Advertiser Disclosure

News

Multi-Level Marketing and Military Families: How to Spot a Scam

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Being a military spouse isn’t an easy job. Non-enlisted spouses deal with difficult realities that many Americans don’t understand, from frequent relocation to defacto single parenting during deployment periods. That makes earning an income while caring for a family — especially one with young children — extremely difficult.

With challenges like these, it’s no wonder the unemployment rate among military spouses is 13%. That’s more than three times as high as the unemployment rate among civilian men and women.

Enter multilevel marketing businesses, or MLMs for short, that promote the opportunity to make money selling products directly to others. On the surface, their flexibility and built-in community may seem like a godsend to military spouses looking to bring in some extra cash. But are they all they’re cracked up to be?

How MLMs work

Besides selling your own products, MLMs involve recruiting others to join your team and sell products to the people in their circles as well. With most MLMs, you get a portion of your team member’s profits when someone joins your sales network. As the process repeats itself and your team members recruit sales networks of their own, you may continue to get a piece of the profit from everyone who signs up underneath you.

You can probably name several MLMs, also called network marketing companies, off the top of your head. There are the classics, like Tupperware, Amway, Avon and Mary Kay, along with newcomers like Beachbody, LuLaRoe and Rodan + Fields.

Yet although MLMs have been around for decades (or centuries — Avon was founded in 1886), they’re often a poor investment of your time and money. An AARP Foundation study reveals that 74% of people reported making no money or losing money as a result of their involvement with an MLM. (Investing your cash in a high-yield online savings account would actually be a safer bet, statistically.)

Why MLMs are so popular with military families

Military families in particular are often targeted by direct-selling consultants. Sometimes, this comes from a genuine desire to help military families that are looking for an additional source of income, suggested Anthony Kirlew, financial coach at Fiscally Sound.

Yet others believe the intentions of MLM recruiters may be more sinister. “Military wives are an easy target [for MLMs],” said Melissa Blevins, founder of Perfection Hangover, a small business website geared toward women, “because they’re seeking community, purpose and ways to stay busy and make money while their husbands are deployed.”

MLM recruiters often approach women (military wives or otherwise) with promises to solve the problems they’re facing. For example, a recruiter may show you a flexible way to earn extra cash (often lots of it) with a work schedule that fits your busy life. Plus, if you move, you don’t have to start over. You can take your direct-selling business with you.

The targeting of military families has a lot to do with the transient nature of military service, said Peter Marinello, vice president of the Direct Selling Self-Regulatory Council for Better Business Bureau (BBB) National Programs. “I think the military community is very vulnerable to direct-selling opportunities and a lot of different kinds of scams.”

This frequent relocation can also lead to loneliness among military spouses, and MLMs offer to help those who are seeking new friendships. But Blevins, who had her own negative experience selling for Beachbody, warned the friendships you make when you join an MLM may not last once you stop participating, and you run the risk of losing your existing friends if you start bombarding them with sales pitches.

The difference between a legitimate opportunity and a scam

You’ll find people who are superfans of multilevel marketing programs and others who despise MLMs as a whole. Perhaps the truth lies somewhere between these two extremes.

Marinello confirmed, “There are a lot of good MLM opportunities out there. They are not all scams.” But they require due diligence before signing up. To properly vet an MLM, Marinello suggests reading income disclosures to “see who’s making money [and] at what level.” You should also review compensation plans and rely on outside resources to help shape your decision.

If you want to learn more about a specific direct selling organization, the following ideas may help:

  • Check with your state attorney general for complaints before signing up for any networking marketing opportunity.
  • Search online to see if any lawsuits have been filed against an MLM before joining — such as the FTC’s settlement with Herbalife or the more recent lawsuit brought against LuLaRoe by the Washington state attorney general.
  • Talk to former consultants or search online for the opinions of people who once joined a particular MLM but ultimately left.
  • The BBB Institute for Marketplace Trust sponsors the Military & Veterans Initiative — a program designed to help veterans, servicemembers and their families avoid scams.
  • The Direct Selling Self-Regulatory Council (DSSRC), a collaboration between the BBB and the Direct Selling Association (DSA), is another solid resource to use when vetting MLMs.

How to spot a pyramid scheme

Some MLMs are pyramid schemes in disguise. A pyramid scheme may look like a legitimate network marketing opportunity on the outside. But there are key distinctions that could waste both your time and your money if you fall for it.

  • You don’t earn money by selling a legitimate product or service.
  • You’re trained to focus primarily on recruiting new team members underneath you.
  • Financial statements from the company either (a) are not available or (b) show that the MLM earns most of its money from recruitment instead of sales.
  • The commissions you earn come primarily from money paid by new team members themselves, not outside sales.

Working for an MLM is not a quick fix to your financial struggles

The reality doesn’t always live up to the hype where MLMs are concerned. Some MLM participants are quick to over-promise your chances of success in an effort to add a new team member to their network.

In reality, most people who join MLMs don’t earn the enormous sums of money often advertised by salespeople. AARP’s study found that nearly 21 million Americans have participated in an MLM. Yet only 7% earned over $10,000. Fewer than 1% earned more than $100,000.

Even those who do manage to make some money through MLMs may have to work much harder to earn that income when compared with other jobs. A MagnifyMoney survey finds that the vast majority of multilevel marketing participants earn less than 70 cents an hour.

Kirlew also advised approaching MLMs with the right mindset. “While MLM’s are pitched as a great way to earn extra income, people should know it’s not like a part-time job, but rather a part-time business.”

“If someone has a need for immediate income,” he continued, “I would recommend a part-time job and not an MLM.”

Most businesses don’t succeed — including MLMs — Kirlew pointed out. “The extra added pressure of trying to meet short-term financial goals is usually not a good combination with starting a new business.”

If you’re already in debt because of an MLM investment or other financial missteps, there are a number of tools you can use to improve your situation. This guide detailing financial resources for veterans in debt is a great place to start.

Seven red flags to look for before joining a multilevel marketing team

  1. Beware of MLMs that require a hefty buy-in. If you’re asked to put up a large upfront amount to join, Kirlew said it could be a sign of a scam.
  2. An aggressive sign-up pitch is cause for concern. Kirlew advised looking out for “high-pressure sales tactics to get you to sign up” when you’re considering an MLM. If someone tells you to “act now” or lose out on an opportunity, you should probably walk away.
  3. Proceed with caution if a company won’t buy back unused products. If you purchase product to stock your inventory and don’t sell it all, some MLMs offer to buy your unused product back. Mary Kay, for example, will repurchase product at 90% of the original cost for up to one year after purchase. MLMs that won’t rebuy your unused products should be avoided.
  4. Watch out for companies that require you to continue purchasing inventory after your sign up. The Federal Trade Commission (FTC) warns if you have to buy more products than you can sell in order to stay active in an MLM, you should hang on to your money.
  5. When an MLM focuses on recruitment, not sales, it could be a sign of trouble. Marinello said, “Anytime you hear a sales pitch that’s recruitment heavy and not focused on selling the product, I’d be very wary.”
  6. If a company promises a huge return on your investment, be on guard. Extravagant income claims made by a salesperson, particularly in the social media space, may be a warning sign, Marinello advised.
  7. You should also be on guard if an MLM company promises “miracle cures” for buyers. The FTC recommends avoiding any companies that make claims of “miracle ingredients” or “guaranteed results” where health products are concerned.

The bottom line

While some MLMs may offer the flexibility and community military spouses crave, don’t make any rash decisions and do your homework. Kirlew also advised that you trust your gut instincts before signing up.

“If something doesn’t feel right,” Kirlew said, “it is either not right or not right for you.”

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Michelle Black
Michelle Black |

Michelle Black is a writer at MagnifyMoney. You can email Michelle here

Advertiser Disclosure

Personal Loans

Finova Financial Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Finova Financial
APR

18.00%
To
30.00%

Credit Req.

Varies

Terms

12 to 24

months

Origination Fee

Varies by state

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Terms and Conditions Apply. FINOVA RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet Finova's underwriting requirements. A borrower cannot be an active-duty service member of the U.S. Armed Forces (or a covered dependent under the Military Lending Act). Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and terms are subject to change at any time without notice and are subject to state restrictions. To check the rates and terms you qualify for, Finova conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull. Finova is an equal opportunity lender.

Finova Financial personal loan details
 

Fees and penalties

  • Terms: 12 to 24 months
  • APR range: 18.00% to 30.00%, varies by state. It’s unclear if these rates include all finance fees.
  • Loan amounts: Varies based on state, vehicle and monthly income
  • Time to funding: As soon as the same day
  • Hard pull/soft pull: Soft Pull to check your rates and terms. Hard pull if you choose to submit a full application.
    Origination fee: Varies by state
  • Prepayment fee: None
  • Late payment fee: Not Specified
  • Other fees: $25 credit investigation fee, $75 DMV lien fee, filing fee of $0 to $75 (depending on state), document stamp tax (depending on loan amount)

Eligibility requirements

  • Minimum credit score: As long as you own your car outright and it has enough equity to fund your loan, you should be able to get approval.
  • Minimum credit history: No minimum, but borrower cannot currently be in bankruptcy.
  • Maximum debt-to-income ratio: Not specified.

To secure a personal loan with Finova Financial, one of the most important requirements that applicants will have to meet is the owning of a vehicle. This vehicle must be in the borrower’s name, have a car title that is lien-free and have comprehensive and collision insurance. Borrowers are not required to obtain Finova’s voluntary debt cancellation addendum, but should a borrower not be able to provide proof of insurance, this is mandatory.

In addition to the vehicle requirement, applicants will need to be U.S. citizens who are at least 18 years old and residents of Arizona, California, Florida, New Mexico, South Carolina or Tennessee. They cannot be active-duty service members and must have verifiable income.

Applying for a personal loan from Finova Financial

Applying for a Finova Financial personal loan is simple. The process is fairly quick, and begins with a short form on Finova’s homepage to determine if interested parties prequalify for a loan. At this stage, Finova only requests the applicant’s name, phone number, email and information about their vehicle, including the make, model and mileage.

Upon submission of this information, applicants will be informed of the probability of being approved for a loan. Once the results from the prequalification process are reviewed by the applicant, the application can be completed by logging into their account.

At this point, applicants can request a loan, which will involve their Social Security number as well as details regarding residency, vehicle and requested loan amount. After this, they will be able to schedule a time to speak with a Finova Financial representative. During this call, the representative or specialist will evaluate and review the applicant’s vehicle, monthly income and residency information.

Applicants will then need to send in various documents for verification purposes, including photos of their vehicle. There will also be two forms: one for the lien that will be placed on the title of the vehicle and a power of attorney. They will need to be signed and sent back along with the title for the vehicle. When all signed forms have been returned, borrowers will be able to receive their funds the same day via MoneyGram.

Pros and cons of a Finova Financial personal loan

Pros:

Cons:

  • Poor credit accepted: Bad credit likely won't hold you back from securing a Finova Financial loan as long as you own your vehicle and aren’t in bankruptcy.
  • Prequalification: Applicants can review rates before submitting a full loan application, which may then require a hard pull on your credit.
  • Funding time: Once approved for a loan and all documents and forms are signed and returned, borrowers may receive their funds the same day.
  • Funding and payments via MoneyGram: Loan funds are sent to customers via MoneyGram (which may be inconvenient if you prefer a checking or savings account). Monthly payments can also be made online or at one of more than 30,000 MoneyGram locations.
  • Collateral: Applicants are required to use their vehicle as collateral. The vehicle must have prepaid comprehensive and collision insurance with a deductible of $500 or less. The website doesn’t mention any deductible requirement for California borrowers.
  • Additional fees: There are multiple fees borrowers may have to pay. In addition to an origination fee, borrowers may also be charged credit investigation fees, DMV lien fees and more.
  • Availability: Only residents of Arizona, California, Florida, New Mexico, South Carolina and Tennessee can apply for a loan.

Who’s the best fit for a Finova Financial personal loan?

For those with poor credit but who own their car outright, a Finova Financial CLOC may be a good fit, especially if you need cash right away. Finova may be able to provide funding the same day as your approval. But there are other lenders who offer loans for those with bad credit that don’t require a car title as collateral.

Finova Financial consumer reviews

When it comes to online reputation, Finova Financial has a lot of ground to make up. The four-year-old lender has received 17 consumer complaints in the last three years. It currently has an F rating with the Better Business Bureau and is not accredited with the organization.

Finova Financial earned 3.7 out of 5 stars from customers who reviewed its services on LendingTree (Disclaimer: LendingTree is the parent company of MagnifyMoney).

Finova Financial FAQ

You have to own the vehicle and have a lien-free title to be eligible for a loan from Finova Financial.

You need to be a minimum of 18 years old and have a valid driver’s license.

Currently loans are only available to residents of six states — Arizona, California, Florida, New Mexico, South Carolina, and Tennessee.

Yes, you may be charged an origination fee, a credit investigation fee, a documentary excise tax, or a filing fee.

You have 12 to 24 months to repay your loan.

No. There are no prepayment penalties or fees.

You only have to purchase this addendum to receive a loan if you do not provide adequate proof of required insurance.

Alternative personal loan options

LendingClub

APR

6.95%
To
35.89%

Credit Req.

Not Specified

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 0.... Read More

A loan through peer-to-peer lender LendingClub may be a good alternative to consider. Unlike a Finova Financial personal loan, collateral is not required, and loan amounts range from $1,000 to $40,000.

What stands out about LendingClub is that after checking their rates, applicants may receive more than one loan offer, leaving them to choose the one they believe is the best fit for them. Funding can take up to seven days and there is an origination fee that potential borrowers will want to consider before applying for a loan.

OneMain Financial

APR

18.00%
To
35.99%

Credit Req.

Not specified

Terms

24 to 60

months

Origination Fee

Varies by state

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

OneMain Financial offers quick turnaround times and you may get your money the same day... Read More


Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

OneMain Financial offers loans from $1,500 to $20,000. Applicants can check rates prior to completing an application and if everything looks good, they can also apply for a loan online within minutes.

Applicants will have to speak to a specialist in order to secure a loan. They will have to visit a local OneMain Financial branch to have their identity, employment and income verified, as well as their collateral, if it is required for the loan. Having to visit a branch can be a drawback, but an added bonus for borrowers who select this lender is the OneMain Financial mobile app that makes payments fast and convenient.

LendingPoint

APR

15.49%
To
35.99%

Credit Req.

585

Minimum Credit Score

Terms

24 to 48

months

Origination Fee

0.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $25,000.... Read More

A LendingPoint personal loan may be good for borrowers who have fair credit and need between $2,000 and $25,000. Potential borrowers can check rates prior to filling out an application, and if they are approved for a loan, funds are made available to borrowers by the next business day. An origination fee may be applied, but the process of securing a loan with LendingPoint is quick and simple, which can prove to be helpful when borrowers need funds sooner rather than later.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Michelle Black
Michelle Black |

Michelle Black is a writer at MagnifyMoney. You can email Michelle here

Kristina Byas
Kristina Byas |

Kristina Byas is a writer at MagnifyMoney. You can email Kristina here

Get Personal Loan Offers
Up to $50,000

$

Won’t impact your credit score

Advertiser Disclosure

Personal Loans

Finance Factory Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

APR

Starting at 5.99%

Credit Req.

650

Minimum Credit Score

Terms

36 to 84

months

Origination Fee

Origination fees will be deducted from your loan proceeds

SEE OFFERS Secured

on LendingTree’s secure website

Finance Factory personal loan details
 

Fees and penalties

  • Terms: Finance Factory offers personal loan terms of 36 to 84 months.
  • APR range: As low as 5.99%.
  • Loan amounts: Finance Factory offers personal loans ranging from $25,000 - $500,000.
  • Time to funding: Loans are processed in as little as 48 business hours, but 7 to 10 days is average.
  • Credit pull: There will be a soft pull of your credit score when you check your rate online.
  • Origination fee: Not specified.
  • Prepayment fee: None.
  • Late payment fee: Not specified.

Finance Factory offers to connect personal loan applicants with its financial experts to help create a customized borrowing plan. These experts are available by email and phone, and can help guide customers putting together a financial plan that fits their needs.

Unlike some loan marketplaces, Finance Factory does not offer additional perks like a free credit score. However, depending upon the lender Finance Factory matches you with, you might receive additional borrower benefits with your actual loan.

Eligibility requirements

  • Minimum credit score: 650
  • Minimum credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.

To qualify for a personal loan through the Finance Factory marketplace, you need a credit score between 650 and 800. Per the company, a credit score of 650 or higher is ideal. You will also need to earn or receive $35,000 or more per year in income.

Fortunately, because Finance Factory offers a soft pull pre-qualification feature, you’re able to check your odds of qualifying for a loan and get an estimated rate before formally applying, so there’s no risk to your credit.

Personal loans from Finance Factory are available in all 50 states to applicants 18 years and older who reside in the United States. Finance Factory personal loans are also available to those who are self-employed. It’s important to also note that Finance Factory may call your employer to verify your employment status. It also may verify the income that you report.

Applying for a personal loan from Finance Factory

Applying for a personal loan via Finance Factory is relatively simple and painless. To start an application, you can either call or fill it out online. Upon completion, you’ll be able to schedule a call with a lending specialist to discuss your loan options.

You’ll need to provide Finance Factory with some basic information regarding your personal loan, including:

  • How much you’d like to borrow
  • The purpose of the loan
  • Your contact information
  • Your employment status
  • Estimated credit score
  • Total value of your assets
  • How soon you need the loan
  • Annual salary
  • Housing status (rent, own, mortgage, etc.)
  • Date of birth

Once you input this information, Finance Factory will see if you’re a good fit for the financing offers available through any of its lending partners. If you find a lender you’d like to borrow from, the formal borrowing process may be initiated and the prospective lender may reach out to you to provide necessary identifying documents, such as a driver’s license.

Pros and cons of a Finance Factory personal loan

Pros:

Cons:

  • Low rates. Finance Factory has competitive, low rates for its personal loans. However, these rates are only available to those with the highest credit scores.
  • No prepayment fees. Finance Factory does not charge any prepayment fees for paying off your loan early.
  • Check your rate with a Soft Pull. When applying for a personal loan with Finance Factory, you will be able to compare multiple offers from different lenders without any hard pull on your credit score.
  • Upfront fees will cut into your loan amount. At the time of closing on your personal loan, you will be responsible for any closing costs such as underwriting or funding fees, or loan processing fees.
  • Not the best for short-term financing. While some lenders offer terms as short as 12 months, Finance Factory’s minimum term limit is much longer, which may not be in line with what you’re looking for. However, because there are no prepayment penalties, you can pay off your loan as early as you like without any consequences.

Who’s the best fit for a Finance Factory personal loan?

Finance Factory personal loans may be a good choice if you have a high credit score. Its low rates, which are only offered to those with the best credit, could provide you with relatively low costs for borrowing. It should be noted that your rate is not only dependent on your credit score, but your employment status, annual income, debt-to-income ratio, among other things.

These personal loans may also be attractive if you’re looking to keep your monthly payments to a minimum. Finance Factory offers terms from 36 to 84 months and does not charge any prepayment fees for paying off your loan early. So, you could limit your monthly payment obligation while also allowing yourself to pay off the loan sooner, if you want. For example, if you receive a lump sum or tax refund and want to pay off your debt early, you can do so without penalty.

Depending on your credit score and borrowing history, a Finance Factory personal loan could be a way to lower your APR on your credit card debt. If you can find a lower rate with a personal loan, this can be an effective strategy to pay off your credit card debt and lower your interest rate.

Finance Factory consumer reviews

Overall, Finance Factory has a good reputation. Currently, the company is an accredited member of the Better Business Bureau with an A+ rating.

Finance Factory also has earned 4.7 out of 5 stars based on consumer reviews on LendingTree (Disclaimer: MagnifyMoney is owned by LendingTree). Here are a few examples of real reviews the company has received for both its personal loan product, reviewed above, and its business financing options:

“Everyone was very helpful and the process was made very easy!” wrote Angel from Tomball, Texas. “From start to finish was less than 10 days and I was updated regularly on each step of the process. I would highly recommend using Finance Factory for any loan! I will be using them for any future needs.”

Edward from Traverse City, Mich., said, “For the most part, Everything went pretty smooth. Other than having to do a couple documents over, it went pretty quick.”

Finance Factory FAQ

Finance Factory is a loan marketplace that can connect you with lenders that offer a variety of loans, such as personal loans and a wide array of business funding options.

Finance Factory lending partners like for you to have a credit score of 650 to 800, with a score of 650 or higher considered best.

Finance Factory offers to connect you with lenders who may be willing to loan you between $25,000 – $500,000.

The following documents may be required when you apply for a loan through the Finance Factory marketplace:

  • Credit report (may start with a soft pull)
  • W-2s and pay stubs
  • Personal tax return for self-employed applicants
  • Award letters for applicants who are retired or receive disability

You will need to earn or receive at least $35,000 in annual income to qualify for a loan through the Finance Factory marketplace.

According to Finance Factory, personal loan funds can be used for a wide variety of purposes, including:

  • Credit card consolidation
  • Home improvement
  • Credit improvement
  • Major purchases
  • Business expenses and startup costs
  • Real estate investment

In most cases, no collateral is required from lending partners in the Finance Factory marketplace.

Alternative personal loan options

Marcus by Goldman Sachs®

Marcus by Goldman Sachs®
APR

6.99%
To
28.99%

Credit Req.

Not specified

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More


Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. For New York residents, rates range from 6.99% to 24.99% APR.

A personal loan from Marcus by Goldman Sachs® could be a good alternative to Finance Factory. It advertises a starting interest rate of 6.99% for its personal loans, though this is only for applicants with a great credit score. But the major benefit of this lender is that it does not charge any fees. Currently, Marcus by Goldman Sachs lets people borrow up to $40,000 via its personal loans, with terms of 36 to 72 months.

SoFi

SoFi
APR

5.99%
To
17.88%

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.99% APR to 17.88% APR (with AutoPay). Variable rates from 6.49% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of November 4, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.49% APR assumes current 1-month LIBOR rate of 1.81% plus 3.08% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

SoFi’s personal loans could be a good alternative for your borrowing needs. Its rates start as low as 5.99% APR for those with great credit. You can borrow up to $100,000, and receive unemployment protection, which allows you to defer payments in case you lose your job while paying off your loan. It also provides live chat customer support seven days a week.

Upgrade

Upgrade
APR

6.98%
To
35.89%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.50% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Upgrade is an online lender that offers fairly priced personal loans for a term of either 36 or 60 months.... Read More.


Personal loans made through Upgrade feature APRs of 6.98%-35.89%. All personal loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by WebBank, Member FDIC.

Borrow anywhere from $1,000–$50,000 with a personal loan from Upgrade. It advertises rates as low as 6.98% on its personal loans, with terms of 36 or 60 months. Upgrade also boasts fast funding*, which allows you to have money in your account within one day of providing all the necessary information. In addition to personal loans, Upgrade offers credit monitoring, alerts, and education to customers.

*Accept your loan offer and your funds will be sent electronically to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Michelle Black
Michelle Black |

Michelle Black is a writer at MagnifyMoney. You can email Michelle here

Jackson Wise
Jackson Wise |

Jackson Wise is a writer at MagnifyMoney. You can email Jackson here

Get Personal Loan Offers
Up to $50,000

$

Won’t impact your credit score