LoansUnder36 Personal Loans Review

LoansUnder36 is one of the web’s most popular loan matching services. More than 100 partner lenders offer loans through the site, and LoansUnder36 guarantees that all qualified borrowers will be able to source loans with annual percentage rates (APRs) of 35.99% or less. That pledge is the company’s namesake: all loans available through the site come with interest rates under 36%.

Prospective customers can obtain customized loan quotes in a matter of minutes, thanks to LoansUnder36’s fast, easy application process. Approved borrowers can also receive their funding in as little as one business day. There’s a lot to like about LoansUnder36 on the surface, but does it actually live up to the hype? Let’s take a closer look and find out.

How Does LoansUnder36 Work?

LoansUnder36 features a unique interface that prompts prospective customers to provide details about the funding they’re seeking. On successive screens, you will enter information including:

It takes several minutes to work through all the required fields, but once you’ve finished, the LoansUnder36 system will quickly return loan quotes. At this stage, you will be redirected to a new page that contains details about the loan offers you qualify for.

LoansUnder36 maintains partnerships with more than 100 major financial institutions. As of August 2020, the company operates in most U.S. states and jurisdictions, but it is not universally available nationwide. If LoansUnder36 is not available where you live, you will be notified when you enter your zip code.

Finally, you can also rest assured that your personal information will be safe when you submit it to LoansUnder36. The company adheres to the fintech industry’s strongest and most reliable encryption and data security standards, and it does not share any of the information you submit with third parties.

One thing to note before you go ahead and submit your loan application: LoansUnder36 requires what is known as a “hard pull” of your credit file. This means that your FICO credit score will take a temporary downturn when you turn in your completed application, as hard credit inquiries always have a mild adverse effect on your rating.

LoansUnder36: Loan Types and Typical Terms

Here’s what you’ll find on LoansUnder36 as of August 2020:

Some of the partner lenders that operate through the LoansUnder36 network levy additional charges, such as origination fees. Early payment (prepayment) and late payment penalties also vary from one lender to the next. You will have the opportunity to review and consider these details when you receive your loan offers.

Eligibility Standards and Borrower Requirements

LoansUnder36 maintains flexible standards with regards to borrower requirements. It does not maintain specific FICO credit score cutoffs, so you are welcome to apply no matter what kind of credit history you have. However, applicants with exceedingly low credit scores may not receive any offers from the network’s lending partners.

If you have sparkling credit, you’ll get loan quotes with APRs starting at 5.99%. If your credit score represents the lowest end of the eligibility range, you’ll pay closer to the 35.99% APR cap.

As of August 2020, the only inflexible requirements include the following:

Finally, borrowers need to live in a jurisdiction where LoansUnder36 currently operates. There is no option to route your loan through another state.

Customer Service and Resources

LoansUnder36 features a highly professional and very responsive customer service network. Representatives are able to respond to email queries very quickly, and the company also offers telephone-based customer service along with the ability to submit tracked requests via a digital ticketing system.

Unlike some loan marketplaces, LoansUnder36 does not offer much in the way of informational resources. Thus, if you’re seeking loan education information in advance of submitting your application, you’ll have to look elsewhere.

Pros and Cons of LoansUnder36

Like all loan marketplaces, LoansUnder36 has some pros and some cons.

Here’s what LoansUnder36 does well:

The company maintains one of the largest networks of lending partners in the fintech industry, giving customers a very wide range of choices
The service works best for people at the highest and lowest ends of the credit score eligibility spectrum
It offers flexible, customizable loan repayment options

Reviewers and customers also felt LoansUnder36 could improve the following aspects of its business and services:

Loan amounts are capped at the relatively low level of $35,000
The service does not offer much in the way of informational resources to prospective borrowers
There is no option to get pre-approved for a loan without affecting your credit rating

Because end lenders in the network maintain different policies, it is also impossible to generalize about loan features and technicalities related to prepayments, late payments, origination fees, and similar factors.

The Bottom Line

While it isn’t ideal that LoansUnder36 requires a “hard pull” of your credit data, this represents the biggest knock on the service. Otherwise, it represents a fast, reliable way to obtain loan financing, all while delivering very competitive interest rates.

Our take: LoansUnder36 works best for borrowers with excellent credit scores, and for those with compromised credit who struggle to find loans with affordable APRs. Its flexible, customizable repayment terms also score big points with customers, and the service is a very good option for those who need to receive their loan proceeds quickly.