In a Nutshell
- Single application for multiple lenders
- No negative impact on credit score
- Great customer service
- Borrowers may be bombarded with offers
- Limited number of providers
Fiona at a Glance
What You Need to Know About Fiona Loans
Offering an algorithm-based marketplace for lenders and borrowers, Fiona is a place for borrowers of all kinds to find their lender match. Fiona works with brands in the alternative lending space and offers real-time pre-approval options from multiple lenders in seconds. Fiona provides a quick and simple online application that delivers a customer's loan offers from competing loan providers. Borrowers are matched with the loan providers most likely to approve their applications, saving them time and money. Fiona is partnered with a number of lenders, such as Prosper, Lending Club, Rise, Avant, LightStream, Social Finance, and Vouch. The company has also been praised by many business and news agencies, including The Wall Street Journal, the Finance Magnates, Dow Jones, and Crowdfund Insider.
Is Fiona the Same as Even Financial?
Yes, Fiona is an online marketplace for lenders and borrowers powered by Even Financial. When you apply through Fiona you’ll receive offers from the same lenders as Even.
Who Is Fiona Good For?
Fiona is suited to borrowers with credit scores of 580 to 800, which allows for a wide range of loan amounts. Fiona provides services and multiple helpful options for clients whose credit scores are below 580.
Loans from Fiona can be used for:
- Debt consolidation
- Home improvement
- Expenses for special occasions
- Credit card refinancing
Fiona features loans from $1,000 to $100,000 for a wide range of purposes from consolidating debt to purchasing a car. Loans made through Fiona are unsecured loans, meaning that the loan is issued and supported only by the borrower’s creditworthiness, rather than by any type of collateral. Therefore, you do not need to own a home or other property to be eligible for a loan through Fiona.
- Loans from $1,000 to $100,000
- Loans for a wide range of purposes
- Loans are unsecured — you do not need to own a home or property to qualify
- Creditworthiness is only criteria used in determining loan eligibility
The Application Process
To qualify for a loan with Fiona, you will need to be 18 years of age and a US citizen. The simple application form asks for the following:
- date of birth
- Social Security number
- how much you want to borrow and for what purpose
- your employment status
- credit score
- homeowner status
- annual income.
Fiona will run a soft credit check, which doesn’t harm your credit rating, and share both the form and credit check with the trusted lenders on its platform. You’ll start receiving pre-approved loan offers and static loan rates within a few minutes. You can compare them using Fiona’s algorithm to calculate your estimated monthly repayments for each option. When you’ve decided which offer to accept, you’ll visit the lender’s website directly, where you’ll be asked some more questions and go through a hard credit check before receiving a final loan offer
Fiona is not a direct lender, but rather a lending marketplace. It uses proprietary technology and its relationships with dozens of lenders to find an option for you. Therefore, Fiona does not determine APRs. By working with lenders in the business, Fiona provides a range of loan terms for most borrowing needs. Borrowers with a credit score as low as 580 can qualify for a loan. Offers are based on factors such as your credit history, current employment status, credit score, and present economic trends. Fiona offers loan amounts between $1,000 and $100,000, which puts it ahead of other lending marketplaces such as LendingTree.
- Top lenders competing for your business
- Loans offered for credit scores as low as 580
- Loans from $1,000 - $100,000
Since Fiona is not a lender, it does not determine repayment lengths or APR rates. This is done by the financial institution that will be issuing your loan. Fiona’s trusted lenders offer APR rates ranging from 3.84%-35.99%and repayment terms from 24-84 months. Compare the rates that are given to you by each lender to determine which offer is the right one for you.
Privacy & Security
Fiona uses industry-standard technology for encryption to ensure that all personal and financial information remains safe when you submit your application. Fiona does send information to third parties that you aren't able to vet beforehand, as with any matching service. However, it does not sell your personal data to other companies, and only partners with personal loan companies that are considered to be trusted, legitimate lenders.
Fiona also has a Programmatic Compliance tool that helps to semi-automate the process of staying within boundaries. This tool parses blog, web, or app pages where a client’s ad for a financial product will appear. It also parses the surrounding text on the page to detect any issues that could pose any problems with federal or state regulations. If the tool finds or suspects a violation, the ad placement is scratched, and an Fiona staff member takes a look and renders a judgment.
Fiona has been Better Business Bureau (BBB)-accredited since 2015 and has an A- rating on the BBB website.
Help & Support
To compliment its support efforts, Fiona provides a noteworthy blog and FAQ section. Jointly, these assets provide a wealth of information for browsers looking to educate themselves in the field of personal finance.
How Fiona Compares
When it comes to APRs, Fiona offers some of the lowest in the industry along with LendingTree. Even though both these loan aggregators offer flexible repayment terms Fiona stands out thanks to its ability to offer low-credit borrowers attractive loan offers.
Compared to LendingTree, Fiona has much higher maximum loan amounts but doesn't offer quite as much flexibility in terms of loan terms. Fiona's low minimum APRs are what make it really stand out compared to LendingTree, which is one of the biggest lending marketplaces in the industry.
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