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Kane Pepi

HonestLoans Review | Read...

Finding the best loan deals in the market is no easy feat. You need to independently scan through multiple websites to find the lowest APR rate, and you also need to ensure that the provider is suitable for your individual financial circumstances. Fear not, as there is now a plethora of loan comparison websites that allow you search for multiple lenders through a single search.

One such example of a well-known loan comparison platform is HonestLoans. If you’re thinking about using HonestLoans, be sure to read our in-depth review. We’ve covered everything from the types of loans the platform covers, how much you can borrow, eligibility requirements, and more.

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If you’re based in either Arkansas, Arizona, Georgia, Oregon, Virginia, West Virginia or New York – you won’t be eligible to use the HonestLoans platform. Instead, you’ll need to use another loan comparison website.

What is HonestLoans?

HonestLoans is an online loan comparison website that seeks to find you the very best loan deals in the market. The platform works in the same way as other loan comparison sites likes Fast5kLoans, CashUSA, and MutualMoney, insofar that the you are able to search multiple lenders at the click of a button. Not only this, but your search results will be based on the personal and financial information you entered in your application form.

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Don’t forget, although HonestLoans claims to have hundreds of lenders within its network, it doesn’t deal with all lenders. This means that you might be missing out on a more competitive loan offer elsewhere.

In terms of what you can borrow via HonestLoans, this starts from just $400, all the way up to a whopping $50,000. Due to the sheer broadness of the amount you can borrow, HonestLoans covers traditional installment loans, as well as shorter-term, Payday loans.

As such, you get to choose how long you want to borrow the funds for during the application. In most cases, once you are approved for a loan, the respective lender will forward the funds within 1 business day.

What are the Pros and Cons of HonestLoans

HonestLoans Pros:

✅Very large number of lenders within its network

✅Loans range from $400 – $50,000

✅Covers both Payday loans and installment loans

✅Good flexibility on loan term options

✅Very fast application process

✅Initial application not forwarded to main three credit agencies

HonestLoans Cons:

❌ Not a direct lender

❌ Not available in all US states

How does HonestLoans compare against other big-dollar lenders?

HonestLoans is an established loans marketplace that specializes in bringing together borrowers and lenders. Some of the features we consider most unique about the lending platform include the availability of multiple types of loans, attractively high maximum loan limits and the competitiveness of their interest rates. But how does it compare to other big-dollar loan lenders like Oportun, LendUp, and Check n Go? We compare their most attractive features in the table below:


  • Borrow different loan types of between $400 and $50,000
  • No minimum credit score (numerous bad credit lenders available)
  • Loan APR starts from 10% to 808.4%
  • Loan repayment periods of up to 36 months

Check N Go

  • Borrowing limits $100 to $1,500
  • Credit Score Required  FICO
  • Fee Rate on $100 starts from $25 (state dependent)
  • Term of Loan 10 to 31 days


  • Loan amount of $100 – $1,000
  • No credit score check
  • An annual payment rate of 30% to 180%
  • Loan repayment period of 1 to 12 months


  • Loan limit starts from $300 to $9,000
  • No minimum credit score required
  • Annual loan APR of 20% – 67%
  • Loan should be repaid in a span of 6 to 46 months

How Does HonestLoans Work?

Using the HonestLoans platform is not dissimilar to any other loan comparison websites operating in the marketplace. Through a single search, you get to view some of the best loan offers that meet your personal needs. In order to get started, you’ll need to visit the HonestLoans website. At the top of the page, you’ll see a list of loan amount denominations (for example, $100-$500, $2,500-$5,000, etc) – choose the amount you want to borrow.

HonestLoans does not report your loan application to the main three credit agencies. This is great news, as it means you can view your loan rates without the searching having an impact on your credit score!

You need to go enter some basic information via the homepage application box. This includes your full name, last four numbers of your social security number, year of birth, and zip code. Next, enter your email address, home telephone number, full date of birth, home address, and whether you are a homeowner.

HonestLoans Review | Read...

Next, you’l need to enter your employment status, how often you get paid, how much you get paid after tax each month, and when you are next to receive your paycheck. To complete the online application, you will need to enter your driver’s license and social security numbers in-full, as well as your checking account details.

Once the HonestLoans platform has all of the information it needs, it will then display your search results. You’ll be able to view the full list of lenders that can offer you a loan, alongside the respective APR rates. If you want to proceed, you will then be redirected the lender’s website to finish the application.

How Much Does HonestLoans Cost?

As is the case with most online loan comparison platforms, HonestLoans does not have an APR range listed on its website. The main reason for this is that the lenders within its network will tailor an APR rate based on your specific financial profile. In other words, when you answered the HonestLoans questionnaire regarding your income and personal finances, this was to ascertain what rates you should be offered. If your credit profile is in good standing, then you’ll be accustomed to much better rates.

The one example that HonestLoans gives on its website is based on a $5,000 loan over 36 monthly repayments. At a rate of 10% APR this would amount to a total interest payment of $808.24 over the three year term. Although this represents excellent value, you would need to have a very good credit score to get 10% APR..

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With that being said, below we have listed the most important factors that lenders within the HonestLoans network will look at when deciding how much APR to charge you.

✔️ Your FICO credit score

✔️ Your monthly income after tax

✔️ Whether you own a home or rent

✔️ How long you have been in your current job

✔️ How much you want to borrow and for how long

✔️ Your history with debt

Other Fees to Consider

There are no fees to use the HonestLoan search tool. The platform will instead make its money from the lenders that it matches you up with. In terms of origination or pre-payment fees, this will be entirely dependent on the lender in question.

If you are taking out an installment loan, then its likely that you will pay between 0.5% and 5% in origination fees. Although this will be listed when HonestLoans brings up your search results, you will still need to check this out yourself when you read through the loan agreement.

Am I Eligible for a HonestLoans?

One of the best things about HonestLoans is that it is suitable for all credit profiles. Whether you’ve got bad credit or excellent credit, HonestLoans deals with lenders of all sizes. However, there are still some eligibility requirements that you need to be made aware of.

First and foremost, you need to ensure you are based in an eligible state. At present, HonestLoans is not available in the following 7 states.


❌ Arizona

❌ Georgia

❌ Oregon

❌ Virginia

❌ West Virginia

❌ New York

If you’re based in AN eligible state, then you also need to consider the following.

✔️ Be a permanent resident or citizen of the US

✔️ Aged 18 years and above (higher in some states)

✔️ Have a valid social security number

✔️ Have a steady source of income

✔️ Have a valid checking account

In terms of your income, this doesn’t have to be in the form of full-time employment. However, you do need to be earning at least $800 per month, after tax. If this comes in the form of benefits, then you will need to prove this with the lender you are matched with.

When Will I Receive my Funds?

As per the HonestLoans homepage, you are likely to receive your funds within 1 business day. However, this cannot be guaranteed, as it will vary from lender-to-lender. In most cases, as long as your loan is approved automatically, then lenders will normally transfer the funds into your checking account the next working day. If you’re opting for a smaller Payday loan, then it’s also possible that you will receive the funds the same day.

HonestLoans Review | Read...

On the other hand, if you are taking out a much larger loan, then lenders within the HonestLoans network might need to see further evidence on the information you provided. This is especially likely if you are taking out a loan amount closer to the $50,000 limit. If further information is required, you’ll likely need to prove your income, and possibly your identity, too.

Regardless of how long it takes, the funds will likely be deposited in to the checking account that you entered during the HonestLoans application process.

Paying Your Loan back

Much like in the case of the funding process, your loan repayments will be dictated by the lender you are matched with. However, when your HonestLoans search results initially loaded, it would have displayed the loan terms alongside the APR rates. For example, if you requested a loan of $2,500 over 3 years, then HonestLoans will have listed the monthly repayment amounts next to all of the lenders it listed.

HonestLoans Review | Read...

In terms of how you will make your loan repayments, this is ordinarily through an electronic debt agreement. When you sign your digital loan agreement, you will agree to allow the lender to take your monthly repayments from your checking account automatically.

Don’t worry, as the exact amounts and dates will be outlined in the loan agreement. Alternatively, some lenders might give you the option of making manual payments via a check or money order. However, if you do opt for a manual payment, you stand a much bigger chance of missing a payment.

What if I Miss a Payment?

First and foremost, HonestLoans will not be able to tell you what the late payment policy is for the lenders in its network. When you take out a loan, it is on the assumption that you will always meet your repayments. As such, the only way to find out what the policy is is via your loan agreement.

When you initially apply for a loan via the HonestLoans website, your search won’t be reported to the main three credit agencies. However, if you fall behind on your loan repayments, then it’s all-but certain that the lender in question will report this..

If you do miss a payment, then its likely you will be financially penalized. The exact amounts will not only depend on the specific lender, but the state you live in, too. This is because each state has caps on the amount lenders can charge in late payment fees.

Customer Service at HonestLoans

Although HonestLoans does list a telephone number and support form on its website, there are some limitations with what HonestLoans can assist with. While they are happy to complete your loan search over the telephone, they won’t be able to discuss any loan agreements that you currently have. It’s important that you remember that HonestLoans is not a direct lender, as they merely match you with loan providers. As such, any disputes you have regarding your loan needs to be taken up with the specific lender.

📱 Phone: 866-956-2474

📧 Email: Online supports form

✍️ In Writing: Not Provided

HonestLoans Review: The Verdict

In summary, it’s always a useful exercise using a loan comparison website like HonestLoans. Firstly, the platform allows you to find some of the best loan deals in the market in an application process that rarely exceeds 5 minutes. Moreover, and perhaps most importantly – the initially search application does not hinder your credit score. This means that you have nothing to lose by finding out what loan offers the HonestLoans platform has to offer.

On the other hand, you need to remember that the loan comparison space in itself is competitive. With thousands of lenders now operating in the online loan space, the HonestLoans platform won’t deal with all of them. As such, there is always the possibility that you are missing out on a better deal.

Apply for a Payday Loan Now! | Best Payday Lender 2020

Our Rating

Viva payday loan app company logo
  • Loans From $100 to $15,000
  • Instant Application & Approval
  • Bad Credit Considered
  • Lenders From All 50 US States Onboard
Viva payday loan app company logo


What credit scores will HonestLoans consider?

Do I need to be employed to get a loan via HonestLoans?

Does it cost anything to use HonestLoans?

How much do HonestLoans loans cost?

Does HonestLoans perform a soft credit check?

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Kane Pepi

Kane Pepi

Kane holds academic qualifications in the finance and financial investigation fields. With a passion for all-things finance, he currently writes for a number of online publications.