HonestLoans is a lending partner that has a wide network of financial institutions providing personal loans to the needy. It does not provide installments loans, instead connects a borrower to a lender and makes lending and borrowing simple. It is easy to acquire a short term loan and use the loan for any of your personal requirements.
Applying for a Personal Loan Through HonestLoans
Being a lending agency, customers have to fill up an online form available on their website. All the information entered is secured and encrypted by the company. Customers will have to enter their personal details, employment details and income related information.
Once all the tabs are complete, you will have to agree to the terms and conditions of HonestLoans. The next step would be to get you connected to a lender, who would then disclose his/her rates and loan terms. If you disagree to any of the lender’s terms it is advised to notify them in advance.
Interest Rates and Other Charges
HonestLoans is not a direct lender and therefore cannot commit on the interest rates and fees charged by the final lender. APRs vary as per the information entered in the application form. It depends on several factors such as the loan amount, loan tenure, customer’s credit history and financial status.
It is advised to use personal loans for a short time and pay off the entire amount at the earliest. Personal loan interest rates are always higher than other regular loans such as home loans or auto loans. It can range anywhere between 2.290% to 200% depending on the customer’s background.
You may have to pay origination fees, prepayment fees and a late payment penalty to the lender if the lender has stated in his/her terms and conditions checklist. Make sure you ask the lender for any such fees beforehand, and study the loan document carefully.
HonestLoans does not charge any fee for rendering loan services. They provide a platform where customers can compare different rates and charges before taking the final decision. Customers are advised to carefully review all the loan terms before accepting the offer.
HonestLoans for Bad Credit
HonestLoans brings some good news to those with bad credit as it does not set any limit on the minimum credit score required. Customers with subprime credit often find it difficult to qualify for a personal loan elsewhere.
This is where HonestLoans can be of great help. They have a variety of lenders who encourage customers with a less than perfect credit to apply for a loan. It not only helps them to obtain the required money but also helps customers improve their credit score.
Majority of lenders associated with HonestLoans report to three major credit bureaus. Timely payments are reported to credit bureaus that in return improves customers’ credit ratings. No matter what your credit score is HonestLoans will definitely connect you to a lender and get your personal loan approved.
The Final Say
Personal loans are meant to be taken only during an emergency or for an important life event. It is advised that customers should make it a point to pay off their debts on time. Doing so would not only help them save on interest but will also enable them to maintain a good credit rating.
HonestLoans is a good platform where you can search and compare lender terms and rates. Instead of applying to each lender individually, HonestLoans does all the work for you and gets your loan approved. As a customer, you have to review the terms and conditions of any loan presented to you and read the fine print before finalizing a loan.
|Loan Amount: $|
|Interest Rate: %|
|Monthly Payment: $|
|Total Payment: $|