Grace Loan Advance Personal Loans Review
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- Max. Loan Amount
- $35,000
- APR
- 5.99%–35.99%
- Min. credit score
- N/A
Our verdict
Unlock a network of lenders and receive the funding you need in no time.
Grace Loan Advance offers a quick and straightforward lending process for its borrowers. You can view multiple personal loan offers by completing one streamlined application. Its network of lenders can suit a flexible range of borrowers, with loans for all credit types ranging from $100 to $35,000.
However, it lacks important information on its website regarding its network of lenders, application requirements and customer reviews. Additionally, borrowers should beware, as the few customer reviews online mention receiving extensive marketing emails throughout the process, which implies the company sells your information.
Best for: Borrowers who haven’t had luck with other lenders and need quick approval and funding turnaround time.
Pros
-
Free and quick online application process
-
Quick funding turnaround time
-
Ability to compare offers from different lenders
Cons
-
Not a Better Business Bureau (BBB) Accredited Company
-
Customers complain of receiving an overwhelming amount of marketing emails
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Limited company and eligibility information available on its website
Is Grace Loan Advance legit?
While it may actually offer loans through its partners, because of its limited information online, borrowers may feel safer choosing more reliable options from BBB-accredited lenders with positive reviews.
Where Grace Loan Advance falls short
The biggest drawback of Grace Loan Advance is its lack of transparency online. Its website lacks specific details about eligibility requirements, late or additional loan fees and background on the company itself.
Grace Loan Advance is also not an accredited Better Business Bureau (BBB) company. Considering many lenders are BBB accredited, borrowers may prefer to do business with a company assessed by the Better Business Bureau.
Although Grace Loan Advance doesn’t charge any fees to use its service, borrowers should expect the possibility of fees from its network lenders, which aren’t disclosed until you’re approved for a loan.
In the limited reviews found online, customers report receiving excessive promotional emails from lenders before and after completing their application process.
What makes Grace Loan Advance shine?
Grace Loan Advance isn’t a direct lender. Instead, it offers a variety of lender options to borrowers of all credit types. Its application offers a streamlined process to get you funds as soon as the next day if approved.
Grace Loan Advance states it has competitive starting rates at 5.99% APR for the best credit borrowers, whereas many direct lender competitors have starting APRs closer to 7.99%.
Grace Loan Advance loan details
| Minimum credit score/credit range | N/A |
| APR | 5.99%–35.99% |
| Loan amounts | $100–$35,000 |
| Terms | Up to 72 months |
| Approval turnaround | As soon as one business day |
| Availability | Available in all states |
| Fees | Grace Loan Advance services are free of charge |
| Other fees | Fees vary depending on each lender |
Grace Loan Advance contact info
| Phone number | 424-317-8925 |
| Customer service hours | N/A |
| info@graceloanadvance.com | |
| X (formerlyTwitter) | N/A |
| @ Grace Loan Advance |
The Grace Loan Advance website provides a table of representative examples, including APR, total loan costs and applicable fees, to help you understand what your monthly payments might be, depending on your loan.
How to qualify for Grace Loan Advance
Grace Loan Advance only discloses basic eligibility requirements for personal loans:
- Must be at least 18 years old.
- Must be a US citizen or permanent resident.
- Currently employed or receiving a steady income.
- Must have a bank account to receive the funds, ideally with direct deposit.
How to apply
Grace Loan Advance prioritizes its quick and easy lending experience. Here are the steps to get started:
- Complete the online application form. Provide your desired loan amount, SSN, bank account number and other information as requested on the form.
- Receive and accept your offer. Applicants can expect an offer from one or more lenders in minutes.
- Wait for funding. Receive the funds in your bank account within one business day if approved.
- Follow the repayment plan. Make monthly payments depending on the terms provided by your lender, which can include term length, fees and interest rates.
How Grace Loan Advance compares to other lenders
Narrow down Grace Loan Advance’s rates, terms and features compared to other popular personal loan providers.
What is the Finder Score?
The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
Grace Loan Advance reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | NR |
| BBB customer reviews | No reviews |
| Trustpilot Score | Grace Loan Advance does not have any Trustpilot reviews. |
| Customer reviews verified as of | 13 August 2024 |
The Better Business Bureau doesn’t list Grace Loan Advance as an accredited business, nor has it been reviewed on Trustpilot. This makes it hard to gauge what you might be getting into with Grace Loan Advance.
However, the few customer reviews on BestCompany.com give the marketplace one out of five stars. Customers report receiving numerous marketing emails from its’ partner lenders before and after completing the application process.
What kind of reviews do Reddit users give Grace Loan Advance?
Most reddit users advice potential customers to avoid the company stating there were unexpected hidden fees and outrageously high interest rates. A few commenters said the company was okay and that they had a decent experience with its customer service. However, like other rating websites there isn’t a high number of reviewers overall, which we see as a red flag.
Frequently asked questions
Is Grace Loan Advance a direct lender?
No. Grace Loan Advance is a platform that offers personal loans through its network of lenders.
How do I repay my loan?
Each loan agreement and terms of repayment may vary depending on your lender.
Is it safe to give my information to Grace Loan Advance?
Grace Loan Advance uses industry-standard encryption on its website so third parties cannot intercept your data. However, online reviews from BestCompany report applicants receiving marketing material from various lenders before and after completing the application process.
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Gabriel Finder
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