Are you in need of a personal loan but don’t know where to start? Look no further than Fiona Personal Loans. Fiona is a lending marketplace that connects borrowers with a network of lenders, offering personal loans ranging from $1,000 to $250,000 with comfortable repayment terms from 6 to 144 months. But is Fiona the right choice for you? In this article, we’ll take a detailed look at Fiona, its pros and cons, and its services, and answer all the questions you may have.
Fiona Overview
Are you looking for a loan or savings account but don’t know what to do? With Fiona Personal Loans, you can easily select a product that fits all your requirements. Here are some fast facts:
- Fiona is a lending marketplace that connects you with a network of lenders.
- You can access personal loans that range from $1,000 to $250,000.
- They offer comfortable repayment terms from 6 to 144 months.
- A minimum credit score of 600 is required to qualify for a personal loan.
- APRs start from 5.99%.
- Fiona also provides access to savings accounts, credit cards, and student loan refinancing.
Pros and Cons of Fiona
As with any lending platform, there are pros and cons to using Fiona Personal Loans. Some of the advantages include:
- The easy online application process
- Access to a network of lenders increases your chances of finding a suitable loan
- Comfortable repayment terms
- Personalized loan offers based on your credit score and other factors
- Access to savings accounts, credit cards, and student loan refinancing
On the other hand, some of the disadvantages of using Fiona Personal Loans include:
- A minimum credit score of 600 is required to qualify for a personal loan
- Not all loan offers are guaranteed, and some lenders may not approve your application
- Some loan offers may come with high APRs or fees, depending on your creditworthiness
- Limited customer support options
Fiona Services
Fiona’s main service is connecting borrowers with a network of lenders to find personal loans. However, the platform also offers access to savings accounts, credit cards, and student loan refinancing. This makes Fiona a one-stop shop for borrowers looking to manage their finances in multiple ways.
What is Fiona?
Fiona is a lending marketplace that connects borrowers with a network of lenders, offering personal loans ranging from $1,000 to $250,000 with comfortable repayment terms from 6 to 144 months. The platform also provides access to savings accounts, credit cards, and student loan refinancing. Fiona is not a lender, but instead, it allows borrowers to compare and choose from a variety of loan offers from different lenders.
Established in 2015, NYC-based Fiona is powered by Even Financial, the top search engine for financial services. Despite its recent establishment, in 2019 it enabled customers to procure over $600 million in personal loans.
How does Fiona work?
Fiona works as a lending marketplace, which means it connects borrowers with a network of lenders who are willing to offer personal loans. To use Fiona, a borrower first completes a simple online application, providing personal and financial information. Fiona then matches the borrower with potential lenders based on the information provided, and the borrower receives personalized loan offers from various lenders. The borrower can then compare the offers and choose the one that best suits their needs.
Once the borrower accepts a loan offer, they will complete the application process with the chosen lender, and receive the loan funds directly from the lender. It does not provide the loan funds itself but instead acts as a platform for borrowers to find and compare loan offers from different lenders.
The loan rates, repayment plans, and loan amounts you receive from a direct lender will depend on your credit score and other factors. It provides an approximate idea of what the majority of major financial institutions might provide. Here is an overview of what they could offer:
| Loan amount | $1,000 to $250,000 |
| Loan term | 6 to 144 months |
| APR | From 5.99% (as of Feb. 28, 2023) |
| Minimum credit score | 600+ FICO score |
| Origination fees | Varies by lender |
Keep in mind that Fiona is not the lender itself, so the loan application process may differ depending on which partner lender provides you with the most suitable loan. Once you have found the right loan, you will be directed to the lender’s website to find personal loans and finish the application.
What kind of loans does Fiona offer?
Fiona is a lending marketplace that offers personal loans ranging from $1,000 to $250,000. The platform does not provide other types of loans, such as business loans, mortgage loans, or auto loans. Personal loans can be used for a variety of purposes, such as debt consolidation, home improvement, medical expenses, and more. The repayment terms for personal loans offered range from 6 to 144 months, and the APRs start from 5.99%. It also provides access to savings accounts, credit cards, and student loan refinancing.
What are the requirements to qualify for a personal loan with Fiona?
To qualify for a personal loan through Fiona Personal Loans, borrowers must meet certain requirements. These requirements may vary depending on the lender and the loan product, but generally, the following are the requirements to qualify for a personal loan:
- A minimum credit score of 600 (however, some lenders may require a higher credit score)
- Minimum age of 18 years old
- Proof of income or employment
- A valid Social Security number
- A valid email address and phone number
- A valid checking account
It’s important to note that meeting these requirements does not guarantee loan approval, as lenders may also consider other factors, such as debt-to-income ratio, credit history, and employment history when evaluating loan applications.
What is the minimum credit score required to qualify for a personal loan with Fiona?
The minimum credit score required to qualify for a personal loan with Fiona is 600. However, it’s important to note that the actual minimum credit score requirement may vary depending on the lender and the loan product. Some lenders may require a higher credit score, while others may be more lenient in their credit score requirements. Additionally, meeting the minimum credit score requirement does not guarantee loan approval, as lenders may also consider other factors, such as debt-to-income ratio, credit history, and employment history when evaluating loan applications.
What other financial products does Fiona provide access to?
Savings accounts
Fiona offers a straightforward platform that displays the best Annual Percentage Yields (APY) on savings accounts as well as details regarding fees and availability. Depending on the lender, APYs can range up to 3.40%, which is much higher than the normal 0.35% national average interest rate, as of February 28, 2023.
This is a brief analysis of the difference in how much money can be made in interest over a given period of time between a savings account with a 3.40% Annual Percentage Yield (APY) versus one with the average national APY. For the examples below, we assumed that the interest was compounded once a year.
| Traditional Savings Account 0.35% (as of Feb. 28, 2023) APY | Savings Account with 3.40% (as of Feb. 28, 2023) APY | |
|---|---|---|
| Starting balance | $5,000 | $5,000 |
| After one year | $5,017.50 | $5,170 |
| After three years | $5,052.68 | $5,527.54 |
| After 10 years | $5,177.78 | $6,985.14 |
It is evident that the more APY you have in your savings account, the greater your return will be over the long haul. The interest you’d gain from a savings account with a 0.35% APY after three years is much lower than what you’d acquire with a 3.40% APY savings account after one year.
Credit cards
Using Fiona Personal Loans, you can quickly look through credit card choices that you pre-qualify for and check out features such as the APR, annual fee, and rewards rates. There are many choices from a number of credit card companies available on the website, including the best cashback credit cards and the best no-annual-fee cards. Furthermore, there are secured cards for people with bad credit scores, so you can find a product that is attainable and matches your needs. To begin, you just need to answer some basic questions and it will provide you with a tailored credit card offer that is likely to be good for your wallet.
If you decide to get a credit card from one of their partners, you will likely need to provide the card issuer with some individual details such as your full name, home address, email address, and annual income. Generally, they will also carry out a hard credit check to decide if you are eligible for a new card.
Student loan refinancing
Fiona provides an efficient search mechanism to access the best student loan refinancing offers for your credit score and location. By inputting the amount you owe, it can then compare lenders and give you an estimate for monthly payment, as well as the term and interest rate for each offer, allowing you to determine which option suits you the most. Partner lenders offer both fixed and variable APR refinance loans, and the rate and terms will be based on your credit score and other elements.
How long does it take to get a loan offer from Fiona?
The time it takes to receive a loan offer from this company can vary depending on several factors, such as the borrower’s creditworthiness, the lender’s requirements, and the completeness and accuracy of the borrower’s application. In some cases, borrowers may receive loan offers within minutes of submitting their application, while in other cases, it may take a few days to receive loan offers.
However, Fiona’s platform is designed to provide borrowers with a quick and easy loan application process. The online application takes just a few minutes to complete, and borrowers can receive loan offers from multiple lenders within a short amount of time. Once a borrower receives a loan offer from a lender, they can review and compare the terms of the offer, and choose the one that best meets their needs. After the borrower accepts the loan offer, they will complete the loan application process directly with the lender, and receive the loan funds within a few business days.
What are the repayment terms for loans offered by Fiona?
The repayment terms for loans offered by Fiona can vary depending on the lender and the loan product, but generally, repayment terms range from 6 to 144 months. Borrowers can choose a repayment term that best fits their needs and budget. The longer the repayment term, the lower the monthly payments, but the higher the total interest paid over the life of the loan. Conversely, the shorter the repayment term, the higher the monthly payments, but the lower the total interest paid over the life of the loan.
It’s important for borrowers to carefully review the repayment terms of the loan offers they receive from lenders through this marketplace, and choose a repayment term that fits their financial situation and goals. It’s also important to note that some lenders may charge a prepayment penalty if borrowers pay off their loans early, so borrowers should also consider this when choosing a repayment term.
What are the interest rates for loans offered by Fiona?
The interest rates for loans offered by Fiona can vary depending on the lender, the loan product, and the borrower’s creditworthiness. However, the APRs (annual percentage rates) for personal loans offered through Fiona typically start from 5.99%.
It’s important to note that the actual interest rate and APR a borrower receives may vary based on several factors, such as their credit score, income, debt-to-income ratio, employment history, and loan amount. Additionally, some lenders may charge additional fees, such as origination fees or prepayment penalties, which can also affect the overall cost of the loan.
Before accepting a loan offer from a lender through this marketplace, borrowers should carefully review the terms and conditions of the loan, including the interest rate, APR, and any fees associated with the loan, and make sure they fully understand the total cost of the loan over its entire repayment term.
Is Fiona a legitimate lending platform?
Yes, Fiona is a legitimate lending platform that connects borrowers with a network of lenders, offering personal loans ranging from $1,000 to $250,000 with comfortable repayment terms from 6 to 144 months. Fiona is not a lender itself, but instead, it allows borrowers to compare and choose from a variety of loan offers from different lenders. It is a reputable and trusted platform that has received positive reviews from customers and industry experts alike.
However, as with any lending platform, borrowers should always exercise caution and do their due diligence when considering loan offers. Borrowers should carefully review the terms and conditions of any loan offers they receive, including the interest rate, APR, and any fees associated with the loan, and make sure they fully understand the total cost of the loan over its entire repayment term. Borrowers should also check the reputation and customer reviews of any lender they are considering borrowing from, and ensure that they are working with a legitimate and trustworthy lender.
How does Fiona compare to other lending marketplaces?
Fiona is one of several lending marketplaces available to borrowers, and it’s important to compare it to other platforms to determine which one is best suited to your needs. Compared to other lending marketplaces, it offers several advantages, such as:
- A simple and easy online application process
- Access to a network of lenders increases your chances of finding a suitable loan
- Personalized loan offers based on your credit score and other factors
- Comfortable repayment terms from 6 to 144 months
- APRs starting from 5.99%
- Access to savings accounts, credit cards, and student loan refinancing
However, there are also some potential drawbacks to using Fiona, such as:
- A minimum credit score of 600 is required to qualify for a personal loan
- Not all loan offers are guaranteed, and some lenders may not approve your application
- Some loan offers may come with high APRs or fees, depending on your creditworthiness
- Limited customer support options
When comparing Fiona Personal Loans to other lending marketplaces, it’s important to consider factors such as interest rates, fees, repayment terms, customer support, and lender network. By comparing these factors, borrowers can choose the lending marketplace that best meets their needs and helps them achieve their financial goals.
Fiona Reviews
Fiona is not accredited by the Better Business Bureau (BBB) and does not have a profile with them. The BBB is an organization that provides consumers with information about businesses, including their ratings and complaint history. While it is not accredited by the BBB, the company has received positive feedback from customers on other review platforms, such as Trustpilot. Despite not having a BBB rating, it is still a reputable and legitimate lending platform that connects borrowers with a network of lenders. Borrowers should still carefully review the loan terms and conditions offered by lenders through Fiona to ensure that they fully understand the total cost of the loan over its entire repayment term.
FAQs
Is Fiona a lender or a lending marketplace?
Fiona is a lending marketplace, not a lender. It connects borrowers with a network of lenders, offering personal loans ranging from $1,000 to $250,000 with comfortable repayment terms from 6 to 144 months. Fiona is not involved in the loan approval process but instead acts as a platform for borrowers to find and compare loan offers from different lenders.
Does using Fiona affect my credit score?
Applying for a personal loan through Fiona Personal Loans may affect your credit score, as lenders will perform a hard credit inquiry to evaluate your creditworthiness. However, Fiona’s platform is designed to minimize the impact on your credit score by allowing you to receive personalized loan offers from multiple lenders with just one application.
Can I apply for a loan with Fiona if I have bad credit?
Fiona Personal Loans requires a minimum credit score of 600 to qualify for a personal loan. However, some lenders may be willing to offer loans to borrowers with lower credit scores. It’s important for borrowers with bad credit to carefully review the loan offers they receive through Fiona, as they may come with higher interest rates and fees.
Are there any fees for using Fiona’s services?
There are no fees for using Fiona’s services. The platform is free to use, and borrowers are not charged any fees for receiving loan offers from lenders through the platform. However, borrowers should carefully review the terms and conditions of any loan offers they receive, as lenders may charge origination fees or other fees associated with the loan.
Is Fiona available in all states?
Fiona is available in most states in the United States, but not all lenders on the platform operate in all states. When applying for a loan through Fiona, borrowers will be asked to provide their state of residence to ensure that they are matched with lenders who operate in their state.
What types of loans does Fiona not offer?
Fiona does not offer all types of loans, such as business loans, mortgage loans, or auto loans. The platform only offers personal loans ranging from $1,000 to $250,000, with comfortable repayment terms from 6 to 144 months. However, Fiona does provide access to savings accounts, credit cards, and student loan refinancing.
How can I contact Fiona customer support?
Fiona customer support can be reached through the platform’s website or by email. The website features a comprehensive FAQ section that answers many common questions about the platform and its services. If you need further assistance, you can email Fiona’s customer support team at [email protected].
Final thoughts on Fiona loans
In conclusion, Fiona is a legitimate lending marketplace that connects borrowers with a network of lenders offering personal loans, with a range of repayment terms and APRs starting from 5.99%. While Fiona is not accredited by the Better Business Bureau, it has received positive reviews on other online review platforms, such as Trustpilot.
However, as with any lending platform, borrowers should carefully review the loan terms and conditions offered by lenders through Fiona, including the interest rate, APR, and any fees associated with the loan. Borrowers should also ensure that they are working with a reputable lender and that they fully understand the total cost of the loan over its entire repayment term before accepting any loan offers.
If you need to take out a loan or put aside cash for potential problems, Fiona can assist you in finding personal loan offers and the best option for you. It will save you both time and money by giving you custom-tailored advice and letting you compare rates and terms between different lenders.
Have you worked with Fiona before? Let us know about your experience by leaving a short review and rating in the comments below.
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