Encoreloan Review – Easy Access to Loan Providers
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Shopping around for a loan can be exhausting, especially if you’re short on time. That’s why there are companies that allow prospective borrowers to submit a quick loan request that can connect borrowers and lenders in real time. Encoreloan is just one of those companies. It provides a quick and easy way to see what loan options might be available to you. Best of all, it’s free to use, and there is no obligation to accept any loan offer you might receive after filling out the loan request form.
In this article
What is Encoreloan?
Encoreloan.com is a platform that offers a free, no-obligation financial service to prospective borrowers. The platform connects borrowers to prospective lenders who might offer a loan based on the information provided in the borrower’s loan request form. Encoreloan is not a direct lender or a financial institution, so it cannot offer loans directly to borrowers. It should not be confused with companies with similar names, such as Encore Bank, Encore Solutions, Encore Payment Systems, or Encore Mortgage.
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How does Encoreloan work?
Encoreloan provides an easy online form for borrowers to submit a loan request. This process starts by selecting the loan amount you need and providing your zip code and email address.
After clicking the “Start Here” button, you will be automatically redirected to fill out the rest of the form.
In addition to selecting the loan amount you’d like to request, you’ll need to select the purpose of the loan.
Then, you’ll be asked to enter more of your personal information.
The last question on this page is not common but important. If you have a fully paid-off vehicle, you can use it as collateral to qualify for a loan. Collateral is unnecessary for every loan, but it could help increase your chances of approval.
The next page of the form asks for your employment information. Lenders can also use this information to determine whether you qualify for a loan.
The final page of the form asks for your bank information. This is required because the lender will deposit your funds directly into your bank account if approved for and accept a loan offer.
The final step is to agree to the terms and conditions of using EncoreLoan and submit your loan request.
How much does Encoreloan cost?
It is free to use Encoreloan, but there are some things to be aware of when considering the cost of a loan. Since Encoreloan is not a direct lender, it does not decide on loan approval, rates, or terms.
When you receive a loan offer, you should look for these rates and fees that will likely be associated with the loan:
- Annual percentage rate (APR): Every loan comes with an APR. This is the cost of taking out your loan, including the interest rate you were offered and the loan. It can also include other charges that might come with the loan, such as an origination fee.
- Origination fee: Loans don’t always have an origination fee, but some lenders charge one. Origination fees are what you pay to cover the cost of the lender processing and administering your loan. The fee could be a fixed amount, or it could be a percentage of your loan amount. When lenders charge an origination fee, it could be included in your APR, or the amount may be deducted from your loan.
- Late fee: Most lenders charge a late fee if a minimum payment is not paid by the due date. Your lender will set the minimum payment for your loan, and you’ll be expected to pay at least that amount each month. Sometimes lenders offer a grace period during which you won’t be charged a late fee for missing the payment due date. For example, some lenders won’t charge a late fee if a payment is made within seven days after the due date. However, even if a lender offers a grace period, it is not something you can count on and may not be offered more than once. Late fees, such as $40, are usually fixed, and you will see it appear on your loan statement.
- Prepayment penalty: When you take out a loan, the lender will set a loan term, which is the amount of time the repayment period takes over. During this time, the lender makes money by collecting interest along with your monthly payments. If you pay off your loan before the end of the loan term, you may be able to save money by eliminating the interest that would come with the rest of the payments in the loan term. For this reason, some lenders charge a prepayment penalty if you pay off your loan early. The prepayment penalty is usually a percentage of the loan balance.
Personal loans, such as those offered through Encoreloan’s partners, can be as small as $300 and up to $15,000. The repayment period typically ranges between 6 and 72 months, with payment frequencies occurring once or twice monthly.
Encoreloan offers these personal loan examples to give borrowers a better sense of the cost of a personal loan.
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Encoreloan features
Easy application process
One of the benefits of using a site like Encoreloan is that it provides a quick and easy way for borrowers to submit a loan request to several lenders at once. The loan request form takes only a few minutes to complete, and you can submit it anytime.
Wide range of uses
With Encoreloan, you can submit a loan request for just about any reason. This includes making a large purchase, paying for a wedding, or paying for sudden, unexpected home repairs. You can also use your personal loan funds to fund a small business, take a vacation, or pay off credit card debt.
Quick funding
After submitting your loan request, you need to monitor your phone and email so you don’t miss any loan offers from Encoreloan’s lending partners. Then, if you want to accept a loan request, you can do so online as well. Once your application is approved, the lender can deposit your loans into your bank account before the next business day.
Who is Encoreloan best for?
People who want a relatively large loan amount
There are several services like Encoreloan, but not all connect borrowers with lenders willing to offer larger loan amounts. Encoreloan is unique because it allows people to request a personal loan as high as $15,000.
People with bad credit
Encoreloan accepts loan request applications from all credit types. People with poor or fair credit may struggle to find a loan, which can be frustrating if there’s an urgent need for funds. In these cases, Encoreloan might be able to help connect borrowers with lenders who will approve them for a short-term loan.
People who want to save time
Instead of researching and submitting loan applications to individual lenders, Encoreloan allows you to submit a single loan request that can be submitted to dozens of lenders simultaneously. This is especially good for people who need money quickly and don’t have time to seek out lenders individually.
Who shouldn’t use Encoreloan?
People who don’t have a bank account
Encoreloan’s lending partners deposit loan funds directly into a borrower’s bank account. This can be beneficial for many people as it allows for a quicker transfer of loan funds. However, if you don’t have a bank account and cannot receive funds that way, you won’t be able to submit a loan request through Encoreloan.
People who live in certain areas of the country
Encoreloan is available to borrowers throughout the United States. However, lenders vary by state, so your state of residence can impact the number of loan offers that you’ll receive. Borrowers in New York and West Virginia cannot use Encoreloan. You won’t even see those states or the District of Columbia on the form's drop-down menu in the personal information section.
People who need funding for expenses that might qualify for other loans
Personal loans can be used for just about any purpose, but some purposes might be better served with another loan product. For example, people who want a loan to purchase real estate may have other options that will work better for their financial needs. These people might be better suited to working with mortgage brokers to find the best loan to purchase or refinance a property.
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Pros and cons
Pros
- Encoreloan is a free service that is quick and easy to use.
- With Encoreloan, you can connect with multiple lenders and compare loan options before accepting a loan of your choice.
- You can use loans obtained through using the service for a wide variety of purposes.
Cons
- Encoreloan is unavailable to borrowers in New York, or West Virginia.
- Since Encoreloan is not a direct lender, you won’t know what loan terms and rates are available until you’ve submitted a loan request.
- Personal and short-term loans can be more expensive than other loan types.
Encoreloan vs. competitors
Types of loans | Loan amounts | |
Encoreloan | Personal loans, short-term loans | $300 - $1,500 |
Lendjet | Personal loans | $1,000 - $10,000 |
NetLoanExpress | Cash advances, installment loans | $100 - $5,000 |
Lendjet
Lendjet is another lending platform that offers a fast online form that borrowers can use to submit a loan request to several lenders. Like Encoreloan, Lendjet is not a direct lender, so the company does not set interest rates or credit score requirements. However, you can still expect your credit history to be checked when you submit a loan request.
It’s free to use Lendjet, and you can submit a loan request for up to $10,000 using this platform. It’s your responsibility to review any loan offers that you receive and understand the process and requirements. This includes the loan servicing agreement, monthly payment amounts, and more.
NetLoanExpress
NetLoanExpress is a free lending marketplace that borrowers can use to submit a loan request to a network of lenders. Through this marketplace, you can connect with lenders offering you an installment loan or a cash advance, also known as a payday loan. If you don’t have a bank account — which is a requirement for these loans — NetLoanExpress may suggest other services to help you out.
Like Encoreloan, NetLoanExpress cannot accept loan requests from New York, West Virginia, or Washington, D.C residents. People who live in other areas of the United States can expect a quick approval process and funds as soon as the next business day if they’re approved for a loan. The loan amounts available are lower than those of some of its competitors, but NetLoanExpress can be a good option for borrowers who need fast cash.
FAQs
Does Encoreloan use credit scores to determine eligibility?
Encoreloan does not make any decisions regarding someone’s creditworthiness. The company believes everyone deserves access to loan funds and will connect prospective borrowers with lenders in real time. Each lender may have different eligibility criteria. For example, some may require a minimum credit score, while others might not run a credit check. If you’re worried about not qualifying for a loan due to your credit, you may want to consider payday loans or offering collateral for a personal loan.
Is it safe to submit information using Encoreloan?
Yes, it is safe to use Encoreloan to submit your information. The website uses industry-standard security protocols, including 256-bit data encryption technology, to ensure that the information is safe. To help assure you that any company you are considering is not a scam, you can also search for customer reviews for further peace of mind.
What’s the difference between these loan types?
There are some subtle differences to be aware of when considering personal loans. A personal loan is typically an unsecured loan used for a wide variety of purposes, including personal and household expenses. An installment loan refers to the repayment system included in the loan terms. With these loans, borrowers typically repay their loans using fixed pricing in the form of monthly payments. Each payment goes toward a portion of the principal amount borrowed, as well as the interest being paid on the debt. Installment loans are often repaid over a few years. A short-term loan is a loan that is designed to be repaid over a short period of time. These loans are usually expected to be repaid within a year. A payday loan or cash advance loan is a common example of a short-term loan. Payday loans are very short-term loans that often come with high-interest rates. These loans typically have a principal that is a portion of the borrower’s next paycheck, and the loans are expected to be repaid when you get paid by your employer.
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The bottom line
Encoreloan is a platform that allows prospective borrowers to connect with lenders who may be able to offer them personal loans. It’s a great service, especially for people who don’t have the best credit history. While your credit score may be accessed, and lenders may use it when considering your application, there is no minimum credit score requirement to use this service.
It’s important to remember that Encoreloan is not a direct lender or a financial institution. The company cannot help you decide which lender to use, nor can it set the interest rates, terms, or other pricing associated with a loan offer. The service is simply a way for borrowers and lenders to connect.
There are several platforms, like Encoreloan, and they all work similarly. Encoreloan is a good option for borrowers who want a personal loan larger than $5,000 or $10,000. The maximum loan amount is $15,000. However, there is no guarantee that a lender accessed through Encoreloan will offer a loan amount that high. Even if you’re not 100% sold on the service, submitting a loan request and seeing what happens doesn't hurt. Using the website is free, and your information will be kept safe with Encoreloan’s security protocols. There is no obligation to accept a loan offer that came through Encoreloan’s lender network, so if none are acceptable to you, you can simply move on and look elsewhere.
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Writer
Ashley Hart is a lead copywriter and digital marketing expert covering finance, law, real estate, music, entertainment, health and wellness.
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