Motive Personal Loans

Motive Personal Loans Review

Motive Personal Loans is offered by Motive Loan, a nonbank financial services provider founded in and based in Grandville, MI. Motive Personal Loans is available in 50 states (and Washington, DC).

• APRs starting at 5.99%. Personal loan interest rates typically range between 5% and 36%. The starting rates for Motive Personal Loans are on the lower end of the spectrum.
• Charges a prepayment fee. This is rare for personal loans. It means you will have to pay a fee if you pay off your Motive Personal Loans early.
• Origination fees of up to 10%. This is on the high end for lenders on SuperMoney's database. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
• Cosigner applications accepted. Applying for Motive Personal Loans with a cosigner can improve your chances of approval and help you qualify for lower interest rates.
• Short loan terms. Motive Personal Loans offers loan terms as short as 2 months. Most personal loans have a minimum term of 12 to 36 months.
• Super long loan terms. Motive Personal Loans offers loan terms of up to 72 months. Most personal loans have a maximum term of 60 months.

Pros	Cons
Low APRs available to qualified borrowers. Considers applicants with fair credit. Cosigners accepted.	APRs as high as 35.99%. Charges an origination fee of up to 10% of the loan amount. Do not offer pre-approval with soft credit pull. Charges prepayment fees. Charges a late fee.

What interest rates and personal loan terms does Motive Loans offer?

Motive Loans has lower than average interest rates for lenders reviewed on SuperMoney.

What fees does Motive Loans charge?

What do you need to qualify for Motive Personal Loans?

Applicants with a credit score of at least 500 and up to 850 may be eligible for Motive Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Motive Personal Loans does not have or does not disclose a minimum annual income eligibility requirement. Motive Personal Loans will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.

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 Motive Personal Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Motive Personal Loans. Permanent resident / green card holders are also eligible to apply.

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

• Recent pay stubs
• Driver's license
• Government issued photo ID
• Proof of identity
• Proof of citizenship or residence permit

Motive Loans Eligibility Criteria

Minimum Age	18
Bank Account Required?	No
Application Types Accepted	Cosigners Individual Applications
Credit Score	500 - 850

Does Motive Personal Loans report your account activity to credit bureaus?

Yes, Motive 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.