A Review of Forward Lend Personal Loans
Posted on December 7, 2021 in Loans
Sometimes we find ourselves in tricky situations where we need urgent loans that we cannot get from financial institutions. With our Forward Lend review you will understand how they can help you get a personal loan online quickly, pros and cons of their service, and more.
With digitalization and technological advancement, you can ask for a loan from online loan referral services. The process is easy, and you can get your funds as soon as possible. Forward Lend is an online loan referral service that is here for you.
Continue on to our full Forward Lend personal loan review to learn about the company’s services, find out how you can easily attain a personal loan, and why it might be right for you.
What is Forward Lend: A Review
Forward Lend is a company that offers loan referral services. Just as the word “referral” suggests, the Company acts as a loan connecting service rather than directly giving you the loan. Forward Lend does all the work for you to ensure that you get a great creditor suitable for your needs.
Forward Lend majors in searching for loan referrals for small business loans and personal loans. The loan limit is $40,000 and you can borrow from as little as $1,000. The APR ranges from 4.84% to 35.99%, depending on the amount borrowed, the repayment time agreement and your credit score.
Forward Lend offers its services to borrowers free of charge. Pairing borrowers and sellers, the Company earns its revenue through referrals. The lenders pay the Company a fee for bringing onboard clients who take loans.
How does Forward Lend work?
Forward Lend acts as a link between lenders and borrowers. You can visit their website and request a loan by filling a 2-minute form stating why you need the loan and how much you need. Once the first process is complete, Forward Lend sends your loan request to the lending company.
The lending company may then approve or disapprove your loan request, depending on your credit score. If your loan is approved, you may receive your funds directly to your bank account as soon as the next business day.
Once your loan is approved, Forward Lend ceases to work with you. Everything else is handled between you and the lender. You can visit the Forward Lend website to get a gist of how they operate.
Who are suitable for a Forward Lend Personal Loan?
Anyone interested in seeking a personal loan or a small business loan will find Forward Lend a valuable platform to meet lenders. Forward Lend offers a wide range of lenders meaning every consumer as well as business owners, including those with a low credit score, can get connected with a lender willing to offer them a loan.
Loan Features to Review from Forward Lend
Forward Lend does not offer any loans, and therefore does not provide much detail about loan features. Loan features such as interest rates and fees vary with each of the lenders, and borrowers can learn about loan payment details after being approved by the lender before they sign an agreement.
Nonetheless, our Forward Lend review provides an overview of what the borrower should expect as listed below:
- For personal loans, the amount ranges from $1,000 to $40,000.
- For business loans, you can borrow up to $350,000.
- The short-term repayment period ranges from 61 days to 84 months.
- The annual percentage rates range from 4.84% to 35.99%.
- You can submit a request for a loan in minutes and once approved expect the funds to hit your account in one business day.
How to Apply for a Personal Loan with Forward Lend?
The process of loan application is straightforward. To find a lender, you’ll complete an online form on Forward Lend’s website which should not take more than two minutes. You’ll be required to answer some few questions, including;
- What is the reason for the loan request?
- What’s the amount of loan?
- What’s your credit type?
The process is fairly easy to complete and anyone can do it. Besides, the site uses a number of security measures to protect your personal information.
After processing your request, Forward Lend sends your information to its extensive network of lenders. If a lender approves your loan request, they will provide you with a loan agreement to review. The agreement will outline the interest rates, monthly payments, repayment period of the loan and other terms and conditions. You must read these terms and conditions carefully before committing to avoid any future misunderstanding.
The loan disbursement is swift. Once approved, expect your loan to be deposited into your bank within one business day, making it a highly convenient platform to seek a quick loan.
Even though the lenders give personal loans to borrowers with low credit scores, sometimes they can disapprove your loan. This is because every lender has different ways to carry out the process. Some lenders will do a soft or hard background check on your credit score. If you are a high-risk borrower, applying for a huge loan, the chances are that your loan will be denied. Lenders needs some certainty that you can manage to pay your loan without struggling.
A Review of Forward Lend personal loan terms
As mentioned, Forward Lend does not offer loans and therefore doesn’t make the loan terms and conditions. Loan terms are dependent and usually provided by the lender who approves your loan.
The lenders that decide to work with you will give you the loan terms after your loan is approved. You should however note that the loan terms are highly competitive, thanks to the large number of reputable lenders on Forward Lend.
The loan terms; interest rates and annual percentage rates will also vary depending on your credit score.
Below are the basic requirements to qualify for a loan:
- You must be 18 years of age and above.
- Must be a permanent U.S resident or have U.S citizenship.
- Valid social security number.
- Bank account that allows direct deposit.
- Must be employed or have a source of income.
- You should present your credit score.
What are the repayment terms?
Once your loan is approved, the lending company provides you with information on the terms of payment. Lenders will require you to pay an annual percentage rate (APR), with most lenders on Forward Lend charging anything between 4.84-35.99%, depending on your credit score. The rates vary depending on the lenders and should be available on the loan agreement.
Similarly, Forward Lend does not provide information about late repayments, missed payments or defaulting. These terms vary from one lender to another and should therefore be availed by the lenders. However, in general, you should expect an increase in fees and charges for late payments.
Is Forward Lend safe?
One of the major concerns for online platforms concerns safety measures. After reviewing Forward Lend, the company clearly cares for its customers’ security and has taken several measures in ensuring that its platform is safe and secure. Through SSL encryption in the Forward Lend website, you can ensure that your personal information is not disclosed to unauthorized users. If there is any breach, Forward Lend will notify you immediately and guide you through the process.
However, you need to understand that Forward Lend is not a lender, and therefore, after you have been directed to your Lenders, any questions should be between you and the lender.
Also, Forward Lend allows advertisements from third parties such as lending companies. These companies could use technology to reach you, which means that they may attain your personal information from Forward Lend. Although there have not been reports concerning security issues, that is a safety issue that should be addressed.
Pros and Cons of Our Forward Lend Review
Just like any financial institution, a review of Forward Lend reveals that it has its ups and downs. It is essential to understand these aspects before joining the community. We will discuss the pros and cons in this section.
Forward Lend Review Pros
- You do not need to present any collateral
- There are no origination fees, meaning that you will receive the whole amount you apply for the loan.
- The process is quick, and you can receive your loan as soon as one business day.
Forward Lend Review Cons
- The maximum loan you can take is $40,000
- The annual percentage rates are high.
- The Company lacks a dedicated email address and phone number.
FAQ’s About Forward Lend
How much can I borrow from Forward Lend
The maximum amount of money you can ask for as a personal loan from lenders on Forward Lend is $40,000, and the minimum amount is $1,000. For business loans, you can request up to $350,000.
How long does the application process take?
You are only required to fill a form during the online request form. The process takes less than two minutes. After the lending company approves your loan, you can receive your funds within one business day. That is how quick the whole process is.
Who is eligible to borrow money?
Anyone interested in a business or personal loan is eligible for this loan application. However, some lenders may decline your loan request if they feel you will struggle to pay it. Your credit score can determine your eligibility.
Is Forward Lend safe?
Yes. Forward Lend is a safe online platform. Your details are encrypted through SSL and your personal information is secure on the website.
Do you need to have any collateral?
No. You do not need to have any collateral to get the loan. Your credit score will guide your lenders.
What is the repayment period?
The repayment process totally depends on your lenders. Generally, you have between 61 days and 84 months to repay your loan. The annual percentage rate also depends on the lenders and your credit score, but ranges from 4.84-35.99%.
A Final Review of Forward Lend
Online platforms have made it easy and convenient for us to take out personal or businesses loans. Our Forward Lend review shows that the reputable company is a great option for those in search of an online referral service provider who can connect borrowers to lenders. Through Forward Lend, you can be assured that the lenders are legit and are willing to help you.
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