white rock loans review
June 17, 2020

White Rock Loans Review 2020: A Loan That’s Short on Details

Personal Loans

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    White Rock Loans
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    • Best For: White Rock Loans is for people who want a short-term, relatively small loan fast.
    • Pros: If you’re matched with a lender, the money will arrive fast. You won’t be in debt long because these are short-term loans. The requirements to qualify aren’t difficult to meet.
    • Cons: It’s a crapshoot as to what rates you’ll get because no ranges are listed on White Rock Loans’ website. The possible length of the loan also isn’t disclosed.
    APR (Details) 3/10
     
    Fees (Details) 3/10
     
    Transparency (Details) 2/10
     
    Flexibility (Details) 5/10
     
    Funding Speed (Details) 10/10
     
    Accessibility (Details) 8/10
     
    • APR

      Not disclosed

    • MINIMUM CREDIT

      Open to any credit score

    • TERMS

      Short term, but the range isn’t stated

    • ORIGINATION FEE

      Not disclosed

Out of the blue, you’ve been hit with an expense and you feel your only way out is to take a short-term loan. If your back is to the wall, it’s good to know that these types of loans are easy to obtain. Lending platforms like White Rock Loans have made them more accessible than ever before — and you can get them in a day.

This White Rock Loans review will explore what going through this company’s affiliate lenders can offer you — and what it can’t.

White Rock Loans Overview

What Is White Rock Loans?

This company isn’t a direct lender who will transfer money into your bank account themselves. Instead, they take your information and share it with third-party lenders who can then decide to offer you a loan or pass on it.

And if you are offered a short-term loan through one of the lenders it is aligned with, you can choose to agree to the terms or to keep looking.

White Rock Loans Highlights

All of the lenders who work with White Rock Loans offer relatively small loans that have to be paid back quickly. The smallest amount you can request is $100, and the biggest is $5,000.

That means it’s not the best choice if you want to purchase a dependable car or do major home renovations. But it may be suitable for emergency purchases, such as a refrigerator that stopped working or to cover expenses if you’re up against financial hardship.


White Rock Loans Details

The details provided by White Rock Loans on its website are pretty sparse, even for a lending platform. Let’s look at what they do and don’t share.

APR

There’s not a single mention of what APRs you might expect to pay if you’re issued a loan through the lenders they work with. And that’s extremely worrisome.

It’s a sign that the APRs are higher than what you should be paying.

If their lenders offered competitive rates, they’d likely have that in a prominent spot on their website in an attempt to entice you to do business with them. But it’s nowhere to be found on their website — not even a range of what their lenders might offer you.

So, it’s likely to be quite high, potentially as high as the predatory payday loans all financial experts warn you should stay away from if you have any choice.

Fees

Again, there is absolutely no mention of what fees their affiliate lenders might charge you. That puts you in a difficult spot.

If you’re extremely hard up for cash and there is nowhere else for you to turn, all you can do is cross your fingers, apply, and hope for the best.

But if you have any other options you should explore them, too, in the event the fees and APRs are sky-high.

Transparency

It’s hard to be less transparent about what you might expect to pay for a loan than White Rock Loans is on their website. To make things even worse, their contact page provides no real benefit.

There is no phone number listed. Under the words Contact Info, the only things listed are their website you’re already on when you look them up and the location of their building.

There isn’t even a contact form listed. So, if you want to contact them, you’re completely out of luck.

Flexibility

White Rock Loans doesn’t loan anyone money — they only serve as a loan facilitator. So, they can’t help you get a forbearance at all.

And if you can’t make your payments, they can’t intervene — they instruct you to contact your lender.

Funding Speed

If you are awarded a loan through one of White Rock Loans’ affiliate lenders, you should get your money super quickly. As long as you electronically agree to the loan and its terms, you might have it the next business day.

Accessibility

Qualifying for a loan through one of White Rock Loans’ lenders isn’t overly difficult. You must be:

  • Employed with your current workplace for a minimum of 90 days.
  • At least 18 years old.
  • Either be a permanent resident of the U.S. or a citizen here.
  • Earn a net income of at least $1,000 a month — that’s the amount after taxes.
  • Able to give a working telephone number for your work and home.
  • The owner of a checking account.
  • Able to give a working email address.

Finally, you can’t go through White Rock Loans in every state. But, as it did with the lack of information on APRs and fees, it glosses over this, too.

The only place you see it is in the fine print on one page. And it doesn’t disclose which states are out of bounds — it only says you won’t be connected with a lender if you apply and you’re in the wrong state.

White Rock Loans may be able to assist you with finding a lender, but you won’t know what possible APRs and fees you face until an offer is sent.

2/5 Rating
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How to Apply at White Rock Loans

While they don’t make finding relevant information on their site simple at all, White Rock Loans does make filling out their application quite easy. It’s the top thing you see on their website.

Step 1: Determine How Much Cash You Need

You’ll see a big, bold box for this on their home screen. All you have to do is click on the amount you’re seeking.

Step 2: Complete the Application Process

After determining how much you want, you’ll have to choose what level your credit score is at — excellent, good, fair, or poor. You can also state if you aren’t sure what your credit score is.

Then you’ll fill in other details such as your email, name, cell phone, ZIP code, street address, how long you’ve lived at your current residence, and income information. They’ll also ask you questions like if you own a car that is fully paid off.

You should allot about 10 minutes or so to fill out all the questions they ask.

Step 3: Wait for a Lender to Contact You and Then Respond

You might receive an email that day saying you’re approved for a loan. You’ll have to check out the details of the offer to determine if you want it.

If you do, you’ll sign electronically to get the ball rolling.

Step 4: Wait for the Money

If you agree to the terms, you should receive your money fast. You might even get it the next business day.

White Rock Loans Consumer Reviews

Want to hear about how other consumers have fared while going through White Rock Loans? A good place to begin is by checking out their online reviews.

Better Business Bureau

The first place many people turn to when they want to check out a company is the Better Business Bureau. But, unfortunately, this won’t be much help when it comes to White Rock Loans.

There are no reviews or ratings on the BBB website for this company.

User Reviews

A search of the popular consumer reviews sites doesn’t yield any reviews on White Rock Loans either. Popular sites, such as bestcompany.com and Trustpilot, came up with nothing on this company from consumers.

If you like to depend on consumer reviews before making the leap to a company you’ve never used before, you’ll have nothing to go on here.

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APR
No range listed, depends on lenders
Maximum Loan
$5,000
Minimum Credit
Any credit score is considered

White Rock Loans Pros and Cons

It’s smart to weigh the pros and cons before making a financial decision. Let’s look at how White Rock Loans stacks up.

White Rock Loans Pros

  • No cost: You won’t pay to use White Rock Loans’ services — it’s free.
  • Quick access to money: You can have your money as soon as the next day, which can be a huge relief if you need the loan immediately for rent or food.
  • Won’t carry this loan debt for years: Since these are short-term loans, they will be paid off rapidly.
  • It could boost your credit score: If you pay this loan off by the due date, it might help you build credit so you no longer have to take out payday loans — you might qualify for better rates elsewhere.
  • Not hard to qualify: The income requirement needed to qualify is low enough that most people with full-time jobs should be able to meet it.

White Rock Loans Cons

  • Secretive about the APR you might receive: Since they aren’t sharing this information and the loans are short term payday loans, it’s likely the APRs will be extremely high, potentially in the hundreds.
  • You don’t know the length of the loan: It does say short term, but whether the balance is due on your next paycheck, next month, or in three months, it doesn’t say.
  • It might be hard to qualify for more than a small loan: If the loan is due in a month or less, many people with bad credit or low incomes won’t qualify for big loans.
  • No contact information: Companies like this should be more forthcoming with their contact information, even though they aren’t the direct lender.
  • Not available in every state: Some states have laws in place to protect residents from predatory loans that carry high interest rates. That may be the reason White Rock Loans can’t be used in every state.
  • You might be in danger of losing your car if it is paid off: White Rock Loans’ application form asks about any paid off vehicles for a reason — they want something they can tap into and potentially repossess if you default on the loan.

White Rock Loans Frequently Asked Questions

You’re smart to have a lot of questions about this company — we’ll try to answer some of the most common ones people have.

  • Will I qualify for the amount of loan I request?

    It’s impossible to say without knowing your exact circumstances, but it’s pretty unlikely. Let’s say you request $5,000. Unless you earn a significant amount of money or have a paid-off vehicle, the lender won’t see how you’d be able to repay a $5,000 short-term loan. 

    And, keep in mind, your lender could fight to repossess that car to recoup their money if you don’t pay up. If you depend on your car to get to work, a repossession could further hurt your financial situation. 

  • Is it guaranteed that I’ll receive the money the next day?

    While you might receive your loan the next business day, there is no guarantee you will. It might take longer than that. If you still don’t see your loan in your account two business days later, you may want to contact your lender to find out when it will be sent. 

  • Will I face fees and penalties if I’m late with a payment?

    That depends on your lender. And how much of a penalty you’ll pay depends partly upon where you live. Some states have laws regarding late fees -- they may limit how much your lender can charge you. 

    If you decide to send your application through White Rock Loans, make sure you read over any loan proposals sent your way. You need to fully understand all the fees and the APR of the loan to ensure you’re making a smart decision. 

  • Am I eligible if I have awful credit?

    You may qualify for a loan if you have a poor credit score, although it likely won’t be for as much as you might get if you had outstanding credit. You’ll have a better chance if you make a higher income.

    While there is no way to determine that you’ll get a loan for sure, it doesn’t cost to try. Just make sure to examine all your other options first. This may be one of the costliest ways to get past your short-term financial problem. 

  • I just changed jobs -- can I still qualify?

    Most of the lenders that White Rock Loans work with requires you to have been with your current boss for at least 90 days. But if this loan is your only option for coming up with quick cash, it might be a good idea to apply anyway, even if you’ve only been with that job for a month. It may still be okay if you show a steady history of other long-term employment. 

Alternatives to White Rock Loans

 White Rock LoansPersonalLoans.comOppLoansUpstart
 
Best
For
  • People seeking small, fast loans who are willing to pay high APRs
  • Those who have bad credit but refuse to pay sky-high APRs
  • Those who want fast loans but have been denied before
  • Borrowers who have a college degree
Loan
Amounts
  • $100 to $1,000
  • $1,000 to $35,000
  • $500 to $5,000, depending partly upon the state of residence
  • $1,000 to $50,000
APR
  • Not stated
  • 5.99 - 35.99%
  • 99 - 199%
  • 6.46 - 35.99
Minimum
Credit
  • May work for any credit score
  • 580
  • Considers all credit scores
  • 620
Terms
  • Short-term, but length not stated
  • 90 days to 72 months
  • Up to 36 months
  • 3- or 5-year term
Origination Fee
  • Not stated
  • Depends on the lender
  • Determined by lender
  • Anywhere from none to 8 percent
Funding
Speed
  • Can be the next business day
  • Can be in one business day
  • Might be the next business day
  • Can be the next business day
Credit
Check
  • Soft through them, may be high through lender
  • May be hard or soft
  • Soft
  • Soft
 
Shannon Serpette

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.

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