Fiona Debt Consolidation Review
Fiona is an online marketplace for getting custom quotes for debt consolidation loans. So, if you want to shop around without doing the legwork, then Fiona could be a good resource. It uses matching algorithms to find offers based on your situation.
A recent survey found that the average U.S. household carries $6,741 in credit card debt from month to month, so you’re not alone if credit card debt has become an ongoing problem. Fortunately, Fiona may be able to help.
In this review, we’ll go into more detail so you can figure out if Fiona is right for you.
Pros and Cons of Fiona
- Reach many lenders with one application
- Known for low annual percentage rates
- Works with credit scores as low as 580
- Quick process that finds quotes in real-time
- Informative, highly responsive customer service
- Many loans include origination fees
- Applicants must be 21 or older
What Does Fiona Offer?
Here’s an at-a-glance breakdown of the personal loans you can find through Fiona’s marketplace:
- Loan types: Unsecured personal loans
- Loan amounts: $1,000 to $100,000
- Estimated annual percentage rates (APRs): Approximately 4.99% to 35.99% as of April 2021
- Repayment periods: 24 months to 84 months
In order to consolidate credit card debt, these personal loans can be used to pay off existing debt. Then, instead of worrying about multiple bills for multiple credit cards every month, you’re responsible for one loan payment each month. Plus, a personal loan can help you get a lower interest rate than you currently have with high-interest credit cards.
Fiona’s network is powered by Even Financial. Additionally, it provides a robust network of lenders since it finds offers from big and small loan providers.
How Fiona’s System Works
In order to match you to pre-approved offers, Fiona uses a proprietary algorithm to analyze your debt situation. You should receive your custom loan offers quickly as Fiona’s system generates quotes in real-time.
Instead of doing a “hard pull” of your credit, Fiona does a “soft pull.” This approach validates your actual FICO credit score without affecting your credit score. However, if you proceed with an offer that Fiona finds, the lender will likely run a “hard pull” at that time.
What Are the Eligibility Requirements?
There are a few basic requirements. Prospective borrowers must:
- Be U.S. citizens or documented permanent residents
- Be at least 21 years old
- Have a credit score of at least 580
What To Expect on the Site
Fiona uses an algorithm to evaluate borrower applications and match them with lenders. So, it can be a good way to save time but still choose from multiple loans. In order to get your pre-approved offers, complete a three-step online process:
- Complete a brief application that includes basic questions about your background and financial situation. For example, Fiona asks for your contact information, desired loan amount, and your estimated credit score.
- Submit your application so Fiona can evaluate your situation. Then, the company will match you with lenders who meet your needs.
- Select the offer you want, finalize the loan, and receive the funds upon approval.
It’s also worth noting that Fiona uses highly secure 256-bit encryption to safeguard your personal information.
What People Are Saying About Fiona
While Fiona is still building a presence on Trustpilot, it already has impressive customer satisfaction ratings. As of April 2021, Fiona has a great Trustpilot rating. Based on customer reviews, it has a score of 4.2 out of 5 stars:
- 86% of customer reviews give the company 5 out of 5 stars
- 100% of customer reviews give the company at least 4 out of 5 stars
The Bottom Line
If you’re struggling with credit card debt, then Fiona could be a good solution. Since its marketplace includes lenders with low minimum credit score requirements, it’s an especially useful option for those with credit challenges. Once you’ve analyzed your debt situation and want to take the next step to get debt-free, Fiona can quickly find custom debt consolidation loan offers.
With this in mind, we think Fiona is worth exploring as you consider top debt consolidation providers.