Grace Loan Advance Personal Loans

Grace Loan Advance Personal Loans Review

Grace Loan Advance Personal Loans is offered by Grace Loan Advance, a marketplace lending platform founded in 2015 and based in Los Angeles, CA. Grace Loan Advance Personal Loans are available in 50 states (and Washington, DC).

Key Takeaways

• Uses a variable APR. This is uncommon for personal loans. If interest rates rise in the future it could make the monthly payments more challenging. Personal loan interest rates typically range between 5% and 36%. The starting rates for Grace Loan Advance Personal Loans are on the lower end of the spectrum.
• Fast access to funds. If approved, you can sometimes get your money within 1 business day*.
• Strongly recommended. 3 out of 6 SuperMoney community members recommended Grace Loan Advance Personal Loans.
• Charges a prepayment fee. This is rare for personal loans. It means you will have to pay a fee if you pay off your Grace Loan Advance Personal Loans early.
• No origination fee. Grace Loan Advance Personal Loans does not charge a loan origination fee.
• Super long loan terms. Grace Loan Advance Personal Loans offers loan terms of up to 72 months. Most personal loans have a maximum term of 60 months.

Grace Loan Advance Personal Loans Pros & Cons

Grace Loan Advance Personal Loans FAQ

What interest rates and personal loan terms does Grace Loan Advance Personal Loans offer?

Grace Loan Advance Personal Loans has lower than average interest rates for lenders reviewed on SuperMoney.

What fees does Grace Loan Advance Personal Loans charge?

What do you need to qualify for Grace Loan Advance Personal Loans?

When it comes to credit scores, Grace Loan Advance doesn't have a set minimum or maximum. People with all types of credit scores can apply. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Grace Loan Advance Personal Loans does not have or does not disclose a minimum annual income eligibility requirement. Grace Loan Advance Personal Loans only considers borrowers who are employed.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Grace Loan Advance Personal Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Grace Loan Advance Personal Loans.

To qualify, applicants may need to provide the following documentation:

• Applicants must have an active and valid personal checking or savings account
• Proof of income
• Recent bank statements
• Driver's license

What is the estimated funding time for a personal loan via Grace Loan Advance Personal Loans?

Grace Loan Advance Personal Loans will typically approve (or deny) a loan application within 24 hours and fund loans within business day of approval.

Does Grace Loan Advance Personal Loans report your account activity to credit bureaus?

Yes, Grace Loan Advance Personal Loans reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

Are Grace Loan Advance Personal Loans legit?

Grace Loan Advance Personal Loans was founded in 2015. It is an established company that has been in business for 8 years. Based on their "mostly recommended" SuperMoney community rating, they seem to be a reputable company.