The lending market is not very warm to borrowers with less than a perfect credit score. In a report carried by Forbes magazine each year, lenders in the US turn down one in every three (32 percent) of personal loan applications by applicants with less than an excellent credit score.
An excellent credit score is great, and every person should strive for it. But letâ€™s be real, not all of us can hit the proverbial 750 mark. Therefore, many people will have to deal with the rejection of their loan applications.
The situation is even worse for upcoming entrepreneurs. More than 80 percent of bank loan applications by small businesses get rejected. This explains why over the last couple of years, business lending by banks has been on a steady decline.
Whether itâ€™s a personal loan or a business loan, there are dozens of reasons why a lender would reject your application. Going by the statistics, if you have had one or more loan applications turned down, you are not alone.
If you are still wondering, how the hell do you get a loan from a bank? Or for that matter, from alternative lenders? Itâ€™s likely that youâ€™re yet to find the right match.
One platform stands out as an optimal solution provider to counter the frustrations of mismatch between borrowersâ€™ profiles and needs, and lendersâ€™ criteria. Fiona from Even Financials is a platform where consumers can examine different institutions for personal loans, savings accounts and credit cards, and narrow down to the institution that suits their needs.
Borrowers get to pick from where they have higher chances of getting qualified, approved and funded.
Fiona is an exciting and simple to navigate website where you can visit and check out your options for a loan. You can read through various lendersâ€™ qualification criteria, APR, and the terms of payment in a simple and easy to compare format.
The platform searches through the top names in the alternative lendersâ€™ space, quickly analyzing data and matching them up with your profile. Moreover, Fiona has established partnerships with the top-brands in this sector. Therefore, they are able to provide real-time pre-approvals as you interact with the site.
Borrowers no longer have to go through the laborious, time wasting and frustrating process of searching for lenders individually. Fiona matches you up with the most suitable lenders and gives you more information so that you can make a good choice.
In short, Fiona is an all-inclusive platform that enables users to search for loans from the cream lenders in the alternative lendersâ€™ space.
Fiona finance reviews can save you an enormous amount of time. You donâ€™t have to go through the rigmarole of making several loan applications and waiting for feedback from lenders. One application with Fiona will instantly connect you with multiple lenders.
Depending on which ones you choose, you can get a pre-approval in a matter of seconds. Moreover, you can easily compare the rates without having to dig through mountains of loan offer documents.
Fiona is a great comparison platform where you can search through a variety of lenders who are likely to advance you a loan. However, it is most appropriate for borrowers with credit scores ranging from 580 to 800.
In addition, you need to be a US citizen, 18 years or older and provide a social security number to back that up. You can borrow from $ 1000 to $ 100,000 for terms not exceeding seven years.
However, it is the personal loan comparison feature and the ability to receive real-time pre-approvals from the top brands that stand out.
This feature does not just save you time and cut off the frustration of being turned down, it matches clients with the most suitable lenders. That means you are likely to meet a financial partner who can provide more than a single financial need.
Once youâ€™ve submitted information including your social security number, credit score, home ownership status, monthly income and purpose of loan the site performs a soft check on your credit score. Its algorithms sift out lenders who would turn down your application and narrows to lenders who match your profile and needs.
The site gives you a grid comparison of what various lenders have on offer enabling you to compare products. You can use the loan calculator to project your exact monthly payments and plan accordingly.
Once you have narrowed down on a potential lender, you can get pre-approved and set up an appointment with the lenderâ€™s rep in just a matter of seconds.
Fiona finance reviews are absolutely free. All fees associated with the loan, such as origination fees or pre-payment fees and commissions, entirely depend on the lender.
Fiona does not directly lend you the cash. Instead, it is a â€śplace of meeting.â€ť The platform uses powerful proprietary software programs, and relationship with lenders to search through several potential products and provide you with the best options.
Once you have your options, you make the call on which one best suits your needs and proceed with the full application.
That means Fiona doesnâ€™t set out loan terms such as APR, associated fees, lending limit, repayment terms or loan tenure. The individual lender sets out these terms. Nonetheless, Fiona generally matches borrowers looking for anything from $ 1,000 to $ 100,000, for terms not exceeding 84 months. The APR typically ranges from 3.84% to 35.99%.
Itâ€™s your duty to scrutinize the specific lenderâ€™s fees, penalties, and other loan terms and features.
If you are a US citizen, with a social security number and a regular income, you can easily punch in your details and submit your request. The platform will perform a soft credit check which doesnâ€™t dent your credit rating and uses the information to sift through various where there exists an established relationship.
Within a short time, you will start receiving loan offers and indicative rates that match your profile.
You can use a loan calculator to calculate the estimated monthly payments using the indicative APR and can budget properly.
Once youâ€™ve narrowed down to the most suitable lender you can set up an appointment with the lenderâ€™s rep within a short time where they will complete the process.
The lender will perform a hard check on your credit rating before giving a loan offer.
Your credit rating is deemed as sufficient evidence to guarantee your repayment ability. Therefore, no collateral is usually required.
At this point, you should be aware of the lenderâ€™s APR, fees and other loan terms. But just to be on the safe side, take some time to carefully scrutinize the final loan offer before accepting the loan agreement.
After accepting the agreement, most lenders disburse funds via wire transfer to your account often within one business day. Thus Fiona is one of the fastest platforms in the market place.
Different firms partnering with Fiona charge diverse fees and may impose multiple penalties on their loan terms. But, thatâ€™s entirely dependent on the preferred financial institution, not Fiona.
However, Fionaâ€™s partners generally offer loans at APRs ranging from 3.84% to 35.99% and may impose an origination fee, to cater for the expenses of facilitating the loan.
The origination fee is usually a percentage of the loan value (say 5%) and would only be deducted once the loan has been processed.
So there are no upfront fees.
In the Fiona application process, you will be required to fill out the purpose for the loan. The options are wide. You can use the loan for a variety of purposes, from meeting personal needs to consolidating your loans.
Loan purpose doesnâ€™t seem to matter to the lender in the application process. However, it should matter to you.
In our opinion, you can use loans from Fiona to offset high-rate credit cards or other high-cost loans. If you qualify for a high figure, you can use the proceeds to consolidate your loans and remain with one lender to pay off.
However, be sure to reach out to a trusted financial advisor who will give you objective advice on how best to handle your debt. Also, be keen to know the impact of closing some of your accounts on your credit rating.
Once youâ€™ve procured a loan through Fiona, and the funds disbursed, repayment terms are entirely dictated by the lending institution.
As we mentioned, Fiona does not directly lend you the cash. Instead, it is a â€śplace of meeting.â€ť So, be sure to understand the lenderâ€™s specific repayment terms before you sign on the dotted line
In this era of fake news and predatory websites seeking to get your personal data and use it inappropriately, Fiona has stood out as a beacon of integrity. The platform uses secure technology, standardized by the industry and regulators, to ensure the safety of your personal data and shares it only with trusted partners.
Your personal and financial information is safe when in the hands of Fiona or its trusted partners.
Other firms, including big brands such as the Wall Street Journal and Crowdfunding Insider, have recognized this and praised Fiona for the exemplary service.
Moreover, the Consumer Financial Protection Bureau complaints database didnâ€™t have any complaints on Fiona for the year 2018.
To conclude, Fiona, powered by Even Financials is a significant game changer in the modern lending space. It takes out the frustration of loan application rejection by matching you to the most suitable lenders, bypassing the rituals of forms and formalities.
You will get to evaluate the best lenders, whose products are suited for your circumstances and in a matter of minutes the application can be approved and funds disbursed within a day.
Fiona gives you leverage by supplying you with the information you need.