BETTERMONEYLOAN 2019
IN-DEPTH REVIEW

Read expert review of BetterMoneyLoan. Find the Top 10 Personal Loans services for your needs with detailed reviews and comparison

9.0

Overview

Are you looking for a quick and reliable source of funds but don't have the time to spend hours comparing different sites? BetterMoneyLoan has got you covered. BetterMoneyLoan offers an online service which compares lending companies and finds the most suitable personal loan for you. 

Their trusted partners are among some of the best in the industry so these loan experts can set you up with the most suitable loan for your financial situation. Explore the financial help available to you by simply filling in their quick and easy online application for a quote. You could receive up to $35,000 in funds within 24 hours.

 

Apply quickly, securely, and hassle-free with BetterMoneyLoan's online application. Their services are free of charge, however, lenders may apply origination fees. You will need to provide some personal, financial, and security information.  


Once BetterMoneyLoan receives your information, they will share this with their trusted partners in order to find the most suitable lender for you. Except to be contacted from the chosen loan company to discuss your options and go through your loan agreement. After this, you can anticipate funds to go directly into your bank account as soon as the next working day, although it may take up to one week. 

 

Requirements

 

As with most loans, BetterMoneyLoan has a few requirements you must meet in order to qualify. For a personal loan with BetterMoneyLoan, you must be an American citizen or reside in one of the 50 states and be at least 18 years old. All lending companies will do a credit history check before offering you a loan, and the required credit score is 690 minimum. You can check your credit score for free on their website.  

 


Loan Process

 

If you meet the requirements for a BetterMoneyLoan, you can go ahead and apply. You can handle the quick, easy application securely online. To get things started, you must state the total amount of money you need, reasons for this request, and repayment period. The form asks for personal information including full name and contact details. Finally, BetterMoneyLoan requires your financial information such as credit score and evidence of income to ensure you can repay the loan. All of this information will determine your APR. This process is all free-of-charge and will not affect your credit score. 


After completing the online application, BetterMoneyLoan will then review this and send your information to one of their trusted lenders to find the most suitable loan for you. Several loan companies will contact you with offers keeping in mind you are not obliged to accept any up to this point.  


When you do decide on the best option for you, the loan company will run through all terms and conditions including a repayment schedule before you sign the contract. After approval, you can expect to see the funds in your account as soon as the next working day.  
 

 

Loan Terms

 

BetterMoneyLoan works with a large network of professional and trusted partners. Each lending company has its own terms and conditions for each loan. Factors affecting these terms include the state you live in, which loan company you choose, how much funds you request and the length of time you need to repay. However, these general terms apply to all: 


Purpose for Loan  
Personal loans are offered to those who need financial assistance for medical bills, home repairs, if your vehicle breaks down, or to consolidate debt.  


Total Loan Amount 
Depending on your circumstances, loans will vary between $1,000 - $35,000. Ensure you only take out the exact amount of funds you need to cover your financial crisis to avoid getting into any debt that you cannot repay. 


Repayment  
Due to the nature of these short loans, repayment periods typically range between 60 days to 72 months. Remember, if you choose to take a loan out over a longer period of time, your monthly payments should be relatively low. Keep in mind that APR will apply. Before signing your contract, both you and the lender will agree on a set amount which you will pay either monthly or every two weeks. Funds will be automatically debited from your account to avoid any missed payments.  


APR 
Again, each loan company will have a different APR depending on your financial circumstances Their partnering sites have an APR starting from 5.99% that goes up to 35.99%. 


Additional Fees 
BetterMoneyLoan does not apply any charges for their services. However, loan companies may have an origination fee put in place. Penalty fees apply for late or missed payments, but this will vary depending on each lender. Ensure you have full fee transparency before agreeing to anything.  


Receive Funds 
If all goes well and your application is approved, you can expect to see the funds in your account as soon as the next business day. However, not all lending companies are this quick to process, and it can take up to two weeks.  


 

Features

Loan features will vary depending on which lender you go with. Features to look out for when choosing the right loan through BetterMoneyLoan include: 


Low-Interest Rates 
The lower, the better. Taking out a personal loan can come with consequences. That's why it's important to look out for loans with a low APR to ensure you don't end up paying back more than you can afford. 


Flexible Payments 
Some months you may need to pay your agreed repayment amount at a later date in the month. Explore loan options that allow for flexible payments to ensure you consistently make each monthly payment in full.  


No Penalty Fees 
If you cannot make one of your monthly payments, check the terms and conditions of your loan agreement to ensure you will not get charged any hefty fees. 

 

 

Repayment Terms

Repayment terms differ for all lenders. Once you have been assigned to the most suitable loan firm for your situation, you must have full transparency of their repayment terms and conditions. Your loan agreement will include this information. 


Generally speaking, both you and the lender will agree on a figure which will be your set monthly payments. This will be taken out from your account on the same date, every month until your loan is cleared. Loan repayment times vary from 61 days to 72 months. The rate of APR will also vary with each firm, so you could end up paying more with one lender and less with another.  

 

 

Customer Support

BetterMoneyLoan is an online matching service and not a direct lender. Therefore, they do not provide a customer support team. If any individual experiences issues with their loan or needs any further assistance after signing their contract, they must contact the lending company directly for help.  

BetterMoneyLoan has an excellent customer rating thanks to its fast and effective matching service for loans. But when it comes to supporting their customers, they are limited. For those wishing to get in touch with BetterMoneyLoan with any inquiries about the service, you can do so by post or email.  
 

 

PROS
  • Free application
  • Transparent terms & conditions
  • Free credit check
CONS
  • Lack of customer service
  • Not a direct lender
  • Potential high APR
BOTTOM LINE
BetterMoneyLoan provides an online matching service for individuals to find the ideal lending option quickly, catering to all credit scores.
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Joe Schwartz

Personal Loans Editor

Our chief content editor, Joe manages a diverse team of content writers. He holds a degree in online communications and his writing has been featured in a wide range of online publications.