LoansUnder36 Review – Never Over 36% APR
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Fast Facts
Loan amount:
$500 to $35,000
APR:
5.99% to 35.99%
Repayment tenure:
Two months to six years
Prepayment penalty:
None
Credit score requirement:
None
Finding yourself in a situation where you need money quickly can be incredibly stressful, especially if your credit score isn't where you'd like it to be. The financial system can often feel unforgiving, with traditional banks and lenders placing a heavy emphasis on credit report as the primary determinant of loan eligibility. However, the evolving landscape of financial services has introduced more inclusive options, offering some relief to those who might otherwise be overlooked.
Loan marketplaces have emerged as a valuable resource for people across a spectrum of financial situations. These platforms act as intermediaries, connecting borrowers with a network of potential lenders. Unlike traditional banks, which may have rigid requirements, loan marketplaces often cater to a broader audience, considering a variety of factors beyond just credit scores. This means that even if your credit is less than stellar, you still have a chance to find a loan that suits your needs.
One such option is LoansUnder36, a loan marketplace designed to help individuals find personal loans by matching them with a network of lenders. Whether your credit score is poor, average, or excellent, LoansUnder36 specializes in unsecured personal loans, meaning you don’t have to provide collateral to secure the loan.
In this article
What is LoansUnder36?
LoansUnder36 is a financial platform that serves as a loan marketplace, designed to help borrowers find personal loans by connecting them with a wide network of over 100 lenders. Launched in 2012, the company focuses on unsecured personal loans, which do not require collateral such as a house or car. This can be especially beneficial for individuals who need quick access to funds but may not have assets to offer as security.
The name "Under36" in LoansUnder36 refers to the maximum Annual Percentage Rate (APR) that the lenders in their network are allowed to charge, which is capped at 35.99%. This rate is competitive with many other loan marketplaces, though still high compared to traditional lending options. LoansUnder36 offers a variety of loan options, with amounts ranging from $500 to $35,000, and repayment terms that can vary between two months and six years, depending on the lender and the borrower's specific circumstances.
Unlike traditional banks, LoansUnder36 does not directly issue loans. Instead, it acts as a middleman, matching borrowers with lenders who may be willing to offer them a loan based on their credit profile and other qualifying factors.
One of the significant advantages of using LoansUnder36 is the convenience and accessibility it offers. Borrowers can receive up to five loan offers from different lenders after filling out a single application. This allows for easy comparison of loan terms, interest rates, and repayment options, helping borrowers find a loan that best suits their needs. Additionally, since LoansUnder36 works with a large network of lenders, even individuals with lower credit scores might find suitable loan options.
There are some important considerations to keep in mind, however. For one, LoansUnder36 is not accredited by the Better Business Bureau (BBB), which might raise some red flags for potential borrowers who prioritize working with BBB-accredited businesses. Furthermore, the platform has received mixed reviews on TrustPilot, with some customers expressing concerns about transparency and the potential for excessive marketing. Once you submit a loan application through LoansUnder36, your personal information may be shared with multiple lenders, which could lead to an influx of emails, phone calls and advertisements. This aspect of the service might be overwhelming for some users.
Another point to consider is that while the APR is capped at 35.99%, this is still a relatively high-interest rate, especially for those with poor credit who might only qualify for the higher end of the rate spectrum. High-interest loans can lead to a cycle of debt if not managed carefully, making it crucial for borrowers to fully understand the terms and conditions before accepting any loan offer.
Designed to be your fast and simple money solution.
- Fill out the form. Our fast, safe and secure online form can be completed in just 2 quick minutes.
- All credit types accepted. There are many advantages with us. You can fill out our Online Form with any level of credit rating, from no rating to excellent!
- Get your cash. Our lenders will directly deposit funds to your account as fast as the next business day.
Eligibility criteria
If you’re looking to get a loan through LoansUnder36, you must meet certain criteria:
- Age requirement. Applicants must be at least 18 years old. This is to ensure that they are legally able to enter into a binding contract.
- Citizenship. Applicants must be U.S. citizens or permanent residents. This requirement helps lenders verify identity and assess risk.
- Income verification. Applicants must be currently employed or receive a steady income. Lenders need proof of income to determine the borrower's ability to repay the loan. This can include pay stubs, tax returns, or other documentation showing a regular source of income.
- Bank account. Applicants must have an active bank account to receive the loan funds. Ideally, this account should support direct deposit to facilitate quick and easy fund transfers.
LoansUnder36 features
Wide network of lenders
LoansUnder36 connects borrowers with over 100 lenders, offering a broad range of personal loan options. This increases the likelihood of finding a loan that fits your specific needs, whatever your credit score may be.
Unsecured personal loans
The platform specializes in unsecured personal loans, meaning you don't need to provide collateral, such as a house or car, to secure the loan. This makes it accessible to a wider range of borrowers.
Interest rate cap
The "Under36" in LoansUnder36 refers to the maximum APR offered by the lenders in their network, which is capped at 35.99%. This ensures that borrowers do not face exorbitant interest rates, though it is still crucial to carefully consider the terms.
Flexible loan amounts and terms
LoansUnder36 offers loan amounts ranging from $500 to $35,000, with repayment terms that vary between two months and six years. This flexibility allows borrowers to choose a loan that aligns with their financial situation and repayment capabilities.
Fast loan offers
After filling out a simple online application, borrowers can receive up to five loan offers from different lenders within minutes. This quick turnaround is ideal for those in urgent need of funds.
No minimum credit score requirement
LoansUnder36 does not have a minimum credit score requirement, making it accessible to borrowers with a wide range of credit histories. However, better credit scores generally lead to more favorable loan terms.
No obligations
Since LoansUnder36 is a marketplace and not a direct lender, you are not obligated to accept any loan offer you receive. This gives you the freedom to compare offers and decline those that do not meet your needs.
No prepayment penalties
Borrowers can repay their loans ahead of schedule without incurring any prepayment penalties. This feature is beneficial for those who may want to pay off their loan early to save on interest.
How much does LoansUnder36 cost?
As LoansUnder36 is a comparison marketplace that connects you to lenders, its services are free. However, it's important to remember that the lender will charge fees and/or interest. The lender will give a full disclosure of the loan terms upon approval.
So, how much are we talking? Annual percentage rates (APR) range from 5.99% to 35.99% for qualified users. Personal loans must be repaid in a minimum of 61 days and a maximum of 72 months.
Designed to be your fast and simple money solution.
- Fill out the form. Our fast, safe and secure online form can be completed in just 2 quick minutes.
- All credit types accepted. There are many advantages with us. You can fill out our Online Form with any level of credit rating, from no rating to excellent!
- Get your cash. Our lenders will directly deposit funds to your account as fast as the next business day.
Who is LoansUnder36 good for?
- Individuals with varying credit scores. LoansUnder36 is ideal for borrowers with a wide range of credit scores, from poor to excellent. Since the platform doesn't have a minimum credit score requirement, it’s accessible to those who might struggle to get approved by traditional banks.
- Borrowers seeking unsecured loans. If you need a personal loan but don’t have collateral to offer, LoansUnder36’s focus on unsecured loans makes it a suitable option. This is particularly beneficial for individuals who cannot or do not want to put their assets at risk.
- People needing quick access to funds. For those who require money fast, LoansUnder36 can be a good choice. The platform offers a quick application process, and borrowers can receive loan offers within minutes. Once a loan is approved, funds are often available within one business day.
- Borrowers looking for multiple loan offers. If you want to compare different loan options before making a decision, LoansUnder36 is a good fit. The platform allows you to receive up to five loan offers from different lenders, helping you find the best terms for your situation.
- Flexible repayment needs. Borrowers who need flexibility in their repayment terms will appreciate LoansUnder36’s range of options, which can vary from two months to six years. This allows you to select a repayment plan that fits your budget and financial situation.
Who shouldn’t use LoansUnder36?
- Individuals sensitive to high-interest rates. If you are looking for a loan with very low interest rates, LoansUnder36 might not be the best option. While the platform caps APRs at 35.99%, this is still relatively high compared to traditional loans. Borrowers with good credit might find better rates elsewhere.
- People who prefer direct lenders. Since LoansUnder36 is a loan aggregator and not a direct lender, those who prefer to work directly with a lender from the start might want to look elsewhere. This platform matches you with lenders, and the loan terms and conditions are ultimately determined by the chosen lender, not LoansUnder36.
- Borrowers concerned about privacy. If you’re worried about your personal information being shared widely, LoansUnder36 may not be the best fit. Once you apply, your information is shared with multiple lenders, which could lead to excessive marketing, phone calls, and emails.
- Consumers who prioritize BBB accreditation. LoansUnder36 is not accredited by the Better Business Bureau (BBB). If BBB accreditation is important to you, you may want to consider other loan marketplaces or direct lenders that have this endorsement.
- Individuals with very short-term financial needs. If you need a very short-term loan (e.g., for a few weeks), the typical loan terms offered through LoansUnder36 may not be suitable. The shortest repayment terms are around two months, which may not align with your needs.
Pros and cons
Pros
- Inclusive for all credit types. LoansUnder36 does not have a minimum credit score requirement, making it accessible to borrowers with a wide range of credit histories, including those with poor credit.
- Flexible loan amounts. The platform offers personal loans ranging from $500 to $35,000, providing options for both small and larger financial needs.
- Variety of repayment terms. Borrowers can choose from repayment terms ranging from 2 months to 72 months (6 years), allowing for flexibility based on individual financial situations.
- Quick funding. Once approved, funds can be disbursed as quickly as the next business day, making LoansUnder36 a good option for those in urgent need of money.
- Competitive APR range. With an APR range of 5.99% to 35.99%, LoansUnder36 offers competitive rates, especially for borrowers with better credit scores.
- No prepayment penalties. Borrowers can pay off their loans early without incurring additional fees, helping to save on interest.
Cons
- Potential for high APR. While the platform offers competitive rates, borrowers with poor credit may be subject to higher APRs, potentially up to 35.99%.
- Excessive marketing. As a loan aggregator, applying through LoansUnder36 may result in multiple lenders contacting you with offers, which can be overwhelming for some borrowers.
- Not a direct lender. LoansUnder36 acts as a marketplace rather than a direct lender, meaning the actual loan terms and conditions are determined by the individual lenders you choose to work with.
- Lower loan cap. The maximum loan amount is $35,000, which might not be sufficient for borrowers needing larger loans for significant expenses.
- Limited information. The platform may not provide detailed information about the specific lenders until after you apply, which could be a drawback for those wanting to research lenders beforehand.
LoansUnder36 vs competitors
Here’s how LoansUnder36 compares with a few of its competitors.
Feature | LoansUnder36 | LendingClub | My Lending Wallet | Best Egg |
Loans Amount | $500 to $35,000 | $1,000 to $40,000 | $500 to $35,000 | $2,000 to $50,000 |
Repayment | 2 to 72 months | 36 to 60 months | 61 days to 72 months | 36 to 72 months |
Credit Score Requirement | None | Minimum 660 | None | Fair to good |
Funding Time | 1 business day | 1 to 3 business days | 1 business day | 1 to 3 business days |
APR | 5.99% to 35.99% | 8.98% to 35.99% | 5.99% to 35.99% | 8.99% to 35.99% |
My Lending Wallet
Like LoansUnder36, My Lending Wallet provides loans ranging from $500 to $35,000, with repayment terms spanning from 61 days to six years (72 months). This makes it an ideal option for borrowers looking to cover small to medium-sized expenses, such as home improvements or debt consolidation.
The interest rates on My Lending Wallet loans range from 5.99% to 35.99% APR, with origination fees varying between 3% and 8%, depending on the borrower’s credit profile and the loan specifics. LoansUnder36 offers similar interest rates, with a maximum APR of 35.99%. However, as it’s a marketplace, the platform doesn’t charge any fees.
Neither My Lending Wallet nor LoansUnder36 has a minimum credit score requirement, making both platforms accessible to individuals with varying credit histories, including those with poor credit.
Both My Lending Wallet and LoansUnder36 are designed for quick funding, with the possibility of receiving funds as early as the next business day after loan approval.
Lending Club
LendingClub offers personal loans ranging from $1,000 to $40,000 with repayment terms of between 36 and 60 months. By comparison, LoansUnder36 provides access to loans ranging from $500 to $35,000, with repayment terms that can extend from two months to six years (72 months).
The APR for LendingClub loans ranges from 8.98% to 35.99%. They charge an origination fee between 3% and 8%, depending on the borrower’s credit profile and loan details. LoansUnder36 offers interest rates within a similar range, from 5.99% to 35.99% APR, depending on the lender and the borrower’s creditworthiness.
LendingClub requires a minimum credit score of 660, which makes it accessible to borrowers with fair to excellent credit. LoansUnder36 does not have a minimum credit score requirement, making it a more inclusive option for borrowers across the credit spectrum.
Best Egg
Best Egg offers personal loans ranging from $2,000 to $50,000, depending on the borrower’s location. The repayment terms typically range from 36 to 60 months, providing a moderate level of flexibility for borrowers. Best Egg is particularly well-suited for individuals who need larger loans and who may be using the funds for significant expenses such as home improvements, debt consolidation, or other major financial needs.
The APR for Best Egg loans ranges from 8.99% to 35.99%. The platform charges an origination fee that ranges between 0.99% and 8.99%, depending on factors such as the borrower’s credit score and loan amount. Best Egg does not charge prepayment penalties, allowing borrowers to pay off their loans early without incurring additional costs. However, there are late fees and fees for insufficient funds, which can add to the cost of borrowing.
Best Egg caters primarily to borrowers with fair to good credit. While it doesn’t specify a minimum credit score, having a higher score increases the likelihood of qualifying for better rates.
Designed to be your fast and simple money solution.
- Fill out the form. Our fast, safe and secure online form can be completed in just 2 quick minutes.
- All credit types accepted. There are many advantages with us. You can fill out our Online Form with any level of credit rating, from no rating to excellent!
- Get your cash. Our lenders will directly deposit funds to your account as fast as the next business day.
FAQs
What is LoansUnder36?
LoansUnder36 is an online loan marketplace that connects borrowers with a network of lenders offering personal loans. The platform specializes in unsecured loans with interest rates capped at 35.99%, catering to individuals with a broad range of credit scores.
What loan amounts does LoansUnder36 offer?
LoansUnder36 offers personal loans ranging from $500 to $35,000. The exact loan amount you qualify for depends on factors such as your creditworthiness, income, and other financial details.
What are the repayment terms for LoansUnder36 loans?
Repayment terms on LoansUnder36 range from 2 months to 72 months (6 years), giving borrowers the flexibility to choose a term that best suits their financial situation.
Is there a minimum credit score required to apply for a loan through LoansUnder36?
No, LoansUnder36 does not have a minimum credit score requirement. This makes it an accessible option for borrowers with a wide range of credit histories, including those with poor credit.
How quickly can I receive funds after my loan is approved?
If approved, you can typically receive your loan funds as soon as the next business day. The exact timing may vary depending on the lender you work with.
The bottom line
LoansUnder36 offers a versatile and inclusive personal loan marketplace, catering to borrowers across a wide spectrum of credit scores. With loan amounts ranging from $500 to $35,000 and flexible repayment terms of up to 72 months, it provides options that can suit various financial needs, whether you’re looking for a short-term solution or a longer-term loan.
The platform stands out for its accessibility, especially for those with less-than-perfect credit, as it has no minimum credit score requirement. The APR range of 5.99% to 35.99% is competitive, especially for borrowers who might not qualify for lower rates elsewhere. Additionally, the quick funding time—often within one business day—makes LoansUnder36 a convenient choice for those who need access to funds quickly.
However, potential borrowers should be mindful of the fact that applying through LoansUnder36 could result in multiple lenders contacting you, which might be overwhelming for some.
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Writer
Jasir Jawaid is Joy Wallet's Assistant Editor. He has more than 13 years of experience as a journalist covering Wall Street, equities, financial policy and regulation, and cryptocurrency and blockchain.
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