Magnify Money Personal Loans Review
Overview
Magnify Money is affiliated with LendingTree and offers personal finance advice to its customers. The company is not involved in lending activities but deploys researchers to write and inform about personal finance. They have professionals who scrutinize the top 100 banks, credit unions, and startups that help in getting the best financial opportunities. This helps consumers make better financial decisions based on real-time data.
The company offers guidance in personal loans, student loans, auto loans, and credit cards. Magnify Money also has essential tools such as payment calculators that provide insights on interest fees, origination fees, and preapproval options before applying for a loan. Their website is frequently updated to ensure that consumers are well informed when making financial decisions.
Magnify Money Financial Loan Types and Terms
| Loan types | Personal loans, student loans, auto loans, credit cards |
| Loan amount | Varies with lender |
| Repayment terms | 61 days to 180 months |
| APR | 2.49%-35.99% |
| Minimum credit score | Varies with lender |
| Lender type | Marketplace |
| Good for | • Financial advice • Comparing lenders |
Magnify Money is Good For
PenFed Credit Union is a good fit for people who have average to good credit scores and are looking to take out a personal loan at low rates.
Magnify Money Personal Loans Pros & Cons
Pros:
- Offers financial advice on a variety of topics
- Free resources and tools for their consumers
- Vast information on multiple lenders
- No costs when using their website
Cons:
- Might not avail all available choices
- Some options have fewer comparison
Application Process
Before committing to a loan, it would be of great help if you shop around first. This will help you gauge numerous factors such as APR, loan terms, repayment duration, fees, among other factors that can affect your loan repayment. Magnify Money is a financial website that enables borrowers to shop around under one roof.
After settling on a particular lender, you have to present the required documentation to help in processing the loan. This includes proof of employment, income, residence, possession of a bank account, among others.
In addition, lenders will scrutinize your credit score to determine your creditworthiness. People with a low credit score may be subjected to higher interest rates as they are deemed risky by the lender. Borrowers with a credit score above 640 can get the most competitive rates and terms, and they may get APRs as low as 2.49%.
Magnify Money has numerous tools and guides to help you during the loan application process. You can fill in some basic information about yourself on their website to get prequalified. This will disseminate information on loan offers that you can compare and apply.
Applications can also be made in person with lenders at a bank branch. Some lenders may perform a hard pull on your credit report to determine your ability to repay the loan. You can also schedule a talk with loan providers and say how much you can afford to pay every month. The lender will work with your recommendations to find a loan that fits your financial budget.
Terms & Requirements
Magnify Money terms and requirements vary depending on the lender you dwell on. Below is a discussion that elaborates on the loan requirements, terms, and repayment to help you familiarize yourself when applying for a loan:
Loan Requirements
Magnify Money provides financial advice to help you choose the best loan providers in the market. After shopping around and choosing a lender, you must present the necessary information, which includes age, proof of citizenship, residency, proof of employment, and possession of a bank account.
In addition, credit score requirements are essential as they help the lender determine your creditworthiness. Your credit score is calculated based on payment history, the amount owed, length of credit history, credit mix, and new credit. A lower credit score may cause the lender to raise the interest rates to mitigate the payment risk.
Your debt-to-income ratio is also an essential metric as your payment history makes up 35% of a borrower’s FICO Score. Borrowers with missed payments, among other debt-related issues, may be subjected to higher interest rates and lower loan amounts.
Loan Terms
Magnify Money is not a lender, nor does the company broker loans. They provide financial advice that will help borrowers connect with top-tier lenders in the market. As such, they do not have definite loan terms that borrowers can use to predict what’s required for their loan.
Nonetheless, the company has resourceful tools such as a payment calculator, which provides insights on a specific loan with a particular lender. Borrowers are required to fill in some credentials, and the calculator will compute and avail the terms that will accompany your loan approval.
Magnify Money states that customers who originated via a paid Google or Bing advertisement feature rate quotes of no greater than 35.99% APR. An example is a personal loan of $10,000 for a duration of 36 months at a 10% rate that would result in a payment of $11,616.12 during the 36 months loan term. Borrowers with better credit scores of above 640 can be subjected to APRs as low as 2.49%.
The company’s website publishes reviews, articles and features on a wide array of loan variations such as personal loans, student loans, auto loans, credit cards, debts consolidation, to name a few.
Repayment Terms
Borrowers can shop and access numerous loan providers via Magnify Money. The repayment terms depend on the lender you work with, but the repayment term range is between 61 days and 180 months. This loan repayment period is higher than most lenders and can work well with a variety of loans.
Privacy & Security
Magnify Money has a privacy policy that explains how they collect, protect, share, and use borrower’s information through their products and services. There is also a Consumer Information Security Policy that elaborates on measures the company takes to protect consumer information.
Moreover, they have enhanced their information security as transmissions conducted between Magnify Money, banks, lenders, brokers, and real estate professionals are encrypted using public key cryptography algorithms. After a period of inactivity, the company will log you out, which is essential in preventing third party access. The company has also put in place Next-Generation Firewalls to protect consumer data from potential threats.
However, you should note that the company is neither a lender nor a creditor. As such, they do not act as your agent or the loan’s provider agent. Their services are discretely administrative, and they expect that you will engage your own research and decision making when choosing products, terms, and providers that will suit your financial needs. Overall, the company is a reputable one and has helped numerous borrowers bridge their financial needs.
Customer Support
Magnify Money claims that they care about helping their clients, and you can reach them out via email in case of any burning issue. Their customer care will also facilitate your loan application by emailing each lender’s loan offer. After the lender makes the response, you will receive a notification from LendingTree via email with the data of the offers. If you do not get the information as expected, feel free to contact them via 866-501-2397 to get professional help regarding any product or service.
Final Thoughts
Magnify Money is a legitimate website that offers financial help to its consumers. They also offer comparison options from numerous lenders to help their consumers make the best financial decision. This is a great feature as it helps you shop around different lenders and get the best rates under one roof. In addition, they have news and unbiased information about financial institutions and their processes which is imperative when shopping for a loan. You should, however, realize that they are not lenders nor creditors and the final decision entirely lies on the borrower.
Address
1415 Vantage Park Drive
Suite 700
Charlotte, NC 28203
Disclaimer: TBA
