Lendvious Review - Efficiently Compare Loans Offers In Minutes
The process of getting a loan can be awful. You have to fill out lengthy applications and wait before you even find out if you qualify or not.
And it’s even worse when you do it in person. As you sit there waiting for your destiny to be told, the loan officer meticulously reviews your credit profile and makes a decision on whether or not to give you money.
Ugh.
But guess what? There’s an easier way to get a loan:
It’s called Lendvious.
A play on the word envious (I assume because they make traditional lenders envious) Lendvious is a platform that connects you to a variety of lenders who can present you with pre-qualified offers for your loan–all at no risk to your credit score.
In this Lendvious review, I’ll share more about the company and how they work to find you the best rates possible. From there, you can decide whether this “loan facilitator” makes sense to work with or not. First, let’s learn more about Lendvious.
What is Lendvious?
Lendvious is a loan platform, operated by FinMkt, that helps find you the lowest rates on personal and debt consolidation loans. If you’re familiar with SoFi–a company that finds you the lowest rates on student loan refinancing–it operates similarly. You enter your information into a simple online form and Lendvious will present you with a variety of options to choose from.
How it works
Lendvious already has partnerships with 15+ lenders, so it’s done most of the work for you. Instead of having to check out different lenders and apply for a loan at each one, Lendvious will connect you to all of them. Here’s how it works:
1. Provide some basic information
Lendvious has a pretty straightforward online form you fill out. In order to get a list of offers, you have to provide them with the following information:
- How much you’re looking to borrow (between $1,000 and $50,000)
- What the purpose of the money will be (i.e., credit card refinancing)
- How much debt you currently have
- Your personal information (i.e., name, address, email, date of birth)
- Your employment status and annual income
- Your housing status (i.e., rent or own)
- Your estimated credit score
- Your social security number (the site is secure)
This allows you to view the rates and options available to you. An important note is that this is a soft pull on your credit and it won’t impact your credit score.
2. View your rates
Once you’ve submitted the online form, you’ll be taken to a list of options available for your loan. Remember, these options are just a pre-approval, and are based solely on the information you provided and a soft pull of your credit. What that means is that your specific offer might change once you actually apply. If you were accurate with your initial information, though, it shouldn’t be too far off.
The rates you’ll receive are from a variety of Lendvious’ partners, and each will vary with the rate and term they’re offering. Currently, rates start as low as 4.99% and repayment terms are anywhere from 1 to 5 years. In most cases, there is no prepayment penalty.
3. Choose your best offer
Once you have decided on a lender and your loan terms, you can proceed with that specific lender to a full application. You see, Lendvious works as sort of a “middle-man” that connects you with lenders who are willing to pre-qualify you and ultimately fund your loan.
In most cases, you’ll see a wide variety of options available to you. Some have lower rates than others, but some also have shorter terms than others. For example, you may get a loan that has a 7.99% rate with a 5-year term. This would obviously give you a lower payment than something with a 1-year term. Just remember that everyone’s circumstances will be different (i.e., do you want the cheapest debt or the cheapest payment?), so you have to choose the offer that works best for you.
4. Get your money
After you select an offer and fill out a formal application with that specific lender, you can get your funds in as little as one business day, depending on the lender and loan you choose. Once your loan is funded, your repayment schedule will kick in and you can start using the money however you deem necessary.
What can I use the money for?
This is one of the best features of Lendvious–because it has so many partners, your options are open as to what you can use the money for. Here are some ideas:
- Debt consolidation: If you have high-interest credit card debt, you can fund a new loan to consolidate all of your balances into one low monthly payment.
- Major purchases: Look, ideally, I’d tell you to save up for that major purchase (like a car) but that’s often easier said than done. In the cases where you don’t have cash on hand, you can use a loan like this to fund a major purchase.
- Moving: I just got done with my second move in as many years, and I can tell you that it really adds up. Unless you’re packing every box yourself and moving it in your car, you’re going to run into some big expenses.
- Business: Make sure you have a sound business plan, but with loan amounts up to $50,000, you can finally start the business you’ve always wanted to.
- Medical expenses: I had a family member just go through a major surgery and his insurance denied the claim, leaving him with a massive bill to pay. Unfortunately, this isn’t uncommon, so if you have some big medical bills to cover, a low-interest loan might be helpful.
- Home improvement: If you don’t want to tap into your home’s equity (remember, that’s secured debt), an unsecured loan is a great option to do some home improvements with.
- Vacation: I don’t personally recommend taking a loan out for a vacation, but if you’re planning a big trip, some extra funds may come in handy. For instance, a family friend recently took a cruise to Alaska – and let’s just say a trip like that is NOT cheap.
- Taxes: Whether you’re employed or have your own business, sometimes taxes can surprise you. My first year of having my own business came with a bit of a sticker shock. I was prepared for it, but I can understand how you may not be–in which case a low-interest loan can cover you.
Key features
You might be wondering why you should grab a loan through Lendvious versus going to your local credit union. Here are some of the key features that may help support your decision:
1. A single platform with access to multiple lenders
One of the best parts of a service like Lendvious is access to multiple lenders by just using one online application. Otherwise, you have to shop around and submit applications at different lenders just to get an idea of what you’d qualify for. Lendvious not only connects you to multiple lenders but gets you pre-qualified offers within minutes, so you can make the most educated decision on which loan, if any, to choose.
2. Immediate pre-qualification
Gone are the days of applying for a loan and waiting for an email (or worse – a letter in the mail) to tell you whether or not you’re qualified for the loan. Lendvious takes a handful of information and turns it into pre-qualified offers through a variety of lenders–all at your fingertips. It’s nice, too, because this has no impact on your credit score and it allows you to take the best offer available for you, or no offer at all.
3. Fast access to money
Once you move forward from a pre-qualified offer and finish an application with a certain lender, you can have your funds in as little as one day upon approval. That’s incredibly fast. Now remember that this depends on your lender and loan size, as well as a few other factors, but to know that you can get money this quickly is a blessing–as we all know that getting a loan isn’t always a proactive decision. In the case of things like taxes or medical bills, sometimes the need for a lump sum of cash is unexpected (and you should always avoid payday loans).
Who it’s for
Lendvious is really for anyone who is looking for a personal loan to cover some type of debt or major expense. Whether you’re remodeling your home, consolidating credit card debt, or paying for a trip to the Maldives, you can use Lendvious as a platform to explore loan options. The nicest part about it is that you can “dip your toe in the water” by seeing pre-qualified offers before moving forward with any type of full application (or to continue the metaphor, jumping into the deep end of the pool). This is what makes it for everyone–because not everyone will find a loan that suits them, and there’s really no risk in checking it out.
Pros
- Fast and easy online application system
- Offers from a variety of lenders
- Rates as low as 4.99%
- No-risk to explore pre-qualifying offers
- Access to money once approved is very fast
Cons
- Not everyone will qualify, or qualify for the lowest rates
- Depending on the loan size, even a five-year term (their maximum) creates too large of a payment
- Rates are not as competitive as some introductory and/or balance transfer credit card offers
- A new loan being created will cause a hard pull on your credit, impacting your score
<< Compare Financing Offers With Lendvious Now >>
Summary
Lendvious is a great option for anyone looking for a loan because of its easy application process and the wide variety of options it presents to most borrowers. This is all on a pre-qualified basis, so you’re able to see loan rates without having any impact on your credit score. At that point, if you decide to move forward you can fund a loan and get your money in as little as a day.
Remember that Lendvious doesn’t fund loans themselves, but rather they serve as the connector between you and 15+ different lenders. If you’re in the market for any type of loan, up to $50,0000, I would recommend at least giving Lendvious a shot.
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