Acorn Finance Personal Loans Review
Acorn FInance isn't available on Finder right now.
- Max. Loan Amount
- $100,000
- APR
- 6.99% to 35.99%
- Min. credit score
- Not stated
Our verdict
A convenient loan marketplace with flexible options for borrowers with good or bad credit
Acorn Finance is a reputable loan marketplace that helps you compare loan offers from multiple lenders without a hard credit check. It’s a great option for borrowers with good credit who want competitive APRs and fast funding. Offers are also available if you have poor credit, but you should expect higher interest rates.
Best for: Borrowers who want to compare offers from multiple lenders without dinging their credit.
Pros
-
Compare loan offers with a soft credit check
-
Some partner lenders accept applicants with poor credit
-
High borrowing limit of $100,000
Cons
-
Some lenders may charge an origination fee
-
Not available in Massachusetts, Nevada or Rhode Island
Is Acorn Finance legit?
Yes, Acorn Finance is a legitimate loan marketplace with a good reputation online. It is accredited by the Better Business Bureau with an A+ rating and receives high marks from past customers.
Acorn Finance is dependable, offering easy access to customer service via both email and phone if you need assistance.
What makes Acorn Finance personal loans shine?
Acorn Finance is a loan marketplace that allows you to view offers from various lenders with just a soft credit check. APRs are competitive, especially for those with good to excellent credit. If you have poor credit, you can still find loans through Acorn Finance. While it doesn’t state a minimum credit score, it partners with several lenders that work with borrowers with low credit.
The preliminary application process is simple and straightforward, making it easy to find a lender that matches your needs. All you have to do is enter basic personal and financial information, and Acorn will match you to multiple offers within minutes.
Acorns Finance is also known for working with lenders that provide fast funding. If you need money fast, you can get it in as little as one business day after your full application with the lender is approved. You can borrow anywhere from $1,000 to $100,000 to cover virtually any type of expense, large or small.
Where Acorn Finance personal loans fall short
While Acorn Finance is a great way to compare loan offers, there are a few areas where the site falls short. These shortfalls are common among marketplaces. The best interest rates offered through the site are reserved for highly qualified applicants. If your credit score is low, you could be offered APRs up to 35.99%.
You’ll also need to review any offers you receive carefully. Terms vary from lender to lender, which means some may charge a loan origination fee while others don’t. Be sure to make comparisons between lenders to find the best option.
Receiving a preliminary offer through Acorn Finance does not guarantee you’ll qualify with the lender. Once you’ve completed the full application on the lender’s website, you could still be denied a loan even if Acorn Finance showed you were eligible.
Acorn Finance is not a direct lender
Acorn Finance is not a direct lender. It’s a loan marketplace that works with several partner lenders to help you compare offers. After viewing potential offers, you’ll apply on your chosen lender’s website for final approval. Because Acorn Finance is a marketplace, you’ll have to deal directly with your lender if any issues come up after taking out your loan.
| Minimum credit score/credit range | Not stated |
| APR | 6.99% to 35.99% |
| Loan amounts | $1,000 to $100,000 |
| Terms | Varies by lender |
| Approval turnaround | As little as 24 hours |
| Availability | Not available in: Massachusetts, Nevada, Rhode Island |
| Fees | No charge for using Acorn Finance’s services; some lenders may charge loan origination, prepayment or late payment fees |
How to qualify for Acorn Finance personal loans
Acorn Finance partners with various lenders, so some qualification criteria, like income and credit score, are flexible. Basic requirements include:
- Be a US citizen or permanent resident
- Be able to provide proof of identity and residence
- Be at least 18 years old or the age of consent in your state
- Have a steady income that can be verified
How to apply
Acorn Finance simplifies the process of finding personal loans. All you have to do is:
- Visit the Acorn Finance personal loan webpage and select the Get Started button.
- Enter how much you’d like to borrow and the purpose of the loan, plus your credit score, housing status, income and other information.
- View and compare loan offers from Acorn Finance’s partner lenders.
- Choose the best for you, then complete the full application on the lender’s website.
How Acorn Finance compares to other lenders
Acorn Finance reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 4.44 out of 5 stars, based on 18 customer reviews |
| Trustpilot Score | 4.8 out of 5 stars, based on 775 customer reviews. |
| Customer reviews verified as of | 26 August 2024 |
The vast majority of customers give Acorn Finance favorable reviews. They routinely praise the ease of application and the ability to receive multiple offers without harming their credit. Customers also comment on how quickly they receive funds once the lender approves them — often in as little as one business day.
Though most reviews are positive, there are a few complaints about Acorn Finance. The primary complaints are only being offered high interest rates or not qualifying for any loans at all. Another mentioned issue is receiving an initial offer through Acorn Finance only to be denied once they complete the application with the lender.
Frequently asked questions
What’s the minimum credit score required for Acorn Finance personal loans?
There’s no minimum credit score published on the Acorn Finance website, but it is known for working with a variety of lenders, including those that accept borrowers with low credit scores.
Is there an Acorn Finance app available?
No, Acorn Finance doesn’t have an app. It’s a web-based application only. However, as with all websites, you can save a link to the Acorn Finance portal directly to the home screen on your mobile phone.
Does Acorn Finance offer business loans?
Yes, Acorn Finance works with 28 lenders to provide business loan offers through its marketplace.
Your reviews
Christi Finder
Contributor
Hi there, looking for more information? Ask us a question.
You are about to post a question on finder.com:
- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
- finder.com is a financial comparison and information service, not a bank or product provider
- We cannot provide you with personal advice or recommendations
- Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.