Loan on Reddit are limited. There are several review-like posts about the company that all come from the same person, with no one engaging in the comments. On posts where Redditors ask if the company is legit, there are numerous comments that all sound oddly the same. They say it gets mixed reviews, with some having a smooth experience but others reporting higher-than-expected fees and poor customer service, and recommend other lenders.
Another commenter warns against using the company because it charges a monthly subscription fee that isn’t disclosed up front. However, on its website, Modo Loans states that its service is 100% free.
Frequently asked questions
Is Modo Loan real?
Yes, Modo Loan appears to be a real loan matching service. However, there’s little feedback from customers available online, so it’s hard to tell if the company is reputable or not.
Are there any hidden fees with Modo Loan?
Modo Loan states on its website that its services are 100% free. However, there’s some chatter online that it may charge fees that it doesn’t disclose up front.
Is Modo Loan a good option for bad credit?
Yes, Modo Loan may be a good option if you have bad credit. There’s no minimum credit score requirement, so borrowers of all types are able to apply.
