LoansUnder36 personal loans review: Loans for all credit types, but watch out for predatory tribal lenders.
- Max. Loan Amount
- $35,000
- APR
- 5.99% to 35.99%
- Min. credit score
- All credit types welcome
Our verdict
Compare multiple lenders in one place, but watch out for predatory lenders, lack of customer protections and poor online reviews.
LoansUnder36 is a lending marketplace offering loans between $500 and $35,000. But compared to other marketplaces like Credible and Fiona, the LoansUnder36 website lacks clear information about the products it offers and the lenders it works with — but has many disclosures to protect itself from liability.
In one of these disclosures, the company states it works with tribal lenders — which often charge interest rates that can exceed 400% APR — much higher than “the loans under 36%” promised in the company's name. And in another disclosure, it implies that if you use the site, you're giving LoansUnder36's partners permission to run hard credit checks on you, which is not how other loan marketplaces work.
Also, be aware that LoansUnder36 may not even provide you with lenders to compare. After filling out the form, which asks for personal information like your Social Security number, bank account name and account number, we were redirected to a page to get a free credit report instead of being shown lenders. This is not how legitimate marketplaces operate, and it feels scammy.
Given LoansUnder36's lack of transparency, tribal lender partnerships and policies that indemnify the company from customer damages, we recommend skipping this one and using a more transparent and user-friendly loan marketplace to find a personal loan.
Pros
-
Works with poor credit borrowers
Cons
-
Lack of transparency
-
Works with tribal lenders
-
Company is not liable for any damages
-
Little information about the company online
-
Support options are lacking
Details
Product details
| Min. Loan Amount | $500 |
| Loan Amount | $35,000 |
| APR | 5.99% to 35.99% |
| Interest Rate Type | Fixed |
| Min. credit score | All credit types welcome |
| Loan term | 2 months to 6 years |
Contact info
| info@LoansUnder36.com |
Where LoanUnder36 falls short
LoansUnder36 has many shortcomings compared to other loan marketplaces that work with the top personal loan providers in the industry. These are red flags we found after reading the disclosures on its website:
- Works with tribal lenders. Tribal lenders may be exempt from state licensing and interest rate caps — which means APRs could hit the triple digits. Tribal lenders also use tribal arbitration rather than a US court for disputes, so you’ll be limited in bringing any claims against the lender if a problem arises.
- Authorization to obtain a credit score. Unlike other loan marketplaces, LoansUnder36’s disclosures imply that if you submit a loan request on its site, its partners may do hard credit checks during the pre-qualification process, which could ding your credit rating. Other marketplaces do a soft credit check only when you submit a request for information.
- Assumes no liability for damages. Warmest Dear, LLC, LoansUnder36’s website owner and operator, also states that it is not liable for any damages connected to the use of its website and states that the customer must indemnify the company from damages. This means if you run into problems as a result of using the site, you won’t get help.
- No company information online. The company disclosures state that its website is owned and operated by Warmest Dear, LLC, a company we can’t find any substantial information about online except for an address.
A legitimate loan marketplace generally discloses the lenders it works with. Fiona, for example, clearly states its partners on its homepage so you know which lenders you could be matched with before you submit your application. LoansUnder36 does not provide this information.
LoansUnder36 loan details
| Minimum credit score/credit range | Not stated |
| APR | Not stated |
| Loan amounts | $500 to $35,000 |
| Terms | Not stated |
| Approval turnaround | Not stated |
| Availability | Not stated |
| Fees | Not stated |
| Other fees | Not stated |
How to qualify for LoansUnder36
LoansUnder36 states that borrowers must meet the following requirements:
- Must be at least 18 years old
- Must be a US citizen of permanent resident
- Currently employed or receive steady income
- Have a bank account to receive the funds ideally with direct deposit
How to apply
While we don’t recommend using the provider to find a personal loan, you can apply on the LoansUnder36 website by following these steps:
- Fill out the form online
- See if you are matched up with any lenders
- Apply with the lender
- Wait for approval and funding
How LoansUnder36 compares to other lenders
Compared to other personal loan marketplaces, LoansUnder36 lacks information, transparency and a clear path to applying. It also works with tribal lenders, which are considered predatory lenders that can charge interest rates well exceeding 400% APR.
Other loan marketplaces, like Credible and Fiona, work with lenders that cap rates on personal loans at 36% APR, and these marketplaces clearly state the lenders they’re partnered with on their home pages. LoansUnder36 doesn’t list its partners on its site and gives no information about rates or terms.
Trying to get any information from LoansUnder36 is difficult at best. Chat representatives aren’t able to provide details on lenders or loans, and the customer support number doesn’t appear to take live calls. Other loan marketplaces offer better support, including live phone support.
LoansUnder36 personal loans
★★★★★
Finder rating 3.6 / 5
APR
5.99% to 35.99%
Loan term
2 months to 6 years
Loan amount
$500 to $35,000
Min. credit score
All credit types welcome
LightStream personal loans
★★★★★
Finder rating 4.8 / 5
APR
7.49% to 25.99%
Loan term
24 to 144 months
Loan amount
$5,000 to $100,000
Min. credit score
Good to excellent credit
PenFed Credit Union personal loans
★★★★★
Finder rating 3.6 / 5
APR
7.99% to 18%
Loan term
1 to 5 years
Loan amount
$600 to $50,000
Min. credit score
580
LoansUnder36 reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | Not rated |
| BBB customer reviews | No reviews |
| Trustpilot Score | 2.7 out of 5 stars, based on 4 customer reviews. |
| Customer reviews verified as of | 19 May 2023 |
There isn’t much information from customers available online. A handful of customers on Trustpilot give the company an overall “Poor” rating, with the majority of customers saying that they had negative experiences, including one stating they had their identity stolen. Another customer believes they are “scammers.”
Is LoansUnder36 legit?
We don’t know. The company has many disclosures listed on its website and claims it uses 256-bit SSL technology to encrypt your data. But most of its disclosures are designed to protect the parent company, Warmest Dear LLC, not the customer, from liability.
Your reviews
Kat Finder
Writer
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