We may earn a commission for purchases through links on our site, Learn more.
Grace Loan Advance acts as an intermediary, not a direct lender. It is a legitimate business that links borrowers to external personal loan providers. It’s important to note that the loans facilitated by Grace Loan Advance may involve elevated interest rates and undisclosed fees, which become apparent only upon receipt of the loan contract from the actual lender.
Is Grace Loan Advance legit?
Grace Loan Advance operates as an intermediary service, linking borrowers seeking short-term personal loans with lenders willing to offer such financial assistance. The loans provided by this service, ranging from $100 to $35,000, are structured similarly to payday loans or cash advances.
This platform specializes in aiding individuals with poor credit by connecting them to lenders offering smaller loans. However, it’s essential to note that while Grace Loan Advance is a legitimate service, the loans they facilitate are costly and might result in a cycle of debt if not repaid promptly.
Here are the specific details regarding Grace Loan Advance’s loans:
- Loan Amount: $100 to $35,000
- Loan Term: 61 days to 72 months
- APR Range: 6% to 36%
- Fees: Vary according to the lender
- Requirements: Applicants must be at least 18 years old, U.S. citizens or permanent residents, employed or receiving a consistent income, and preferably possess a bank account with direct deposit. Additional criteria might be imposed by certain lenders.
It’s crucial for borrowers to thoroughly understand the terms, costs, and repayment conditions associated with these loans before committing to them, especially considering the potential for high-interest rates and fees.
When you apply for a loan through Grace Loan Advance, it’s essential to know that the fees linked to your loan won’t be disclosed until you receive the contract from the lender. This means the specific charges associated with the loan won’t be clear upfront; you’ll only have a comprehensive view once you’ve received and reviewed the contract.
It’s crucial to thoroughly understand the loan terms and all accompanying fees before you sign any agreement. This step ensures you have a clear grasp of what you’ll be paying back, enabling you to determine if you can manage the repayment within the stipulated time frame.
Additionally, it’s important to be aware that Grace Loan Advance collects your personal information during your loan search process. This information gathering might involve sharing your details with third-party lenders and marketing partners.
Accreditation and reviews
The 3.4-star rating on Indeed for Grace Loan Advance and its parent company, RBD Enterprises LLC, suggests a moderate but not exceptional reputation. If considering a loan from Grace Loan Advance, it’s wise to be careful, particularly with loans requiring quick repayment and carrying high interest rates.
Reports from borrowers online mention concerns about the steep interest rates and a lack of clear information during the application process. There are complaints about unclear eligibility criteria such as minimum credit scores and undisclosed fees.
Does Grace loan advance approve everyone?
Grace Loan Advance reviews the credit history and score of applicants by consulting all three primary credit bureaus. To be approved for a loan, individuals need a bank account, preferably set up for direct deposit, through which the loan funds will be disbursed once accepted.