Grace Loan Advance is a financial service and lending platform that offers a variety of financing options for borrowers in the US.
Grace Loan Advance doesn’t operate as a direct lender, but rather connects borrowers to third-party independent lenders who can grant them loans between $100 and $35,000.
What does Grace Loan Advance offer and is Grace Loan Advance legit? Let’s go through our review of the Grace Loan Advance so you know if they are the right company you should work with.
- 1 What is Grace Loan Advance?
- 2 What Does Grace Loan Advance offer?
- 3 Grace Loan Advance Pros and Cons
- 4 Alternatives to Grace Loan Advance
- 5 Is Grace Loan Advance Legit?
- 6 Is it safe to use Grace Loan Advance?
- 7 Can I get a personal loan with Grace Loan Advance?
- 8 Why choose Grace Loan Advance?
- 9 Am I eligible for a loan with Grace Loan Advance?
- 10 How can I apply for a Grace Loan Advance loan?
- 11 Grace Loan Advance terms, rates, and fees
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What is Grace Loan Advance?
Grace Loan Advance is a financial service operator that facilitates and backs a free market of independent lenders.
Grace Loan Advance discloses that as the operator of the official website where borrowers can apply for a loan, doesn’t act as a direct lender, broker, a financial institution, or an agent of lenders that are a part of the free lending market.
Grace Loan Advance connects borrowers to lenders who can grant them various financing options based on their application and personal information.
Borrowers can apply in minutes and get approved for a loan in hours or days, depending on the lender they are matched with and that they choose in the end.
You can borrow anywhere from $100 to $35,000 in personal loans according to the official website.
What Does Grace Loan Advance offer?
Grace Loan Advance offers a great range of loan amounts, starting from $100 to a maximum amount of $35,000.
The company acts as a mediator between servicing borrowers and connecting lenders to borrowers based on their loan applications.
These independent lenders offer a great variety of financing options in the domain of personal loans. You can apply for a personal loan with Grace Loan Advance and match with lenders that can approve your loan in the amount you specified in your application form.
The website has a minimum and maximum repayment period set for all lenders. The minimum repayment period starts from 61 days repayment, and the maximum repayment period you can get with independent lenders is 72 months, which applies to greater loan amounts.
Most lenders on Grace Loan Advance offer personal loans in the form of payday loans and cash advances.
Grace Loan Advance Pros and Cons
Grace Loan Advance can connect borrowers to lenders who can grant them loans in minutes, however, not all fees and APR rates are fully disclosed.
You can’t review your proposed interest rates and fees until upon approval of the loan. The company asks for minimum documentation and basic personal information but reserves the right to share your information with network partners, among which are marketing agencies as well.
What are some of the biggest pros and cons of Grace Loan Advance?
|Instant funding – you can get funded near-instantly once your loan is approved, so your funds are quickly available||Fes and APR rates are not transparent enough so borrowers can’t review their fees and interest rates until upon the loan approval|
|Fast approval – you can get connected with lenders in minutes and get offers that you can compare to get the best rates and most favorable terms||Eligibility criteria are not transparent enough and may vary greatly from one lender to another|
|A great number of financial options – you can choose within a wide range of offers and options, starting from $100|
|Minimal documentation and info – you will need to provide some basic info to get started and apply|
Alternatives to Grace Loan Advance
If you are looking for alternatives to Grace Loan Advance and would like to compare this indirect lender with other similar service providers, you may check out lending markets such as Bad Credit Loans and Zippy Loan. Here are some of the top alternatives to Grace Loan Advance:
Bad Credit Loans
Bad Credit Loans is an accredited and legitimate service that acts as a medium portal between borrowers and lenders.
You can apply for personal loans with Bad Credit Loans even with bad credit and poor credit score, while there is a great number of independent lenders who may offer you loans from $500 to $10,000.
Bad Credit Loans doesn’t guarantee that you will be matched with an appropriate lender but grants you privacy and safety while borrowing and applying.
Zippy Loan is another online marketplace of lenders where you can apply for a loan in minutes and get approved within the same day. It only takes 5 minutes to fill out an online application and submit it so you can receive offers from lenders. You can borrow anywhere from $100 to $15,000.
Cash Advance is a network of lenders that can grant loans to borrowers with bad credit. You can borrow within a range of $100 and $1,000, which makes cash advance a great option for smaller short-term loans. You can get approved in minutes and funded in hours, although hefty APR rates may be involved.
Lending Tree can connect you to lenders who can grant you loans between $1,000 and $50,000 with APR that is similar to the rates on Grace Loan Advance. The loan repayment period can be set to a maximum of 180 months. However, Lending Tree requires borrowers to have a minimum of 580 FICO score.
Is Grace Loan Advance Legit?
Grace Loan Advance is a legit company that operates legally as an indirect lending service. Grace Loan Advance is not listed as a loan broker, agent of lenders, a financial institution, or a direct lender.
Instead, the company connects you to lenders that can grant you approval on your loan request, so you can borrow up to $35,000 with a repayment period of 72 months as the longest repayment time.
What you need to note when applying for a personal loan with Grace Loan Advance is that you are not borrowing money directly from the company, which means that fees and interest rates may vary from one lender to another.
Is it safe to use Grace Loan Advance?
Grace Loan Advance is not accredited by the Better Business Bureau (BBB), however, the parent company that owns this lending market portal, RBD Enterprises LLC, does have a BBB rating.
Grace Loan Advance’s parent company is rated as an A+ company according to the Better Business Bureau, which means that the service is safe to use from the legal viewpoint.
What you need to have in mind when discussing the safety is the fact that Grace Loan Advance may share your personal information disclosed for the sake of applying for a loan. The information may be disclosed to third-party subjects and marketing agencies.
Can I get a personal loan with Grace Loan Advance?
Grace Loan Advance is an indirect lending service that connects borrowers to lenders who can grant them loans based on their application forms.
You can be approved for a loan or receive a decline notice. Some lenders will decline the loan for the amount you are asking for but may offer you other amounts to get you approved.
Personal loans on Grace Loan Advance are given out in the form of payday loans and cash advances, while a great number of borrowers decide to go for payday loans.
Payday loans are usually smaller short-term loans that are paid off with your monthly paychecks. The amount you owe is automatically deducted from your bank account once your paycheck is available.
Interest rates on such loans are usually high, which is why you should apply for payday loans mostly in the case of a financial emergency.
Why choose Grace Loan Advance?
Choosing Grace Loan Advance for taking a loan comes with more than several perks. One of the biggest advantages is the ability to apply online, which takes only minutes.
After your application is submitted, you are more likely to get a response from lenders that can grant you a loan from hours to a full day.
Once approved, your account should get funded nearly instantly. Grace Loan Advance also offers a wide range of financing options, starting from $100 up to $35,000. Other advantages of using Grace Loan Advance are:
Quick approval rates
You can get approved in a matter of hours once you apply. While most banks and financial institutions will take days to review your application and respond with a decline or approval, Grace Loan Advance has quick approval rates.
Once you are approved for a loan, your bank account gets nearly instant funding, so your loan is available to you in record time.
Pick the amount you want to borrow and submit your loan application with the required documentation and info. Applying for a loan only takes minutes and everything is done online.
Loan offers in minutes
Once you submit your loan application, it takes minutes for you to get offers and be connected to lenders that can grant you a personal loan. You can compare loan offers and choose the one with the most attractive interest rates.
Wide range of financing options
You can apply to borrow any amount starting from $100 to $35,000 according to the official Grace Loan Advance website.
A great number of independent lenders
Grace Loan Advance is a free marketplace of lenders where borrowers are matched to lenders based on their application forms. A great number of lenders increases your chances of being approved for a loan.
Am I eligible for a loan with Grace Loan Advance?
Eligibility criteria may be different from one lender to the next as Grace Loan Advance is not directly involved in lending services.
Instead, Grace Loan Advance acts as a medium between borrowers and lenders, providing a portal to the marketplace of independent lenders.
Eligibility criteria that apply to all borrowers in general lists that borrowers need to:
· Be more than 18 years old
· Be a US citizen
· Have a valid government-issued ID
· Have a bank account
· Have a valid email address
· Have a valid phone number
· Have a steady income
Other qualifications for being approved for a loan depend on the lender you are matched with. You may be asked to disclose your credit score, your employment status, and your monthly earnings.
Some lenders have minimum credit score requirements as well as minimum monthly earnings as lenders may base their decision to grant you a loan on your regular income and your ability to pay off your loan.
How can I apply for a Grace Loan Advance loan?
You need to visit the official website graceloanadvance.com where you can choose the amount you wish to borrow. You can choose within the range of $100 and $35,000. The website lists three steps towards applying and getting funded.
The first step is filling out a quick and easy application form where you need to specify the amount you wish to borrow. Once you pick the amount, you will need to provide:
1. Your full name
2. Email address
3. Phone number
5. Home address
Grace Loan Advance can connect you to lenders in minutes if you are eligible, while your loan won’t affect your credit score. By providing your phone number, you agree to receive messages and calls from Grace Loan Advance, lenders, and their network partners.
The next step includes receiving offers from lenders who can grant you a loan based on your information and loan application. You can choose the most convenient lender with the most attractive interest rates by comparing offers.
Once you complete the application process and choose a lender, you can get funded in minutes and use your funds as you wish. The shortest repayment period is 61 days, and the longest is up to 72 months on greater amounts.
Grace Loan Advance terms, rates, and fees
Grace Loan Advance doesn’t take any fees and doesn’t apply interest rates on your loans. Interest rates and fees are charged and determined by lenders that the company connects you with.
According to Grace Loan Advance, lenders are required to provide you with fully disclosed documentation that includes interest rates and all fees involved, upon approval.
In case you don’t find the conditions convenient, you can always decline a loan and apply to get matched with another lender.
As disclosed by the website, APR (Annual Percentage Rates) start from 5.99% as a minimum and can go up to 35.99% APR.
Rollover, extended loans, and renewal of loans will be additionally charged by lenders and come with additional fees. Late payments and failing to pay off your loan on time will also result in additional fees and penalties, which should be disclosed in your loan agreement.
Here is a representation of APR, fees, and interest rates that may apply for different loan amounts:
|Loan term||12 months||60 months|