Grace Loan Advance is a legit peer-to-peer lending platform that pairs lenders with borrowers who seek short-term personal loans. The credits offered are structured like payday loans. Grace Loan Advance does not have a Better Business Bureau (BBB) rating. However, RBD Enterprises LLC, its parent company, has an A+ rating with the BBB.
About Grace Loan Advance
Grace Loan Advance, based in Los Angeles, was launched in 2015. It is a financial service operator that provides lenders and borrowers in the United States with multiple credit and investment options.
Grace Loan Advance is not a direct lender, but rather an intermediary between potential borrowers and the third-party independent lenders that can provide loans ranging from $100 to $35,000. The lenders and borrowers are matched based on each party’s predetermined criteria
Application Process For A Grace Loan Advance
The process of applying for Grace Loan Advance is easy. All you need to complete the application is an internet-enabled phone or computer and your relevant personal information. You will be prompted to enter your proposed amount on the Grace Loan Advance website’s landing page.
After entering your desired amount, you will be asked to enter your personal information like social work information, address, and security number. Following this, you will receive an email verifying your application. Your application will thereafter be processed and you will be credited immediately after the application is accepted.
Benefits Of Grace Loan Advance
Applying for credit on the Grace Loan Advance platforms comes with a lot of benefits, some of which include:
You can be sure that your applications will be successful if you meet all the criteria for the category and amount you are applying for.
Instant credit: Successful applications are credited in record time.
Seamless Application Process: The application process is easy and the requirements are not ambiguous. To cap it all, the process can be initiated in completed in a few minutes.
Access to a large sum in credit: Borrowers are not limited to a little sum of money because they can borrow up to $35,000. This means they can rely on Grace Loan Advance not just for your short-term credit needs but to finance their capital-intensive projects.
A Large number of independent financiers: Grace Loan Advance is a free lender community that pairs borrowers with lenders based on their loan demands. A large number of lenders increase borrowers’ chances of getting your application and access to credit.
Criteria For Eligibility
The Grace Loan Advance website provides very little information about the eligibility of applicants. However, it is confirmed that it serves the entire United States of America. You must be at least 18 years old, and there is a minimum credit score. Also, prospective lenders should have stable employment before applying.
In addition to these criteria, some lenders further impose specific criteria, especially for applications involving a higher sum. It is recommended that you review your lender’s terms and conditions.
Alternatives To Grace Loan Advance
Grace Loan Advance is a top-notch lending platform with a lot of positive reviews. Other financial service providers in the same category include Bad Credit Loans and Zippy Loan.
What is a Personal Loan?
Personal loans are unsecured loans given by financial institutions based on predetermined criteria. They are periodic loans in which you borrow a specific amount of money and repay it over a set number of payments. Most of the financiers of the credit facilities are peer-to-peer lenders.
What are the Fees and Charges with Grace Loan Advance?
The interests and other variable charges are calculated based on the term of repayment and the specification of each lender. Therefore it is possible for two applications, involving the same amount and repayment period to carry a different interest.
However, the interest rates vary between 5.99% and 35.99%.
Grace Loan Advance Repayment period
The repayment period is fixed by the lender. It is often decided based on predetermined criteria like the amount involved, interest chargeable, and the credit rating of the applicant. Ideally, it ranges between 61 days to 72 months.
Final Thoughts
If you need more cash to get you through tough times, you might consider getting a personal loan. These can be useful for covering auto payments, taking a vacation, paying off large debts, or almost anything else that you might need some extra cash for.
Grace Loan Advance is a legit financial solution platform. It is a marketplace where borrowers and lenders meet to trade according to mutual terms and conditions. Despite the legitimacy of the platform, prospective borrowers should tread with caution when applying for loans on the platform. The terms and conditions tied to each application should be reviewed before accepting such.
