The lending market is not very warm to borrowers with less than a perfect credit score. In a report carried by Forbes magazine each year, lenders in the US turn down one in every three (32 percent) of personal loan applications by applicants with less than an excellent credit score.
An excellent credit score is great, and every person should strive for it. But let’s be real, not all of us can hit the proverbial 750 mark. Therefore, many people will have to deal with the rejection of their loan applications.
The situation is even worse for upcoming entrepreneurs. More than 80 percent of bank loan applications by small businesses get rejected. This explains why over the last couple of years, business lending by banks has been on a steady decline.
Whether it’s a personal loan or a business loan, there are dozens of reasons why a lender would reject your application. Going by the statistics, if you have had one or more loan applications turned down, you are not alone.
If you are still wondering, how the hell do you get a loan from a bank? Or for that matter, from alternative lenders? It’s likely that you’re yet to find the right match.
One platform stands out as an optimal solution provider to counter the frustrations of mismatch between borrowers’ profiles and needs, and lenders’ criteria. Fiona is created and powered by Even, the leading search, comparison and recommendation engine for financial services. Fiona provides essential infrastructure to connect customers with personalized products (including loans, deposits, credit cards and more), utilizing its robust yet simple API.
The Fiona platform serves as a trusted intermediary for financial institutions – including Prosper, SoFi, LendingClub and Marcus by Goldman Sachs. Fiona helps customers get matched with the financial services they need. All it takes is a simple form and Fiona will check if you are pre-approved and get offers from all the top providers within seconds.
Fiona is an exciting and simple to navigate website where you can visit and check out your options for a loan. You can read through various lenders’ qualification criteria, APR, and the terms of payment in a simple and easy to compare format.
The platform searches through the top providers in the alternative lenders’ space, quickly analyzing data and matching them up with your profile. Moreover, Fiona has established partnerships with the top-providers in this sector. Therefore, they are able to provide real-time pre-approvals as you interact with the site.
Borrowers no longer have to go through the laborious, time wasting and frustrating process of searching for lenders individually. Fiona is not a lender. Fiona uses proprietary technology and its relationships with dozens of trusted lenders and lending partners to find the best loan options for you.
In short, Fiona is an all-inclusive platform that enables users to search for loans from the cream lenders in the alternative lenders’ space.
What Makes Fiona Unique?
Fiona finance reviews can save you an enormous amount of time. You don’t have to go through the rigmarole of making several loan applications and waiting for feedback from lenders. By filling out a simple form, Fiona checks if you are pre-approved and gets the best offers from the top providers for you in seconds, so you can get instantly matched with the right personalized offer all in one place.
Depending on which ones you choose, you can get a pre-approval in a matter of seconds. Moreover, you can easily compare the rates without having to dig through mountains of loan offer documents.
Are You a Good Fit for Fiona?
Fiona is a great comparison platform where you can search through a variety of top providers who are likely to advance you a loan. However, it is most appropriate for borrowers with credit scores ranging from 580 to 800.
In addition, you need to be a US citizen, 18 years or older and provide a social security number to back that up. You can borrow from $ 1000 to $ 100,000 for terms not exceeding seven years.
However, it is the personal loan comparison feature and the ability to receive real-time pre-approvals from the top providers that stand out.
This feature does not just save you time and cut off the frustration of being turned down, it matches clients with the most suitable lenders. That means you are likely to meet a financial partner who can provide more than a single financial need.
To qualify for a loan with Fiona, you will need to be 18 years of age and a US citizen. Once you’ve submitted information including your date of birth, social security number, credit score, home ownership status, employment status, monthly income and purpose of loan the site performs a soft check on your credit score.
This has no impact on a consumer’s credit score. The “soft check” is used to help loan providers get you real-time personalized pre-approved offers. Its algorithms sift out lenders who would turn down your application and narrows to lenders who match your profile and needs.
The site gives you a grid comparison of what various lenders have on offer enabling you to compare products. You can use the loan calculator to project your exact monthly payments and plan accordingly.
Once you have narrowed down on a potential lender, you can get pre-approved and set up an appointment with the lender’s rep in just a matter of seconds.
Fiona finance reviews are 100% free. All fees associated with the loan, such as origination fees or pre-payment fees and commissions, entirely depend on the lender.
Fiona Loan Features
Fiona does not directly lend you the cash. Instead, it is a “place of meeting.” The platform uses powerful proprietary software programs and relationship with lenders to search through several potential products and provide you with the best options.
Once you have your options, you make the call on which one best suit your needs and proceed with the full application.
That means Fiona doesn’t set out loan terms such as APR, associated fees, lending limit, repayment terms or loan tenure. The individual lender sets out these terms.
Nonetheless, Fiona generally matches borrowers looking for anything from $ 1,000 to $ 100,000, for terms not exceeding 84 months. The APR typically ranges from 3.84% to 35.99%.
It’s your duty to scrutinize the specific lender’s fees, penalties, and other loan terms and features.
The Application Process
If you are a US citizen, with a social security number and a regular income, you can easily punch in your details and submit your request. The platform will perform a soft credit check which doesn’t dent your credit rating and uses the information to sift through various where there exists an established relationship.
Within a short time, you will start receiving loan offers and indicative rates that match your profile.
You can use a loan calculator to calculate the estimated monthly payments using the indicative APR and can budget properly.
Once you’ve narrowed down to the most suitable lender you can set up an appointment with the lender’s rep within a short time where they will complete the process.
The lender will perform a hard check on your credit rating before giving a loan offer.
Your credit rating is deemed as sufficient evidence to guarantee your repayment ability. Therefore, no collateral is usually required.
At this point, you should be aware of the lender’s APR, fees and other loan terms. But just to be on the safe side, take some time to carefully scrutinize the final loan offer before accepting the loan agreement.
After accepting the agreement, most lenders disburse funds via wire transfer to your account often within one business day. Thus, Fiona is one of the fastest, easiest platforms in the marketplace.
Loan Terms and Cost of Loans
Different firms partnering with Fiona charge diverse fees and may impose multiple penalties on their loan terms. But, that’s entirely dependent on the preferred financial institution, not Fiona.
However, Fiona’s partners generally offer loans at APRs ranging from 3.84% to 35.99% and may impose an origination fee, to cater for the expenses of facilitating the loan. The origination fee is usually a percentage of the loan value (say 5%) and would only be deducted once the loan has been processed.
So, there are no upfront fees.
In the Fiona application process, you will be required to fill out the purpose for the loan. The options are wide. Fiona features loans from $1,000 to $100,000 for a wide range of purposes from consolidating debt, funding unexpected expenses, medical bills to financing a home renovation.
In our opinion, you can use loans from Fiona to offset high-rate credit cards or other high-cost loans. If you qualify for a high figure, you can use the proceeds to consolidate your loans and remain with one lender to pay off.
However, be sure to reach out to a trusted financial advisor who will give you objective advice on how best to handle your debt. Also, be keen to know the impact of closing some of your accounts on your credit rating.
Once you’ve procured a loan through Fiona, and the funds disbursed, repayment terms are entirely dictated by the lending institution.
As we mentioned, Fiona does not directly lend you the cash. Instead, it is a trusted intermediary. So, be sure to understand the lender’s specific repayment terms before you sign on the dotted line.
How Safe is Fiona?
In this era of fake news and predatory websites seeking to get your personal data and use it inappropriately, Fiona has stood out as a beacon of integrity. Fiona uses a 256-bit encryption to secure your information, which is a higher security standard than many banks. This ensures that all personal and financial information remains safe when you submit your application. The platform uses secure technology, standardized by the industry and regulators, to ensure the safety of your personal data and shares it only with trusted partners.
Your personal and financial information is safe when in the hands of Fiona or its trusted partners.
Other firms, including big brands such as the Wall Street Journal and Crowdfunding Insider, have recognized this and praised Fiona for the exemplary service.
Moreover, the Consumer Financial Protection Bureau complaints database didn’t have any complaints on Fiona for the year 2018.
To conclude, Fiona, powered by Even is a significant game changer in the modern lending space. It saves you time and money and it’s a safe and secure way to obtain personalized loan offers to meet your needs. It takes out the frustration of loan application rejection by matching you to the most suitable lenders, bypassing the rituals of forms and formalities.
You will get to evaluate the best lenders, whose products are suited for your circumstances and in a matter of minutes the application can be approved and funds disbursed within a day.
Fiona gives you leverage by supplying you with the information you need.