Fiona Personal Loans
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Founded in 2015, the company is based in NYC, and although still young, it has already originated over $900 million in personal loans in 2019 alone. Probably the most significant advantage of Fiona is its comparison feature, which allows customers to compare different offers from different banks or other financial institutions. It also can help find a personalized offer for your case based on credit history.
Fiona Loan Types and Terms
| Loan types |
|
| Loan amount | $1,000-$100,000 |
| Repayment terms | Loan length is between 2 to 7 years |
| APR | 4.99% – 35.99% |
| Minimum credit score | 620 and above. |
| Lender type | Multi-lender marketplace |
| Good for: | Personal loans, loans with a poor credit score, multiple loan types to choose from. |
Who Fiona is Good For?
- Finding the best loan provider for your case: Fiona’s algorithm is programmed to match users with the most suitable loan providers based on credit history, credit score, credit usage, personal income, and financial history. Top providers are recommended by the brand provide loan amounts of $1,000-$100,000 for terms ranging between two to seven years.
- Getting a loan quickly: The user interface of the website is very easy to navigate, and there is minimal information required to get the loan. Once you have found a suitable deal, you just need to provide your social security number and supporting information that the given loan provider may require. The initial inquiry never results in a hard credit pull. When the load is approved, in most cases, the funds are disbursed by the following day via direct deposit.
- Getting a loan with a poor credit score: Even if your credit history and score aren’t the greatest, it’s not the end of the world. Fiona can help you find deals, albeit with a high APR, even when your credit score is as low as 620. Of course, the final details depend on the lender, and while the website doesn’t promise that your loan application will be approved, it’s safe to say that the lenders listed on the website take into account the complete financial profile.
Fiona Pros:
- Comparing loan offers
With the system taking into account your financial history, credit score, personal income and credit usage, its able to find a high number of suitable offers. In most cases, there are multiple good offers to choose from and you can compare them at zero cost. - Quick and easy application
If we disregard problematic cases, the application and lending process is extremely quick. Once submitting your application, you are generally credited the requested funds in 24 hours via a direct deposit. - Free and secure
Fiona’s services are 100% free. Whatever deal you may find, you can be sure that the brand isn’t going to charge you for using its website or getting in touch with your lender. All the fees, including origination fees, depend entirely on the chosen lender. Also, the site uses 256-bit encryption technology, which makes sure that your data is secure and will never end up in the wrong hands. This is a higher security standard than many banks.
Fiona Cons:
- APRs can vary from lender to lender
While Fiona does state it offers APRs as low as 4.99%, when searching for a lender the APR can vary widely from 4.99% up to 35.99%. - 7-year repayment terms
The lenders listed on Fiona’s marketplace offer a maximum repayment period of seven years. While in the vast majority of cases it should be a reasonable time frame, the typical max repayment term is 10 years on other platforms.
The Application Process
The application process via Fiona is quick and simple. Right as you arrive on the website’s “Personal Loans” section, all you have to do is input your credit score amount, zip code, loan purpose, and amount. After that, the system will automatically present you with the most suitable matches that you can choose from.
Once you’ve chosen a fitting one, you’ll need to submit your social security number. The initial inquiry never results in a hard credit card pull. After this, all other terms and conditions depend entirely on the specific lender. Fiona’s services are 100% free and there are no associated fees, including origination and contractor fees, involved at any step of the process.
Terms and Requirements
Although the exact terms and requirements depend on the given lender, there are a few consistencies that are common across all of them.
Loan Requirements
Here are the minimal loan requirements that you need to use Fiona’s services:
- Citizenship – Users need to be a US citizen to qualify for a loan.
- Personal income – Every lender on the website takes into account your personal income.
- Verified bank account – You will need to have an existing, verified bank account.
- Other personal information – Most lenders will ask you to provide personal information like age, gender, date of birth, education, marital status and financial history.
Loan Terms
- Loan terms depend on the specific lender and there may be fees involved like origination and application fees. The loan amounts range from $1000-$100.000 and the APR range is 4.99% – 35.99%.
- Loan types include debt consolidation, credit card finance, student, auto, boat, business, household expenses, medical and dental, taxes, vacation, and others.
Repayment Terms
Repayment terms are usually ranged between two to seven years. Depending on the lender, you may be able to get a longer one.
Privacy and Security
Fiona is positioned as a highly reputable marketplace and verifies each partner with consumer financial protection laws to deliver an excellent service. However, a high number of users across the internet have numerously reported negative feedback concerning the lenders in the marketplace. The main concerns have been with the extremely low loan amounts with excellent credit history, high APRs, a long and tiresome application process, a lot of information and documentation requirements by lenders and poor customer service.
Customer Support
Fiona has a comprehensive FAQ section on its website, which explains all the details of personal loans, credit cards and savings accounts, the application process, and its key aspects. You can also reach out to the brand via email and phone, although the response times are unknown. However, as stated on the website, once the loan is received, Fiona doesn’t provide any assistance whatsoever. Customers will have to talk to the customer service department of the specific lender.
Final Thoughts
When faced with a hardship that puts you in need of a personal loan, finding a lender that offers appropriate terms can become a real challenge. Fiona’s system that matches you with a lender based on your credit score and financial history, paired with the comparison feature, is an excellent tool to help make your choice easier.
While there are numerous reports of poor experiences using the platform, there are a bunch of positive ones as well. It’s important to remember that the services of Fiona are entirely free of charge. When looking from that angle, it’s natural that the whole process will most probably take more time compared to platforms that have various fees. In any case, since the application process is so fast and easy, there is no reason not to try Fiona next time when you need personal financing assistance.
Address
Fiona, Inc.
45 West 21st Street Floor 5
New York, NY 10010
USA