Smart Advances Review (Complete Guide)

Looking for a fast and easy way to get a personal loan online? Smart Advances is a lending marketplace that claims to connect borrowers with lenders for loans up to $20,000 in as little as 2 minutes. But is Smart Advances legit and how does it stack up against competitors like CashUSA.com and BadCreditLoans.com?

This in-depth Smart Advances review covers how the lending platform works, eligibility requirements, rates and fees, the repayment process, and responsible lending practices. It also compares Smart Advances to 7 top online lending alternatives to help you find the best option for your financial situation.

What is Smart Advances?

Smart Advances is an online lending marketplace that connects borrowers with potential lenders for personal loans. While Smart Advances itself is not a direct lender, it acts as an intermediary platform where you can fill out a single loan request form to get matched with lenders from their network who may be able to provide you with a loan.

The premise is pretty straightforward – you go to their website, complete a short secure online loan request, and Smart Advances will share your information with their network of lenders. If a lender decides to work with you based on the information provided, they will reach out with potential loan offers and terms for you to review.

One of the key selling points is the simplicity and speed of their process. They claim you could get notified of approval in as little as 2 minutes after submitting the loan request. And if you accept a lender’s offer, the funds can potentially be deposited into your account within one business day after loan closing.

Smart Advances positions itself as a solution for times when you need fast access to cash for any personal reason – whether it’s covering an emergency expense, financing a home improvement project, helping with an upcoming event like a wedding, or simply getting through a temporary cash crunch.

Not so sure about Smart Advances? There are other online lending platforms you can consider. Read these articles to know more about them.

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How Smart Advances Works?

Here’s how the Smart Advances loan process works:

It’s designed to be a quick and easy 3-step process to get you the funds you need:

• Step 1: Easy Loan Request – To get started, you’ll fill out a short, secure online loan request form on their website. This should only take a few minutes to complete, providing some basic personal and financial information.
• Step 2: Fast Loan Request Process – Once you submit the form, Smart Advances shares your loan request with their network of lenders. Their system will work to match you with potential lenders willing to offer you a loan based on the details you provided. Smart Advances claims you could receive a lending decision in as little as 2 minutes.
• Step 3: Receive Your Funds – If a lender approves you, you’ll be able to review the loan terms, conditions and any required documentation. Upon acceptance, the lender will transfer the funds directly into your bank account, typically within one business day after the loan closing.

Smart Advances prides itself on a streamlined process with no need to visit a physical location. Everything from the loan request to final approval is handled online or over the phone for your convenience. They also use 256-bit SSL encryption to keep your data secure throughout the process.

The idea is to provide a safe, fast and reliable way to get access to a personal loan without any hassles or hidden fees involved on their part. They connect you with potential lenders, but ultimately any fees, rates or charges come directly from the lender you’re matched with.

Eligibility and Qualification Requirements

To be eligible and qualify for a loan through Smart Advances, there are a few basic requirements you’ll need to meet:

• Income Requirement: You must have a regular source of income. This could be from employment, self-employment, disability payments, retirement benefits, social security, or other recurring income sources of at least $1,000 per month.
• Age: To access this, you must be of legal age, which is 18 years or older.
• Citizenship: To be eligible, you must hold either U.S. citizenship or permanent residency status, accompanied by a valid social security number.
• Identification: A valid U.S. driver’s license or state-issued ID is required to verify your identity.
• Bank Account: You’ll need an active checking or savings account at a bank or credit union, as the loan funds will be deposited directly into this account if approved.

In addition to these baseline criteria, individual lenders may have their own additional qualification requirements that could factor into their lending decision, such as:

• Credit Score: While not an outright requirement, your credit score and history may impact your approval odds and rates.
• Income/Debt Ratios: Lenders may look at your income relative to existing debt obligations.
• State Residency: Some lenders may not lend in certain states due to regulatory reasons.
• Employment/Income Stability: Steady income sources and employment history could increase approval chances.

Smart Advances provides this general eligibility guidance, but the specific criteria can vary by each lender’s underwriting standards. The maximum loan amount you could qualify for, likely up to $20,000, also depends on what a lender approves based on your full financial profile.

Rates, Fees, and Loan Terms

When it comes to rates, fees, and loan terms with Smart Advances, there’s no one-size-fits-all answer. The reality is that the specific rates and fees you’ll pay will depend entirely on the lender you’re matched with and the loan details they offer.

Smart Advances itself doesn’t set the rates or fees. They simply connect you with lenders from their network. The lenders then evaluate your application and determine what rates, fees, and repayment terms they can provide based on factors like:

• The loan amount
• The repayment period (how long you’ll take to pay it back)
• Your state of residence
• Your income and ability to repay
• Your credit history and score

To give you a general idea, Smart Advances provides a representative example of a $3,000 loan paid back over 4 years (48 months) at a 27% APR. With those terms, your monthly payment would be $163.14 and the total amount paid back would be $3,915.38 when including the principal and interest.

However, they explicitly state that APRs for good credit can range from 5.99% up to 35.99%. Shorter-term loans under $1,000 may have different APR ranges.

You’ll also likely pay an origination fee to the lender, though the amount can vary. Smart Advances just notes this fee “varies between lenders.”

Repayment Process

The repayment process for a loan obtained through Smart Advances will depend on the specific terms and requirements set by the lender you’re matched with. However, here are some general points about how repayment typically works:

• Repayment Terms: Most personal loan repayment terms involve making fixed payments on a regular schedule – usually monthly or bi-weekly. The loan period can range from a few months up to several years. Your particular repayment frequency and number of payments will be determined by your loan amount, interest rate, and the lender’s offerings.
• Automatic Payments: To make things easier, lenders will likely require you to set up automatic payments from your checking account. This helps ensure payments are made on time and in full each period.
• Late/Missed Payments: It’s crucial to make your payments on schedule. Late or missed payments can trigger late fees from the lender and negatively impact your credit score. Refer to your loan agreement for the lender’s specific policies.
• Loan Renewal: Depending on the lender and loan terms, you may have the option to renew or rollover your loan if you can’t pay it off by the due date. However, this typically extends the repayment period and accumulates additional interest and fees.
• Collections: If you default on the loan by not repaying what you owe, the lender may eventually send your account to collections. This can severely hurt your credit and lead to further collection efforts.

Responsible Lending Practices

When it comes to responsible lending practices, Smart Advances makes it a point to align themselves with industry standards and best practices. A key part of this is their membership in the Online Lenders Alliance (OLA).

As a member of the OLA, Smart Advances has committed to upholding a responsible lending policy that goes beyond just following the letter of federal lending laws. Their goal is to treat borrowers fairly and with respect, truly embracing the spirit behind regulations like:

• The Truth in Lending Act (TILA) – The objective of this legislation is to foster informed consumer credit usage by mandating the transparent disclosure of lending terms and associated costs. Lenders are obligated to furnish clear upfront information to borrowers.

• The Fair Debt Collection Practices Act – This legislation prohibits the use of abusive, deceptive or unfair practices in the collection of consumer debts.

By being part of the OLA, Smart Advances is taking a stand to maintain ethical lending standards across their lender network. This includes ensuring borrowers have full transparency into the terms and conditions before finalizing any loan.

Smart Advances also wants to make it clear through their advertising disclosures that they are not the actual lender themselves. Their role is simply to facilitate matching you with a potential lender from their network based on the information you provide.

While they don’t directly control the rates or policies of those lenders, their OLA membership demonstrates a commitment to weeding out disreputable lenders and connecting borrowers to legitimate sources of credit from entities focused on responsible lending.

Pros and Cons

Here are some key pros and cons to consider when evaluating Smart Advances as an option for getting a personal loan:

Pros:

• Convenient Online Process: The entire loan request process can be completed quickly online with no need to visit a physical location.
• Fast Approval Decisions: Smart Advances claims you could receive a lending decision from their network in as little as 2 minutes after submitting your request.
• Quick Funding: If approved, you can potentially have the loan funds deposited into your bank account within just 1 business day.
• Extensive Lender Network: By serving as a lending marketplace, Smart Advances gives you access to multiple potential lenders to shop around for offers.
• Flexible Loan Amounts: You can request personal loan amounts ranging from $100 up to $20,000.
• No Fees From Smart Advances: They don’t directly charge any fees themselves, though lender fees may apply.
• Responsible Lending Focus: Their OLA membership aims to uphold transparent and fair lending practices.

Cons:

• Not a Direct Lender: Smart Advances is a lending marketplace, not an actual lender, which adds a middleman step.
• Limited Loan Details Upfront: Specifics like rates and fees aren’t provided until matched with a lender.
• Potential for Multiple Inquiries: Allowing your information to be shared with various lenders could result in multiple hard credit inquiries.
• Income and Credit Impacts Approval: Having limited income or poor credit may reduce your options and approval chances.
• State Availability: Some lenders may not operate in all states due to regulations.

Comparison with Competitors

If you’re looking for alternatives to Smart Advances, there are several options available catering to different needs, especially for those with varying credit profiles.

Each of these options caters to a different need, from small, quick loans to larger amounts with longer repayment terms. When choosing an alternative, consider factors such as loan amounts, terms, interest rates, and eligibility requirements to find the best fit for your financial situation.

• Fast Loan Advance offers a lending network for subprime borrowers, facilitating short-term installment loans ranging from $100 to $35,000 with APRs up to 35.99%. This platform emphasizes its quick online personal loan prequalification process, potentially connecting you with multiple loan offers from direct lenders.

• CashUSA.com provides personal loans between $500 and $10,000 with APRs ranging from 5.99% to 35.99%. It stands out for its broad range of loan terms and commitment to data security.

• BadCreditLoans.com, since 1998, assists borrowers with subprime credit in accessing loans from $500 to $10,000. It offers extensive resources to help borrowers avoid predatory lending and scams, featuring APRs between 5.99% and 35.99%.

• CreditLoan offers a network of lenders for those with poor credit, with loan amounts from $250 to $5,000. It’s known for a straightforward prequalification process that doesn’t impact your credit score.

• PersonalLoans.com serves a wide spectrum of credit profiles, offering loan amounts from $1,000 to $35,000. It provides multiple loan offers quickly for easy comparison.

• OppLoans is suitable for those looking for short-term installment loans without a minimum credit score requirement. It reports on-time payments to credit bureaus, which could help improve credit scores.

• BillsHappen® finds instant approval payday loans online from multiple lenders, catering to bad credit loans with a quick application process for loans up to $5,000. It emphasizes flexibility and accessibility for those needing funds urgently.

Conclusion

Smart Advances presents itself as a convenient online lending marketplace for accessing personal loans up to $20,000 quickly. Its streamlined process aims to provide lending decisions within minutes and potential funding within one business day if approved.

While Smart Advances itself does not lend money or set rates, it connects borrowers with lenders from its network that follow responsible lending practices through the Online Lenders Alliance.

However, specific loan terms, fees, and approval criteria can vary substantially depending on the individual lender and the borrower’s financial profile. As with any loan, it’s important to carefully review and understand the terms before accepting to ensure it’s the best option for your needs.

Frequently Asked Questions