AmOne is a money matchmaker of sorts. The company, based in Fort Lauderdale, Florida, matches consumers and small businesses with loan providers. They aim to connect their clients with loan programs that can give them anywhere from $1,000 to $50,000.
AmOne specializes in personal loans and small business loans with a “network of highly rated lenders available nationwide.” And the service is free to use for consumers and businesses. AmOne collects a fee from the loan providers for sending business their way.
Here is a look at AmOne’s business model and the services the company offers.
What AmOne Offers:
As mentioned, AmOne puts people and small business owners in touch with loan providers that can give them much needed credit. AmOne is a convenient service that helps its clients find the right loan for their unique financial situation. People who use AmOne’s online service get access to several personal loan options without doing any damage to their credit score.
AmOne also saves individuals and small business owners valuable time by providing safe, reliable options for getting secure and trustworthy loans, eliminating the need for people to spend hours searching for loans online themselves.
The company only needs very basic information from clients to process their requests and promises fast approvals. The service can be used to find a loan for as little as $1,000, all the way up to $50,000. Customers can also search for credit cards they may qualify for on the AmOne website.
Qualifications and Process:
Because AmOne isn't an actual lender itself, the company doesn't have any set requirements. That said, there is eligibility criteria for the loan providers that AmOne connects people with, including requirements to provide a credit report and credit score, tax returns, proof of income, and personal information such as a Social Security Number, address and so forth.
AmOne’s process for connecting people with a qualified loan provider is quite simple and straightforward. It involves the following:
- Customers must be 18 years or older
- Hold a valid Social Security Number
- Be a United States citizen or permanent resident
- Have a steady source of income
- Have a valid bank account
- Have a working telephone number and email address
People who meet the above qualifications, can simply go to AmOne’s website, enter the amount they want to borrow and click on the “Find My Loan” button. It’s that simple.
Once a standard and pretty basic loan application form is completed, customers are presented with a series of different loan options and terms that they qualify for. Select the loan you want and then the lender will call you back to finalize the loan, sometimes in as little as 24 hours.
Fees and Terms:
AmOne does not charge consumers or business owners any fees to use its service. AmOne gets paid by the loan providers that it sends business to. This is good news for cash and time-stressed individuals and business owners.
While AmOne is free to use, you may be charged a fee and will be subject to loan repayment terms from the loan provider that you ultimately choose. Those fees and terms are not readily available on AmOne’s website. Obviously, the fees and terms differ depending on the loan provider that is selected. Customers of AmOne should carefully review all the terms of the various loan providers they are matched with and choose the lender that offers the most advantageous terms and conditions. Be sure to pay attention to fee amounts, interest rates charged and repayment periods.
Rates charged by the loan providers that AmOne works with have been reported online to start as low as 6% but can run into the triple digits depending on a person’s credit score and credit history. The higher a risk a person is deemed to be, the higher the interest rate they’ll be charged. An origination fee may also be charged by various loan providers.
Once matched to a lender, individuals and business owners will need to provide a credit report, proof of income and a valid bank account. While AmOne does not require this information upfront, borrowers should be prepared to provide personal and financial information to the lender they get matched to and plan to take a loan with. Having information such as your Social Security Number and pay stubs readily available at the time you connect with a lender will help to speed up the process and get the loan processed faster.
- Connects consumers and business owners with loans of up to $50,000.
- Does not charge any fees for its service. The loan providers pay AmOne.
- Promises quick connections and speedy loans, sometimes in as little as 24 hours.
- Information on various loan providers is not easily accessible on AmOne’s website.
- The terms and interest rates on the loans can be onerous.
- Costs and terms can be buried deep in the fine print of loan agreements.
What Others Are Saying:
The Better Business Bureau provides a review of AmOne and gives the company an “A+” rating, which is impressive. There are many customer reviews of the company on the Internet and these range from extremely positive to negative, although many of the comments tend to reflect what people thought of the loans they were offered, rather than AmOne itself as a service.
The Bottom Line:
AmOne’s personal loan connection service is ideal for people and business owners who need help accessing credit. However, users of AmOne’s service should not expect rock bottom interest rates on the loans they are offered. On the positive side, AmOne’s service does enable people to compare offers from multiple lenders at once, saving valuable time, money, and effort in order to locate the best possible deal. Again, be sure to scrutinize the costs and terms of any loan that’s offered and ensure that it works for your financial situation.