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LoansUnder36 Credit Pros
LoansUnder36 Credit Cons
Types of Personal Loans Offered by LoansUnder36
LoansUnder36 offers basic, unsecured personal loans. When you submit your application, LoansUnder36 reviews that application and works with a network of lenders to match you to a lender that is willing to approve you for a loan.
One advantage of personal loans is that they’re very flexible. While LoansUnder36 lists a few common uses, you can use the money for nearly anything and the website doesn’t specifically prohibit any uses for the loan funds.
| Common loan uses | Prohibited uses |
| Pay for an unexpected expense | Not disclosed |
| Make a large purchase | |
| Consolidate your debt | |
| Home improvement |
LoansUnder36 Features
LoansUnder36 doesn’t offer personal loans directly to consumers. Instead, it matches borrowers with lenders based on their credit profile and borrowing needs. As part of the application process, you’ll outline the amount you need to borrow and how long you’ll need to pay the money back.
Because LoansUnder36 works with many lenders, the terms of the loans you might receive can vary widely.
| Loan terms | Fixed rate |
| Repayment period | 2 months - 72 months |
| Loan amount | $500 - $35,000 |
| Loan Use Limitations (i.e. only home improvements or only debt consolidation) | Not disclosed |
LoansUnder36 Interest Rates and Fees
Because LoansUnder36 matches applicants to many different lenders, it’s difficult to get a sense for the fees and other charges associated with its loans. Each lender is free to set its own interest rates, origination fees, and other loan terms.
That means that beyond a wide range of interest rates, 5k Funds isn’t able to provide much information about the loan offers you might receive. On the other hand, you might get loan offers from multiple lenders through the site, giving you a chance to compare multiple options to find the best one for your needs.
| Borrowing/Origination Fees | Varies by lender |
| Prepayment Fees | Varies by lender |
| Late Payment Fees | Varies by lender |
| Other fees | Varies by lender |
| Interest Rates | Varies by lender |
LoansUnder36 Qualification Requirements
LoansUnder36 doesn’t outline any specific qualification requirements such as a minimum credit score or minimum income. Instead, it takes the information that you provide during the application process and uses it to match you to lenders that work with borrowers like you.
| Membership Requirement | None |
| Minimum Credit Score | None |
| Income Requirements | Varies by lender |
| Co-signer/Joint Application Requirements | Varies by lender |
LoansUnder36 Application Process
The application process for LoansUnder36 is pretty simple, but it can take a bit of time to go through. The site asks for a lot of information so it can effectively match you with lenders.
The first thing you see when you open the site is the start of the application, asking how much money you’d like to borrow.
Next, you’ll enter how long you’ll need to repay the loan. Remember, longer term loans mean lower monthly payments, but will cost more in the long run.
The next steps involve entering some personal information, such as where you live, your name, your birthday, your contact information, and the best time for lenders to contact you. The site uses this information to match you to lenders in your area. Because you’re providing your phone number, keep in mind that you might start receiving advertising calls from lenders.
Once you’ve provided that info, you need to talk about your financial situation and credit. You’ll have to discuss how much money you owe on credit cards, other debts that you may have, and whether you can afford a new loan payment. Make sure to answer all of these questions honestly because lenders will check your credit to confirm the information you provide.
You also have to answer some questions about your personal situation, such as whether you’re part of the military, your housing situation, whether you own certain assets, such as a car, and where your income comes from.
These questions help with both identity verification and help match you to lenders who will give you the best deal on a loan.
The application will then ask about your income, including how long you’ve been employed or had that source of income, how frequently you get paid, your gross income, your employer’s name and contact information, and your next payday.
Lenders can use this information to make sure that you have sufficient income to pay off a new loan and to confirm your employment status.
Before they offer you a loan, lenders will check your credit report. They’ll need some personal information to find your credit report, including your driver’s license number and Social Security number.
On the application’s home stretch, LoansUnder36 asks about your financial situation. That includes asking you to estimate your credit score and asking you for your bank account information and whether you have direct deposit.
This is unusual for a loan application. Few lenders ask for your bank account number and routing number up front. This can speed things up down the road because lenders will already know where to send the money you borrow, but it is something that some people might find concerning.
Finally, LoansUnder36 asks why you’re applying for the loan. While there are no explicit prohibitions on your reasons for getting a loan, some lenders prefer to work with borrowers who are using the loan for certain purposes. LoansUnder36 uses your answer to this question to match you to an appropriate lender.
Ultimately, the application is simple but more invasive than the applications used by most other online lenders. Also, some reviewers have reported a hard pull on their credit after submitting the application, which means you can’t check your loan offers without impacting your credit.
LoansUnder36 Customer Support
A major drawback of LoansUnder36 is its lack of customer support. There isn’t a contact email address or phone number on the lender’s website.
In fact, the company’s website is very bare bones. It consists of a single page with some basic personal loan information and multiple links to the application. The fine print has a few details, such as the range of interest rates that you might pay, but it otherwise offers very little information.
Because there is no support phone number or email, you have no way to reach out for support if you have trouble during the application process. LoansUnder36 might use the contact info you provide to contact you, but you cannot contact it.
Customers tend to agree that the lack of support is an issue. The site isn’t accredited by the Better Business Bureau and its rating on TrustPilot, a popular customer review site, is just 2.7 out of 5. Some reviewers even accused the site of stealing their information or being a scam.
LoansUnder36 Online Reviews
Customer reviews are one of the best ways to get a sense of how easy it is to work with a lender. The consensus among customers is that LoansUnder36 is not a great company to work with. There is no Better Business Bureau listing for the site and its TrustPilot score is 2.7 out of 5, which is quite poor.
Most reviewers state that the company’s support is non-existent and difficult to contact. Some even state that their information was stolen by unsavory lenders and that they had to deal with identity theft.
One review reads, “They got my personal info. My identity was stolen. I try calling they hang up everytime.”
Another was less accusatory but still advised against working with the lender. “DO NOT DO IT My honest feedback is find somewhere else.”
One positive review did mention the quick loan funding as a benefit, “My car broke … a few days before Thanksgiving. I requested a quick loan with this website and got approved so now my car is in the repair shop getting ready to take me to my family to Thanksgiving, thanks LoansUnder36!”
| The positive reviews are related to | The negative reviews are related to |
| Quick loan funding | Hard credit pull with initial application |
| Wide variety of terms and fees | |
| Poor customer service | |
| Poor vetting of partnered lenders |
LoansUnder36 Perks and Bonuses
When you apply for a loan, it’s important to consider more than just the nuts and bolts like interest rates and fees. You should also look at the things surrounding the loan, such as the lender’s technology and transparency.
Ideally, you want to work with a lender that is flexible and is easy to work with.
Because LoansUnder36 isn’t a direct lender and instead partners with lenders, it’s hard to discuss the types of flexibility and perks that come with its loans.
Flexibility
Every lender is different, so there’s no way to say whether the lender that LoansUnder36 matches you with will be flexible when it comes to things like letting you choose from multiple loan terms or set your own payment due date.
The flexibility benefits of the site are that it lets you borrow very small amounts and might match you to multiple lenders, letting you choose the best offer.
Transparency
LoansUnder36 is not transparent at all about the loans that it can match you to. The only information available on its website is the range of interest rates that you might wind up paying.
There is no customer support email or phone number that you can use to get help or ask questions. There’s also no information about fees or other important, fine print details about the loans you might receive.
Technology
LoansUnder36’s website is incredibly basic. It consists of a single page with the application built-in.
Depending on the lender you ultimately decide to work with you might have a great tech experience or a poor one, so it’s hard to assess the overall quality of LoansUnder36 on this factor.
LoansUnder36 Compared to Other Lenders
Before you apply for a loan with LoansUnder36, make sure to consider all of your options.
| LoansUnder36 | Best Egg | Payoff | Prosper | |
| Loan Terms | Fixed rate | Fixed rate | Fixed rate | Fixed rate |
| Loan amount | $500 - $35,000 | $2,000 - $50,000 | $5,000 - $40,000 | $2,000 - $40,000 |
| Interest Rates | 5.99% - 35.99% | 5.99% - 35.99% | 5.99% - 24.99% | 7.95% - 35.99% |
| Min Credit Score | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| Co-signer Requirement | Varies by lender | Varies by lender | Varies by lender | Permitted, not required |
Final Thoughts
LoansUnder36 is a loan marketplace that can match you with lenders that want to work with you. However, the website is very opaque, lacks a way to get support, and has very poor customer reviews. That, combined with its invasive application process, means most people will be better off looking somewhere else.
You can find better deals by going directly to a lender or by using another marketplace that isn’t as invasive during its application process.
