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Honest Loans Review
If you have less than good credit and need fast funding, a lending marketplace like Honest Loans can help you find offers that suit your current context.
Honest Loans offers a loan comparison service that allows prospective borrowers to apply for a loan in minutes and get a decision within 24 hours. You can choose repayment periods of up to 36 months with APRs starting at 5.99%.
Loan offers start from $100 and goes up to $50,000.
How We Rate Honest Loans
At Financer.com, all lenders go through a thorough research and review process. Here’s how we rate Honest Loans:
| Category | Rating |
|---|---|
| Affordability | ⭐⭐⭐ |
| Application process | ⭐⭐⭐⭐ |
| Loan terms | ⭐⭐⭐⭐ |
| Transparency | ⭐⭐⭐⭐ |
| Customer support | ⭐⭐⭐ |
| Overall | ⭐⭐⭐⭐ |
Do We Recommend Honest Loans?
Yes, we recommend Honest Loans as a reliable lending marketplace. Skip to our full review below and see how we rate Honest LoansHere’s what we’ll cover in this review:
Want to skip the details? Jump to our final verdict here.
Honest Loans Overview
Honest Loans is a lending marketplace that connects lenders with borrowers. The platform hosts multiple lenders and makes it easy for borrowers to find offers in minutes.
It’s easy to apply for a loan and there are no prepayment penalties or origination fees. What’s more, the website is user-friendly, easy to navigate, and secure.
You can apply in minutes and get a decision within 24 hours. If you are approved for a loan, you can get funding as fast as the next business day and choose repayment periods spanning from 6 to 36 months.
Here’s a quick summary of Honest Loans:
| Overview | Features |
|---|---|
| Loan type: | Personal loans |
| Loan amount: | $100 to $50,000 |
| Loan term: | Up to 72 months |
| APR: | From 5.99% |
| Min. credit score: | None |
| Monthly fees: | None |
| Payout time: | One business day |
| Weekend payout: | No |
| Requirements: | At least 18 years old U.S. citizen Active bank account Regular income Valid phone number and email |
Honest Loans Pros and Cons
Here are some of the pros and cons of Honest Loans as a lending marketplace:
Pros
- A lending marketplace with a wide network of lenders.
- Apply in minutes, get a decision within 24 hours, and get funded as soon as the next business day (if approved).
- A straightforward application process.
- No application fees. No origination fees. No prepayment fees.
- Loan amounts range from as low as $100 up to $50,000.
The process is entirely online.
No online chat feature.
No toll-free helpline for assistance.
Cons
Who Is Honest Loans For?
If you have fair or even bad credit and you are looking for a quick online loan, then Honest Loans is a good consideration.
By providing access to multiple lenders, the platform gives you a pool of options to choose from. This increases your likelihood of getting the funding you need since different lenders have varying eligibility requirements.
Although the site states that loan offers range from $100 to $50,000, the platform is most suitable for small emergency loans and cash advances.
Eligibility Requirements
Here are the qualifying requirements for applying for a loan through Honest Loans:
- Be at least 18 years old.
- Be a U.S. citizen.
- Have an active bank account that accepts direct deposits.
- Have a regular stream of income.
- Have a valid contact number and an active email address.
Who It’s For
Honest Loans is for you if:
- You have a less-than-perfect credit history.
- Need quick funding.
- Want to review multiple loan offers.
- Don’t have collateral.
- Looking for an online loan.
Who It’s Not For
Honest Loans may not be a good option for you if:
- You are looking for a secure loan, mortgage, or auto loan.
- You want the lowest APR rates.
- Need a loan of more than $50,000.
- You prefer to deal with a lender in person.
- You don’t want to be contacted by lenders
How To Apply for a Loan via Honest Loans
Step 1
Step 2
Apply for a loan
Start by choosing the amount you require then enter your personal information (name, date of birth, zip code, employment details, banking details, etc).
Step 3
Review your offer
After filling out the form, the platform will attempt to connect you with a lender. If a lender is found willing to offer you a loan, you can review the terms and choose to go ahead with the application or not.Step 4
Receive your funds
If you choose to take the offer, the funds will be deposited into your account as soon as the next business day.What To Consider Before Applying
- Ensure you understand the costs involved. Research the offers available to you and look for the fees involved (origination fees, prepayment penalties, and late payment fees).
- Ensure you understand the terms of the offer before accepting a loan from a lender. The lenders offering loans through the platform have different terms. Remember that Honest Loans is just a marketplace and lenders define the terms of a loan.
- A lender offering a loan via Honest Loans might run a hard credit check to see if you qualify for a loan offer.
Honest Loans Fees
- APRs range from 5.99% – 35.99%. Although there are no fees for using Honest Loans, lenders offering loans through the platform may charge their own fees.
- Contact the lender directly if you are not sure of the loan terms or the fees associated with a loan.
Honest Loans Payment Terms
Repayment terms for loans offered on the platform vary by lender. Typically, payment terms range from a 61-day minimum to a 72-month maximum.
Some lenders may allow you set automatic debits to prevent late or missed payments. Ensure you read the terms of the loan before accepting the offer.
How Financer.com Rates Honest Loans
Is Honest Loans legit? Yes, at Financer.com we recommend Honest Loans.
At Financer.com, all lenders go through a thorough research and review process. We don’t make recommendations lightly.
All loan applications are done through their easy-to-navigate website with a simple process that takes less than five minutes to complete. There are NO fees and many lending partners in one location.
With a wide pool of lending options, you can find loans that fit your current financial context.
Application Process
Honest Loans has a straightforward application process. The user-friendly interface and simple application process mean you can apply for a loan in minutes and get a decision within 24 hours. If approved, you can get funded as soon as the next business day.
Costs
As a lending marketplace, Honest Loans does not charge any fees. Keep in mind that lenders offering loans through the platform may charge fees and interest. APRs start at 5.99% and are capped at 35.99%.
Payments
Repayment terms range from 6 months to 72 months. This is quite similar to terms offered by most short-term lenders in the US.
Customer Service
Honest Loans takes privacy seriously by ensuring that information entered on the site is encrypted and protected from unauthorized access. Keep in mind that Honest Loans – like other lending marketplaces – shares user information with partners in its network.
Honest Loans FAQs
What is Honest Loans?
Honest Loans is a lending marketplace that allows you to get fast funding by comparing offers from multiple lenders.
Is Honest Loans legit?
Yes. Honest Loans is legit.
Is my personal information secure?
Honest Loans takes privacy seriously by ensuring that information entered on the site is encrypted and protected from unauthorized access. Your personal information is protected with 256-bit bank-level SSL encryption.
How long does it take to get a loan through Honest Loans
If your loan application is approved, you can get funded as soon as the next business day.
Honest Loans Alternatives
Here’s a list of alternatives to Honest Loans and how they compare:
| Lender | Reviews | Loan Amount | APR | Max. Loan Term | Bad Credit? |
|---|---|---|---|---|---|
| PersonalLoans.com | View | $500 – $35,000 | 5.99-35.99% | Up to 6 years | Yes |
| BadCreditLoans | View | $500 – $5,000 | 5.99-35.99% | Up to 2 years | Yes |
| CashUSA.com | View | $500 – $10,000 | 5.99-35.99% | Up to 6 years | Yes |
| Fast5KLoans | View | $500 – $35,000 | 5.99-35.99% | Up to 5 years | Yes |
Should you take a loan with Honest Loans?
Honest Loans is a legitimate lending platform where borrowers can get personalized loan offers. The platform features multiple lenders allowing you to compare multiple options and easily find offers that suit you.
Read more Honest Loans reviews from customers below or add your own.
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