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LifeLoans Review

Sunday, December 5th

2021 Personal Loan Reviews

LifeLoans Review 1 Star Rating


1 Star Rating
  • Loans from $100 to $40,000
  • Loan referral service
  • All credit scores welcome

LifeLoans is one of several referral services in our review. These platforms require you to fill in a short online form so that they can match you with partner lenders for a personal loan. For many reasons, LifeLoan earns its rock-bottom position in our rankings.

Nothing troublesome at first

At first, LifeLoans looks fairly similar to other personal loan referral providers. You start by selecting your desired loan amount in the dropdown box, as well as the reason for your loan, then entering your email, date of birth, and current amount of credit card debt. So far, so good. The next page goes into more detail: you get to enter your full name and address, how often you get paid and with what type of employment, as well as your phone number and full SSN. (Though, for reasons you'll soon understand, we recommend that you hold off on giving them accurate information there!) At the end of the form, there is a checkbox to consent to be contacted by phone/text; you can leave the box unchecked and still submit your information to be considered.

Exactly where does your personal information go?

When we did that, we were redirected to a third-party personal loan provider. Our details had carried over from the LifeLoans site, but we were still asked to confirm the last four digits of our SSN. Exactly how many lenders had been given our full Social Security Number? We had no idea. (Good thing we used a sample profile and not our actual details!) Could we trust the lender we were passed along to? Again, no idea: LifeLoans doesn't disclose any of the names of the partners in their network until you fill out the online application.

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Many business names for the same poor service

LifeLoans doesn't have much in the way of a solid reputation. We couldn't find a listing with the Better Business Bureau under that name, but when we searched the BBB using the contact phone number listed on LifeLoans' website, voila: a listing for a completely separate business name (Next Day Personal Loan) at the same address. That business had an "F" rating and a handful of consumer complaints registered there. As a matter of fact, we found a surprising number of "businesses" all registered to that phone number and address: Lending For Bad Credit, 100 Lenders, Swift Funders, and Cash Corner, to name a few. None of them had anything but an "F" from the Better Business Bureau.

Questionable intentions

Looking at the fine print in the application process, we spotted the parent company name for all of these "lenders" : Search ROI LLC. Does that sound like a place to get a personal loan that's really going to work hard for you - or more like a way for someone else to make money when you provide your information? We think it definitely sounds like the latter, don't you?

Zero reason to use this site

Taking out a personal loan can be a sensitive transaction, and you want to ensure that your finances are in good hands. There's nothing about LifeLoans that gives us any indication that they're deserving of your trust. You'll be better off with a higher-rated source of personal loans.

Where Can You Find the Best Personal Loans?

With inflation on the rise and an endless list of possibilities for unexpected expenses - car repairs, visits to the ER, and broken appliances, to name a few - it's no wonder that an increasing number of people are applying for personal loans.

Sound familiar? If you find yourself in need of some cash, you've probably considered borrowing from a friend or relative - but there's no guarantee that your loved ones are in a position to help, and who really wants to ask? Fortunately, you've got options that don't involve an awkward conversation with people you know. There are many lenders that specialize in personal loans ranging from $500 to as much as $100,000, with simple application processes that can be completed 100% online.

The Best Personal Loans Compare Personal Loans Compare Personal Loan Reviews What are the best Personal Loans Best Personal Loan Reviews

Personal Loan FAQ

Any way you like! Personal loans typically don't come with restrictions on how they're used. Paying off high-interest credit cards, splurging on a luxury item you've always wanted, taking a much-needed family vacation: you can use your personal loan for all of that and more.
Most banks and credit unions offer personal loans, but your financial institution might not offer the most competitive rates. There are many lesser-known sources that want to earn your business with lower APRs and more personalized attention over the life of the loan.
That depends on a number of factors, such as your credit history and income. It's definitely worth shopping around, just like you would when buying a car or other big-ticket item. Consider using a service that allows you to get loan offers from multiple lenders with a single application: that will make it more likely that you'll get the best possible rate and terms on your personal loan.
When you're making an initial inquiry to see if you qualify for a personal loan, it usually involves a "soft pull" on your credit - verifying your identity, credit score, and current debts. That will not lower your credit score. However, if you take the next step and apply for a specific loan, expect that your credit score may dip a (but only temporarily).
Most lenders allow you to complete the process online, from beginning to end. That's a big perk for people who can't get to a brick-and-mortar bank during regular business hours.
Personal loans are available in amounts ranging from $100 to $100,000. Before you get too excited and start planning how you'll spend the money, keep in mind that the amount you'll actually be approved for depends on your financial situation. The higher your credit score and the lower your outstanding debts, the more likely it is that you will qualify for a bigger loan.
The application process can be extremely fast: some lenders can approve your loan in just a few minutes. Once you accept a personal loan offer, most providers will direct deposit the funds within 1-5 business days.
As with any kind of loan, it's important to keep track of the details: don't borrow more money than you can comfortably repay, make on-time payments every month, and communicate with your lender if unforeseen circumstances arise (e.g. unemployment, natural disaster, disability) and you need forbearance or other accommodations. It's also wise to check out the reputation of the lender: reviews from previous clients and a rating from the Better Business Bureau can be very informative as you decide which provider to use for your personal loan.
Compare the Best Reviews

Continued from above...

What's the catch? There isn't one, as long as you choose your lender carefully. Some providers of personal loans charge excessively high interest rates and offer shorter-than-average terms, making it harder for you to pay it back on time. On the other hand, most reputable sources of personal loans are completely transparent with their interest rates, give repayment terms of up to five years, and won't charge you any fees if you're able to pay off your loan earlier than anticipated.

How can you determine which lender is the best choice for your personal loan? That largely depends on your individual circumstances, but there are several factors to keep in mind as you consider your options. They include the following:

  • Loan amount. How much can you borrow? Some lenders offer a maximum loan of $4,000 or less, while others can fund loans of $25,000 or more. Make sure the provider you choose can actually give you the money you need.
  • Loan terms. How much will you pay in interest? How long will you have to repay the personal loan? Are there any origination fees, prepayment penalties, or other costs associated with the loan?
  • Eligibility. What is required to qualify for a loan? Some lenders have minimum credit score requirements, residency requirements, or other criteria you need to meet to be approved for a loan.
  • Referral service or direct lender. Some personal loan platforms work as a one-stop shop to compare offers from multiple institutions, while others fund your loan directly. A referral service is a great way to make sure you're getting the lowest possible interest rates, but you may still have to go through the application process with the lender itself.
  • Reputation. What do other borrowers say about their experience with the lender? Has the company gotten a positive evaluation from the Better Business Bureau?

TopConsumerReviews.com has reviewed and ranked the best providers of personal loans available today. We're confident that this information will help you get the money you need, deposited quickly and at the lowest possible rates!

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