William Lipovsky
Short Answer — Grace Loan Advance isn’t a direct lender, but it’s a legitimate company that connects borrowers with third-party personal loan providers. However, its loans can come with high interest rates and fees that aren’t revealed until you receive the loan contract from the lender.
Is Grace Loan Advance Legit?
Grace Loan Advance is a legitimate indirect lending service that connects borrowers with lenders offering short-term personal loans. These loans follow the structure of payday loans or cash advances.
While it can offer loans up to $35,000, Grace Loan Advance specializes in connecting borrowers with poor credit to lenders that offer smaller loans.
Note that, while legitimate, these loans are expensive and can lead to a cycle of debt if you’re unable to repay them on schedule. The details of Grace Loans Advance loans are as follows:[1]
- Amount: $100 to $35,000
- Term: 61 days to 72 months
- APR range: 6% to 36%
- Fees: Vary by lender
- Requirements:
- Must be at least 18 years old
- Must be a U.S. citizen or permanent resident
- Must be employed or receiving a steady income
- Must have a bank account, preferably with direct deposit
- Some lenders may impose additional requirements.
One thing to keep in mind when applying for a loan through Grace Loan Advance is that you won’t know the fees associated with your loan until you receive the contract from the lender.
Be sure that you fully understand the loan terms and all associated fees before you sign, so you’re sure you can afford to pay back the loan on time.
It is also important to note that Grace Loan Advance collects your personal information when you browse for loans, and it may provide this information to third-party lenders and marketing partners.[1]
Accreditation and Reviews
Both Grace Loan Advance and its parent company, RBD Enterprises LLC, have a 3.4-star rating on Indeed.
It’s best to proceed with caution when applying for a Grace Loan Advance loan, especially if it comes with a short repayment term and a high interest rate.
Online reports from borrowers contain complaints about high interest rates, as well as a lack of transparency about eligibility (i.e., minimum credit score requirement) and fees during the loan application process.
Alternatives
If you’d like to consider options other than Grace Loan Advance before applying, our related research has more information about the best personal loan providers for bad credit.
