ForwardLend Personal Loans Review
ForwardLend is an online marketplace platform for personal loans that allows borrowers to get rates from multiple lenders within their network. It takes just a few minutes to fill out their pre-application form and doing so won’t affect your credit. If approved, you can receive funds as quickly as the next business day.
You can clearly find the range of APR and repayment terms from their partner lenders on their website, which is helpful to know before submitting your pre-application. More details like origination fees and prepayment penalties will only be available once you apply and have an offer.
If you’re looking for a personal loan, ForwardLend—like other marketplaces—make it easy and convenient to compare rates from different lenders.
ForwardLend Loan Types and Terms
|Loan types||Personal Loans|
|Repayment terms||61-84 months|
|Minimum credit score||530|
What is ForwardLend Good For?
Comparing personal loan rates
While ForwardLend isn’t a direct lender, their online personal loan shopping platform specializes in making the process seamless. You submit one quick pre-application and get offers from lenders who pre-approved you. The funds can be used for medical costs, home improvement projects, an upcoming vacation, or anything else you need it for.
You won’t find all the details about lenders before applying, but it’s helpful that ForwardLend gives you an idea of what to expect from their network of lenders by listing the APR range, repayment terms, and loan amount range so you don’t waste your time.
ForwardLend Personal Loans Pros
- Funding as fast as the next business day
- Easy and quick comparison shopping
- Transparent about APR range and repayment terms from their partner lenders
- Low starting point APR for best applicants (compared to competitors)
ForwardLend Personal Loans Cons
- Phone number on their website is hard to find
- Not a direct lender
- Not as many resources (FAQs, blog, etc) as competitors
To get started with the application process, visit ForwardLend.com and click on the Get Started button (which you’ll find on every page). You’ll be asked to answer a few questions about yourself, including the following:
- What your credit score is
- How much you’d like to borrow
- The reason for the loan (such as auto repair, home improvement, etc)
- Your personal information (like name, date of birth, address, SSN)
- If you are in the military
- Do you own your own home
- Do you own your vehicle
- Primary income source (job, pension, etc)
- Job information (employer, salary, contact number, payment frequency)
- Bank account type
This pre-application takes just a few minutes and won’t harm your credit score. After you submit your details and agree to their terms and conditions, you’ll receive loan offers from lenders in their network who have pre-qualified you based on the information you provided.
Just keep in mind that if you decide to move forward with a lender’s offer, all communication about the personal loan will be with them and not ForwardLend. You’ll also need to submit a full application with that lender and provide additional details, like bank statements and a hard credit check.Get my rate
Terms & Requirements
Here’s a quick look at the terms and requirements involved when taking out a personal loan through ForwardLend’s affiliate lenders.
- Must be at least 18 years old
- Must have provable income and a bank account
- Loan requirements, like credit score range, will vary depending on the lender
- Loan amounts range from $3,000-$25,000
- APR ranges from 4.84-35.99%
- The marketplace is for personal loans only
- Repayment terms are between 61-84 months
Privacy & Security
Similar to other lending institutions and marketplaces, ForwardLend shares your information with their partners and affiliates, which they disclose in their terms and conditions presented when you complete your online pre-application form. Their website uses a number of security measures to keep your data safe, like SSL encryption.
ForwardLend doesn’t share information about all the lenders they partner with but claim to only work with reputable and reliable lenders. It’s hard to validate this, however, since there aren’t many online reviews from their users.
ForwardLend is pretty limited when it comes to customer support and resources. You can reach them via the online contact form and they also list their phone number, which is hard to locate on their website.
Unlike many of their competitors, they don’t offer much in the way of helpful resources, like FAQs and a blog page.
Like other lending marketplaces, ForwardLend strives to make comparison shopping for personal loans a fast and easy online experience.
Their pre-application form is a bit longer than competitors and their website is fairly sparse when it comes to information consumers care about, like FAQs and more lender information, but they are transparent when it comes to the range of APR and repayment terms you can expect.
While there aren’t many online reviews from those who have used their services, it may be worth it to submit a pre-application just to see what kind of rates and terms you qualify for since it won’t hurt your credit score. Just remember to always read the fine print before committing to a lender’s offer.
11835 West Olympic Blvd., Suite 1090, Los Angeles, CA 90064Get my rate