About lender
HFS Financial is a kind of financial marketplace. Its goal is to help people find the best loan offer for home improvement, like building a swimming pool, repairing a roof, renovating a bathroom, and so on.
HFS Financial’s main service is called a 60-Second Loan Application. The process is simple: a customer needs to choose a loan purpose, indicate their annual income after taxation, and have some personal information — and HFS Financial will send you a call, message, or email with the available loan programs, terms, loan amounts, and lenders.
The company was founded in 2011 and has opened three offices in Maryland since then. However, HFS Financial’s main goal is to help people who need to obtain a home improvement loan — and their services are available in all 50 states online.
Pros and cons
HFS Financial is a reputable company with a large pool of loyal customers. Still, it’s not a lender in the traditional sense: a third party between a client and a lender. So, it doesn’t affect your credit score in any way — but also, it is not a service that can provide you with an actual loan for, say, swimming pool financing.
Pros
A convenient free service
Helpful managers
Time-saving procedure to find the best offers for a required loan amount
Specializes in a single niche of home improvement loans
Good reviews on various independent platforms
Allows borrowing both big and small loan amounts: from $1,000 to $500,000
An informative blog with plenty of useful information about home improvement loans
Works with reliable lenders with convenient conditions: no equity, reasonable APRs, and no early payment fees
Consulting services and personal approach.
Cons
Not a lender, but a service for loan options search
Doesn’t take any responsibility for loans you borrow from affiliate lenders
Offers a limited number of purposes for the loan
Some customers complain about delays in communications and the loan approval process.
Terms and conditions
HFS Financial doesn’t offer you loans, so here you can obtain an email, an SMS, or a phone call with information about the lender that can help.
It looks the following:
A customer fills out an application form at the HFS Financial website. The form includes personal details including the basic income, preferred loan amount, and loan purpose (new windows, home theater, swimming pools, heat generators, roof repair, house remodel, pole barns, gutters, siding, etc.). You can indicate an SSN number, but it’s not necessary for all loan purposes.
After a customer is ready with the form, they receive the first approval immediately. It’s simply a notification whether HFS Financial proceeds with the request. For example, if your income is too low, or you are unemployed and don’t have any income source, HFS might immediately deny the application.
If everything is okay with the application, a customer receives an offer from HFS Financial’s third-party lender within 24 hours. Usually, it happens no later than 2 hours after you applied. The offer includes information on the third-party lender and its conditions. It will include the possible loan amount, the annual percentage rate (APR), fees, penalties, and the list of documents you will need to provide to proceed with the actual loan application.
Here is an example of a loan you can receive with HFS Financial:
Loan Type: Unsecured Loan
A loan amount: $60,000
APR: 7,99%
Loan duration: 20 years
Number of monthly payments: 240
Monthly installment: $501,49
Early payment fee: up to 10%
Actual loan amount: $120357.6.
There is no stage funding for any loans, all of them have low-fixed rates, and it’s possible to obtain a loan of up to $500,000 for a maximum of 20 years. Overall, the company works only with personal and unsecured loans, and mainly the partners that don’t require any prepayment fees.
And here are all the HFS loan programs you apply for:
Above-Ground Pool Financing
Accessory Dwelling Loans
Bathroom Remodel
Foundation Repairs
Home Generators
Hurricane Resistant Windows
Pool Enclosure
Fence
Solar and Sunrooms.
Funding a loan
Loan conditions depend on what exact loan you want to obtain. As HFS works with various lenders, the manner in which they fund a loan may differ.
On average, borrowers can obtain their loans within 5-7 days after HFS Financial approves the application and finds a lender. However, most loans are credited within only 48 hours.
Money will most likely be transferred online to a customer’s bank account. In some cases, you might receive funds in cash.
To repay a loan, you can switch automatic payments from your bank accounts or repay using checks.
The company works daily, and you can leave your requests 24/7. Applications will be proceeded during working hours, without weekends.