Is Honest Loans a Good Option? Full Review for Borrowers
Joy Wallet is advertiser-supported: we may earn compensation from the products and offers mentioned in this article. However, any expressed opinions are our own and aren't influenced by compensation. To read our full disclosure, click here.
Have you ever found yourself in need of a little bit of extra cash? Whether you need to make sudden home repairs or are looking to pay off credit card debt, a personal loan can be a good option in many situations. If you’re considering taking out a personal loan, you may be stressed out at just the thought of researching lenders and submitting an application to each one. Fortunately, free services can submit your loan request to a network of lenders with just a button. Honest Loans is one of the services you should consider if this process sounds like the right solution.
In this article
What is Honest Loans?
Honest Loans is a lender connection service that can connect borrowers with lenders for personal loans, cash advance loans, installment loans, emergency loans, and more. The service is free to use, and you can submit your loan request online to begin the process. After you’ve submitted your request, Honest Loans will send it to the lenders within its network.
When you use Honest Loans, you won’t receive funds directly from the company. Instead, the service provides a quick and easy way to submit a loan application to dozens of lenders simultaneously. Then, all you need to do is sit back and wait for lenders to contact you with loan offers. If you accept a loan offer from one of the network lenders, you can receive your loan funds as soon as the next day.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
How does Honest Loans work?
When you go to the Honest Loans website, you will immediately be greeted with a short form that you can fill out to submit your loan request.
After selecting the amount you want to borrow, you’ll be asked to enter your first and last name and other verifying information, including the last four digits of your social security number, the year you were born, and the zip code where you reside.
Then, you’ll enter your email address so Honest Loans can send you your loan request confirmation when the request has been completed. Honest Loans also needs your phone number so lenders can reach you regarding your loan request. Providing your home address will help Honest Loans determine what loans are available in your area. Honest Loans also needs to know how long you’ve lived at your current address and whether you own your home.
Since you’ll need to prove that you’ll be able to repay a loan, Honest Loans needs to know your employment status. It will ask how long you’ve been with your employer and whether you're employed or self-employed. Next, Honest Loans will ask you for more information about your income, starting with how often you’re paid. The amount of money you make is also important for Honest Loans. You should include your income sources and what they total before taxes. You’ll also need to provide the date you’ll get paid next. Honest Loans only allows you to input dates that fall on weekdays.
Now, you’ll need to enter your bank account information. Honest Loans prefers that you use a checking account for this step. Your information will let Honest Loans know where to deposit your funds if approved for a loan. If you don’t have a bank account, Honest Loans will direct you to , where you can sign up for a checking account.
You’ll also need to let Honest Loans know whether you get paid via direct deposit or a paper check. As long as you can be paid via direct deposit moving forward, you can continue the process. The next question will ask how long you’ve had the bank account used for your direct deposits.
Again, Honest Loans strongly prefers that you use a checking account, but if you use a savings account, you can disclose that now.
If you know your credit score, Honest Loans would like to know approximately what that is. You can also get a if you don’t know where you stand.
As you reach the end of this process, Honest Loans will ask for the primary reason you’re requesting a loan. Some of the most common uses for these loans include debt consolidation, medical bills, and home improvement projects.
Another of the final steps is disclosing whether you have $10,000 or more in credit card debt. If you do, Honest Loans suggests that an expert can help you take care of this debt.
At the beginning of this process, I selected that I wanted a loan of up to $20,000. Honest Loans asked me if I wanted to be considered for a lower amount if the requested amount was unavailable.
Before submitting your loan request, consider its terms and policies. After checking a box to indicate that you agree to these, you can submit the request.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
How much does Honest Loans cost?
Honest Loans does not charge fees to use the website or submit your loan request. If your loan request is approved, you’ll receive an offer directly from a lender. This offer will include a loan agreement that includes the fees and the interest rates you can expect to pay if you accept the loan. It’s important to remember that Honest Loans is not a lender, so you won’t be able to get information about the fees and interest of the loan offers you might receive ahead of time.
Honest Loans features
Flexible criteria
One of the biggest benefits of using a company like Honest Loans is that your loan request will be sent to several, even hundreds of lenders. This means that there is no one set of criteria that you must meet to qualify for a loan. Each lender has its own criteria, and some lenders accept borrowers with bad credit. By using Honest Loans, you’ll have a better chance of reaching a lender accepting you, even if you have a poor credit history.
Small and large loan sizes
Honest Loans allows you to request a loan amount of as little as $100 or as much as $50,000. The amount you can borrow will vary based on your credit history, employment, and income history. The state you live in can also impact the minimum amount you can borrow. Each loan offer you will receive will be for a specific amount you can accept or reject.
Quick process
To submit a loan request, all you need to do is fill out the online form. After you’ve submitted your loan request, you can expect to start receiving loan offers from lenders as soon as minutes after you’ve submitted the request. If you accept one of the loan offers you receive, you can receive your funds in your bank account 24 hours later.
Who is Honest Loans best for?
People who want to borrow under $1,000
Sometimes, you just need a small loan to pay an expected bill or to help you pay off a debt. In this case, it might seem pointless to apply for a loan of such a small amount. Honest Loans accepts these loan requests and has lenders willing to offer borrowers a small loan. This is great for situations where you need an emergency loan or cash advances before your next payday.
People who need a large loan quickly
Honest Loans is also great for people who borrow up to $50,000 and need the funds quickly. Honest Loans can connect you with lenders who approve these higher loan amounts. After accepting a loan offer, most lenders can get the funds into your bank account as soon as 24 hours later.
People who aren’t sure whether they have good credit
Since Honest Loans can connect you with a wide network of lenders, you’ll have access to lenders with varying eligibility requirements. You can submit a loan request regardless of your credit score.
Who shouldn’t use Honest Loans?
People who want to work with a lender in person
For all of the great features that Honest Loans offers, one thing it lacks is the ability to visit and submit a loan request in person. If you prefer to work with a financial institution in person, Honest Loans isn’t a good fit for you.
People who need other types of loans
Honest Loans can only connect you with lenders for a personal loan. This means it cannot help with secured loans, such as mortgages, home equity, or auto loans.
People who don’t want to be contacted by lenders
When you submit a loan request through Honest Loans, you consent for lenders to contact you. They may call you, text you, or email you to speak with you more about your loan request. If this makes you uncomfortable, you may want to look for a direct lender instead.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
Pros and cons
Pros
- Honest Loans can connect you with a wide network of lenders. Because of this wide network, you’ll have a higher chance of being approved for a loan than if you applied with a lender directly.
- With Honest Loans, you can apply for a loan amount of as little as $100 or as much as $50,000.
- If you accept a loan through one of Honest Loans’ lending partners, you can receive your funds in your bank account as soon as 24 hours later.
Cons
- No in-person services are offered, so you must submit a request for an online loan.
- You have to have a bank account to submit your loan request.
- Your employer must pay you via direct deposit to qualify for a loan.
Honest Loans vs. competitors
Loan Company | Loan amounts | APR rates |
Honest Loans | $100 - $50,000 | Varies by lender |
LendingClub | $1,000 - $40,000 | 9.57% - 35.99% |
MoneyMutual | $200 - $5,000 | Varies by lender |
LendingClub
LendingClub is among some of the most popular loan companies with online applications. Like Honest Loans, LendingClub offers a decent range of loan amounts, starting at $1,000. The company can also help clients with business loans and auto refinancing loans.
LendingClub does have some eligibility requirements to consider. If you’re looking for bad credit loans, LendingClub probably can’t help you because it requires a minimum credit score of 600. However, if you have a fair or good credit score, LendingClub is one of the better loan options to consider. One of the benefits of using this loan service is that you can have an idea of what the interest rates for your loan might be before you submit your loan application. With LendingClub, you can also use the funds to repay multiple creditors directly.
MoneyMutual
MoneyMutual is a good option for people with bad credit because creditworthiness is not a top eligibility requirement. MoneyMutual can help you get both payday loans and installment loans. It will also consider borrowers with alternative income sources — as long as you receive at least $800 per month in income, you may qualify for short-term loans.
Like some of its competitors, there isn’t a process to pre-qualify for a loan through MoneyMutual. Instead, you’ll go through a quick application process, and MoneyMutual will work to match you with lenders. If you accept a loan offer from one of the lenders, you may be able to receive your funds in as little as 24 hours. The downside is that MoneyMutual does not offer upfront information about its interest rates, so you may receive loan offers with high interest rates, especially if you have poor credit.
FAQs
Does HonestLoans run a credit check?
No, Honest Loans does not perform a credit check when you submit a loan application. However, some of the lenders in its network may run a credit check to determine if they can offer you a loan and what interest rate you qualify for.
What happens after I accept a personal loan?
After you accept a loan offer and receive your funds, you’ll enter the loan's repayment period. When you receive a loan offer, it should include your minimum monthly payment, including the interest rate. If you make those minimum monthly payments on time, your account will remain in good standing. You’ll continue making these payments throughout the loan term offered to you. Some lenders may also let you pay off your loan early with no penalty fee.
How do I know which loan pricing is good for me?
Personal loans can be a great resource to help you pay off bills or debts. It can also be a great resource to help you fund an important project or event. When considering any loan offer, it’s important to keep your financial situation in mind. The last thing you want to do is end up putting yourself more in debt and stressed out financially by taking out a loan. Be sure you can comfortably make the minimum monthly payments before accepting a loan offer.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
The bottom line
Honest Loans is an option you should consider if you’re looking for a personal loan but don’t want to spend much time on the application process. Using the service is free and allows you to connect with dozens of lenders all at once quickly. This can give you various loan options, and you can review your offers to pick the one with the interest rate and loan terms that work best for you.
This isn’t the only lender connection service out there, but it is a top contender for a few reasons. One of the best things it offers is a wide range of loan amounts. It’s also flexible with its eligibility requirements, though its lenders may have their own requirements that you must also meet.
Since the service is free to use and doesn’t take up much of your time, it’s worth submitting a loan request to see what offers you’ll receive. There’s no obligation to accept any loan offers you receive through Honest Loans, so there’s minimal risk in submitting your request. As long as you’re sure to read through your loan terms so you understand what you’re getting into, Honest Loans is a great tool to have at your fingertips.
Joy Wallet is an independent publisher and comparison service, not an investment advisor, financial advisor, loan broker, insurance producer, or insurance broker. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. They are not intended to provide investment advice. Joy Wallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. We encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Featured estimates are based on past market performance, and past performance is not a guarantee of future performance.
Our site doesn’t feature every company or financial product available on the market. We are compensated by our partners, which may influence which products we review and write about (and where those products appear on our site), but it in no way affects our recommendations or advice. Our editorials are grounded on independent research. Our partners cannot pay us to guarantee favorable reviews of their products or services.
We value your privacy. We work with trusted partners to provide relevant advertising based on information about your use of Joy Wallet’s and third-party websites and applications. This includes, but is not limited to, sharing information about your web browsing activities with Meta (Facebook) and Google. All of the web browsing information that is shared is anonymized. To learn more, click on our Privacy Policy link.
Images appearing across JoyWallet are courtesy of shutterstock.com.
Writer
Ashley Hart is a lead copywriter and digital marketing expert covering finance, law, real estate, music, entertainment, health and wellness.
Share this article
