Honest Loans Review 2024: Can You Really Get a $50,000 in 24 Hours?
Personal Loans-
HonestLoans- Basics: HonestLoans is a lead-generation website for a network of personal loan and short-term loan lenders.
- Pros: Loans may be available for up to $50,000 with next-day funding.
- Cons: Participating lenders and available loans are uncertain, and loans are likely to be short-term loans with high interest rates. Submitting an application could open you to solicitation for loans and credit types you didn’t request.
We may receive a commission if you sign up or purchase through links on this page. Here's more information.
If you need financing fast and have trouble getting approved for a loan through traditional avenues because of poor credit, you may turn to short-term loans and online marketplaces like HonestLoans.
While this site may help you find a lender to approve your loan, it also may share your information with predatory lenders willing to make you loan offers you can’t afford. The site could offer you a quick way to see which lenders will make you an offer, but be careful to do your research to understand the loan terms and the reputation of the lender before signing for a loan.
This HonestLoans review will give you an overview of the information available on the lender, as well as some alternatives that could be a better fit.
Table of Contents
What Is HonestLoans?
HonestLoans is a lead-generation website for a network of personal loan and short-term loan lenders. It’s not a direct lender, but rather acts as a marketplace to help you search and compare offers for multiple lenders.
It says participating lenders offer personal loans up to $50,000 but appears to focus primarily on short-term (i.e. payday) loans, which are typically for much less.
When you fill out an application through HonestLoans, it’ll share your information with its network of lenders. You may receive an offer right away, but you may also simply be solicited by lenders without direct offers in the future.
HonestLoans is operated by OnlineLoanNetwork.com. Though the company is based in Las Vegas, Nevada, no information on the company is available through the Nevada Secretary of State, nor with the Better Business Bureau.
Available Loans
Because the site’s primary aim is lead generation, participating lenders — and, therefore, available loans — can change regularly. You may find personal loans, cash advances, and payday loans through the site, but it doesn’t guarantee the availability of any loan type. It also doesn’t promise that the solicitations you receive will be for the type of loan you request.
The website indicates available loan amounts may go up to $50,000, but actual caps will depend on lender policies. As it emphasizes short-term loans, available loans are likely to be more in the range of $400 to $1,000.
HonestLoans Contact Information
You can contact HonestLoans through its online form or by calling 866-956-2474.
Who Is HonestLoans For?
We can’t make a general recommendation for this service. There simply isn’t enough information provided to warrant an endorsement.
The site does note that its loans are not for anyone who plans to use funds for long-term financing (such as to fund a business) or to pay off other debts (such as credit card debt consolidation). This is likely because high interest rates and fees would make the loans impractical for these purposes.
HonestLoans Requirements
Actual requirements vary by lender, but the site notes some general requirements to apply for financing. You must:
- Receive regularly scheduled income from employment or benefits.
- Earn at least $800 per month.
- Have a checking account.
- Be at least 18 years old.
- Be a U.S. resident.
Lenders may have additional requirements. By submitting your application through HonestLoans, you acknowledge acceptance of participation in its lead generation service.
Lenders on the platform don’t operate in Arkansas, Arizona, Georgia, Oregon, or West Virginia, or “any other state where various loan products are prohibited by law.”
HonestLoans Cost
HonestLoans doesn’t charge users anything to submit an application through its website. Instead, you’ll pay fees and interest based on the lender you borrow with, as well as your credit and income level.
The site doesn’t list participating lenders or potential terms and costs. These will depend on your creditworthiness, and you’ll learn available terms when you receive offers from lenders.
Short-term loans like those you’ll likely find through HonestLoans tend to charge a flat fee to borrow, rather than an interest rate. You’ll pay this fee for each pay period until you repay the loan, which could result in an effective interest rate of around 400% or more.
How HonestLoans Makes Money
HonestLoans is upfront about its purpose as a lead generation service. Lenders pay it to receive information about potential borrowers.
The website discloses it doesn’t know which companies will purchase the leads, so you can’t know which lenders to expect solicitation from. Be prepared for emails and phone calls from companies you’re not familiar with.
While HonestLoans says it does an introductory review of lenders’ websites, it can’t guarantee all information provided by lenders will be accurate.
HonestLoans Alternatives
The site appears to cater to borrowers who are unable to obtain financing from other sources due to low income or poor credit. If that’s you, you may be able to find a lender through the service — but you may instead be better off borrowing from someone you know, making extra money on the side, or receiving emergency government assistance.
BadCreditLoans is another online marketplace for borrowers with bad credit, and it’s much more upfront about what may be available to applicants. Use the site to compare offers for loans up to $5,000 with funding within 24 hours.
If you have fair or better credit, look into Fiona, an online personal loan marketplace. Similar to HonestLoans and other marketplaces, it’ll share your information with lenders for potential solicitation. But it discloses participating lenders, including some highly regarded in the space, including Prosper, Avant, Best Egg, and Upgrade.
How to Apply for a Loan Through HonestLoans
HonestLoans takes you through a multi-step loan application process, where you’ll answer several questions about your personal and financial information, income, and the loan you want to borrow.
You’ll have to share identifying information, including your Social Security number, contact information, address, and driver’s license or state ID number; as well as information about your employer, including contact information.
The information you provide in your application is secure with 256-bit secure socket layer (SSL) encryption technology.
Approval & Funding
You may receive an offer within five minutes of completing the application. If a lender approves your application, you’ll be automatically redirected to the lender’s site to review the loan offer and terms. You may also be contacted by a lender to confirm application information and finalize the loan.
If you accept the loan terms, you can receive funds direct-deposited into your bank account as early as the next business day.
If your request is not approved, you may receive solicitations from lenders for other types of credit.
HonestLoans Pros & Cons
HonestLoans Pros
These potential benefits are based on information available on the HonestLoans website. We’re unable to verify the claims.
- Loans for any purpose.
- Loans up to $50,000.
- Next-day funding.
- No collateral required.
HonestLoans Cons
- We are unable to verify HonestLoans or its operator with third-party sources.
- The website provides little information on available loans.
- You’ll likely receive solicitations for loans and credit types you didn’t request.
- Short-term loans typically come with high fees and interest rates.
Author:
Kevin Mercadante is a freelance personal finance blogger and the owner of his own personal finance blog, Out of Your Rut. A recent transplant to New England, he has backgrounds in both accounting and the mortgage industry.
