Prequalify for a $1,000 to $50,000 personal loan from top online lenders.
It can save you time instead of individually prequalifying for lenders, and it might even connect you with some that didn’t come up in your research. However, you might not get the most competitive rates if you don’t have strong credit.
| Product Name | Lendvious Personal Loan Marketplace |
|---|---|
| Min Loan Amount | $1,000 |
| Max. Loan Amount | $50,000 |
| APR | 4.99% (starting at) |
| Interest Rate Type | Fixed |
| Minimum Loan Term | 2 years |
| Maximum Loan Term | 5 years |
- 550+ credit score
- Regular source of income
What is Lendvious?
Lendvious is a personal loans marketplace that works with over 15 online lenders across the country. It’s a division of FinMkt, which also can connect you with business loans through it’s sister site BizLoans.io.
How does it work? Fill out a quick online form and agree to a soft credit check that doesn’t affect your score. After a few minutes, Lendvious’s algorithm will give you personalized offers from several different lenders.
Its partners mainly offer unsecured fixed-term personal loans starting at $1,000 and going as high as $50,000. Terms range from two to five years. You can use a loan from this marketplace for nearly any legitimate purpose, including paying for a trip, a move, debt consolidation and more.
Don’t think you can qualify on your own? Lendvious works with lenders that allow you to apply with a creditworthy cosigner. It also partners with a lender that offers secured loans that require collateral, though it tries to connect with unsecured options first. BizLoans.io sometimes redirects startups and other business owners to Lendvious.
What makes Lendvious personal loan marketplace unique?
Lendvious is one of the more transparent online loan marketplaces out there. Not only is it upfront about rates, terms and loan amounts that borrowers can expect, but it also lists several of its partner lenders on its site so you don’t need to apply to know who you’re working with. Its partners include:
What are the benefits of using Lendvious?
- Saves you time. Instead of filling out multiple preapplications for individual lenders and then comparing results, Lendvious lets you do it in one swoop.
- Cosigner-friendly. Lendvious can be a good resource for borrowers looking to apply with a cosigner — which can be difficult to find with a personal loan.
- Wide range of loan amounts. Being a marketplace has a big advantage: You typically can connect borrowers with a wider range of financing than a direct lender. Lendvious is no exception.
What to watch out for
- Limited customer service. If you have any questions about the online form, you’ll need to either use the live chat feature, which isn’t always available, or send an email. Its Facebook page is active, but its social media team can’t answer specific questions about how it works.
- Site lacks information. While Lendvious is forthcoming about rates and terms, it doesn’t mention anything about eligibility requirements for each lender.
- Limited to its network. This is the drawback of working with any marketplace — you’re limited to a handful of lenders that might not connect you with the best option.
Compare other personal loan matching services
What do borrowers have to say about Lendvious?
Not much as of July 2018. It doesn’t have a Better Business Bureau (BBB) page, though its parent company FinMkt does. FinMkt gets an A+ rating from the BBB, which it’s been accredited with since 2017. But ratings are based on factors like time in business and advertising practices, not customer reviews. In fact, it has no customer reviews or complaints on the BBB.
Lendvious does have a handful of reviews on Trustpilot, however. It scored an 8.9 out of 10 based on 22 reviews. Over 80% of reviewers called it excellent. While a score of 8.9 might not be as high as some other lenders, it doesn’t have any one-, two- or three-star reviews — all are either four or five stars.
Most customers were happy with how fast and straightforward the process was. One was surprised by the origination fee on her loan — though that didn’t stop her from giving five stars.
Am I eligible?
The only hard eligibility requirement you’ll need to meet is a minimum credit score of 550. However, other factors like your income, debt-to-income ratio (DTI) and credit history can affect who you’re connected with. To qualify for the most competitive rates and get the most offers, you’ll typically need excellent credit, a DTI well below 43% and have a history of paying off debt on time for at least a few years.
How do I get connected with lenders?
Lendvious has an online form that only takes a few minutes. Follow these steps to get started:
- Go to Lendvious’s site.
- Enter the amount you want to borrow, select how you want to use it and your credit score range. Then hit Check Your Rates Now.
- Complete the required fields with your personal information, read the agreements, terms of use and other policies before checking the box at the bottom of the page. Then click See My Rates.
- Wait for Lendvious to process your numbers and give you offers. You’ll also see which lenders you weren’t able to qualify for.
- Review your offers and follow the directions to complete the process.
Filling out Lendvious’s online form only takes a few minutes, as does getting offers from lenders. Turnaround time depends on which lender you go with, though some can get you funds in as little as one business day after signing your documents. Typically it takes between 24 and 48 hours.
Online signup process with screenshots
I got a loan through Lendvious. Now what?
What happens next depends on your lender. If it’s an option, consider signing up for automatic repayments. That way, you won’t have to take time out of your schedule to make manual repayments each month — which can get annoying and easy to forget.
Watch your bank account and your loan balance, even if you’re on automatic repayments. If you notice anything wrong or have any questions, reach out to your lender’s customer support line as soon as you can.
Bottom line
Lendvious could be a great way to avoid filling out multiple loan applications if you plan on applying with an online lender. However, you’ll need to have good or excellent credit and a low debt-to-income ratio to qualify for the most competitive rates. And with a pool of just over 15 lenders, your options are relatively limited.
Want to check out more options? Visit our personal loans guide to compare lenders — including marketplaces — and learn about how it all works.
