[{"@context":"https:\/\/schema.org\/","@type":"Article","@id":"https:\/\/moneydoneright.com\/fast-money\/personal-loans\/encore-loan-review\/#Article","mainEntityOfPage":"https:\/\/moneydoneright.com\/fast-money\/personal-loans\/encore-loan-review\/","headline":"EncoreLoan Review 2025: Compare Personal Loans & Payday Loans Through This Marketplace","name":"EncoreLoan Review 2025: Compare Personal Loans & Payday Loans Through This Marketplace","description":"If you need cash in a hurry, EncoreLoan could help you find a fit...","datePublished":"2020-01-27","dateModified":"2025-03-07","author":{"@type":"Person","@id":"https:\/\/moneydoneright.com\/author\/kevin-mercadante\/#Person","name":"Kevin Mercadante","url":"https:\/\/moneydoneright.com\/author\/kevin-mercadante\/","identifier":36,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/72a4429f18d847c46a70224bd484ffbfb23442f656c1f81e0cc5332f6886d670?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/72a4429f18d847c46a70224bd484ffbfb23442f656c1f81e0cc5332f6886d670?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Money Done Right","logo":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","width":488,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/encoreloan-review-featured.jpg","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/encoreloan-review-featured.jpg","height":460,"width":1900},"url":"https:\/\/moneydoneright.com\/fast-money\/personal-loans\/encore-loan-review\/","commentCount":"1","comment":[{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/fast-money\/personal-loans\/encore-loan-review\/#Comment1","dateCreated":"2018-08-10 14:28:51","description":"I had the same thing happen to my I applied for a loan and was asked to get the steam card for $350 to be able to get my losn money I was approved for now I don\u2019t have my money I had asked for and then they said it\u2019s not are problem","author":{"@type":"Person","name":"Stephen brooks","url":""}}],"about":["Personal Loans"],"wordCount":1221,"keywords":["hide on posts list","schema"],"articleBody":"If you need cash in a hurry, EncoreLoan could help you find a fit among two financing options.\u00a0 Through the online marketplace, you can search for a personal loan or a short-term\/payday loan for a few hundred dollars to cover an emergency expense.In this EncoreLoan review, we will give you an overview of the online loan marketplace, as well as some pros and cons to help you determine whether it\u2019s the right place for your financing needs.Table of ContentsToggleWhat Is EncoreLoan?Who Is EncoreLoan for?EncoreLoan CostEncoreLoan AlternativesHow to Apply for a Loan Through EncoreLoanWhat Is EncoreLoan?New York City-based EncoreLoan was launched in 2017 and is an online loan marketplace. The platform offers personal loans and what it describes as \u201cshort-term loans,\u201d which operate much like typical payday loans.As an online loan marketplace, it includes participation by multiple lenders. This provides consumers the ability to obtain loan quotes from various lenders, increasing the likelihood of loan approval. The platform functions as an intermediary, not a direct lender.Both personal loans and payday loans are unsecured. Payday loans are an advance against your next paycheck used to cover short-term needs. Personal loans come with longer terms and usually larger amounts. Terms on personal loans can range from several months to several years. Personal loans through the platform are available in amounts up to $15,000, and payday loans are typically limited to not more than $1,000.EncoreLoan has a Better Business Bureau rating of B+.Loans for Any PurposeWhether you apply for a personal loan or a short-term loan, you can use the funds for any purpose. Short-term loans are typically useful if you face an unexpected expense and need funds to cover you until your next paycheck.Personal loans typically serve a longer-term purpose for expenses that cost thousands of dollars, such as starting a business, paying for a wedding or vacation, or consolidating debt.Short-Term\/Payday LoansUnlike many loan marketplaces that cater to borrowers with higher credit scores, EncoreLoan includes short-term loan lenders that may approve your loan without a credit check. Instead, these loans \u2014 also called \u201cpayday loans\u201d \u2014 rely on your income and next payday.Unfortunately, the looser credit requirements represent a higher risk to lenders, so you\u2019ll likely also face much higher fees on this type of loan. Payday loans typically have effective interest rates around 400%.\t\t.st2-36659.btn.btn-default:hover{border-color: #4db848;color: #4db848;background: #fff !important;}\t\t\t\tVisitWe earn a commission on this offer.\t\t\tAPR5.99% to 35.99% on personal loansMaximum Loan$15,000Minimum CreditAny credit score is considered\t\tWho Is EncoreLoan for?Because EncoreLoan lenders offer two loan types, they could benefit borrowers in a variety of situations.If you need a large amount of money \u2014 up to $15,000 \u2014 a personal loan may cover your needs. If you have fair or poor credit and need a small amount of cash in a hurry, short-term loans could work for you.While lenders will be happy to work with you if you have a high credit score, the low loan amounts and participation of payday lenders in the EncoreLoan network suggest it caters to lower-credit borrowers. If you have a high credit score, you\u2019re probably better off shopping around through a marketplace like Fiona for lenders that will give you a better value.EncoreLoan works with borrowers throughout the United States, except in New York, West Virginia, and Washington, D.C. Available lenders vary by state.EncoreLoan RequirementsEncoreLoan does not provide a list of requirements, but some lender requirements for personal loans are typical. You must:Be the age of majority in your state of residence, which is usually 18 or 19.Be a U.S. citizen or permanent resident.Be employed or otherwise have a stable income, like a pension or Social Security.Earn at least $1,000 per month.Have a valid Social Security number and state-issued driver\u2019s license.Have a checking or savings account, usually with direct deposit.Meet minimum credit score requirements, which vary by lender.Short-term loans typically have similar requirements, except the minimum credit score, and the amount you can borrow is based on your income.EncoreLoan CostEncoreLoan does not charge fees to use the website. Depending on your credit, income, and loan terms, you’ll pay interest rates and fees that vary based on the lender you borrow from. The site doesn\u2019t disclose any information about rates or fees charged by participating lenders.EncoreLoan notes you will never be charged or be asked to pay money to the company up front to obtain a loan. It advises that an unknown party is using its name in a scam, requiring consumers to load funds onto a prepaid card \u2014 don\u2019t do this if faced with such an offer.Personal Loan CostBased on industry standards, you should expect to see rates in the range of 5.99% to 35.99% APR on personal loans. You may also pay an origination fee of between 1% and 6% of the loan amount. The origination fee is deducted from your loan proceeds upon disbursement.Some lenders also charge application fees, late fees, and prepayment penalties, so read the details before taking out your loan to know what to expect.Short-Term Loan CostShort-term loans don\u2019t charge interest the same way other loans do. Instead, you\u2019ll pay a fee for each loan. For example, you might borrow $1,000 and be required to repay $1,020 in two weeks. If you take a full year to repay that loan, at $20 for each of 26 two-week periods, this would translate into $520 in fees \u2014\u00a0 an effective interest rate of 520%.EncoreLoan AlternativesIf your credit is fair or better, check out Fiona, another online personal loan marketplace for loans up to $35,000. With a single application, you\u2019ll get loan consideration from some of the best-known lenders in the personal loan space, including Avant, Best Egg, Lending Club, and Upgrade.If you have poor credit and need a short-term loan, Check\u2019n Go is a popular direct payday lender. It operates more than 1,000 storefronts nationwide. In addition to payday loans and cash advances, Check\u2019n Go offers a Choice Loan up to $5,000 in nine states.BadCreditLoans is an online marketplace for borrowers with bad credit. You can use the marketplace to search for installment loans up to $5,000 with terms up to five years.How to Apply for a Loan Through EncoreLoanEncoreLoan takes online applications 24 hours a day, seven days per week, 365 days per year. Lenders participating in the network will respond to your application requests at any time.The EncoreLoan application is entirely online, and requires the following information on three screens:Loan amount and purpose.Your name.Date of birth.Address and contact information.Identification (such as state ID or driver\u2019s license).Estimated credit score.Employment information, monthly income and paycheck frequency.Bank account information, including routing number and account number.Lenders may require additional information to complete your application. If your application is accepted, you\u2019ll receive an approval in real time and sign documents to receive the loan online.\t\t\tEncoreLoan works with a large network of lenders and can get approval for people with a wide range of credit history from excellent to poor practically instantly.3.5\/5 Rating\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t.st3-36657.btn.btn-default:hover{border-color: #4db848;color: #4db848;background: #fff !important;}\t\t\t\t\tVisitWe earn a commission on this offer.\t\t\tReceiving FundsIf your application is approved, EncoreLoan says you will receive your loan proceeds deposited directly into your bank account as early as the next business day."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Fast Money","item":"https:\/\/moneydoneright.com\/fast-money\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Personal Loans","item":"https:\/\/moneydoneright.com\/fast-money\/\/personal-loans\/#breadcrumbitem"},{"@type":"ListItem","position":3,"name":"EncoreLoan Review 2025: Compare Personal Loans & Payday Loans Through This Marketplace","item":"https:\/\/moneydoneright.com\/fast-money\/personal-loans\/encore-loan-review\/#breadcrumbitem"}]}]