About Company
Symple Lending, LLC, headquartered in Utah, United States, stands out as a licensed lender under the regulatory oversight of the Utah Department of Financial Institutions. Functioning as an online lending platform, Symple Lending specializes in offering personal loans to consumers.
The company distinguishes itself by providing unsecured personal loans, eliminating the need for borrowers to pledge collateral. This flexibility allows borrowers to utilize the loaned funds for various purposes, including debt consolidation, home improvement, or managing unexpected expenses.
A standout feature of Symple Lending is its streamlined and swift application process. Applicants can conveniently apply for a loan through the online platform and receive a prompt decision, often within minutes. Upon approval, funds can be swiftly deposited into the borrower's bank account, with the possibility of receiving them as soon as the next business day.
Key Features
-
Applying Won't Hurt Your Credit. Symple Lending distinguishes itself by ensuring that the act of applying for a loan does not negatively impact the applicant's credit score. This policy provides potential borrowers with the confidence to explore loan options without the fear of adverse credit effects.
-
Checking Your Rate Is Free. As part of its commitment to transparency, Symple Lending allows individuals to check their loan rates free of charge. This feature enables borrowers to assess potential loan terms without incurring any costs, facilitating an informed decision-making process.
-
Receive Funds in 24-48 Hours. Symple Lending prioritizes efficiency by offering a swift funding process. Upon loan approval, borrowers may receive their funds in as little as 24 to 48 hours. This expedited timeline ensures that individuals can address their financial needs promptly.
-
No Upfront or Hidden Fees. Transparency is a cornerstone of Symple Lending's approach. The absence of upfront or hidden fees underscores the commitment to providing clear and honest terms to borrowers. This ensures that individuals are fully aware of the financial aspects of their loan without unexpected costs.
Pros and Cons
Pros
Cons
Reliability
Symple Lending's A+ accreditation by the Better Business Bureau (BBB) is a positive indicator of reliability. The BBB is a widely recognized organization that evaluates businesses based on their commitment to ethical business practices, customer satisfaction, and responsiveness to customer concerns.
The A+ accreditation suggests that Symple Lending has demonstrated a high level of integrity and customer service, contributing to a positive reputation. However, it's essential to consider other factors as well. You may want to explore customer reviews, testimonials, and any additional industry certifications or recognitions to gain a comprehensive understanding of Symple Lending's reliability.
Always exercise due diligence when considering financial services and read the terms and conditions carefully before making any decisions. If Symple Lending has garnered positive reviews and maintains its A+ accreditation, it could be considered a reliable option for your future financial needs.
How to apply for a Symple Lending loan?
-
Visit the Website. Navigate to the Symple Lending website by entering the URL in your web browser.
-
Locate the Application Form. On the main page of the website, you should find the loan application form. Look for a prominently displayed section or button that invites you to start the application process.
-
Enter Personal Information. Complete the application form by providing the required information. This typically includes your name, email address, physical address, and phone number. Ensure accuracy in the details you provide.
-
Submit Application. After entering your information, submit the application form through the online platform.
-
Expect a Call or Text. Following the submission, expect to receive a call or text message from Symple Lending within the next 2 to 5 minutes Be prepared to answer the phone or respond promptly to any text messages.
-
Follow Instructions. During the call or text communication, pay close attention to the instructions provided by the Symple Lending representative. Following these instructions is crucial for expediting the processing of your loan application.
-
Keep Documents Ready. While waiting for the communication from Symple Lending, gather any necessary documentation that may be required for the loan process. This could include documents mentioned in the letter you received in the mail. Having these documents ready will help speed up the application process when further information is requested.
Conditions and Requirements
Conditions
-
APR. Symple Lending offers a variable Annual Percentage Rate (APR) ranging from 5.95% to 35.99%. The variability in APR reflects the potential impact of factors such as the borrower's credit history and other individual considerations. Borrowers should carefully consider this APR range to gauge the overall cost of the loan and make informed decisions based on their financial circumstances.
-
Funding Time. Borrowers can expect to receive their funds swiftly, typically within 24 to 48 hours after loan approval. This expedited funding timeline allows individuals to address their financial needs promptly.
-
No Upfront or Hidden Fees. Symple Lending emphasizes transparency by ensuring there are no upfront or hidden fees associated with their loans. This commitment provides borrowers with a clear understanding of the costs associated with their loans, promoting financial clarity.
-
Free Rate Checking. Prospective borrowers can check their loan rates free of charge. This feature enables individuals to assess potential loan terms without incurring any costs, allowing them to make informed decisions about their borrowing.
-
Personal Loan Amount. Borrowers can access personal loans from Symple Lending within the range of $5,000 to $100,000. This flexibility allows individuals to choose an amount that aligns with their specific financial needs, whether for major expenses or smaller financial requirements.
-
Loan Term. Symple Lending offers varying loan terms to cater to the diverse needs of borrowers. The loan term can extend from a minimum of 2 months to a maximum of 180 months. This range enables individuals to select a repayment period that suits their financial situation and preferences.
Requirements
-
Credit Score. Symple Lending does not disclose a specific credit score requirement. This implies that there is no minimum credit score necessary to be eligible for their personal loans.
-
Age Eligibility. The minimum age requirement is 18, or the state minimum, whichever is higher. This ensures that applicants must be at least 18 years old to be considered for Symple Lending personal loans.
-
Income Eligibility. Symple Lending does not disclose a minimum annual income requirement. However, they only consider borrowers who are employed. Applicants need to have a steady source of income to qualify for their personal loans.
-
Military Eligibility. Active duty service members and their covered dependents are eligible to apply for a loan via Symple Lending. The rates offered comply with the limits set by The Military Lending Act (32 C.F.R. § 232), which prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers.
-
Residency and Citizenship. U.S. citizens and permanent resident/green card holders are eligible to apply for the services offered by Symple Lending.
-
Documentation. To complete the application process, applicants may be required to provide the following documentation: driver's license, proof of identity, proof of citizenship or residence permit.
Ways to receive the money
Once approved, Symple Lending swiftly facilitates the transfer of funds, ensuring that borrowers can access the loaned amount promptly. The funds can be deposited directly into the borrower's account, with the entire process typically taking as little as 48 hours. This expedited timeline reflects Symple Lending's commitment to providing quick and efficient financial solutions, allowing individuals to address their financial needs without unnecessary delays.
Products
Symple Lending provides unsecured personal loans to borrowers, ranging from $5,000 to $100,000. These loans are versatile and can be used for various purposes, such as debt consolidation, home improvement, or managing unexpected expenses.
It's important to note that while personal loans are the primary focus, the flexibility in loan amounts and usage makes Symple Lending's product suitable for a diverse range of financial needs. Borrowers can tailor the loan to their specific requirements within the offered parameters.
Other Loans
Alternatives
OneMain Financial
OneMain Financial is a reputable and longstanding lender providing personal loans ranging from $1,500 to $20,000. With a century of experience in the financial industry, they offer fixed rates and fixed payments, ensuring predictable and manageable repayment plans. OneMain Financial prides itself on personalized service, meeting the unique needs of each customer. Their extensive network of around 1,400 locations provides accessibility and convenience for individuals seeking financial assistance.
Mariner Finance
Mariner Finance is a well-established financial institution offering personal loans from $1,000 to $25,000. The application process is convenient, with online applications and quick responses on the same business day. With a history dating back to 1927, Mariner Finance has built a strong reputation. They have over 480 branches in 28 states, ensuring accessibility and personalized service for customers nationwide.
LendingClub
LendingClub is a prominent player in the personal loan market, offering loans of up to $40,000 at competitive fixed rates. The application process is swift, allowing applicants to receive customized loan options tailored to their needs. With a range of rates, terms, and payment options, LendingClub provides flexibility. Once approved, they transfer funds directly to the borrower's bank account or pay creditors directly, ensuring a seamless funding process.
Upstart
Upstart is a leading online lending platform offering benefits like a quick and efficient application process, with funds available in as fast as 1 business day. Upstart's innovative credit model considers more than just credit scores, resulting in 43% lower rates compared to traditional models. They provide flexible loan amounts, allowing borrowers to secure personal loans ranging from $1,000 to $50,000, with the option to choose between 3 or 5-year terms.
Editorial Opinion
Important
How to Choose a Lender
-
Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
-
Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
-
Carefully review all the terms and conditions of your payday loan contract.
-
Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
-
Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
-
Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Methodology
At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.
In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.
At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.
Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.
