Simple Path Financial Review: Low APR, Flexible Requirements
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- Max. Loan Amount
- $100,000
- APR
- 5.99% to 36%
- Min. credit score
- N/A
Our verdict
Simple Path offers flexible loans no matter your financial history, but be aware of what you’re signing up for.
Simple Path Financial helps borrowers find personal, mortgage or business loans, no matter their financial history. If you don’t qualify for a direct personal loan with Simple Path Financial, they’ll connect you with lenders offering more flexible options. Be aware, though, as some borrowers have reported that consultants may suggest debt settlement programs, which can be confused with debt consolidation loans.
Best for: Borrowers looking for loans with flexible qualification requirements.
Pros
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Low APR minimum of 5.99%
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Expert guidance on application process
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Quick turnaround time
Cons
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Requires you to speak to a representative to complete the application process
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All loans are subject to origination fees ranging from 1% to 5%
Is Simple Path Financial legit?
Yes. Simple Path Financial is a BBB-accredited company with an A+ rating and thousands of 5-star reviews on Trustpilot. However, Simple Path Financial may refer you to other lenders or promote debt settlement services, which may not be what applicants want.
What makes Simple Path Financial shine?
Simple Path Financial works to make your lending process as smooth as possible with an easy application process and lenient qualification criteria. It offers a low minimum APR rate of 5.99% and has a strong track record of positive feedback from thousands of borrowers.
What separates Simple Path Financial from other lenders is their dedication to helping you find a financial solution, no matter your financial history. If you don’t qualify for a loan with Simple Path Financial, it refers you to a different lender and presents you with loan options that match your needs, something that many lenders don’t do.
Where Simple Path Financial falls short
Although Simple Path Financial offers many benefits, there are some drawbacks to be aware of. First, all loans are subject to origination fees. There are other personal loan lenders with no origination fees.
Simple Path Financial requires applicants to complete their application process over the phone. In some cases, this can help ensure you get a loan that is right for you. However, if you’re looking for a seamless online experience, you’ll have to look elsewhere.
Some customers complain about being sent preapproved loan offers only to be rejected once they contact Simple Path Financial. During the call, customers reported being pitched debt settlement services, which are not listed on the Simple Path Financial website.
Simple Path Financial loan details
| Minimum credit score/credit range | N/A |
| APR | 5.99% to 36% |
| Loan amounts | $3,000 to $100,000, depending on your state |
| Terms | 18 to 36 months |
| Approval turnaround | Within 48 hours |
| Availability | Not available in: Connecticut, Delaware, Georgia, Hawaii, Indiana, Maine, Minnesota, Mississippi, Nevada, North Carolina, Oregon, Vermont, Virginia, West Virginia |
| Fees | 1% to 5% origination fee |
| Other fees | No prepayment penalties or fees |
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How to qualify for Simple Path Financial
Simple Path Financial loan qualifications vary by applicant and depend on the lender. Lenders may consider the following information:
- Credit score
- Employment
- Tax history
- Debt-to-income ratio
How to apply
You can follow a few simple steps to get started:
- Request a quote online or over the phone.
- Complete the application over the phone with guidance from a financial consultant.
- Accept loan terms.
- Get funds deposited to your account within 48 hours.
How Simple Path Financial compares to other lenders
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.
Simple Path Financial reviews and complaints
| BBB accredited | Yes |
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| BBB rating | A+ |
| BBB customer reviews | 4.79 out of 5 stars, based on 561 customer reviews |
| Trustpilot Score | 4.9 out of 5 stars, based on 3,206 customer reviews. |
| Customer reviews verified as of | 29 July 2024 |
5-star reviews make up more than 95% of total customer reviews on Trustpilot and the Better Business Bureau (BBB) together. Positive reports praise Simple Path Financial’s customer service team for being effective, helpful and understanding of various financial situations. Customers report being seamlessly connected to a loan that matches their unique needs.
In the few negative reviews, customers report receiving a mailer claiming they’re prequalified for a loan. When they call to claim the loan, Simple Path Financial consultants reportedly deny the prequalified terms and instead promote debt settlement services. Another red flag to note is that 20 out of the total complaints on its BBB profile were reported in the last 12 months from the time of this writing.
Frequently asked questions
What are Simple Path Financial’s credit score requirements?
Simple Path Financial uses credit score, tax history, employment and debt-to-income ratio to determine loan terms. If one area is weaker, it assesses the strength of other factors to determine your eligibility. In short, Simple Path Financial can be lenient with credit score requirements depending on an applicant’s overall financial standing.
Is Simple Path Financial a good resource for debt consolidation?
Simple Path Financial offers personal loans for various purposes, including debt consolidation. However, given its history of promoting debt settlement services, borrowers should clearly understand the difference between the two strategies to avoid accidentally enrolling in a debt settlement program.
Your reviews
Gabriel Finder
Writer
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