The Loan Exchange personal loans review | finder.com

The Loan Exchange personal loans review

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Fast funds starting at $7,500 for any personal expense and credit type.

When you’re having trouble qualifying for a loan or just need money fast, The Loan Exchange might be able to help. This connection service works with all credit types and can get you a personal loan in as fast as the same day. It can get a bit pricy, however, and it’s not available in every state. Read on to find out if The Loan Exchange can help your personal situation.
Product NameThe Loan Exchange personal loans
Min Loan Amount$7,500
Max. Loan Amount$100,000
APR14.9% (Starting at)
Interest Rate TypeFixed
Maximum Loan Term15 years
  • Have a personal credit score of 500.
  • Have a bank account for at least 90 days.
  • Be a US citizen or permanent resident.
  • Live in an eligible state.

What makes The Loan Exchange personal loans unique?

The personal loans you can find through The Loan Exchange are flexible when it comes to what you can use them for and who qualifies. You can use them to pay for higher education costs as an alternative to student loans — many lenders don’t allow this — and you don’t need to have excellent credit to be eligible. It’s also particularly fast, potentially getting you your money the day you apply if you start your application early enough.

What’s a Loan Exchange personal loan?

You can get an unsecured fixed-term loan through The Loan Exchange, though it doesn’t offer funding itself. It’s a connection service that allows you to get offers from lenders in its network with one application. Though it only works with three lenders, it has plans to expand its network in the near future.

Its partners offer loans between $7,500 and $100,000 at rates of 14.9% (Starting at) APR. While the maximum APR varies by lender, it can sometimes get as high as 100% — especially if you’re on the lower end of the credit score spectrum. You can take up to 15 years to pay back your loan, though you might want to avoid such a long term if you qualify for a high rate. Some of its lenders might charge an origination fee, which comes directly out of your loan before you get your funds.

What are the benefits of a Loan Exchange personal loan?

  • Can use it for college. The Loan Exchange is one of the few places where you can use your personal loan to cover educational expenses.
  • Bad credit OK. You only need a credit score of 500 to qualify for a loan from one of its partners.
  • Fast turnaround. Typically you can get funds by the next business day or two, though you might be able to even get same-day funding if you apply early enough.

What to watch out for

  • High rates. The Loan Exchange might not be a great option if you have excellent credit, since many other lenders offer more competitive starting rates.
  • Limited state availability. The Loan Exchange’s lenders only operate in 10 states, mostly in the West.
  • Small pool of lenders. The Loan Exchange only works with three lenders — part of the reason it has such a limited reach.

Compare other business loan providers

Rates last updated September 21st, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$50,000
4.99%–36% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
580
$100,000
3.09%–35.99% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99%–35.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
6.16%–35.89% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
6.990% – 14.865% (fixed)
Payoff Personal Loans
Pay down your debt with a fixed APR and predictable monthly payments.
640
$35,000
5.99%–24.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (Varies by state) (fixed)
Best Egg Personal Loans
A prime lender with multiple repayment methods.
640 FICO®
$35,000
5.99%–29.99% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
4.99%–29.99% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$30,000
16.05%–35.99%* (fixed)

Compare up to 4 providers

What do other customers have to say about The Loan Exchange?

Almost nothing, which isn’t surprising for a company with such a limited reach. As of July 2018, it doesn’t have a Better Business Bureau (BBB) page and its Trustpilot page doesn’t have any reviews yet. We also couldn’t find any reviews in forums or even on Yelp.

One of the reasons it might be hard to find customer reviews of The Loan Exchange is because a student loan debt relief company with a similar name, The Student Loan Exchange, tends to come up instead. Now going by the name Sign on the X LLC, The Student Loan Exchange was involved in a 2017 crackdown by the Federal Trade Commission on student loan debt relief companies. It has no apparent connection to The Loan Exchange, however.

Am I eligible?

To qualify for a personal loan through The Loan Exchange, you must:

  • Have a personal credit score of 500. You’ll need excellent credit to qualify for the most competitive rates, however.
  • Have a bank account for at least 90 days. Your lender will use this account to disburse funds.
  • Be a US citizen or permanent resident. You need a Social Security number to complete The Loan Exchange’s online application.
  • Live in an eligible state. Just moved to a new state? Consider getting a state-issued ID first before you apply to speed up the application process.

Eligible states

The Loan Exchange’s partner lenders only operate in the following states:

  • California
  • Deleware
  • Idaho
  • Arizona
  • Missouri
  • Utah
  • Wisoconsin
  • New Mexico
  • Kentucky
  • South Carolina

How do I apply?

To apply for funding through The Loan Exchange, call 844-956-2639 or follow these steps to apply online:

  1. Go to The Loan Exchange’s website and click Let’s Get Started!
  2. Enter your first and last name, and click Next. Or, you can speed up the process by letting The Loan Exchange access your Facebook account by hitting Connect with Facebook.
  3. Enter your phone number and email address, then select your preferred means of being contacted. Read the contact disclosure before checking I Agree to the Contact Disclosure and hitting Next.
  4. Type in your address and answer the questions about your home before hitting Next.
  5. Select the amount you’d like to borrow and what you plan on using it for before clicking Next.
  6. Answer the questions about your monthly income, your military past and your debt settlement. Click Next.
  7. Enter your Social Security number and date of birth. Read the Credit Authorization Disclosure and check I Agree to the Credit Authorization Disclosure before hitting Next.
  8. Review your potential offers. If you get connected with something you think might work for you, follow the directions to complete the application with the lender.

Turnaround time is relatively fast, even compared to other online loans. You can fill out The Loan Exchange’s form in a matter of minutes and if you apply early enough in the morning, you could potentially get your funds later on that day. Typically, it takes between one and two business days for borrowers to get their funds.

I got the loan through The Loan Exchange. Now what?

How repayment works can vary, depending on your lender. Typically, you’ll make a repayment each month on your loan balance and interest. Ask your lender if it’s possible to sign up for automatic repayments so it’s one less thing you have to remember each month. None of The Loan Exchange’s partners charge prepayment penalties, so you might want to pay off your loan early to save on interest.

Watch your loan balance and your personal bank account. If you notice anything wrong or think you might be late on a repayment, contact your lender as soon as possible.

Bottom line

The Loan Exchange could be helpful to borrowers who need money fast and have trouble qualifying for a loan. It’s also one of the few places where you can find a personal loan that doesn’t prohibit borrowers from using it to pay for college. However, its partners’ loans can be costly and they only operate in a handful of states.

Interested in learning more about personal loans before you apply? You might want to visit our personal loans guide to find more financing options and compare lenders.

Frequently asked questions

Image source: Shutterstock and theloanexchange.com

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