100 Lenders Personal Loans Review

100 Lenders is a personal loan referral marketplace, not a lender, and it can connect borrowers with lenders offering personal or installment loans from $100 to $40,000. The service is free to use, and the operator does not make loan decisions or set interest rates. After you submit a request, your information may be reviewed by lenders or lending partners, and you may be redirected to a lender to review the actual loan terms. For offers originating through paid Google or Bing advertisements, the site says rates are no greater than 35.99% APR, although your actual APR, loan amount, repayment term and fees depend on the lender, your credit history, income, state and other factors. Approved borrowers may receive funds as soon as the next business day.

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What Is 100 Lenders?

100 Lenders is an online loan referral service that connects consumers with a marketplace of lenders and lending partners. 100 Lenders is not a lender, does not make loans, and does not make credit decisions.

The service provides an online request form. After you submit your information, lenders in the network may review it to determine whether they can offer you a personal loan or installment loan. If you are matched with a lender, you may be redirected to that lender's website to review the offer and decide whether you want to accept it.

How Much Can You Borrow With 100 Lenders?

100 Lenders says qualified loan amounts can range from $100 to $40,000. However, not every lender in the network offers the full $40,000, and the amount you may actually qualify for depends on your individual circumstances and the lender that receives your request.

Your income, credit history, requested loan amount, state and other eligibility factors can affect the amount a lender is willing to offer.

What Are 100 Lenders Interest Rates?

The interest rate is determined by the lender, not 100 Lenders. The site says the cost of a personal loan depends on factors including credit history, income, state law, loan amount and repayment period.

For offers originating through paid Google or Bing advertisements, 100 Lenders states that rate quotes are no greater than 35.99% APR, with terms ranging from 61 days to 180 months. Your actual rate and repayment terms can be different based on your credit profile and the lender's requirements.

➤ Check Your 100 Lenders Loan Options

For example, 100 Lenders gives an example of a $10,000 personal loan at 10% for 36 months, with a total repayment of $11,616.12. This is only an example and is not a guarantee of the rate or terms you will receive.

Does 100 Lenders Check Your Credit?

100 Lenders itself does not make the credit decision. The lenders and lending partners in its network may perform credit checks when reviewing your request.

The site says lenders may use national databases such as Teletrack, DP Bureau or DataX, as well as the three major credit bureaus: Experian, Equifax and TransUnion. Credit-review procedures vary by lender.

What Are the Requirements for 100 Lenders?

Requirements vary by lender, but 100 Lenders lists several representative requirements that personal loan companies may consider, including:

• Monthly income of at least $1,000
• A current, valid home and work phone number
• Current employment for at least 4 weeks
• A current bank account in your name

These are general requirements rather than a guarantee that every lender will use the same criteria. Individual lenders may have additional requirements involving credit, income, state of residence and other factors.

How Fast Can You Get Money From 100 Lenders?

100 Lenders says the online review process can take only a few seconds, but the actual time required to receive money depends on the lender and your financial institution.

Approved borrowers may receive funds as soon as the next business day. Funding speed is not guaranteed because the lender is responsible for approving the loan and transferring the money.

What Happens After You Submit a 100 Lenders Request?

After you submit the secure online request form, lenders and lending partners in the marketplace may review your information. If a lender is interested in offering you a loan, you may be contacted directly or redirected to the lender's website.

At that point, you can review the lender's loan agreement, including the APR, fees, repayment schedule and other terms, before deciding whether to accept the offer. You are not required to accept a loan simply because you submitted a request.

Is 100 Lenders Available in Every State?

No. 100 Lenders specifically states that residents of Connecticut, New Hampshire, Washington and Vermont are not eligible to submit a request for a cash advance through the website. The service also says availability can change and is not guaranteed in every state.

What Happens If You Cannot Repay a 100 Lenders Loan?

100 Lenders does not service or enforce repayment because it is not the lender. Your repayment obligations are determined by the lender that provides the loan.

Depending on the lender and the agreement, late or partial payments can result in additional finance charges, and missed payments may be reported to consumer reporting agencies. Loan extensions or renewals may also involve additional fees. You should review the lender's agreement carefully before accepting a loan.

Is 100 Lenders Legit?

100 Lenders is a loan referral marketplace rather than a direct lender. Its website identifies the operator as a referral service and provides a mailing address in Overland Park, Kansas. The site also displays an Online Lenders Alliance (OLA) seal.

It is important to understand what that means before submitting a request: 100 Lenders does not approve the loan, determine the APR or provide the money. The lender or lending partner that ultimately makes the offer is responsible for the actual loan agreement and its terms.

What Happens to the Information You Submit?

This is an important consideration with any loan marketplace. The 100 Lenders website states that information submitted through its form may be forwarded to lenders, lending partners, aggregators and other marketers. Your information may result in multiple offers or additional marketing contacts.

Because of this, you should understand that submitting a request to 100 Lenders is different from applying directly with a single bank or credit union. Review the privacy disclosures and any lender offer carefully before providing additional information or accepting a loan.

Our 100 Lenders Personal Loans Review

100 Lenders may be useful for borrowers who want to submit one online request and potentially be connected with multiple personal loan providers. The advertised loan range is $100 to $40,000, and qualified borrowers may receive funds as soon as the next business day.

The biggest thing to understand is the business model: 100 Lenders is not the lender. The company connects consumers with lenders and may receive compensation for forwarding their information. Your actual APR, loan amount, fees and repayment terms come from the lender that makes the offer.

If you decide to use the service, compare the actual lender offer carefully before accepting it, particularly the APR, total repayment amount, payment schedule and any fees.

➤ Check Your 100 Lenders Loan Options