Are you currently in the lookout for financing, but your credit profile is less than ideal? Or maybe you’re in receipt of a good FICO score and simply want to find the best deals in the market?
Either way, you are best advised to use a loan comparison website that has heaps of lenders within its network. In doing so, you’ll stand the best chance possible of finding a competitively-priced lender that meets your needs.
One such example of a comparison platform that seeks to find you the best financing deals in the market is the Loan Exchange. On top of personal loans, the platform can also match you up with lenders that specialize in mortgage refinancing and business loans.
If you’re keen to find out whether the website is right for your financing needs, be sure to read our Loan Exchange Review. We cover the types of lenders that the platform has partnered with, how much you can borrow, funding times, and more.
What is the Loan Exchange?
- 1 What is the Loan Exchange?
- 2 Will Applying With the Loan Exchange Affect my Credit Score?
- 3 Am I Eligible to use the Loan Exchange?
- 4 Personal Loans at the Loan Exchange
- 5 Business Loans
- 6 Mortgages
- 7 How do I Apply for a Loan at the Loan Exchange?
- 8 Can the Loan Exchange Help if I Have Problems With the Lender?
- 9 The Loan Exchange Review: The Verdict?
- 10 The Loan Exchange
- 11 Pros
- 12 Cons
In a nutshell, the Loan Exchange is an online comparison website that strives to find you the best loan deals in the market. This effectively covers two key metrics.
First, the platform will look to find lenders that you are eligible with – based on the information that you supply during the initial application phase. Next, the Loan Exchange will then rank your search results by the lowest APR rate on offer.
Ordinarily, you would be required to independently search and apply for loans at each lender to find out what rates you can get. Not only is this time consuming, but you’re all-but-certain to miss a good deal. With that said, you only need to enter your details once with the Loan Exchange, and you’ll have access to heaps of lenders through a single search.
In terms of the fundamentals, the Loan Exchange covers personal loans, business loans, and now mortgage refinancing. The most popular financing product at the platform is personal loans, which allows you to apply for between $2,600 and $100,000. As such, the Loan Exchange is not suitable if you only want to borrow a small amount of money.
If it’s a business loan you’re after, you can borrow between $6,000 and $250,000. When it comes to mortgages, the platform allows you to search for lenders that offer refinancing. You simply need to enter the details surrounding your current mortgage arrangement, and the Loan Exchange will strive to get you a more favourable deal.
Will Applying With the Loan Exchange Affect my Credit Score?
When you apply for a new credit-based product online, the lender in question will usually run a credit check on you. It does so by extracting information from your credit report – which will typically be with one of the main three credit bureaus. As such, the credit bureaus will know that you have applied for credit and thus – this can be marked against you.
However – and irrespective of the type of financing product that you are after, all applications made via the Loan Exchange are initially performed on a soft credit check basis. For those unaware, this means that regardless of whether or not your application returns any approvals, the search will not be posted to your credit file. As a result, you’ve got nothing to lose by finding out what rates you can get via the Loan Exchange.
However, it is also important to note that should you proceed with one of the offers that the Loan Exchange finds for you, the respective lender will then need to perform a hard credit inquiry on you. This will be posted to your credit file.
Am I Eligible to use the Loan Exchange?
First and foremost, the Loan Exchange is not a lender. On the contrary, it is merely a third-party comparison site that strives to find you the best loan deals in the market. As such, whether or not you are eligible for your required financing product will be determined by the lenders in its network, and not the Loan Exchange itself.
With that being said, the Loan Exchange does have some minimum requirements that it publishes on its site. This is based on personal loans only, so make sure you meet the following criteria before applying:
- FICO Credit Score: You will need to have a minimum FICO credit score of at least 500 to apply at the Loan Exchange. This means that you will still qualify even if you fit within the ‘Very Poor’ FICO credit score range (300-579), as long as it hasn’t fallen below 500.
- Valid Bank Account: You will need to have a valid bank account that has been active for at least 90 days. This shouldn’t be an issue for most of you.
- Residency: You will either need to be a US resident, or a US citizen living overseas. You will need to validate this with your social security number.
- Eligible States: Unfortunately, the Loan Exchange is not available in all US states. In fact, you can only use the platform to obtain a personal loan if you are based in Arizona, California, Delaware, Idaho, Kentucky, Missouri, New Mexico, South Carolina, Utah or Wisconsin
If you meet the above criteria then you’re good to start an application at the Loan Exchange.
Personal Loans at the Loan Exchange
In terms of the numbers, the vast majority of loans applied for via the Loan Exchange are personal loans. As such, this is what we’ll focus the bulk of our review on. Firstly, you can apply for a loan from just $2,600 – up to a maximum of $100,000.
Although this is quite a wide threshold, there is no guarantee that you will get the amount that you apply for. In terms of the interest rates, this will ultimately depend on what the lender in question wishes to charge. They will base their decision on your overall credit profile and financial standing.
With that said, the minimum APR rate that you can get from a personal loan is 13.33%. This isn’t the most competitive of rates, so if your credit profile sits within the ‘Excellent’ range, you might be best off using an alternative platform.
When it comes to the term of the loan, lenders at the platform are somewhat flexible. However, you won’t be able to borrow the funds for more than 15 years. All personal loans via the Loan Exchange are fixed, so your payments will always stay constant during the course of the agreement.
Most personal loans will be funded within 1-2 working days of being approved, albeit, this will once again depend on the specific lender that you are matched with.
If you and your company require a business loan, the Loan Exchange has partnered with a number of providers in the corporate lending space. The minimum amount you can borrow is $6,000, with the maximum at $250,000. The loan term must be between 2 and 10 years, and the financial health of your company will be assessed by the lender itself.
Business loans via the Loan Exchange are eligible in a lot more states in comparison to personal loans, which we’ve listed below.
- New Hampshire
- New Mexico
- South Carolina
The Loan Exchange also allows you to apply for mortgage refinancing. The overarching concept is that by entering details surrounding your current agreement, the platform will strive to find you a more competitive deal.
This includes reducing the amount of interest that you pay, subsequently allowing you to pay off your mortgage faster. Once again, finding out what deals are in the market is risk-free, as the initial application is based on a soft credit inquiry.
How do I Apply for a Loan at the Loan Exchange?
So now that you know the different loan products available at the Loan Exchange, we are now going to explain how the end-to-end application process works.
Step 1: Visit the Loan Exchange and Choose Your Loan Type
To get the ball rolling, you will need to head over to the Loan Exchange website and click on the type of financing you require. This covers personal loans, business loans, and mortgage refinancing.
You will then need to enter your specific requirements. For example, if opting for a personal loan, enter the amount that you wish to borrow and for how long.
Step 2: Enter Your Personal and Financial Details
You will now need to fill out the online application form at the Loan Exchange. In a similar nature to applying with a lender directly, you will need to enter your personal information. This should include your full name, home address, date of birth, social security number, and contact details.
Next, you’ll be asked to provide some information surrounding your financial standing. This includes the name of your employer, how long you have worked there, and how much you earn each year. You will also be asked some questions about any other credit-products that you currently have outstanding.
Step 3: Review Available Loan Deals
Once you have filled out the application form, the Loan exchange will then forward your details to the lenders within its network. You shouldn’t need to wait more than 30 seconds before your available loan deals start populating on-screen.
Every lender that appears will display their loan terms – such as how much interest you need to pay, the size of the origination fee, and what your monthly repayments will amount to. The search results should be sorted from the lowest APR rate onwards.
At this stage of the application, you are under no obligation to take any of the deals that have been presented to you. On the contrary – the search will be based on a soft credit check, so it won’t be posted to your credit file.
Step 4: Complete the Application at the Lender’s Website
If you like the look of one of the loan deals that the Loan Exchange has found, you will then be taken directly to the lender’s website. This is the last point in which you will deal with the Loan Exchange, as everything will go directly with the lender hereon. At this stage, you will have been ‘pre-approved’ for your loan.
This means that the lender will now need to perform a hard credit inquiry. This will extract your data from multiple credit bureaus, and any other third-party sources that the lender typically uses. If everything comes back fine, you will then be asked to complete the application process.
First, you will need to enter your checking account details. This is where the loan funds will be deposited in to. Moreover, you will likely be asked to sign an electronic debit agreement. This is so the lender in question can take your monthly repayments from your bank account automatically.
Finally, you will then need to sign the digital loan agreement. Make sure you read through it thoroughly before you do, as this will be the last chance for you to change your mind.
Can the Loan Exchange Help if I Have Problems With the Lender?
It is important to remember that the Loan Exchange is not a lender, so they will have no input in any of the loan agreements that you enter in to.
As we noted earlier, as soon as you proceed with one of the loan deals offered to you, that is the last point in which you will deal with the Loan Exchange.
As a result, any questions, queries, or issues that you have on your loan will need to be taken up directly with the lender.
The Loan Exchange Review: The Verdict?
In summary, the loan exchange operates much like any other loan comparison website in the space. By filling out a single application, the platform will forward your financing requirements to heaps of lenders. In return, you’ll stand a much better chance of sourcing a competitively-price loan deal. This covers personal loans, business loans, and mortgage refinancing.
The best thing about using a platform like the Loan Exchange is that all of its applications are executed on a soft credit check basis. This means that you have nothing to lose by finding out what rates you can get. If nothing is of interest, you can simply walk away.