Honest Loans Review 2019

By: Heather Hanks Mar. 09, 2019

Honest Loans offers installment and personal loans of up to $5,000. They also offer cash advances and emergency loans. Their services feature an instant decision so there is no waiting to see if you are approved. Once you’re approved, you can expect to see the funds in your bank account within the next business day.

The catch is that Honest Loans is a lender connection service. This means that they will help you connect to a lender. You will not be borrowing from them directly. A lender connection site can help reduce the amount of time it takes you to find a lender. It's a good option for anyone who wants to save time while doing homework on potential lenders.

Here’s what you need to know about how it works.

Honest Loans

on Honest Loans website

What is Honest Loans?

Imagine you were to do a Google search for your favorite recipe. You would enter in a few keywords, and Google would take care of the rest. It would pull up the websites that best related to your search. This allows you to search your for favorite recipe through many different options.

Honest Loans works the same way except you’ll be searching for personal loans instead of your favorite recipe. It’s a lender connection site that works by connecting you to potential lenders. Enter your personal information and answer a few questions about what kind of loan you’re looking for. Then Honest Loans will provide you with a list of lenders who are willing to work with you based on your eligibility. It’s an easy way to shop for lenders without having to search multiple sites.

It’s important to note that Honest Loans is not a bank or lender. Instead, Honest Loans works as an online portal to connect you to possible lenders. The service is entirely free to use until you pick and lender and sign up with them. Once this happens, you will work directly with the lender of your choice and not Honest Loans. The company promises that your information is safe and secure. It will not be shared with anyone until you pick a lender and sign an agreement with them.

According to the website, Honest Loans provides you options to short-term loans that can prevent you from paying penalties such as late fees and overdraft charges. The company claims that you should not use their service if you plan on using your loan as a long-term solution to your financial needs. You should also not use their service if you plan on using the loan to pay off your debt. Short-term loans are ideal for building your credit and helping you out when you’re in a pinch.

Because you won’t be working directly with Honest Loans, they cannot predict what your APR will be. Loan amounts range from $400 to $5,000. The amount of money that you are eligible for depends on your financial information. This information may vary by the lender as well as by the state you live in. This is why it’s a good idea to weigh your options before settling on a lender. Honest Loans can help you do that by presenting your options to you in one convenient area.

Keep in mind that Honest Loans will not connect you to every possible lender. They only pair you with their affiliates or the lenders who pay to be connected to you when you use the Honest Loans website. This means that there might be a better option for you available that isn’t partnered with Honest Loans. You may have to do additional research to find these lenders if you’re not happy with the ones provided to you.

Here are some key highlights of using Honest Loans:

Loan amounts range from $400 to $5,000

You can expect to see your funds within the next business day if you’re approved

APRs are based on the lender you are connected with (your state may also dictate your APR)

You must have an income of at least $800 per month to qualify

The application process takes 10-15 minutes

You can get approved no matter what your credit is

Honest Loans does not do a hard credit pull on you, but the lender you choose might

You can use your money any way you wish

Loan terms range by lender and state

The service is free to use until you sign with a lender

256-bit technology to ensure your information is secure

Honest Loans does not provide service to the following states: Arkansas, Arizona, Georgia, Oregon, Virginia, West Virginia, and New York

Loan example: If you were to borrow $5,000 for 36 months at a 10% APR, then your monthly payment would be $161.34. Your total repayment would be $5,808.24. This means that the total amount of interest you would pay is $808.24. Keep in mind that Honest Loans does not determine your APR. This is determined by the lender you pick and the state you live in. It's a good idea to use Honest Loans to shop for the loan with the lowest APR and best terms so you save money.

Other factors that determine your APR are the cost of the loan, the amount of your loan, the repayment amounts, and the loan term. Your lender is required by law to show you your APR before you sign an agreement. Customers with good credit will get the best APR rates. Make sure you read the terms and conditions before signing a loan so that you understand your repayment conditions.

How Does Honest Loans Work?

Honest Loans can provide you with a personal loan of up to $5,000, but they are not a bank or lender. Instead, the company works as an online portal to connect you to lenders who can help you. It works by performing like a search engine or lenders. All you have to do is answer a few basic questions about your personal information and finances, in the company will provide you with a list of possible lenders. From there, you can scroll through your options and pick the best one for you.

The service is completely free to use. You will not pay anything until you sign up with a lender. Once you do, you will no longer be working with Honest Loans. The company wants to make sure you understand that after you sign the loan, you will need to communicate with that lender directly.

Like other communication portals, Honest Loans works by partnering with other lenders. The service is free to use because they charge lenders money to advertise with their company. The lenders that are presented to you have paid money to be listed as one of your options. Keep in mind that this means you may not be presented with every lender possible. Only lenders who have paid for your information will be provided to you as an option. If you are not happy with the lenders that you see in your list, you will need to do your own research to find better terms.

It takes approximately 10 to 15 minutes to fill out an application. You can do this by visiting the Honest Loans website. After you fill out your information, Honest Loans will provide you with a list of lenders who will work with you based on your criteria. The terms and rates shown to you will vary depending on the lender. If you see a loan option that you like, then you can sign up through the Honest Loans website.

After signing up, you will no longer use the Honest Loans website and will communicate directly with your lender going forward. The company matches you to possible lenders based on the information you provide. This information includes your credit score, annual income, date of birth, and state you live in.

up to $5000

If you need a large amount of money, then Honest Loans may not work for you. They will only show you options for loans of up to $5,000.

starting $400

Loan amounts are available for as little as $400. These are good options if you need help with rent or making a car payment. Personal or installment loans are not a good idea if you need long-term financial help.

256-bit security

Honest Loans uses 256-bit technology to ensure that the information you provide is secure and guaranteed.

Some lenders may require additional information from you. If this is the case, it may take longer before you receive your funds. Some lenders will want to see your bank transactions and pay stubs. They will also need proof of your income and employment.

In some cases, a lender will want to see your proof of residency or state identification. They will also need to see that you have been active in your bank account within the past three months or so. Some lenders will require that you have direct deposit. Keep in mind that these terms may vary depending on wonder. It's a good idea to get all the information before choosing a lender to work with.

You may also want to look elsewhere if you need help funding a large project or purchase, such as a vacation or buying a house. Short-term loans are a good way to help you establish credit. Choose one with a small monthly amount that you can pay back on time to boost your credit score. If improving your credit score is important to you, then look for a lender who reports your activity to the three major credit reporting agencies.

You may also want to check and see if the lender you are working with charges additional fees, such as administrative fees, origination fees, and late fees. These are important things to know before signing with the lender. Honest Loans works to present all of this information to you so that you can make an informed decision. If you have additional questions about the information you are provided, contact that lender directly. Honest Loans cannot answer questions you have about the options you are presented with.

The company promises that your information will not be leaked or shared with other websites without your permission. This is important because you are entering in personal information such as your social security number, address, date of birth. It helps to know that Honest Loans works with a secured Network make sure your information stays private and cannot be stolen.

How To Apply Honest Loans?

Applying is easy and only requires up to 15 minutes of your time. This helps you save time because Honest Loans connect you to a variety of different lenders as opposed to having to search for each one individually. Doing so could take you hours.


To get started, you will need to answer the following questions on the Honest Loans website:

1. How much money do you need? Your options are $00 to $250, $250 to $500, $500 to $1,000, $1,000 to $2500, and $2,500 to $5,000.
2. Your first and last name
3. The last four numbers of your Social Security number
4. The year you were born
5. Your ZIP code
6. Your email address
7. Your phone number and address
8. Your date of birth
9. Your military status
10. How long you have lived at your current address
11. Whether or not you own your home
12. Your employment status (You can choose from employed, benefits, or self-employed)
13. How long you have been with your employer
14. How often you are paid
15. What your monthly income is (You can choose from less than $1,500, between $1,500 and $2,000, between $2000 and $2,500, between $2,500 and $3,000 between $3,000 and $3,500, between $3,500 and $4,000, between $4,000 and $5,000, and $5,000 or more)
16. When your next pay date is
17. What your employer's name is
18. What you are employers phone number is
19. What your driver's license number is or your state ID number is
20. What your social security number is
21. What your banking information is, including your bank name, account number and routing number
22. How you get paid (either through direct deposit or paper check)
23. How long you have had your current bank account for
24. Whether your bank account is a checking or savings account
25. Agreement to submit your loan request


After you fill out all of the above information, you will need to confirm the report is true.

Once Honest Loans has this information from you, they will connect you to lenders. You do not need to enter your credit score up front. But keep in mind that a lender may ask for this information eventually. If not, they may request to obtain a clarification service or data through other means to determine your creditworthiness. This may include watching your bank account activity for several days or determining your annual income.

Before you apply, it's a good idea to confirm that your lender is trustworthy. Honest Loans is not responsible for the terms and rates of your lender. They are also not responsible for providing you with legitimate lenders. In other words, you will need to determine that your lender is legitimate before signing with them.

You will also want to make sure that you can afford the loan you are applying for. Installment loans may have higher interest rates than other loans because you are getting your money quickly. Because of this, it's a good idea to make sure you've exhausted all other means to obtaining money before taking out a loan.


Lastly, it's a good idea to check your eligibility before applying.

Honest Loans does not ask for your credit score. They will match you with a lender based on the information you provided above. Checking your eligibility requirements against potential lenders can help prevent you from encountering problems down the road. Examples of these include the inability to make payments or getting stuck into a loan term longer than you'd like with a high interest rate. Make sure you know what you're eligible for before it going with the lender. Doing so can help you make the best decision possible.

If your credit is good, then you will likely have your pick of lenders. You may also want to do additional research if you're not happy with the options that were provided to you through Honest Loans. Keep in mind that Honest Loans does not provide you with every option available. They only show you wonders who have signed up to pay for your information. There may be better options out there, but you are responsible for finding them.

The Pros And Cons of Honest Loans

Honest Loans is not a direct lender. This means that when you choose a lender, you will not be working with them. Despite this, there are pros and cons to working with Honest Loans. The service is free in the intended to be informative by providing you potential loan options.

You do not have to commit to the options you are provided with unless you sign an agreement with them. Keep in mind that Honest Loans only shows you options of lenders that work with them. Better options may exist, but you will need to find these yourself.

Honest Loans PROS

  • The service is free and there is no obligation to sign with a loan that you are presented with
  • Using the service cuts back on the time it takes to research individual lenders
  • You can get approved for a loan of up to $5,000 without a credit check
  • You can borrow as little as $400
  • A credit check is not required to determine your eligibility
  • The application process is quick and easy to use
  • You only need to fill out one application to be connected to many lenders
  • Honest Loans makes it easy to compare and contrast loan options
  • You need a monthly income of $800 to apply
  • You can be self-employed

Honest Loans CONS

  • Honest Loans connects you with personal loan lenders only, which tend to have high APRs
  • The service will only connect you to lenders who work directly with them
  • Honest Loans does not offer services in every state
  • APR rates and other terms cannot be predicted by Honest Loans
  • Honest Loans is not responsible for the lenders you are presented with

Because Honest Loans is an online portal and a connection service, it cannot be compared to a direct lender. It's always a good idea to cross-check the information that Honest Loans provides with the lender you are considering going with.

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CreditNervana promises to keep our information as accurate and up-to-date as possible. However, you should always consult a financial advisor for specific questions about personal or business finances and investment opportunities, especially if you are looking in your area. Working with a trained professional who is familiar with your case is a safe and guaranteed way to make the best investment decision possible. Please review our terms and conditions before making any decision based on the information we provide. Financial institutions are constantly changing. Because of this, it’s a good idea to cross check the information you read here with any company you are considering working with.


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