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Grace Loan Advance Review 2023

This review analyzes the personal loans from Grace Loan Advance, including the interest rates, fees, borrowing amounts, and repayment terms.
Edited by:
Kristin Marino verified
Editor's Rating

Grace Loan Advance aims to provide potential borrowers with a lender that best works for their needs, finances, and lifestyle. They provide the opportunity for borrowers to carefully consider their options when it comes to deciding on the lender that is best for them.

An important factor to know about Grace Loan Advance is that its for people who don’t need to borrow a lot of money. If you’re looking to consolidate several loans, for example, you may not be able to get the amount of money you need to borrow through the service.

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Top Features of the Grace Loan Advance Personal Loan

Learn about some of the top features of Grace Loan Advance and how they work.

Online Application and Approval Process

Because Grace Advance Loan is a solely online entity, the entire application and approval process is completed through their website, without a clear option to speak to someone on the phone if you have questions or concerns.

The application process is complete after providing basic personal information, like name, date of birth, address, and social security number and financial information, including credit histories and scores.

Approval Period

After completing and submitting the personal loan application, most borrowers can expect to hear from Grace Personal Loan with a list of potential lenders in minutes.

Fund Disbursement

After the borrower chooses the lender they will be getting their personal loan from, they can expect to have funds disbursed directly into their bank account as soon as the next business day.

Resources for All Types of Credit Scores

Because Grace Loan Advance is specifically intended to offer every user multiple personal loan options, people with credit scores ranging from poor to excellent can expect to have options.

For people with poorer credit scores who typically need help being approved for a personal loan, Grace Loan Advance will offer every lender in their network willing to lend to people who might not be approved through other lenders.

People with higher credit scores can compare multiple lenders to find lenders willing to offer competitive rates and terms.

No Fees

Grace Loan Advance advertises no fees of any kind. Their service is entirely free of fees, but this does not necessarily mean that the lenders in their network will not charge you fees. Your chosen lender may have fees associated with your personal loan.

Pros and Cons of Grace Loan Advance

Which Lenders Have the Best Personal Loan Rates?

Finding the lender with the best personal loan to meet your needs is as simple as using our search tool. Compare personal loans and find the best rates being offered today.

Grace Loan Advance Compared to Other Personal Loan Lenders

Compare Grace Loan Advance to to several other personal loans and make an educated decision on choosing your next loan. Still not sure? We’re here to help.

SoFi

SoFi’s personal loans are for consumers with fair to good credit scores. SoFi offers higher limit personal loans, so these might be for people looking for a personal loan to make home improvements or to finance a vacation or large trip.

Borrowers looking for personal loans for debt consolidation might be less likely to be approved for a SoFi loan if their debt-to-income ratio is too high from existing debt.

Top features of the SoFi personal loan

With a limit of $100,000, SoFi offers large unsecured loan, which is unique to SoFi. This is much higher than most other unsecured personal loans.

SoFi offers a discount to borrowers who enroll in autopay.

SoFi offers an unemployment protection program, where if you are unemployed, you can put your loan payments on pause with no penalty.

Beyond late payment fees, SoFi offers no fees, including origination and prepayment fees.

SoFi offers competitive APRs for people with good credit and relatively high APRs if you are asking for a higher loan amount or have fair credit

The APR you will be offered will vary depending on a few factors, including the loan payback time, loan amount, and your credit and financial history.

Your loan APR will always be fixed and will stay the same throughout the lifetime of your loan.

User experience

Sofi offers a user-friendly website and app interface.

While the application process requires you to provide a lot of information and documentation evidence, once your application is complete, you can expect funds within a few days of approval.

Variety

Sofi does not offer secured loans. They do provide the opportunity to use a cosigner on your personal loan.

You can also change the due date of your monthly payments as long as your account is in good standing and your payments are current.

Sofi will offer to pay funds directly to your bank account, or if you are utilizing the loan for debt consolidation, they will pay the funds directly to that entity.

Customer support

SoFi offers robust customer service through its website and mobile app, seven days a week. The website has a wealth of information, and many questions are answered.

Access

The entire personal loan application process can be completed completely through SoFi’s website.

They only have a few branch locations, but you do not need to go to a branch or be near one to get a personal loan through their services.

Pros and Cons of the SoFi Personal Loan

Axos

An Axos personal loan is best for people with excellent credit scores. It offers competitive rates for people with excellent credit but does not offer loans to anyone with a credit score below 700.

An Axos personal loan is helpful for people looking for higher loan amounts.

Top features of Axos

It offer loan terms of three to six years.

An initial soft credit pull for is done prequalification that will not affect your credit score.

So long as your payments are current, you can change your monthly payment due date.

Axos personal loan funds are typically dispersed to borrowers within a few days of submitting your application.

How to get started

An Axos personal loan application requires you to provide personal information and personal finance documents.

During the prequalification process, Axos will require an excellent credit score, a good debt-to-income ratio, and at least four years of credit history showing timely payments.

User experience

Generally, Axos provides a positive user experience. They offer a straightforward loan application and approval process.

Fees

Axos charges an origination fee of 1-2% of your loan amount and a $15 late payment fee.

Rates

Axos can offer relatively competitive APRs, as they require users to have extremely high credit scores.

However, even if you have a relatively high credit score, you might be subject to higher APRs as every Axos borrower is required to have a higher credit score.

Variety

Axos offers a fair amount of variety in terms of loan repayment terms. They also offer other banking services, such as savings accounts.

Customer support

Axos offers robust customer service options, including talking to a customer service or loan agent through their telephone number on weekdays from 6:00 a.m. and 5:00 p.m. PST. They also offer a customer service email that you can contact 24/7.

The website offers a wealth of information and answers to FAQs.

Access

Axos has no physical branches, and every aspect of your personal loan is maintained through its website.

Pros and Cons of the Axos Personal Loan

How to Get Started

The Grace Loan Advance application, which is on their website, is straightforward.

As with any personal loan application, the Grace Loan Advance application will require potential borrowers to provide personal information, such as name, date of birth, address, and social security number.

It will also require you to provide your employer’s information, employment history, income, expenses, bills, and other financial obligations that you might have, your credit history, and your credit score.

The application will also ask what the personal loan will be used for and the amount you request to borrow.You might be required to provide documentation, such as current or past pay stubs, bank statements, W-2s, and tax returns.

A hard credit check will be performed once you submit your application. Grace Loan Advance will check with all three major credit bureaus regarding your credit score and credit history.

Users who are approved and accept a loan must have a bank account, preferably with direct deposit, to receive the disbursement of your loan funds. This will help you to receive your loan funds faster than a physical check.

Rating the Features

Understanding the ins and outs of Grace Loan Advance’s service is essential to understanding if this service will work for you and meet your needs.

User Experience

The user experience is generally straightforward. Every aspect of your personal loan is maintained through Grace Loan Advance’s website, from the application to making your monthly payments.

However, Grace Loan Advance’s website is simple. While the website offers a frequently asked questions section, the FAQs only address general questions about personal loans. In terms of specific information about Grace Loan Advance, their network of lenders, and other questions that are specific to their service, they are lacking in information.

Fees

Grace Loan Advance does not charge its customers any fees. However, this does not mean that the lender they provide borrowers with will not charge fees. It is essential to research what fees you may be subject to with each lender that Grace Loan Advance finds for you.

Rates

Like any other personal loan, Grace Loan Advance offers personal loans from lenders that vary in interest rates, fees, and amounts. The APRs of the personal loans they offer depend on the loan amount, the loan duration, and the borrower’s financial and credit history.

Similar to any other personal loan lending entity, the APR that you receive our APR will be better if you have a higher credit score and positive credit history.

Variety

Because Grace Loan Advance is a loan marketplace, their service offers a great deal of variety. When you apply for a personal loan through Grace Loan Advance, they provide a list of lenders that are willing to give you a personal loan, and they include

Customer Support

The Grace Loan Advance website is relatively basic. Beyond the application and a brief FAQ section on the website, there is not much else to the website. The website is not a great place to go for general information about personal loans if a personal loan is right for you, how taking on this debt will affect your current and future financial status, and information about debt management.

Access

Grace Loan Advance is a solely online company. Every action necessary to maintain your loan is performed through their website, including the application process and paying your monthly payments. Loans are available in all states.

Frequently Asked Questions (FAQs)

Does Grace Loan Advance charge any fees of any kind?

No, Grace Loan Advance is a completely free service. They do not charge origination, late payment, prepayment, or service fees.

What do I need to qualify for Grace Loan Advance?

Grace Loan Advance has no qualification criteria, as they do not directly provide loans. Beyond being 18 years of age and a resident of the United States who is currently employed, they do not require any specific criteria for borrowers to use their service.