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On the other hand, linking debtors with a pool of lenders might help secure a loan quickly. In addition, their website appears rather bare and has a minimal amount of detail. This would make one even to doubt the legitimacy of the firm. Borrowers may wish to search elsewhere among BBB- BBB-accredited companies that have better credentials, too.
Where Grace Loan Advance Falls Short?
The worst part about Grace Loan Advance is its lack of transparency. The site needs to break down essential details such as eligibility criteria or what fees might be assessed. There is also a shortage of background information regarding the company. All this goes on to make potential borrowers uncomfortable.
Third, Grace Loan Advance is not accredited by the BBB. Most consumers prefer dealing with an accredited agency by the BBB because of the trustworthiness and accountability accreditation offers. Without such accreditation, it becomes harder to assess the agency’s reliability and sound quality in service.
Another disadvantage is that Grace Loan Advance needs to disclose its fees beforehand. Although it will cost nothing to use the service, users may incur fees post-approval from network lenders, which may throw off a borrower with unwanted expenses.
What Shines About Grace Loan Advance?
Despite its flaws, Grace Loan Advance has some attractive features. It caters to all types of borrowers as it unscrambles up most lenders through a streamlined and convenient processing procedure. Once approved, borrowers can access money the following business day.
The Grace Loan Advance offers competitive beginning APRs as low as 5.99 percent for clients with excellent credit, which is lower than most direct lenders’ starting APRs, which start at about 7.99 percent.
Grace Loan Advance Loan Details
- Minimum credit score/credit range: N/A
- APR: 5.99%–35.99%
- Loan amounts: $100–$35,000
- Terms: Up to 72 months
- Approval turnaround: As soon as one business day
- Availability: Available in all states
- Fees: Grace Loan Advance is free of charge
- Other fees: Fees vary depending on the lender
How to Qualify for Grace Loan Advance?
Grace Loan Advance has a minimum requirement regarding the eligibility of the borrowers. Some of these are as follows:
- Age: Should be 18 years of age or above
- A U.S. citizen or permanent resident.
- Should have a job
- You must show a bank account to accept the money received.
How to Apply?
Grace Loan Advance offers very straightforward application procedures. For you to consider and assess, here is what you can do to apply:
- Online form: You can input the amount you want to loan, your SSN, and other details, including your bank account details.
- Get prequalified offers: Get matched with lenders who may offer in minutes.
- Accept the offer: Select a lender that fits your requirements and finalize the process.
- Get funded: Approved applicants may start receiving funds within one business day.
- Repay the loan: Varies between lenders, amount, interest rate, payment, and term.
How does Grace Loan Advance compare to other Lenders?
Compared to established lenders, Grace Loan Advance has disadvantages, including its lack of accreditation and detailed online information. However, its starting APRs are lower than some of its better-known competitors’.
- Best Egg: 7.99%–35.99% APR | Min. credit score: 640
- Upstart: 7.80%–35.99% APR | Min. credit score: 300
- SoFi: 8.99%–29.99% APR | Min. credit score: 680
- Upgrade: 9.99%–35.99% APR | Min. credit score: 620
Grace Loan Advance Reviews and Complaints
There is no evidence that Grace Loan Advance is BBB-accredited, and its review is not present on Trustpilot, one of the most popular review sites. This information has created doubts about quality service and customer satisfaction. BestCompany.com provides minimal reviews, mostly adverse, stating there is an excessive amount of email marketing sent, other hidden charges, and high interest on a loan offer.
What the Reddit Users Say About Grace Loan Advance?
Opinions among users on Reddit concerning Grace Loan Advance are mixed. Several report being surprised by high charges and interest rates. On the other hand, one writes that he had a decent experience with customer service. However, there are barely any reviews on the overall platform so far, which scares many potential borrowers from using it.
Frequently Asked Questions
Is Grace Loan Advance a direct lender?
No. It is a borrowing platform that connects borrowers to lenders.
How do I repay my loan?
The repayment terms vary with the lender you have been matched with.
Is Grace Loan Advance safe to provide my information to?
Grace Loan Advance uses standard website encryption to safeguard your information. However, some users have indicated they started getting marketing materials from lenders even after completing the loan process.
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