Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Personal Loans Grace Loan Advance Personal Loan Review Updated Jan 30, 2024   |   13-min read Reviewed by Amanda Hankel Reviewed by Amanda Hankel Expertise: Writing, editing, digital publishing Amanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing. Learn more about Amanda Hankel View Rates Our take on Grace Loan Advance’s personal loan Free service matches potential borrowers with lendersLoan amounts from $500 – $35,000Network of lenders not disclosed Grace Loan Advance is a service that matches potential borrowers to personal loan lenders it partners with. It’s an intermediary—not a traditional personal loan lender. So it’s not rated in our LendEDU personal loan editorial ratings and hasn’t earned a best-for designation. Here’s what you need to know about Grace Loan Advance: Ideal for certain borrowers: This service suits those needing small loan amounts and multiple lender options. It’s good for comparing offers.Limited information: Grace Loan Advance doesn’t disclose many details on its website related to prequalification or its network of lenders, which is a drawback for personal loan borrowers looking to make the most informed decision.Better options may exist: Additional limitations, such as lower loan caps and vague criteria, imply that some borrowers might benefit more from Credible, which offers a similar service but partners with lenders offering larger loans and more transparent terms. Table of Contents Skip to Section Grace Loan Advance personal loan at a glancePros and cons of Grace Loan AdvanceHow to apply for a Grace Loan Advance personal loan About Grace Loan Advance Grace Loan Advance aims to simplify the process of obtaining a personal loan. Through a single application, it offers access to multiple lenders, which streamlines the search for suitable loan options, although the lenders aren’t disclosed. The service is valuable for individuals seeking smaller loan amounts and those who prefer an efficient online application experience. Grace Loan Advance caters to borrowers who wish to compare various loan offers in one location, making it a solid choice for those navigating the personal loan landscape for the first time or those who value ease and speed in their financial dealings. Grace Loan Advance personal loan at a glance Terms of a personal loan from Grace Loan Advance will vary depending on your state, the lender, and your specific circumstances. However, Grace Loan advance provides general information about several common terms. The table below provides a quick overview of terms and details for Grace Loan Advance personal loans. We’ll explore each aspect in greater detail below. TermsDetailsFixed rates (APR)5.99% – 35.99%, varies by lenderVariable rates (APR)5.99% – 35.99%, varies by lenderLoan amounts$500 – $35,000Repayment period61 days – 72 months; monthly or bimonthly paymentsUnsecured or securedUnsecured, may vary by lenderJoint loansVaries by lender; individual applications on GraceTime to funding after approvalAs soon as next business dayFeesFree service, lender-specific fees may applyUnique featuresPrepayment penalty varies by lender How does a Grace Loan Advance personal loan work? Grace Loan Advance operates as a bridge between borrowers and a network of lenders, each with varying terms and requirements. Application and matching Borrowers complete an initial online application with their personal and financial details. Grace Loan Advance then uses this information to match the borrower with potential lenders from its network. The matching is based on the borrower’s profile and the lenders’ criteria, which includes credit score and income. However, specific minimum requirements are not disclosed and vary by lender. Loan terms and rates Once matched, borrowers are presented with loan offers that include details such as the annual percentage rate (APR)—fixed and variable rates range from 5.99% to 35.99%—loan amounts (ranging from $500 to $35,000), and repayment terms (spanning from 61 days to 72 months). You can then review these terms, which affect the cost of the loan and the repayment schedule. Lenders might offer rate discounts for autopay, which can further influence your decision. Loan management After choosing a loan offer and accepting the terms, the funding process begins. The funds are available as soon as the next business day. Throughout the loan term, borrowers manage their loan online, but the exact management tools and options depend on the lender. This might include online payments, account management, and customer support. Some lenders might offer repayment assistance or prepayment without penalty, adding flexibility to the loan management process. Grace Loan Advance streamlines finding and managing a personal loan by providing an online platform that connects borrowers with various lenders, each offering different terms and conditions tailored to diverse needs. What can a Grace Loan Advance personal loan be used for? Grace Loan Advance borrowers can use the funds for various purposes. The platform doesn’t restrict how borrowers can use the loan. Specific lenders in its network might have guidelines, but generally, personal loans can be used however you wish. During the application process, Grace Loan Advance might ask why you want the loan. This isn’t to limit the use of the funds but to help match you with lenders suited to your needs. Common reasons for seeking a loan include: Consolidating debtFunding home improvementCovering medical expensesFinancing large purchases Grace Loan Advance provides a level of flexibility, but the lender sets the final terms and any usage restrictions. Lenders want to ensure the loan is used for responsible, legal purposes. Misusing loan funds can lead to various penalties, depending on the lender’s policies, ranging from legal action to immediate repayment being due. Who’s eligible for a Grace Loan Advance personal loan? If you’re considering applying for a personal loan through Grace Loan Advance, it’s important to understand the eligibility criteria. As a platform connecting borrowers with lenders, Grace Loan Advance does not set specific eligibility requirements. However, the following arel guidelines for Grace Loan Advance and its lenders. RequirementDetailsCitizenshipU.S. citizen or permanent residentEmployment statusCurrently employed or earning steady incomeState of residenceAvailable in all 50 statesMinimum ageAt least 18 years old Co-applicants are not mentioned in Grace Loan Advance’s process, and the application appears to be for one individual. A co-applicant can improve your eligibility, especially if they have a stronger credit profile or higher income. Still, it’s not clear whether that’s possible through Grace Loan Advance. What are the costs and fees of a Grace Loan Advance personal loan? The costs and fees associated with a personal loan influence the overall expense of borrowing. Here are the elements to consider: Interest rates and their impact: The cost of borrowing hinges on the APR, which varies among lenders within the Grace Loan Advance network and depends on the borrower’s creditworthiness and other financial factors.Fees and their payment: Fees, such as origination fees, are another significant aspect of the loan’s cost. They might be deducted from the loan amount or added to the total cost, and the specifics depend on the lender.Compared with other lenders: Rates and fees from Grace Loan Advance’s network can vary. It’s beneficial to compare these with other lenders to ensure you receive a competitive offer. To better illustrate how these factors affect the total loan cost, let’s look at some examples. Here is how the costs would play out on differing loan amounts with an APR of 24% and a 12-month loan term. $1,000 loan$2,000 loan$5,000 loanOrigination fee (3%)$30$60$150Monthly payment$94.56$189.12$472.80Total payments$1,164.72$2,329.44$5,823.60 These examples demonstrate how different loan amounts, interest rates, terms, and fees contribute to the overall loan cost. The APR, which encompasses the interest rate and fees, provides a comprehensive view of the total borrowing cost. As loan amounts and terms increase, the total cost can also rise, even with a lower interest rate. How do you repay a personal loan from Grace Loan Advance? The following repayment items will vary based on the lender you choose: Payment optionsCustomization of termsImpact on total costEarly repayment options Pros and cons of Grace Loan Advance When evaluating Grace Loan Advance for personal loans, it’s essential to consider the positive aspects and the limitations of its service. Here’s an overview: Pros Accessible to all credit scores Grace Loan Advance’s network of lenders caters to a wide range of credit scores, making it possible for a diverse group of individuals to find loan options. Ability to compare offers The platform allows you to compare offers from various lenders, enabling you to choose the one that aligns best with your financial situation. No service fees Using Grace Loan Advance to find a lender is free of charge, which is advantageous for loan shoppers looking to minimize additional costs. Fast and easy application process The service offers a streamlined online application process that’s quick and user-friendly, saving valuable time and effort. Cons Limited online information The lack of comprehensive information on the Grace Loan Advance website, including the lenders in its partner network, as well as online reviews, can make it difficult for users to understand all aspects of the service. Lower maximum loan amounts With a maximum loan amount of $35,000, Grace Loan Advance may not meet the needs of those requiring larger sums. Unclear eligibility requirements The varying eligibility criteria across lenders in the network and the lack of explicit disclosure can create uncertainty regarding your approval chances. Grace Loan Advance offers a useful service for individuals looking to compare personal loan options, particularly those with varying credit scores and seeking smaller loan amounts. The service’s strengths lie in its accessibility, diverse lender comparisons, absence of fees, and straightforward application process. However, areas for improvement include providing more detailed online information and offering higher loan amounts. Exploring alternative lenders might benefit borrowers needing larger loans or clearer eligibility criteria. Several competitors offer more comprehensive online resources and higher loan limits, addressing a broader spectrum of borrower needs. For example, consider the following options: LenderLendEDU rating (out of 5)Best forMaximum loan amountGrace Loan AdvanceNot ratedNone$35,000SoFi5 Good credit$100,000Upgrade4.9Fair credit$50,000Upstart4.9Thin credit$50,000Happy Money4.8Credit card debt$40,000 For more options, check out our best personal loans recommendations and our complete list of reviewed personal loan lenders. Is Grace Loan Advance a reputable lender? The availability of reviews and ratings for Grace Loan Advance is quite limited. In our research, we didn’t find any reviews of Grace Loan Advance on Trustpilot or Google. It also lacks a listing on the Better Business Bureau. This makes it difficult to conclude the customer experience with Grace Loan Advance. These platforms are trusted sources for customer feedback because they provide insights from actual users and can help you gauge the reliability and quality of service of a company. We recommend exercising caution and conducting further research—or considering lenders with more established reputations and customer feedback. Does Grace Loan Advance have a customer service team? Grace Loan Advance’s customer service team is crucial in assisting borrowers throughout their loan process. Grace Loan Advance is operated by RBD Enterprises LLC, based in Los Angeles. This team is responsible for addressing inquiries related to the loan matching service, providing guidance on application procedures, and assisting with general queries about lender options. The customer service team at Grace Loan Advance is accessible through various channels. It is equipped to offer support on a range of issues, from technical assistance with the online application process to answering questions about lender comparisons and loan terms. For detailed queries related to specific loan offers or lender-specific concerns, you might need to contact the lenders. Methods for contacting Grace Loan Advance include: Email: [email protected]Phone number: 424-317-8925Mailing address: 4470 W. Sunset Blvd. #91234, Los Angeles, CA 90027.Chat box: The support channel chat available on the website provides a quick way to get answers to common questions. These varied contact options ensure that borrowers have multiple ways to reach out for assistance, making the loan application and decision process more convenient and user-friendly. How to apply for a Grace Loan Advance personal loan Applying for a personal loan through Grace Loan Advance is straightforward and comparable to other companies in the industry apart from the lack of clarity on whether applying affects the applicant’s credit score. Unlike competitors that disclose whether they use a soft credit check during the prequalification process, Grace Loan Advance doesn’t make this clear. This uncertainty might be a consideration for applicants concerned about their credit scores. Here are the steps to apply: Determine loan amount: Decide on the amount you wish to borrow and click “Start my request” on the Grace Loan Advance website. Fill out the online form: Complete the application form with your personal information. This step involves providing your name, address, income, and employment information. Submit your request: Once you submit the form, your request goes to Grace Loan Advance’s lender network. If you are approved, you will see loan offers within minutes. Select and accept a loan offer: Review the offers, and select the one that best fits your needs. When you accept a loan’s terms, know this is when a hard credit check is often conducted, which can affect your credit score.Receive the funds: After accepting a loan offer, the funds are disbursed to your account as soon as the next business day. The speed of this process can be a significant advantage for those needing quick funding. Overall, the application process at Grace Loan Advance is efficient and user-friendly, with rapid turnaround times for loan offers and funding. However, when comparing with other lenders, the potential for a hard credit inquiry and the lack of explicit information about this aspect are points to consider. What if I’m denied a personal loan from Grace Loan Advance? If you’re denied a personal loan from any of the lenders in Grace Loan Advance’s network, you can take several steps to understand and improve your chances for future approval. Grace Loan Advance may not inform you why your application was denied because the individual lenders in its network make the decision. However, under the Fair Credit Reporting Act, lenders must provide a notice of adverse action explaining the reason for denial. This notice includes information on the credit reporting agency that provided the report and your rights to obtain a free copy of your credit report. The specific reasons for denial can vary, but common issues include a low credit score, insufficient income, high debt-to-income ratio, or unstable employment history. For each of these scenarios, consider the following options: Low credit score: Focus on improving your credit score by making on-time payments, reducing debt, and correcting any errors on your credit report.Insufficient income: You might need to explore additional income sources or apply for a lower loan amount that aligns with your current income level.High debt-to-income ratio: Paying down debt can help lower this ratio, making you a more attractive candidate to lenders.Unstable employment history: Lenders often look for stability in your employment history. If this is a concern, you may need to wait until you have a more stable job situation before reapplying. In the meantime, you can also explore other lending options or financial institutions with different eligibility criteria more suited to your current financial situation. Upstart, for example, is the personal loan lender we deem the best for thin—little to no—credit because its decision model uses factors beyond just credit score. Taking time to address the reasons for your loan denial can increase your chances of approval in future applications. Grace Loan Advance personal loan FAQ Can you have more than one Grace Loan Advance personal loan? Grace Loan Advance itself does not issue loans; it connects borrowers to lenders. Therefore, the restrictions on the number of loans a borrower can have simultaneously depend on the individual lender’s policies. Some lenders may allow multiple loans, while others might limit borrowers to one loan at a time. It’s important to check the terms and conditions of each lender’s offer for specific details regarding multiple loans. Can you pay off a Grace Loan Advance personal loan early? The ability to pay off a personal loan early without penalty also varies depending on the lender within the Grace Loan Advance network. Most lenders allow early repayment, and many do so without imposing a prepayment penalty. However, this is not universal, so it’s crucial to review the specific terms of your loan agreement. Paying off a loan early can be a smart financial move because it may reduce the total amount of interest paid over the life of the loan.