Lendjet Review – Connecting Borrowers to Lenders, Fast & Easy
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Lendjet is a lending marketplace that can help borrowers connect with personal loan lenders.
8/10
Costs
8.5/10
Features
8/10
Ease of Use
8/10
Services
8/10
When you need money quickly, do you know where to turn? I don’t know many people who don’t worry about this. We’re all aware that having an emergency fund set aside for unexpected expenses is a good idea, but that doesn’t mean saving up for one is easy. Building an emergency fund takes time; sometimes, the unexpected happens sooner than we had hoped. In these cases, it’s good to know about your other options. Lendjet is a company to keep in mind for these times. Our Lendjet review covers its features and pros and cons in detail.
In this article
What is Lendjet?
Lendjet.com is a lending marketplace that connects borrowers with lenders. The company deals with personal loans for as little as $1,000 or as much as $10,000. When you apply to the platform, Lendjet works with its marketplace of lenders to match you with one or more that can help you. You can find out whether your application is approved or rejected in a matter of minutes after submitting your application. If your application is approved, you should receive loan offers from Lendjet’s network of lenders. From that point, you can decide whether to accept or reject the loan offers.
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 Lendjet Work?
To get started with Lendjet, you need to go to their website.
When you click on the “Start Here” button, you’ll be brought to the next page of the application. This is where you’ll enter the amount that you want to borrow. Lendjet can help with personal loans from $1,000 to $10,000.
You also need to enter the purpose of your loan. Several options include debt consolidation, emergency expenses, moving, weddings, and more. If none of the other options fit your needs, you can select "Other."
Next is the dreaded question...your credit rating. You don’t need to know your exact credit score, but you must select the range you think it falls in. Not to worry, though; Lendjet says that all credit types are welcome.
This is the end of the preliminary questions. After gathering this information, Lendjet will send you the official loan application. You’ll start with basic information, including your name, birth date, and contact information. The amount you want to borrow will already be on the application, based on your earlier answer.
Lendjet also needs to know your address, whether you’re a homeowner, have a driver’s license, or another ID number. Another part of the loan application is information about your job and income source. Once you’ve entered all the information, you can submit your application. You can expect to start deciding whether your application is approved or rejected in a matter of minutes.
How Much Does Lendjet Cost?
It is completely free to use Lendjet. However, you should know the costs of taking out a personal loan. When you receive a loan offer through one of Lendjet’s lenders, carefully review the terms, including rates and fees.
Some fees you might find within a loan’s terms and conditions include:
Origination fee
An origination fee is what some lenders charge to cover the cost of processing and underwriting your loan. In most cases, origination fees are between 1% and 6% of the loan’s total amount. If a lender charges an origination fee, it is added to your loan total, and you will pay interest on it just as you will for the loan amount. Origination fees are only charged when your personal loan is approved and the money has been sent to your account.
Late payment fee
Late payment fees are common with any loan or line of credit. Your personal loan will have a monthly payment amount and due date. Most lenders will charge a late payment fee if you fail to make your monthly payment on time. This fee can be a flat or a percentage of your minimum monthly payment. The charge will be added to your account and should be paid when you make your next payment.
Prepayment penalty
Some lenders may also charge prepayment penalties. When you accept a loan offer, it will come with a repayment term. The lender profits from the interest you pay as part of your monthly payments throughout the repayment term. If you pay off the loan before your repayment term ends, the lender is not profiting as much because you won’t pay as much interest. Some lenders charge a prepayment penalty between 2% to 5% of the loan amount to offset this risk.
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.
Lendjet Features
Lendjet is not a direct lender, but there are several benefits to using its service. These key features make Lendjet a good option for people who need a personal loan quickly.
Quick online process
Lendjet’s top feature is the efficient application process that it offers. It only takes a few minutes to complete a loan application from Lendjet. Then, instead of submitting other applications to other lenders, Lendjet can match you with multiple lenders so you can get multiple loan offers.
No obligation loans
Applying does not obligate you to accept any of the loan offers that you receive through Lendjet. You can review the loan terms and conditions before you decide whether to accept or reject any loan offer. If you don’t find any loans you like this time, you can come back to Lendjet later to see if you can get different offers.
No credit score minimum
Lendjet accepts applications from borrowers no matter what their credit score is. Applying with Lendjet also does not damage your credit because the company doesn’t make a hard credit inquiry.
Who is Lendjet Best For?
No matter how good a product or service is, that doesn’t mean it fits everyone. If any of these categories sound applicable to you, Lendjet may be a good fit.
People who are short on time
Lendjet provides a quick and easy way to look for a loan. Going through Lendjet, you can submit a single application and review loan offers from various lenders. You may even find lenders that you didn’t know existed previously.
People with poor credit
If you’re worried about your credit history getting in the way of your loan, Lendjet might be the right place for you. Lendjet does not discriminate based on credit, making it easier for people who don’t fit the eligibility requirements of some lenders. If you don’t qualify for a loan from Lendjet’s network of personal loan lenders, the company might help you submit your information to other networks instead. The loans from these other networks are typically smaller but can still help you in a pinch.
People who want short-term loans
With Lendjet, you can connect with a short-term loan that can help you in some financial situations. For example, you may want to use a loan from one of Lendjet’s lenders as a debt consolidation solution. Lendjet’s lenders offer repayment terms between 12 and 60 months, so as long as you can repay the loan in that amount of time, Lendjet can be a good option for you.
Who shouldn’t use Lendjet?
Lendjet has much to offer borrowers, but that doesn’t mean it’s the right personal loan resource for everybody. If any of these situations apply to you, looking at other lending options may be a good idea.
People who want to know rates and terms upfront
Lendjet is great because it can connect borrowers with a network of lenders in minutes. However, Lendjet cannot tell you what interest rates and terms will be offered to you. Each lender within Lendjet’s network sets its own personal loan rates and terms, so your loan offers could be vastly different from each other. If you don’t feel comfortable knowing the rates and terms you might receive before applying, Lendjet might not fit you.
People who want to have a personal connection to their lender
Lendjet is simply a marketplace that allows you to connect to lenders within its network. The Lendjet website doesn’t provide an easy-to-find way to contact someone at the service if you have questions. You also won’t know what lenders your information is being shared with until you receive loan applications. This can make some people uncomfortable, especially if you prefer to have a relationship with your lender.
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
- Lendjet does not perform a credit check when you apply for a loan using the service, so there won’t be any hard inquiries on your credit reports.
- Lendjet can help you connect with an entire network of lenders in a matter of minutes.
- You can receive funds from your lender in as little as 24 hours after accepting a personal loan offer.
Cons
- Since Lendjet is not a direct lender, you won’t know what lenders you might be working with until after you submit your application.
- Rates and terms are set by each lender, so you won’t know what might be available to you until you start receiving loan offers.
- Lendjet does not provide much information about its eligibility requirements. For example, it says that you must be able to show regular income to qualify for a loan, but it doesn’t specify how much borrowers need to make monthly or annually.
Lendjet vs. competitors
Provider | Price | Types of loans offered | Personal loan amounts |
Lendjet | Free to use | Personal loans | $1,000 - $10,000 |
Upstart | Free to use, but some borrowers may need to pay an origination fee | Personal loans, consolidation, car loan refinance | $1,000 - $50,000 |
White Rock Loans | Free to use | Personal loans | $100 - $5,000 |
Upstart
Upstart partners with banks to help both the lending institution and the borrower. Its platform uses AI technology and alternative data to expand personal loan access to borrowers with credit scores as low as 300. The platform is free to use. However, some borrowers may have to pay an origination fee for their personal loans.
One of the nice things about Upstart is that its website offers more information upfront. In addition to its credit score requirement, Upstart has debt-to-income ratio requirements. Borrowers must not have bankruptcies or delinquent accounts in the past year to qualify. Additionally, Upstart provides its average APR across all lenders and allows you to check your rate before you go through the application process.
White Rock Loans
White Rock Loans is another lending platform that can help borrowers quickly access short-term loans. Like Lendjet, White Rock Loans is not a direct lender but connects borrowers to lenders within its network to get funding. Funds can be received as soon as the next business day after you accept a loan offer through White Rock Loans.
Loans offered through White Rock Loans are offered in small amounts, ranging from $1,000 to $5,000. Like most competitors, White Rock Loans does not provide much upfront information about the rates and terms its network of lenders offers. However, the platform accepts loan applications regardless of your credit score.
FAQs
Is a lender marketplace safe to use?
It’s good to be cautious of where you enter and submit your personal information online. Since online lender marketplaces are not direct lenders, you might be wondering whether it’s safe to provide sensitive information such as your social security number. As a whole, lender marketplaces are safe to use and are not a scam. In fact, they’re a great way to get fast approval for a loan from one or more potential lenders. It’s good to know which red flags to look out for when you’re shopping for loans online. You can check organizations such as the Better Business Bureau (BBB) to see what the company is rated, but that’s not always the best indicator. Websites like Trustpilot where consumers can leave reviews and share their experiences are helpful to use when you’re considering a lender as well. But, really, the most important thing to remember is that if it seems too good to be true, it probably is. If a lender makes outrageous claims or promises — such as guaranteeing approval even if you don’t have an income source — that’s usually a red flag.
What are Lendjet’s eligibility requirements?
Lendjet has some baseline eligibility requirements for all of its borrowers. You must be at least 18-years-old and a U.S. citizen or permanent resident with a valid social security number. Lendjet doesn’t specify what level of income it requires, but it does require a steady source of income. There is also a minimum income requirement, but Lendjet doesn’t disclose what the minimum amount is. There is no information about how to show proof of income, which may be different depending on the income source. For example, self-employed freelancers might have a steady income that changes month to month, whereas a full-time employee at a company likely has a consistent income level. Additionally, borrowers must have a valid bank account and a valid telephone number and email address to qualify for a loan. Each lender within Lendjet’s network may have additional requirements as well.
Are payday loans the same as personal loans?
Both payday loans and personal loans allow borrowers to access money that can be used to cover unexpected emergency expenses. However, there are some differences between the two. Personal loans can offer larger amounts of money with longer repayment periods. These loans also tend to have more eligibility requirements — such as proof of income — and can offer lower interest rates. Payday loans are designed to give borrowers access to money that will be repaid with their next paycheck. With such a short repayment period, payday loans are offered in smaller amounts than personal loans. They can also be easier to get because they don’t have as many eligibility requirements as personal loans. Payday loans often come with higher interest rates and may charge added fees as well.
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
Lendjet is a lending marketplace that can help borrowers connect with personal loan lenders. The company offers a quick and easy application process that can give you an approval decision within minutes. Once you’ve accepted a loan offer from one of the lenders within Lendjet’s network, you can see funds in your account as soon as the next business day.
The downside of Lendjet is that it doesn’t offer much transparency regarding some of its requirements and terms. All borrowers must meet some minimum eligibility requirements, but some of those are even vague. On its website, Lendjet doesn’t offer information about the lenders within its network or average interest rates.
There is certainly a time and place for a service such as Lendjet. It can save borrowers a lot of time by offering a streamlined application process that can result in more than one loan offer. It’s especially good for people with bad credit because Lendjet accepts borrowers with all credit levels. Lendjet doesn’t have control over the additional requirements, terms, or costs of the loans from its network of lenders, but it does provide easy access for borrowers to connect with potential lenders.
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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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