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The Loan Exchange personal loans review

Fast funds starting at $2,600. But watch out for high rates.’s rating: 3.6 / 5.0


  • Best for poor-credit borrowers looking to compare multiple offers at once.
  • Pick something else if you don't live in one of the 10 states its partners lend in.


Min. Loan Amount$2,600
Max. Loan Amount$100,000
APRStarting at 13.33%
Interest Rate TypeFixed
Min. Credit Score500
Loan TermUp to 15 years
Turnaround TimeAs soon as the next business day

First, am I eligible?

To qualify for a personal loan through The Loan Exchange, you must meet a few basic requirements:

  • 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.

Which states does The Loan Exchange service?

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

  • Arizona
  • California
  • Delaware
  • Idaho
  • Kentucky
  • Missouri
  • New Mexico
  • South Carolina
  • Utah
  • Wisconsin


  • Bad credit OK
  • Check rates without affecting credit score
  • Fast turnaround
  • Can be used for college expenses


  • High starting rates
  • Lenders only available in 10 states
  • Small pool of lenders

Compare other personal loan providers

Name Product Filter Values APR Min. Credit Score Loan Amount
BHG personal loans
$20,000 - $200,000
A highly-rated lender with quick turnaround and reliable customer service.
Credible personal loans
2.49% to 35.99%
Fair to excellent credit
$600 - $100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Best Egg personal loans
5.99% to 29.99%
$2,000 - $50,000
A prime online lending platform with multiple repayment methods.
PenFed Credit Union personal loans
5.99% to 17.99%
$600 - $50,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
SoFi personal loans
4.99% to 19.63%
$5,000 - $100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.

Compare up to 4 providers

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, select your preferred means of being contacted and read the contact disclosure.
  4. Enter your address and answer the questions about your home.
  5. Select the amount you’d like to borrow and how you plan to use your loan funds.
  6. Answer the questions about your monthly income, your military past and your debt settlement.
  7. Enter your Social Security number and date of birth and read the Credit Authorization Disclosure.

What information do I need to apply?

To fill out The Loan Exchange’s form and get connected with a lender, you will need to provide three pieces of information:

  • Social Security number
  • Monthly income
  • Past bankruptcy, if applicable

Step-by-step instructions to apply with screenshots

Your lender may require other documents to finalize your application.

What happens after I apply?

The Loan Exchange will process your information quickly and let you know if you’ve been connected with a lender. If you are, you may be able to complete the application process on the same day and receive your funds within one to two business days.

How do repayments work with The Loan Exchange?

Your repayment plan will vary based on the lender you’re connected with. Typically, you’ll make a repayment each month on your loan balance and interest. 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.

You can view the other types of loans The Loan Exchange offers or visit our personal loans guide to find more financing options and compare lenders.

Frequently asked questions

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Personal loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.

Read the full methodology of how we rate personal loan providers.

Review by

Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

The Loan Exchange is ideal for poor-credit borrowers looking to compare offers from multiple lenders at once. You can check what rates and terms you might qualify for with several personal loan providers without affecting your credit score.

It’s also a good option if you want to use some of the funds for college expenses — most lenders don’t allow this. And you might be able to get your money the next business day after approval.

But its rates start high compared to other lenders out there, though this is par for the course with providers willing to work with all credit types. And you’ll need to live in one of the 10 states that its partners lend in to qualify.

Rather apply with a lender directly? Compare your other options below.

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