Grace Loan Advance full review

Discover a Loan Opportunity Regardless of Your Credit Score with Grace Loan Advance

Grace Loan Advance is a reputable financial service provider that supports and promotes a free market of independent lenders.

Established in 2015, Grace Loan Advance Personal Loans has been operating for seven years and has become a well-established firm in the industry.

It’s important to note that Grace Loan Advance does not function as a direct lender, broker, financial institution, or agent of lenders in the free lending market. However, it provides a platform where applicants can submit loan applications and get connected with lenders who can offer them a range of financing choices based on their application and personal information.

Borrowers can apply for a loan in just a few minutes and receive approval within a few hours or days, depending on the lender they are matched with and ultimately choose.

Personal loans offered through Grace Loan Advance have a wide range of options to suit borrowers’ needs.

Continue reading to learn more about how Grace Loan Advance works and how to apply for it.

How Does Grace Loan Advance Work?

Grace Loan Advance offers a wide range of loan amounts, from $100 to a maximum of $35,000.

As a middleman between lenders and borrowers, Grace Loan Advance matches borrowers with lenders based on their loan applications and personal information.

Independent lenders on the platform provide various financing choices for personal loans.

By applying for a personal loan through Grace Loan Advance, borrowers can be matched with lenders who can grant them a loan in the requested amount.

Each lender on the platform has a minimum and maximum repayment time defined. The shortest repayment time starts at 61 days, and the longest repayment period is 72 months, which applies to larger loan amounts.

Payday loans and cash advances are among the most common types of personal loans offered by lenders on Grace Loan Advance.

Is Grace Loan Advance Legitimate?

Grace Loan Advance and its parent company RDB Enterprises LLC have earned an A+ rating from the Better Business Bureau and a 3.4-star rating on Indeed.

There are no additional costs to apply for a Grace loan. It’s completely free.

With such a stellar BBB rating, Grace Loan Advance is a legitimate business. However, as with any online lenders, customers should exercise caution while dealing with them.

Benefits of Grace Loan Advance

Reports to the 3 Major Credit Bureaus

Grace Loan Advance Personal Loans reports your account activity to three major credit reporting agencies: Equifax, Experian, and TransUnion.

Consistently paying creditors who report to these credit bureaus on time shows that you are responsible with money and can help you build a better credit score.

Competitive Rates

Rates for Grace Loan Advance range from 5.99 percent to 35.99 percent annual percentage rate.

While the starting interest rate is relatively low, you will likely need an outstanding credit score (700+) to qualify for the lowest rate.

It’s important to note that rates and criteria for obtaining lower-end rates may vary depending on the lender.

Wide Range of Loans

Grace Loan Advance offers lending options up to $35,000, providing borrowers with greater flexibility compared to lenders with lower maximum loan amounts.

However, eligibility for the maximum loan amount will vary by lender and might require a high credit score.

Free Online Application Process

One advantage of applying for and receiving funds from a Grace Loan Advance loan is that the entire application process is conducted online.

Additonally, there is no fee to apply. However, other expenses such as origination fees, prepayment penalties, or late fees may vary depending on the lender in Grace Loan Advance’s network.

How to Apply for Grace Loan Advance

If you’re interested in applying for a loan and exploring the options Grace Loan Advance can provide, check out our article on how to apply for it.

Written by

Claire Harrison