When looking for a personal loan, it is very important for you to find a trustworthy and reliable lender.
Grace Loan Advance is a company that offers personal loans through its marketplace lending platform.
But is Grace Loan Advance legit? In this article, we will explore the legitimacy of Grace Loan Advance, its services, and what you need to know before applying for a loan. We will cover the following topics:
- What is Grace Loan Advance?
- How does Grace Loan Advance work?
- Pros and cons of Grace Loan Advance
- Customer reviews and ratings
- Conclusion
By the end of this article, you will have a better understanding of whether Grace Loan Advance is a legitimate option for your financial needs.
What is Grace Loan Advance?
Grace Loan Advance is a marketplace lending platform that connects borrowers with a network of third-party lenders.
Grace Loan Advance was founded in 2015 and based in Los Angeles, California. Grace Loan Advance offers personal loans ranging from $500 to $35,000, with variable APRs between 5.99% and 35.99%.
The company is not a direct lender and does not make loans or credit decisions. Instead, it collects personal information from borrowers and forwards it to its partner lenders.
How Does Grace Loan Advance Work?
The process of applying for a loan through Grace Loan Advance is simple and straightforward. Here are the steps involved:
- Online Application: Borrowers fill out a quick and secure online form with their personal, financial, and employment information.
- Loan Offers: Grace Loan Advance forwards the information to its network of lenders, who then provide loan offers to the borrower. Borrowers can compare rates and terms to find the best loan for their needs.
- Loan Approval: Once the borrower selects a loan offer, they complete the approval process with the lender. The funds are then deposited directly into the borrower’s bank account, usually as soon as the next business day.
Pros and Cons of Grace Loan Advance
Like any financial service, Grace Loan Advance has its advantages and disadvantages. Here are some of the pros and cons:
Pros
- Quick and Easy Application: The online application process is fast and straightforward, allowing borrowers to receive loan offers in minutes.
- Multiple Loan Offers: Borrowers can compare multiple loan offers from different lenders, helping them find the best rates and terms.
- Flexible Loan Amounts: Grace Loan Advance offers loans ranging from $500 to $35,000, catering to various financial needs.
Cons
- Not a Direct Lender: Grace Loan Advance is not a direct lender, which means borrowers have to deal with third-party lenders for loan approval and servicing.
- High APRs: The APRs offered by partner lenders can be as high as 35.99%, which may not be the most competitive rates available.
- Limited Information: The company’s website lacks detailed information about its network of lenders, eligibility requirements, and customer reviews.
- Marketing Emails: Some customers have reported receiving excessive marketing emails after applying for a loan.
Customer Reviews and Ratings
Grace Loan Advance has received mixed reviews from customers. While some borrowers appreciate the quick and easy application process, others have expressed concerns about the lack of transparency and the high APRs offered by partner lenders.
Additionally, Grace Loan Advance is not accredited by the Better Business Bureau (BBB), which may be a red flag for some borrowers.
Conclusion
Grace Loan Advance is a legitimate company that connects borrowers with third-party lenders through its marketplace lending platform.
While it offers a quick and straightforward application process and multiple loan offers, it also has some drawbacks, such as high APRs and limited information about its network of lenders. Borrowers should carefully consider these factors and compare other options before deciding to apply for a loan through Grace Loan Advance.
