Grace Loan Advance Review: Does It Work? Is It A Scam? Check This Out

The Grace Loan Advance marketplace lending platform offers personal loans. Grace Loan Advance lets you compare rates and terms with lenders through its lender network. Graceloanadvance.com advertises the company’s services by providing your personal information.

A brief overview of Grace Loan Advance

Loans can be a great way to finance a large purchase or consolidate debt, however, finding the right lender can be challenging.

A lot of attention has been paid to Grace Loan Advance over the past few months. However, are they the right option for your financial needs?

Here are some of the main points we noticed on their website and in their terms and conditions.

Using the website, you provide personal information that is forwarded to the lender network’s partners.

• It is possible to get loans ranging from $500 to $35,000. However, not all lenders can offer loans up to $35,000.
• Variable APRs range from 5.99% to 35.99% on personal loans.
• APRs can be changed at any time.
• Loans are available for up to 72 months.
• You can apply for a loan in every state (including Washington, D.C.).

How does a Grace Loan Advance work?

The company was founded in 2015 and offers personal loans through its marketplace lending platform. They are based in Los Angeles, California. Personal loans are currently available in 50 states (including Washington, DC). These website operators are not lenders and do not provide credit decisions or loans in any way. Their lender partners receive your personal information instead of them.

Grace Loan Advance is not accredited or listed with the BBB. We were unable to locate Trustpilot reviews.

In what ways does Grace Loan Advance work?

In just a few minutes, Grace Loan Advance referred you to other lenders. We offer quick and secure online forms, which result in loan offers within minutes. Regardless of the loan you choose, the funds are deposited directly into your bank account within the next business day. You don’t have to deposit checks or visit the bank.

How does qualification work?

The Grace Loan Advance application requires meeting a few basic requirements. The loan funds must be received through a bank account, ideally with direct deposit, and the applicant must be 18 years old, a U.S. citizen, or a permanent resident. You must also be employed or make a steady income in order to receive the funds.

Grace Loan Advance Personal Loans does not disclose a minimum annual income requirement. 

Grace Loan Advance’s BBB rating

Grace Loan Advance is not listed with the Better Business Bureau (BBB) and we are unable to find any information about their accreditation status.

Grace Loan Advance FAQs

How much does Grace Loan Advance cost?

There are no origination fees associated with Grace Loan Advance personal loans and interest rates typically range from 5% to 36%. Some personal loans have a variable APR, which means the rate may change over time, leading to a higher monthly payment.

The fact that they provide free services does not mean you’ll get a loan for free. Your lender will charge you fees and/or interest. Be sure to read your loan agreement carefully before signing.

If I prepay, will I be penalized?

You can pay off your loan early with Grace Loan Advance without having to pay a prepayment fee, making it an excellent option for borrowers who prefer to pay off their loans when they want.

How does Grace Loan Advance affect your credit score?

As a part of the loan application process, a hard inquiry will be conducted on your credit report. A soft inquiry, which can only be viewed by you, will be made after you accept an offer and submit your bank account information.

How do I cancel Grace Loan Advances?

Before applying for a personal loan, ensure that you are clear about your decision. Once funds have been disbursed to your account, the transaction cannot be reversed.

Here are some suggestions that might help you get back on track.

By following a few simple steps, you can take control of your finances regardless of your financial situation.

• Create and stick to a budget to control your spending and save for other important expenses.
• Another tip is to talk to a financial advisor about your options and create a tailored plan for your situation.
• Contacting the customer service team of your company is all it takes to get a more manageable payment plan. Many companies are sympathetic and willing to help.

What is the truth about Grace Loan Advance? Does it really work?

Since the company was founded in 2015, it has become a marketplace for personal loans. A review is currently unavailable, making it difficult to determine the legitimacy of the company.

For both personal and business purposes, comparing interest rates and repayment terms is crucial. Customer reviews can also help you avoid loans that are unaffordable and provide you with a good idea of the best options. These reviews can help you avoid loans that are unaffordable.