I’m in the porcess of applying for a loan with either partner from the Neo app, Easy didn’t give me a offer but Spring says I’m pre approved and will be speaking to me later about it.
I would want this for debt consolidation between me and my partners credit cards.
Both of these partners own eachother, and I’ve seen some pretty scary reviews.
What has these products been like if you’ve used them, and is it a wise idea in general? Debt is 7-8k and just would be nice to make payments towards it all at once.
Consider this a open conversation aswell, maybe Neo needs to self offer loans in house. Cuz I’m getting loan shark vibes from these partners, how about everyone else?
I actually didn’t realize the loans weren’t in-house. I’ll be watching this conversation, thank you for bringing attention to this.
Spring is awful I got a contract with them and said I wanted to read it over as they had been very push push push while one call with them.
The contract was basically legal extortion they offered me a loan that would pay out 5k I could use to consolidate. Sounds like a sweet deal.
After reading the terms basically how it worked out was due to not having great credit I was offered a growth loan or builder and that’s what they pre approved for it’s like 3 year term pending what your looking for but you pay for 3 years before you get to see the funds your paying on. The interest rates were high like credit card level blown up. I would not recommend getting involved with spring at all .
As far as easy goes I’ve heard nothing good about dealing with them but never felt with them myself. I used to work for a company that was bought by them and part of my contract to leave as I didn’t wanna work for them was to be banned from using them for anything because I knew too much of the inside work and manipulate the terms.
Honestly Neo needs to drop them and Easy ASAP.
Whatever partner kickback they get isn’t worth ruining their reputation further, Neo has such bad and skeptical reviews online, it’s loan partners like these that will continue to scare people away from platforms like Neo.
Yet Neo is a really good fintech thus far from a user perspective. So it’s sad.
I would love to hear more stories, Neo PR team should be taking notes.
I agree they would be better off to offer a in house product then be partners with companies sub par service and and offerings. Ive never met someone that delt with either company and had a positive experience most all say the same thing. It was the only option I had and I regret getting into it.
I backed out of the loan via text (SMS), ehich they responded with professional understanding. (I was expecting more fuss to be honest).
My message was very much legally orinated to make my revoked concent very clear on all fronts.
I’m very disappointed to learn that a hard credit check was required to do a application… I’m curious how this will affect my credit profile?
But otherwise that should hopefully be the end of my interactions with them. I’m very displeased with Neo for partnering with practically digital loan sharks. I’m not surprised, but like, that kick back must be really good for them to be okay with people moving their balances from the Neo Credit products to a 3rd party loan, which would be a common use case besides emergency funds the credit cards might not be able to cover.
Once Neo rolls out in house loans, I hope that they drop all these loan partners and provide competitive rates.