When it comes to online loan providers and personal finance services, it’s always important to do your research before trusting your hard-earned money with a company. One service that has garnered a fair amount of discussion is My Quick Wallet.

In this in-depth My Quick Wallet reviews, I’ll be taking an objective look at everything I could find on this company to help you determine if it’s a scam or a legit option.

Let’s start off by learning more about what My Quick Wallet is and the services they offer. Then we’ll delve into an analysis of the pros and cons based on real customer reviews and my own research.

If you stay with me till the end, you’ll have a clear picture of whether My Quick Wallet can be trusted or if you should steer clear. So without further ado, let’s dive in.

What is My Quick Wallet?

My Quick Wallet bills itself as an online provider of short-term personal loans, typically ranging from $100 to $1,500. They advertise the ability to get cash in your bank account as soon as the next business day after completing their online application.

Some key things to know about My Quick Wallet based on their website:

• They offer a line of credit that can be used multiple times to cover unexpected expenses like car repairs, medical bills, or overdue utilities.
• The website states they have an easy 3-step application process that only takes 5 minutes to complete online.
• Interest rates and fees depend on the amount borrowed but they claim their prices are “reasonable and competitive.”
• Borrowers must be at least 18 years old and a US citizen or permanent resident.
• Repayment is done by automatic deduction from your bank account on the due date each month.

So in summary, My Quick Wallet presents itself as a convenient online source for quick and repeat access to small personal loans. But is that really the case based on real customer reviews? Let’s dig deeper.

My Quick Wallet Reviews – What Do Customers Say?

When trying to determine if a company is legitimate or a scam, reading independent customer reviews is absolutely crucial. Thankfully, there are several review sites and forums where people share their experiences with My Quick Wallet. Here’s a sampling of what actual customers had to say:

Positive Reviews:

“I was really impressed by how fast and easy it was to get approved for $500. The money was in my account the very next day like they said. The interest rate was high but I was in a jam so it worked for my situation.”

“I’ve used My Quick Wallet a couple times now with no issues. Their mobile app makes it very convenient to check my balance and make payments. Great option when you need cash fast.”

“There were definitely some fees involved but I found their process smooth and it got me out of a financial pinch. Would recommend for short-term emergency loans.”

Negative Reviews:

“Beware of hidden fees with these guys. The ‘reasonable’ rates they advertise don’t include all the extra charges they slap on. Ended up paying back almost double what I borrowed.”

“My bank account info was stolen a week after paying off my loan from My Quick Wallet. I believe they sold or leaked my private financial data.”

“When I tried to pay off my loan early, they claimed I still owed interest for the full term which didn’t seem right at all. Avoid at all costs!”

“No way to actually contact a human at this company. Multiple emails and calls went unanswered so I have no idea what the status of my account even is.”

So in reviewing customer sentiment, it seems most experiences with My Quick Wallet fall into one of two camps – either the process was smooth and easy, or it involved hidden fees and shady practices. The mixed bag of reviews doesn’t provide a definitive yes or no, so we’ll need to dig deeper.

Analyzing the Pros and Cons of My Quick Wallet

To get a fuller picture, let’s take an impartial look at both the potential pros and cons of using My Quick Wallet based on everything uncovered so far:

Pros:

• Fast application and funding – Can get approved and funded in as little as 1 business day for emergencies.
• Convenient mobile app – Ability to manage loan details and make payments on the go.
• Repeatable use – Marketed as a line of credit that can cover multiple small expenses over time.

Cons:

• High interest rates and fees – Rates are unclear but reviews point to numbers significantly above other options.
• Difficult customer service – Complaints of unanswered calls, emails with no direct contact options.
• Security and privacy concerns – Allegations of stolen bank login credentials and data sharing/selling.
• Unclear terms – Policies like inability to payoff early seem questionable or potentially predatory.
• Lack of trustworthiness – Mixed reviews leave uncertainty about reputation and legitimacy as a company.

So in weighing both perspectives, while speed and convenience offer some value, the major downsides around high costs, poor support, security, and trustworthiness create major red flags. Let’s explore some additional research angles to make a definitive conclusion.

Digging Deeper – Location, Compliance, and Trust Score

When it comes to assessing risk, three important factors to evaluate are a company’s physical location, regulatory compliance, and independent trust score metrics. Here’s what I uncovered about My Quick Wallet in these areas:

Physical Location

The “Contact Us” page lists an address in Mission, South Dakota connected to the Rosebud Sioux Tribe reservation. This is significant as tribal lenders are not subject to the same state and federal lending regulations.

Compliance

There is no clear information about whether My Quick Wallet complies with lending laws beyond tribal jurisdiction. The website says it operates through a subsidiary of the Rosebud Economic Development Corporation but no licenses or registrations are visible.

Trust Score & Reviews

Independent review sites like Trustpilot and Reviews.io both have extremely low trust scores (1.4/10 and 1.6/10 respectively) based on thousands of user reviews citing issues like deceitful practices, broken promises, and inability to get questions answered.

The lack of transparency around physical location and especially concerning lack of clear regulatory compliance when lending to the general public creates serious doubts. When combined with the mix of customer reviews and dismal trust scores, major red flags are raised.

Final Conclusion – Is My Quick Wallet Legit or a Scam?

After reviewing all available information on My Quick Wallet from their website and marketing claims, to real user reviews, research into their business practices and trustworthiness, my conclusion is that overall the company should be avoided and seen as high risk at best:

• Unclear and potentially predatory loan terms
• Pattern of complaints about hidden fees and difficult customer service
• Security and data privacy concerns from allegations of account takeovers
• Lack of transparency around licensing and regulatory compliance
• Alarmingly low independent trust scores reflecting widespread customer dissatisfaction
• Operating model through a tribal entity potentially to avoid stricter state/federal lending laws

While fast funding is advertised, the mixed and overwhelmingly negative reviews imply that coming out financially whole after using My Quick Wallet seems like a real gamble based on the information available.

When alternative lending is needed, safer options exist through well-established, reputable companies that are clearly compliant, transparent about practices and have a proven track record of reasonably serving customers.

I hope this in-depth My Quick Wallet reviews was useful in helping to determine whether this service raises any red flags or seems legitimate.

Please feel free to share any other experiences or perspectives in the comments. Personal finance security is important so awareness benefits all.

Find out next: Is Bia Investors Scam or Legit? Everything You Need To Know