GuideToLenders is one of the world’s longest-running online loan marketplaces. The service helps you take control of your finances by connecting you with multiple lenders in a matter of minutes. To hone in on the best possible deal, learn all about this platform with our Guide to Lenders review.
APR range 3.99% to 35.99%
- No credit score requirements
- Reputable lenders
- Fast application process
- One-day funding
- Automatic payments
- No hard credit pull
- All-purpose loans
- Competitive rates
- Could be more transparent
- Slow support channels
GuideToLenders has been in business since 2005, during which time it has facilitated more than $16 billion in loans. Its network groups a long list of lenders including SoFi, Avant, Marcus by Goldman Sachs, and LendingClub. This is an incredibly streamlined platform that simplifies your search for a loan with its signature four-step application process. The days of filling out piles of forms are long gone.
If you’re looking for a personal loan, GuideToLenders.com should already be bookmarked on your browser. Getting quotes for a loan is free. It doesn’t impact your credit score, and the whole process takes mere minutes to complete.
The only downside is that you can’t see the full list of offers before submitting your personal information, which isn’t the case with many other providers.
At the same time, many online reviews of GuideToLenders point to some of the platform’s key strengths, including low credit score requirements. The company also prides itself on higher-than-average loan acceptance rates. Of course, this isn’t a direct lender, and the final say on whether or not you qualify for a loan depends on the company’s network of partners.
The loans you can secure through Guide to Lenders aren’t particularly high in value. This may be disappointing for some, but it also typically means faster repayment times and smaller debt. After all, that’s what most of us want when taking out a loan through a personal loan marketplace.
How Does GuideToLenders Compare to Other Lenders?
3.99% - 35.99%
4.99% - 35.99%
5.99% - 35.99%
GuideToLenders Financing Types
This loan marketplace is an ideal solution for anyone who is looking for a personal loan. Once you provide a reason why you need the loan and select a credit score range, the site will provide dozens of options ranked by the highest odds of approval. GuideToLenders personal loans range from $1,000 to $50,000 in value.
Since this isn’t a direct lender, there isn’t a specific list of requirements for loan approvals. But we were still surprised not to find a more general list of requirements given the platform’s partnership with some of the top names in the industry. Instead, you’ll find a vague checklist that simply requires applicants to be 18 or older and US citizens.
There is nothing particularly complicated about this process, so let’s dive straight into the various GuideToLenders lending options.
Debt Consolidation and Credit Card Consolidation
Most Americans take out loans to refinance or consolidate their debts and credit cards. This is the main reason people turn to GuideToLenders.
Don’t get confused by the terminology here; this isn’t a business loan in the traditional sense of the word. While it can be used to start a business, it still functions like a personal loan and depends on your own personal credit history.
Vehicle and Other Purchases
The Guide to Lenders platform has several options for applicants interested in making big purchases. In fact, personal loans are often requested for this very reason. New cars are at the top of that list, but the platform can also accommodate you if you’ve finally decided to buy a boat or a motorcycle.
Here’s a list of the types of personal loans you can get through GuideToLenders:
- Home improvement
- Household expenses
- Medical or dental
- Special event expenses
- Auto repair
- Costs associated with raising or adopting a child
GuideToLenders Application Process
Your journey to securing GuideToLenders loans begins with a short questionnaire. The process is streamlined with clear instructions and questions that anyone can answer in just a few minutes.
Unlike similar platforms, this one requires you to provide some personal and credit information with the initial application form. Using that information, GuideToLenders finds you the best possible lending options that you can browse through before proceeding with your loan application.
In our view, the whole process leaves something to be desired because you don’t even get a quick look at how the partners of Guide to Lenders review your application. Call us spoiled, but we’ve become accustomed to a greater degree of transparency from BBB-accredited loan companies and marketplaces.
As is common practice, the platform doesn’t get involved in your loan repayment plan or anything beyond establishing a direct line of communication between you and the site’s lending partners.
What Information Do I Need to Apply?
We’ve already touched on some of the information that GuideToLenders gathers for its personal finance connection service. Here is a list of other details you’ll need to provide in order apply for the service:
- Loan amount
- Estimated credit score
- Employment status
- Annual pre-tax income
- Co-applicant’s income (optional)
- Whether you rent or own a home and how long you’ve been doing so
- Home address
- Name and date of birth
- Phone number
- Social Security number
Once you provide all of the required information, the site will process it and immediately inform you whether or not there are any offers that match your desired loan amount and financial status. From there, the procedure depends on the lender you choose, but be prepared to provide your ID, proof of income, and tax returns.
GuideToLenders Financing Features
To stand out from the crowd, a website needs a top-notch security protocol. For the majority of lending sites, that means strong encryption that can’t be penetrated by hackers. GuideToLenders doesn’t fall short in this regard, protecting all data with strong 256-bit encryption that would even make some banks jealous. You can rest assured that your personal information is safe with this company.
However, beyond security, there aren’t any features that stand out about Guide to Lenders. Personal loans, the review process, and other aspects of the site are pretty standard. The site takes unflattering web design to a whole new level with some features being either completely excluded or hidden until you fill out the application form.
For example, there’s no loan calculator, so you can’t plan your payments in advance. Moreover, the list of lenders is only accessible once the questionnaire is completed. The same goes for the offers as well as the lender-specific APR and rates. We’re hoping to see updates to the site that would make it more transparent and consumer-friendly.
The good news is that applying for a loan at GuideToLenders is completely free. If you don’t end up being approved for a loan, you’ve only wasted your time and not your money.
Loan Amount and APR Details
GuideToLenders has some interesting loan options. On one hand, there’s a rather low limit on the amount of money you can borrow, but the site also offers a fair APR with flexible payment terms.
- Loan amount: $1,000 to $50,000
- APR: 3.99% to 35.99%
- Origination fee: 5% and upwards (depending on lender)
- Other fees: None
- Loan term: Two to seven years
- Repayment options: Monthly
When Guide to Lenders reviews the application, your personal credit history is taken into account above all else. In many cases, this can be a deal breaker and determine whether any good loans are offered in the first place. Of course, the APR is also heavily affected by the borrower’s credit score. In other words, a better score ensures a lower APR.
Unfortunately, you won’t be able to see these offers in advance or calculate your monthly payments – not until you complete the application. Also, your GuideToLenders personal loan might come with some fees. For example, there is the origination fee, which is pretty much unavoidable when you’re borrowing money.
As always, be sure to read the terms and conditions carefully. If you need to clarify anything or require additional information about a particular lender, get in touch with the site’s customer support team.
GuideToLenders Repayment Terms
The payment terms are straightforward and don’t require any complicated calculations. Once the details of the loan are worked out, you are simply expected to make the monthly payments. And just like with every other marketplace lender, the process is highly automated.
It goes without saying that the exact terms under which your loan gets approved depend on several factors. What you can expect is a payment term between 24 and 84 months, a set number of monthly payments, and a maximum of $50,000 that you can borrow through a single loan. In addition, GuideToLenders works with some of the best personal loan lenders in the world.
The Bottom Line
Whether you need credit card refinancing, some cash for a big shopping spree, or a loan to redecorate your house, GuideToLenders is the ideal place for simple and fast loans. The site might be too basic for more advanced users, but it’s exactly what many first-time borrowers need.
Our GuideToLenders review is one of many that praises the site for its ability to deliver personal loans through a streamlined process. No one is going to bother with piles of paperwork, days of uploading numerous documents, or a marketplace for online loans that has no customer support. So if you’re shopping for a loan, check out the offers at GuideToLenders.
Is Guide To Lenders a direct lender?
No, this is a marketplace that only connects customers with lenders that offer personal loans. You cannot get a loan directly from GuideToLenders. Instead, the platform will match you with loan offers that have the highest chance of approval given your credit score and financial situation.
Does GuideToLenders hurt your credit?
No. Since GuideToLenders isn’t a direct lender but a marketplace, it doesn’t pull your credit. You can get a free credit score check through the site or even send an application for a loan without any impact to your credit score.
How can I contact GuideToLenders’s customer service?
GuideToLenders customer support is available via phone (844-872-7854) or email at [email protected]. You can also use a web form in the Contact Us section of the website for a range of enquiries. The support team will answer your enquiry within 24 hours. There is no live chat option at the moment.
What can I use my GuideToLenders loan for?
Our Guide to Lenders review lists all of the different loan types that are available with this platform. You can use your loan to refinance your debt or credit card, buy a car, remodel your house, or fund your next big purchase.