Is Grace Loan Advance Legit? Grace Loan Advance Reviews 2024 Key Points
Grace Loan Advance is a reputable loan aggregator platform. The company reports to major credit bureaus: TransUnion, Equifax, and Experian. Service Fees : $0 APR : Depends on the lender. Tenure: Up to 72 Months. Amount : $100 to $35,000. Want to avoid the hassle of taking traditional or in-person loans? Grace Loans Advance is your solution. You no longer have to be concerned about the credit checks, documentation, and verification process. This platform can complete the entire process within 24 hours.
This comprehensive Grace Loan Advance review will go over everything there is to know about the platform, including how to calculate your repayment amount . So keep reading until the end.
What is Grace Loan Advance? Grace Loan Advance is a reputable online loan company where you can borrow money from different creditors within a short span of time. Unlike traditional bank loans, which are time-consuming and require origination and processing fees, this platform is completely free to use.
You can obtain small Payday loans online with no credit check and cash advances with minimal documentation and verification and repay the loan within 72 months. The best thing is that it even accepts applicants with average credit scores.
The only thing to keep in mind is that Grace Loans is not a lender; rather, it connects you with one. Simply put, they are loan aggregators. Therefore, it is essential to review all the terms and conditions provided by the lender before submitting an application for a loan.
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Grace Loan Advance Reviews — How Does It Work? Grace Loans Advance, as you are now aware, is a loan aggregator and does not provide the money directly. The platform offers a free and straightforward online loan procedure without any hidden charges. Because these platforms are so new, they are frequently referred to as lenders. However, a loan aggregator is simply a middleman who connects borrowers and lenders.
The customer must submit the necessary documents, complete the verification, investigate loan options, apply, and e-sign the agreement. That is it; the money will be deposited into your bank account.
Requirements for Grace Loans To be eligible for the loans available on the platform, each applicant must meet the prerequisites. It is critical to be aware of all the documents required, as well as the eligibility criteria. The following are the prerequisites:
The applicant must be 18 years old or above. The person applying must be a US citizen. You must be currently employed with a minimum salary of $800 per month. The minimum credit score must be 540 . You should have an active personal checking or savings bank account. Documents Required:
Proof of Income. Government-issued photo ID. Driver’s license. Proof of citizenship. Now that you know all the requirements, let’s move ahead and take a look at the application process for the site.
How to Apply for Grace Loans? After meeting all the application requirements, you can proceed with the process of applying for the Paycheck Protection Program and other types of loans. Grace Loans has an extremely interactive and user-friendly interface, so completing all the steps will be a breeze for you.
First, go to the official site Choose the amount you want to borrow from the available options on the homepage and click the Start My Request button. Enter your first and last name in the given field and tap Continue . Enter your email address in the next step. Type in your phone number and the last four digits of your SSN . Follow the on-screen prompts, and enter the details required to complete the application process. Following the submission of your request, the company will send a confirmation email to your registered email address. After that, you can look into different loan options available on the platform. Please ensure that you carefully read the terms and conditions, privacy policies, rules, and other important details.
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Grace Loans Advance Reviews — APR, Loan Cost, and Fees Let us take a look at the APR and other fees associated with the borrowed amount.
For Loan Amount: $1,000 Interest Rate: 24% Loan Term: 12 Months Fee: 3% Fee Cost: $30 Repayment: $94.56 APR: 29.82% Total Payment: $1,134.72 Total Cost: $164.72
For Loan Amount: $2,000 Interest Rate: 19% Loan Term: 24 Months Fee: 5% Fee Cost: $100 Repayment: $100.82 APR: 24.12% Total Payment: $2,419.68 Total Cost: $519.68
For Loan Amount: $5,000 Interest Rate: 13% Loan Term: 48 Months Fee: 8% Fee Cost: $400 Repayment: $131.67 APR: 18.23% Total Payment: $6,320.12 Total Cost: $1,720.12
For Loan Amount: $10,000 Interest Rate: 8% Loan Term: 60 Months Fee: 10% Fee Cost: $1,000 Repayment: $202.28 APR: 9.20% Total Payment: $12,136.80 Total Cost: $3,136.80
You can refer to these tables to calculate the repayment amount before applying for the loan.
Fast Fact : If you are unable to pay off a loan on time, you can resort to renewal by giving the extra charges through the Grace Loan Advance platform.
Is Grace Loan Advance Legit? Grace Loan Advance was founded in 2015, and they have been creating waves in the industry since then. People who are new to the platform frequently inquire about its legitimacy, as there are numerous loan scam websites on the internet.
However, based on our and other users’ experiences, we believe that this platform is genuine and completely safe. Moreover, it is the best company you can find to take a loan of any amount to get out of debt .
How to Reach Out to GraceLoanAdvance? Customers can contact the support help desk if they have any questions or encounter any problems; the representative will assist you in resolving the issue. You can also use the live chat option available on the official site or get in touch via email or telephone.
Contact number: (424) 317-8925Email address: info@graceloanadvance.comCompany address: 4470 W Sunset Blvd #91234 Los Angeles, CA 90027This is how you can reach out to the loan platform. Moving on, let us look at its advantages and disadvantages in the following section.
Pros and Cons of Grace Loan Advance We have personally used the Grace Loan Advance platform to fund our business growth and investing in OpenAI stock , and this is what we liked and disliked:
Pros Cons The loan amount starts at $100 and up to $35,000. High APR for people with average CIBIL score. Free to use platform. No pre-approval test with soft CIBIL pull. Dedicated customer support desk. Lenders may charge late fees, origination fees, and other charges. Loan processing in 24 hours. Info about eligibility and application procedure is limited. Simple eligibility criteria. The platform reports to three major credit bureaus.
Please note that this list is based on our own experience and may differ from another customer of the platform.
GraceLoanAdvance VS Other Platforms It is always a good idea to keep your options open when taking out loans so that you can benefit from the best available in the market. Now that we have discussed all the aspects of Grace Loans, let’s compare it with their alternatives in this section.
Loan Company Loan Amount States Excluded Not Eligible Minimum Income CIBIL Score True American Loans $100-$35,000 NY, CT, VT, WV, AK, GA Non-US CitizensNo Military Personnel $800 >540 Lendingforbadcredit.com $100-$40,000 N.A. N.A. $1,000/m 24/7 Loan Pros $1,000-$35,000 NY, VT, WV, AK No Military Personnel $800 >540 100 Lenders $100-$40,000 CT, NH, WA, VT No Military Personnel $1,000/m Zippy Loans $100-$15,000 NY N.A. N.A. Viva Loans $100-$15,000 NY, WV, DC N.A. N.A. – Signature Loans $100-$35,000 N.A. N.A. N.A. – Next Day Personal Loans $100-$40,000 CT, NH, WA, VT No Military Personnel N.A. – Life Loans CT, NH, WA, VT No Military Personnel $1000/m – Honest Loans $400-$50,000 NY No Military Personnel $8000/m – Excel Online Loans $500-$20,000 NY, DC, WV No Military PersonnelNo Federal Employee N.A. – Bad Credit Loans $100-$10,000 N.A. No Military Personnel N.A. – Fast Loan Direct $100 – $35,000 N.A. N.A. N.A. Red Arrow Loans Up to $5000 N.A. Available to all. N.A.
You can use the table above to compare all the best ones on the market and decide which platform to use after considering all factors. However, given the features and benefits described in this Grace Loan Advance review, we are confident that it will be your first choice.
Our Verdict Grace loan advance is a reputable platform where you can apply for a loan even through cards like Wisely Debit cards and other. The best thing is that they provide loans even to people with low CIBIL scores with no hard credit checks. Moreover, its application process is simple and transfers money within 24 hours into the applicant’s account.
Note : Even though the platform is safe, it is crucial to read all the documents and know about the fees and terms and conditions of the lender.
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Frequently Asked Questions Ans: The repayment tenure can be extended to 72 months.
Ans: No, the platform does not charge any fees from the customers.
Ans: Yes, it is a highly reputable and secure platform.
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