The Loan Exchange – Personal Loans Review
The Loan Exchange is one of the fastest growing loan companies today. Started in 2017, the company has seen quite a bit of early success through excellent marketing and a very easy personal loan application process. They take a completely new and innovative approach to the personal loan market that has been working well for them over the past year. So why chose The Loan Exchange? This can be summarized in one word: simplicity. They offer much of what every other loan company offers, but just make things easy for the customer. We finally had time to thoroughly review the site and company to see what they’re all about. Let’s dive in!
A Network of Lenders
The Loan Exchange does a good job standing out from the crowd by catering to people with all types of credit. Typically you have a site that offers loans, but it is either for people with good credit, or people with bad credit. By having a network of lenders available to serve the needs of their customers, they’ve created an all-inclusive stop for personal loans. No longer do you have to shop around for hours for personal loans. They take care of that for you!
We must say though, their network of lenders are not the best match for people with an excellent credit score (those knocking on 800). If your score is that high, then you may find better rates elsewhere. If your credit score is not in this range, then you are definitely in the right place for a loan featuring competitive interest rates.
Good Loan Amount Range and Rates
The Loan Exchange offers an exceptional range of money that can be borrowed, accompanied with excellent interest rates and loan terms. The following was pulled from their website just to show what you can expect from a personal loan through The Loan Exchange:
- You can borrow anywhere from $7,500 to $100,000
- Loan terms can reach as high as 180 months
- Interest Rates are as low as 16.64%
- Monthly payments come in around $94.40 – $1,258.67
This is a solid range, broader than what a lot of other loan companies can offer an individual for a personal loan (due to using a network of lenders). The Loan Exchange can fill the needs of most people seeking to obtain a personal loan. One recommendation is to avoid pushing the loan out the full 180 months (15 years) if your loan has a high interest rate. This will increase the overall payback amount by quite a bit. If this applies to you, try to choose the shortest term possible. This will ensure most of your money is going to principal (the amount borrowed) and not interest (finance charges).
Easy Loan Application Process
The application for a loan through The Loan Exchange is as easy as they come. You can literally complete the whole application for a personal loan in a matter of minutes. This is due to a straight-to-the-point approach at asking questions pertaining to what type of loan you wish to apply for and question tailored to that. The first ask for your name. After that, they will request your contact information and your address. Once they have this information, questions related to the reason behind the personal loan and the loan amount are asked. Finally, they ask you for your social, date of birth, and acknowledgment that you have read and agree with the credit authorization disclosure. That’s it!
At this point, you will be presented with a few offers from the lenders they work with based on the information you have entered and your credit score and history. You will be able to compare the terms and rates of each offer and easily make an informed decision. As mentioned before, this is about as easy as they come in terms of personal loan applications.
Simple Loan Requirements
The requirements they have listed out in order for your to qualify for a loan are pretty straight forward. As with everything else on the site, they try to make this as each as possible for the customer, laying out everything you need in simple terms. You will need to meet the following requirements to apply for a loan at The Loan Exchange:
- 18+ years of age
- Credit score of 500+
- Must have a checking account
- Proof of income (pay stub or bank statement)
- U.S. Residency required
If you meet all of these requirements, then you may be eligible to receive a loan from The Loan Exchange. No wonder they are slowly becoming one of the preferred lending companies out there today!
Soft Credit Check
Another great feature of The Loan Exchange revolves around the way they run their credit checks. They use a soft credit check when they check your credit history to verify your initial eligibility. So why is this such a big deal? As discussed in are article detailing the FICO scoring system, too many credit inquiries can hurt your credit, and looks bad to lenders. By doing a soft credit check, the credit check they perform is not reported back to the creditor. This means there is absolutely no risk to at least try and apply for a loan.
This is a great feature as one of the things that tends to stop a lot of people from shopping for loans is credit inquiries. It’s like an all or nothing ordeal at times. You want to apply for the loan, but realize if you submit the application, you will obtain another credit inquiry and risk your score decreasing by a couple of points. To some, this is not a big deal, but if you’re on the fringe of say a 600 credit score, this puts you a few additional points back from leaving the 500 range. It sounds trivial, but to the eyes of a lender it’s not. That’s why we at The Credit Dojo respect their choice to use a soft credit check to confirm initial eligibility for a loan and rates.
Beautiful & Secure Site Design
The Loan Exchange did an amazing job with their website. Everything is placed in logical order and it’s very easy to read. The color pallet is easy on the eyes and looks amazing. Here is a screenshot we took of the site on a desktop computer:
The page speed is fast and all menu items feature relevant information to the title, with straight to the point content (one of the common themes with The Loan Exchange). Kudos to their web design team for developing by far the easiest to read/navigate personal loan site The Credit Dojo has seen.
The sites visual design is just the icing on the cake when it comes to their overall site construction. Internally, they utilize all of todays best practice security measures to ensure customer data is safe and secure on their website. All traffic is sent through encrypted channels, making it nearly impossible for personal data to be leaked in transit. Hyper Text Transfer Protocol Secure (HTTPS) URL encryption is used as an added layer of security for the website. Rest assured that your data is safe with The Loan Exchange.
What bad is there to say about The Loan Exchange? Out of all of the places we have visited, The Loan Exchange was by far the easiest to manage. We had no problems whatsoever applying for a loan and reading any information that was presented on the site. Everything on the site is straight forward, which allows you to simply focus only on what you went to the site for, which is a personal loan. You are not bombarded by messages or popups pushing you into services you don’t want. The requirements are light and allow for a broader range of people to get a personal loan through them.
If you are in search of a personal loan, we can happily recommend The Loan Exchange as a first stop to fill your personal loan needs. They have incredible range for their loans (in terms of dollars) and a good network of lenders. They have something for all but the absolute best of credit types, and work VERY well with people who have credit problems. If you’re interested in applying for a loan with The Loan Exchange (can’t hurt your credit), then CLICK HERE to sign up, or click on the purple icon towards the top of this review. You will not be disappointed with their service, the application process and their rates. The site will be easy to navigate and should be simple enough even for a financial novice (someone who is new to credit or loan applications).
Once again, we cannot stress enough how good their service model is. If you’re shopping around for a loan, then definitely give them a shot. Here is a summary of The Credit Dojo’s review of The Loan Exchange:
The Loan Exchange Review
- Very easy loan application process
- Easy to follow website
- Utilizes network of lenders
- Soft credit check (won’t hurt credit)
- Not for people who have really good credit
- Loans not available in some states
If you’re not sold on trying out The Loan Exchange, there are other options available for you to explore. They are all good at what they do, which is offer loans for a specific type of credit. The recommended companies are as follows:
- BadCreditLoans.com – Founded in 1998, they have a great track record with helping people with bad credit get a personal loan. If you know your credit is bad and want to work directly with a company specializing in bad credit, the click HERE
- Payoff – Payoff (established in 2009) offers loans mainly targeted at customers wanting to pay off credit card debt. If you wish to lean more about Payoff, click HERE
- Cash Advance – Helping people since 1997 obtain a cash advance or personal loan to pay for unexpected bills. For more on their cash advance and personal loan options, click HERE
- Check Into Cash – Established in 1993, they are the leader in payday loans and offer other financial services as well. To learn more about their payday loans, click HERE
- MyAutoLoan.com – Similar to The Loan Exchange, they have a network of professionals to help obtain the best auto loan you can. You can apply at MyAutoLoan.com for an auto loan HERE
- PersonalLoans.com – Originally founded in 1996, they specialize in finding personal loans for people of all credit types. They compete directly with The Loan Exchange. You can learn more about PersonalLoans.com HERE
Credit Repair Help
If you are having problems getting a loan due to credit, then stop by a few of our in-house articles for some additional help. They are as follows:
- Best Credit Repair Companies
- What is a FICO score
- Auto Loan with Bad Credit
- Free Credit Dispute
- How to Negotiate Medical Bills in Collections
Once again, thank you for visiting The Credit Dojo. As always, we hope you’ve learned something today.