LoansUnder36 Review - Personal Loans
Application & Approval Process
Customer Support & Benefits
LoansUnder36 is a website that operates as a loan comparison marketplace. Owned by Sincerely, LLC, the company first opened its doors for business in 2012 from Boca Raton, Florida. Completely free of charge to use, the company also promises its consumers to find a lender within two minutes. LoansUnder36 has more than 100 vetted lenders on their panel, offering personal loans at an interest rate of 36% or under (hence, the name).
A consumer can use their personal loan for debt consolidation, business expenses, home renovation, wedding, vacations, etc. LoansUnder36 have kept their procedure reasonably simple; they allow you to compare various lenders without filling time-consuming and tediously long loan application forms.
Moreover, an applicant is under no obligation to accept the loan offer. Thus, customers have the flexibility and freedom to go over each quote’s terms, interest rates, and amount. Although LoansUnder36 does not require any minimum credit score, we would like to point out that it is still not clear if the loan search will affect your credit score or not.
- Free of charge services
- All vendors offer APR capped under 36%
- Accepts all applications, no minimum credit score requirement
- More than 100 vetted lenders available
- Not a direct lender
- Lack of information on loan details and lenders
- Unlike other loan comparison marketplaces, LoansUnder36 has vetted lenders who accept all applications without any minimum credit score required.
- All the lending partners on LoansUnder36 offer loans with an APR limit of 36% or below.
- Borrowing terms range from 60 days to 6 years, depending on the loan amount and the terms and conditions by the lending organization.
- The process of applying for a loan is quick, and once an applicant gets a loan approval, they can receive funds as soon as the next business day.
- Ideal marketplace for people who were denied loans by the banks due to bad credit scores.
- A customer can apply for a loan amount of as low as $500 and up to $35,000.
Application & Approval Process
The first step to starting the personal loan application process it to fill out the simple online form available on the website. LoansUnder36 requires all applicants to be a US citizen, aged 18 years or over, be in possession of a bank account, and have a regular source of income.
The initial application requires the borrower to answer some of the very basic questions and enter some personal details such as their name, date of birth, permanent mailing address, email ID, banking information, income and employment history, etc.
A benefit about LoansUnder36 is that there is no application fee, pre-payment fee, or any other hidden charges; their service is completely free of charge. The applicant will get a multitude of loan approvals and quotes amongst the 100 financial lenders working with lending brand. All the results come back in a matter of minutes.
However, it is important to notify the potential applicants that a personal loan application with LoansUnder36 does carry out a hard credit pull. This means your inquiry for a personal loan will appear on your credit report. Sometimes a hard credit pull can have a negative impact of up to five points on your credit score.
Once results come through, the borrower can choose a lender of their choice and apply for the loan. As expected, each lender will have their own respective internal conditions and criteria, where the borrower will have to provide further information and documentation, based on what their chosen lender requests. These may include:
- Personal identification
- SSN (Social Security Number)
- Proof of Employment and Income, i.e., pay stubs, bank account information
- Proof of other Financial Commitments like debts, loans, insurances, and credit cards.
Essentially, it is to prove that the borrower is capable of meeting their loan agreement and making their monthly payments.
A borrower can either call the chosen lender or click on the link to visit the lender’s website to complete the remaining application process for approval. In most cases, if a borrower’s personal loan application gets accepted, they can receive the loan amount in their bank account within the next 24 business hours.
Once the borrower receives the loan approval, they will have to agree to the terms of the payment, duration, and other conditions stated by the chosen lender.
Rates & Fees
One of the best benefits of getting a personal loan through LoansUnder36 is their APR rates which are all under 36%. The rates on this website range between 5.99% and 35.99%, depending on which lender the borrower chooses, the loan amount they request, and what is the duration of the payment. Customers would be thrilled to know that there are no pre-payment, applications, or late fee imposed on their loan.
A borrower can apply for a personal loan from as low as $500 to $35,000. The loan terms will vary with each lender, but the payment terms are usually between 2 months and 72 months (6 years). As LoansUnder36 is a marketplace, they do not have any control over the lenders’ payment terms and duration they offer.
If an applicant has questions about other payment options such as faster payments, flexible payments, or how to freeze a payment, they will have to speak directly with the financing company offering the personal loan.
Customer Support & Benefits
There is no mention of the opening timings to call their customer support team, so we assume that they are readily available 24/7. You can get in contact with a representative from the company via email and telephone. There is no specific FAQ section on the website; however, their homepage does have a set of basic questions regarding personal loans, how it works, and the terms and conditions.
Address: DV Marketing, Inc., 759 Bloomfield Ave., #244 West Caldwell, NJ, 07006
Email: [email protected]LoansUnder36.com