LendJet Review 2020: A Loan-Finding Service Without Enough DetailsPersonal Loans
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- Best For: People who need a quick loan but don’t have delinquent accounts or recent bankruptcies.
- Pros: Perfect credit isn’t needed -- it can be fair or even poor. The qualifications aren’t hard to meet, and you’ll get an answer quickly.
- Cons: Since LendJet is a lending platform, it makes no promises about what rates you can expect. It’s for people looking for smaller loans -- if your need is bigger than $10,000, they can’t help you. The website doesn’t provide many details to make an informed decision with.
- MINIMUM CREDIT
Some of its lenders offer 12-60 month terms
- ORIGINATION FEE
Determined by lender
Whether you need a loan for making ends meet temporarily or financing a special expense you didn’t plan for, it can be helpful to use a lending platform such as LendJet. While they won’t directly lend you money, they can help you find a lender who will be willing to float you a loan.
You won’t need to waste all your time researching lenders and figuring out if you meet their qualifications. You’ll just fill out one form and wait for offers to come to you.
This LendJet review will inform you about this company so you can determine if they’re the right fit for your needs.
What Is LendJet?
LendJet lets you skip the old-school way of getting a loan — the days you dressed up in nice clothes and headed to your local bank to impress the bank officer enough to get a loan.
In those days, you waited weeks for a decision. Now, with platforms like LendJet, you can have your money the next day.
And you don’t need to get dressed up at all — you can apply in minutes, sitting in your pajamas while eating ice cream, if you want.
LendJet may be able to link you up with a loan ranging from $1,000 to $10,000. Although you’re free to request the full amount of $10,000, if a lender doesn’t think you’re a good fit for that much money, they may offer you a lower amount.
There’s no guarantee that you’ll be sent a loan offer after you fill out LendJet’s online form though. Your eligibility will depend upon details such as your credit score and your current income.
Want to know the details about using LendJet as your lending platform? Let’s examine the basics.
In its role as a lending platform, LendJet doesn’t set the APRs on any loan offers you receive. Each lender they work with sets their own APRs and rates.
Some lending platforms list on their website what you can expect when it comes to its affiliate lenders’ APRs.
But LendJet doesn’t disclose those details. As a result, it’s difficult to know if you’ll get an offer that is a good deal — or one you should run from.
If you want to know what APRs you can expect, there are other lending platforms that list a range of expected APRs on their websites.
This is another area of weakness when using LendJet — they don’t list what fees the lenders they’re linked with might require. You might be offered a loan with very little in possible fees, or you could be offered a loan that has hefty prepayment, origination, and late fees.
Put the time in to read over any contracts you’re sent. If you don’t understand them or if you feel there are hidden fees, don’t agree to them.
LendJet should do a much better job of educating its customers. They should let them know what kind of APRs, fees, and terms to expect from the lenders who may be contacting them.
The only real piece of loan information accessible on their website is that they say some of their lenders offer 12- to 60-month terms.
If you have any questions, LendJet doesn’t make it easy to contact them either. A phone number isn’t readily apparent on its website — it takes a lot of digging to find.
And you’ll have to read some text to find its email, email@example.com.
If you’re hesitant to do business with a company that makes it difficult to contact them, you might not be happy with LendJet.
LendJet can’t help you out if you get into a bind where you can’t make your payment. But that’s to be expected since they don’t actually lend you money.
If you’re having trouble, they encourage you to contact your lender.
You’ll get your money rapidly if you’re approved by a lender after you fill out the form on LendJet.
If you don’t hesitate to get back with them on any information they need to complete your loan, you can have it the next business day.
The overall accessibility of getting a loan through LendJet is decent. They don’t have super strict qualifications to meet. You must:
- Be at least 18 years old.
- Have a Social Security number.
- Be a permanent resident of the U.S. or a citizen there.
- Have a bank account in your name that you can use for deposits and repayment.
- Have proof of income, such as employment.
- Have an email address and telephone number.
- Meet income requirements.
- Have no recent or active bankruptcies.
- Have no accounts that are 60 days or more overdue.
- Not have debt that your income isn’t enough to make payments on.
But how much income you need to qualify isn’t clear.
Also, LendJet can’t be used in certain states, including Arizona, Connecticut, Georgia, Maryland, Massachusetts, Pennslyvania, West Virginia, and Vermont.
LendJet won’t send you money, but the platform may find you a company that will give you a loan.
How to Apply at LendJet
Several minutes of your time is all it takes to get the inquiry to the hands of many potential lenders.
Step 1: Fill Out Your Information
Visit LendJet’s website and start the process by entering how much money you’d like to borrow. Next, you’ll enter your zip code, the reason for the loan, and your credit score information.
That will take you to a page which requires more information, such as your name, phone number, birthday, email address, and last four Social Security number digits.
Step 2: Wait to Find Out if You’re Connected with a Lender
If you are, you’ll be redirected right away to their website. If LendJet is unable to link you up with a lender, they’ll redirect you to information for other credit products that may help you.
Step 3: Move Ahead with a Loan or Pull the Plug
You’ll be sent information regarding your loan if you’re accepted. This will be the point where you’ll learn about the APR, fees, and loan length. If you don’t like what you’re seeing, you don’t have to move ahead with the loan.
If you want to solidify the loan, you’ll have to submit any additional information the lender needs.
Step 4: Wait for Your Money to Appear
Once you have everything submitted, your funds should be there the next day.
LendJet Consumer Reviews
You can learn a bunch from reading reviews of a company from other consumers. Be careful, though, not to give negative reviews too much weight, though, unless you see repetitive critiques throughout.
A few comments can be an isolated thing, but many complaints about the same thing may show an underlying pattern.
Better Business Bureau
LendJet doesn’t appear on the Better Business Bureau’s website — it isn’t listed at all, so there aren’t any reviews to check out here.
There aren’t any LendJet reviews listed on other reputable sites such as TrustPilot. Consumer reviews for LendJet appear to be hard to find.
That could mean it’s a newer company or it doesn’t do the volume other lending platforms do.
It doesn’t mean that you should eliminate going through LendJet, but it does mean you have no idea what to expect when it comes to how satisfied you’ll be with their service or affiliate lenders.
APRDepends on lender
Minimum CreditNone listed
LendJet Pros and Cons
Since you don’t have any consumer reviews to fall back on to help you determine how happy you might be with LendJet, it might help to look at its pros and cons.
- Fast response: That’s one of the best things about going through a lending platform — how quickly you receive an approval or a denial. When you desperately need money, it can be a relief to get a quick answer. You’ll be able to keep searching or finalize a loan so you’ll stop worrying.
- Being hooked up with many possible lenders: It would take you a long time to locate and apply to all the lenders you’ll have access to through LendJet. You can save time and effort that would be better spent on something else in your life.
- They don’t cause a hard pull on your credit: If your credit could use some work, you don’t want an unnecessary hard pull on it from a lending platform. Although there may be a hard pull on your credit through the lender you ultimately go with, there won’t be an additional one through LendJet.
- The qualifications needed for a loan are reasonable: There are no super high income requirements that might exclude you from landing a loan. Plus, you don’t need a high credit score. As long as you don’t have recent or active bankruptcies and aren’t 60 days behind on payments for your other installment loans, you have a chance at being offered some money.
- It’s a free service: It won’t cost you to fill out a form.
- Other lending platforms are better at providing information: You won’t know possible rates or fees, which isn’t ideal when looking for a loan. You will, of course, be told that information by any lender who tries to interest you in a loan, but it would be nice to know that up front.
- Not much information from other consumers: Reviews aren’t the biggest factor in deciding whether to do business with a company. But it’s hard to feel secure in your decision when there’s a complete lack of consumer reviews, as there is with LendJet.
- LendJet’s contact information is hard to find on its website: Again, this isn’t necessarily a dealbreaker, but it is a red flag, especially when combined with the lack of consumer reviews. It can seem a little sketchy — you wouldn’t want to be in a relationship with someone who has all your information but won’t share any of their details with you. And that’s what a service like this is — it’s a relationship of sorts where you’re trusting them with your information.
LendJet Frequently Asked Questions
- How much income do you need to show to qualify for a loan with LendJet’s affiliate lenders?
That isn’t clear. While LendJet does state you need to be able to show regular income to get a loan, it never says how much is satisfactory. Some lenders set the platform low, such as $1,000 a month, while others set the benchmark considerable higher.
LendJet does state that the greater your income is, the better chance you have of getting a loan -- and that’s a common practice in the lending world. Lenders want to know you have an adequate stream of income to live on and make those payments to them.
- I don’t understand something in the proposed terms a lender sent to me. Should I contact LendJet for more details?
No, you’ll want to contact your potential lender directly. Contacting LendJet wouldn’t do you any good because they won’t know what terms you’re being offered -- that’s only between you and the lender.
- Does LendJet’s lending affiliates require a lump sum payment or can the payments be stretched out over years?
Some of the lenders they work with will allow longer-term loans like 60 months. Others may give you only the option for a year for the loan. And some others may require that the loan is paid back on your next paycheck.
Your creditworthiness, the lender’s guidelines, and the laws of the state you live in all can influence the loan terms.
- Can LendJet assist me if can’t make a loan payment?
Once LendJet links you up with any potential lenders, its job as a lending platform is done. If you lose your job or incur expenses that make paying back your loan impossible, they can’t help at all.
That’s why it’s crucial that you not take out a loan if you have any doubt as to whether you’ll be able to pay it back. It can severely affect your credit score if you miss payments and you’ll be subjected to collection efforts.
- What measures does LendJet take to protect my personal information?
They state they utilize 256-bit SSL/TLS encryption to keep your information safe. But keep in mind, they do share your information with third parties -- that’s how they find lenders for you.
Alternatives to LendJet
Shannon is a mother of two and an award-winning journalist and freelancer who lives in Illinois. She obtained a bachelor’s degree in English from Illinois Wesleyan University before beginning her 20-year career in newspapers. When she’s not spending time with her children, she is often pursuing her favorite hobbies — running, metal detecting, kayaking, and reading about personal finance.