Are you a little strapped for cash? Most people could use a little cash infusion from time to time. Whether you need money for an unexpected bill, a home remodel, or just a cash advance on your paycheck, you need to know where to go to get the best deal. Honest Loans presents one option for users who want to compare loans from multiple lenders. What does the Honest Loans review have to say?
Honest Loans is a lender-comparison platform and does not directly offer loans to users. They have flexible credit requirements and low income criteria. Be sure to read the fine print on your loan to ensure you understand the rates and terms being offered to you.
If you are ready to learn more about this platform, here is everything you need to know.
What is Honest Loans?
Before we can dive further into whether Honest Loans is legitimate, we need to first discuss how the site actually works. Honest Loans can help you get a personal loan, cash advance loan, installment loan, or an emergency loan of up to $50,000. However, they are not actually a lender.
Instead, Honest Loans is more of a lender comparison site. You will fill out a brief application that takes under five minutes, and they will connect you with their database of partner lenders. It functions as a sort of marketplace where you can get offers from lenders and then compare the terms to find the most favorable offer.
Unfortunately, there is no way to see the list of potential lenders in advance. The availability of a particular loan and the participating lender who offers it will vary based on your credit. You will also notice that the terms of each loan are based on your creditworthiness.
If you have enough credit to qualify, you could receive funding in as little as one business day. They compare the process to depositing a check into your bank account. For this type of service, you will most often have to wait at least one business day for the check to clear before the funds are available.
Many people love using Honest Loans because they can access a variety of loan products without having to go to the bank or wait in lines. The entire process is quick and easy. You can do it from the comfort of your couch while dressed in your pajamas if you want to. No one is judging you for your request when using this lender-comparison platform.
How Do I Qualify for a Loan?
At this point, you may be wondering who exactly qualifies for one of these hefty loans. One of the benefits of Honest Loans is that their requirements are relatively low. Many people will meet the criteria required, even if they have been denied at other banks for similar products.
In order to submit a loan request, you must:
- Receive regular income from employment or benefits
- Earn a minimum of $800 per month
- Have a valid checking account
- Be 18 years or older
- Be a permanent resident of the United States
Each lender may impose their own criteria as well. However, there is such a wide variety of offers through their marketplace that you are bound to find someone who is willing to work with you.
Even individuals who have previously filed bankruptcy, bounced checks, or have other blemishes on their credit history can still qualify for one these loans.
Unfortunately, there is a lengthy list of states where they do not do business. If you are a resident of any of the below states, then you do not qualify for a loan:
- District of Columbia
- New Jersey
- New York
- North Carolina
- West Virginia
For more information on apps that offer cash advances, check out this guide on MoneyLion alternatives.
How Safe is Honest Loans?
In order to apply for a loan, you do have to enter some sensitive personal information such as your social security number. Many people wonder whether it is safe and secure to enter these extremely personal details on the Honest Loans website. How do they protect your data while it is being transferred to them?
The good news is that they take security seriously. Honest Loans uses 256-bit SSL encryption to make it more difficult for hackers to gain access to your data.
SSL encryption works by scrambling your data while it is in the process of being transferred from one computer to another. When you enter your personal information such as your social security number, they will scramble it for transport and then decrypt it when it arrives at its terminal destination at Honest Loans.
Who is Behind Honest Loans?
If you are considering using this service, you might be wondering if any major companies back the site. Honest Loans is not very forthcoming with information related to their parent company, but it appears that they are actually operated by another site known as OnlineLoanNetwork.com.
At first glance, the two sites are almost identical except for the name. They have the same application process and promise the same results.
OnlineLoanNetwork.com is technically based in Las Vegas, Nevada. Unfortunately, they are not registered with the Nevada Secretary of State or the Better Business Bureau.
Rates and Fees for Honest Loans Review
If you decide to get a loan through this platform, you might be wondering what the rates, terms, and fees will be on your loan. Unfortunately, this is difficult to determine in advance of applying for a loan. Because Honest Loans is not an actual lender, they do not state the APR you might expect with one of these loans.
The rates and fees charged by each lender are unique to your application. They will vary based on your creditworthiness, the loan amount, the loan term, and more. Depending on what state you are located in, the APR laws may also vary.
Before accepting a loan, make sure you read through and understand all of the terms being offered to you. This is important to help you determine what the loan is going to cost you in the long run.
How Honest Loans Makes Money
Because filling out an application with Honest Loans is free, you might be wondering how the company actually makes money. The truth is that they have to be making money somehow in order to stay in business.
The lenders they partner with are willing to pay Honest Loans a small sum in exchange for details about a particular borrower.
Honest Loans does not actually know in advance which companies are willing to pay for the leads they offer. As a result, this means that you are not necessarily aware of which companies may reach out to you to solicit your business.
Lenders may take your information and reach out to you directly about the products they can offer you. This can be quite annoying if you weren’t banking on screening your phone calls for spam calls and solicitations.
Honest Loans does review the websites of lenders they partner with, but they do not guarantee the accuracy of the information supplied to you by a particular lender.
How to Apply for a Loan
Applying for a loan on this lender-comparison platform is easy as can be. Their user interface is simple to understand and takes just a few minutes to work through all of the questions. It starts on their homepage with a question about how much money you would like to borrow.
From here, they will collect the rest of your personal information including your name, the last four digits of your social security number, your birthday, and your zip code. By the time you fill out this information, you are almost 25 percent of the way finished with the application.
All you have to do is continue to follow the prompts as they ask you for more personal details. It should take you no longer than five minutes to complete the full application.
Once you finally submit the application, they can match you with a potential lender in just a few minutes. You won’t have to wait around long to learn what you qualify for and what the new terms of your loan will be. Make sure to read all of the fine print so you know just what to expect from what you are being offered.
You can also choose to fill out the application over the phone by calling 866-956-2474.
Filling out an application is completely free. However, you will be charged fees and interest through the lender who offers you a loan. These fees will vary based on your credit and the type of loan you apply for.
Keep in mind that these loans are not designed to be used for long-term financing or to pay off other debts. You can speculate that this may be because of high interest rates and additional fees that would make these loans less practical for these applications.
An Honest Loans Review
Honest Loans takes great pains to protect your personal information with SSL encryption, but their parent company is not registered. If you are thinking of applying for a loan on this site, be sure to read all of the fine print about the rates and terms of the loan. This Honest Loans review should give you all the information you need to make a wise financial decision.