About lender
CreditLoan is a financial platform that helps customers to find a lender at no cost. It was founded in 1998 and was one of the first finance websites that provided online resources to clients. Nowadays, the company is situated in Florida.
The company's mission is to help educate customers on various personal finance issues. That is why CreditLoan provides great content and tools like financial calculators, mortgage rates, and direct connections to a large network of trusted lenders.
Education resources touch upon such topics as personal loans, bad CreditLoans, mortgage and refinancing loans, student loans, credit reports, debt consolidation loans, credit monitoring, new and used auto loans on new and used auto vehicles, and many other financial topics.
Pros and cons
Pros
CreditLoan has an A+ rating with the Better Business Bureau, proving it to be a trustworthy and reliable company.
Has a fast and straightforward application and funding process. Lenders working with CreditLoan send funding within two days or even the next business day.
CreditLoan is secure, as it encrypts all customers' data and has SSL and McAfee Safe certifications, proving the company uses the highest security level.
The company provides cash directly deposited into the customer's account.
CreditLoan accepts customers with a poor credit and provides suitable loans to them.
Has no strict eligibility requirements. Customers simply need to provide such basic documents to apply for the company's services.
The company has great loan experience, as it has been operating since 1998 and has over 750.000 clients.
CreditLoans does a soft credit pull for the customer's initial request. It won't affect the credit score.
The company provides connections to large loan amounts from $250 to $40,000.
Cons
Although CreditLoan states on its website that it accepts loan applications for up to $25,000, most lenders specializing in personal loan products provide only $5,000.
To qualify, a client must have a bank, checking, or savings account with a bank from a credit union registered in their name.
The company does not reveal the exact loan APR, as it depends on the type of lender.
Unlike with other lenders, there are no qualification procedures. That means that clients cannot determine whether they pre-qualify for the net of lenders with CreditLoans.
CreditLoan does not disclose exact loan terms for various types of loans from its lenders.
The company states that no applicant is guaranteed to receive a loan offer when they submit a loan request to the company.
Terms and conditions
The company's network of lenders provides funds from $250 to $40,000. The loan amount depends on the lender, the client's creditworthiness, terms, and FICO credit score. APR on a particular loan also varies depending on the lender's conditions.
Credit scores with CreditLoans typically range from 300 to 850. In most cases, the higher the score, the better the client's credit rating will be. Customers with good credit scores usually get lower interest rates, which makes monthly payments significantly less. Clients with low credit scores should get a secured loan or apply with a cosigner.
Funding a loan
Funding time depends on the lender, and when the client's application was approved. If some necessary documents are missing, money may take longer to transfer to a client. The net of lenders from CreditLoan usually sends funds directly to the customer's bank, checking, or savings account within 2 business days.
CreditLoan is available from Monday to Friday from 9 am to 6 pm. Note that the company does not work on Saturday and Sunday.
