Brookwood Loans Review: Is It Legit Or A Scam?

Brookwood Loans

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The Brookwood Loans company has been in business for many years and is licensed and regulated as required by law. They offer internet-based loans for customers who are able to provide proof of fair-to-good credit and a stable income. Currently, the company offers loans in Alabama, Georgia, Missouri, New Mexico, South Carolina, Texas, Utah, Virginia, and Wisconsin. Their website advertises the company’s services at


Brookwood Loans Review: Is It Legit Or A Scam? 1


The decision of which lender you should use for a loan can be difficult. It is essential to compare lenders and find the one that best fits your needs among all of the options available. Brookwood Loans has received a lot of attention recently, but is this the right lender for you? Here is an in-depth look so you can make an informed choice.

We reviewed the website and terms and conditions of Brookwood Loans and found a few interesting things.

  • It offers unsecured loans of $1000, $1500, $2000, $2500, and $3500 in most states.
  • APRs for loans range from 59% to 116%.
  • Lenders are licensed and regulated by the New Mexico Regulation and Licensing Department.
  • There is a maximum term of 36 months.
  • On your due date, payments are automatically withdrawn from your checking account.

Brookwood Loans doesn’t offer loans in these states:


Brookwood Loans: What Is It?

The Brookwood Loans company has been providing consumers with loans for many years and is a trusted name in consumer finance. They offer internet-based loans for people with fair to good credit and a stable income. This company has multiple locations and can be reached by telephone by calling (800) 324-4061.

It is important to note that Brookwood Loans does not hold an accreditation from the Better Business Bureau. They have received 0 reviews and have resolved 1 complaint in the last three years.

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How Does This Company Work?

Brookwood Loans Review: Is It Legit Or A Scam? 2

With Brookwood Loans, you will have easy and convenient monthly payments spread out over 36 months, just as you would with a car loan. Your first payment is due one month after signing your loan agreement, and thereafter, payments are due on the same day each month. There are no hidden fees or balloon payments.

To apply, simply complete the online application. A copy of your driver’s license and a voided check will be faxed in. The loan offer will be presented to you for review, and you will be able to either accept it or reject it based on the terms. It is also as simple as completing the loan agreement online.

If you complete the agreement process online before 1:00 PM Eastern Time, you will receive your loan funds within one business day. Otherwise, you will receive your funds the following business day.

Brookwood Loans: How To Qualify?

Applicants must be 18 years of age, have a valid Social Security Number, and have a checking account with a United States bank in their state of residence to qualify for Brookwood Loans. It is currently accepting applications from residents of Alabama, Georgia, Missouri, New Mexico, South Carolina, Texas, Utah, Virginia, and Wisconsin.

To obtain a loan from Brookwood Loans, you will need to provide the following documents:

  • You will need a copy of your driver’s license
  • Voided checks from active checking accounts
  • The most recent bank statement
  • Documents related to taxes

BBB Reviews

It is important to note that Brookwood Loans is not accredited by the Better Business Bureau (BBB), but they do have an A+ rating from the BBB. They have only had one complaint resolved over the last three years.

The following are some reviews:

Initial Complaint 11/08/2021

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Complaint Type: Advertising/Sales IssuesStatus: AnsweredMore info

I am a victim of identity- theft, I am writing to request that you block all accounts disputed as fraudulent on my credit reports with Transunion, Equifax, and Experian. This information does not relate to any transactions I have made. I did not give anyone authorization or consent to use my personal information.

I hereby exercise my legal rights enacted by Congress and The ************************* which explicitly states when a victim of identity-theft dispute a fraudulent account on his/her credit report it shall be honored by all credit bureaus and all fraudulent information should be blocked within 4 days and proper notification shall be given to all data furnishers pursuant to section 605b of The Federal Fair Credit Reporting Act.1. BROOKWOOD ball. $0.00 Acct # ***-****


How Much Does Brookwood Loans Charge?

You can get a loan from Brookwood Loans with an APR of 59% to 116%.

Is There Any Pre-Payment Penalty?

Brookwood Loans does not charge prepayment fees on personal loans. You can save on interest by paying off your loans early, and there are no application fees.

How Does It Affect Your Credit?

When you are considering taking out a loan, lenders such as Brookwood Loans will often do a soft credit pull for you to determine what interest rates and loan terms you may qualify for. This process does not affect your credit score in any way.

Once you decide to proceed with the loan application, they will need to conduct a hard credit inquiry to obtain a comprehensive picture of your credit history and determine the final interest rate for your loan. Inquiries of this type are common when applying for loans and can negatively impact your credit score.

How To Cancel Brookwood Loans?

When applying for a personal loan, you should not take it lightly. Once you have been approved and the funds reach your bank account, you cannot cancel the loan or reverse it. Therefore, prior to submitting your application, ensure that you are confident in your decision. As a result, you will avoid any unwanted cancellations or changes in the future.

Looking for some tips to help you get back on track if you are struggling to make ends meet?

Getting your finances in order requires a few key steps.

  • Create a budget and adhere to it. This will assist you in staying on track and preventing overspending.
  • It may also be helpful to consult with a financial advisor. They can help you understand your options and develop a plan that meets your specific needs.
  • As a final tip, you should not worry too much about debt. Many companies are willing to work with customers to create a more manageable payment plan, so you should contact their customer service department for more information.

Brookwood Loans: Is it a Scam or Legit?

Brookwood Loans Review: Is It Legit Or A Scam? 3

The Brookwood Loans company has been providing financial assistance to consumers for many years. The company offers a variety of personal loans for a variety of purposes and has a high BBB rating. The company is not accredited by the Better Business Bureau. The company has received one complaint, but no reviews. Online reviews tend to be negative in general.

When applying for a loan, it is important to compare rates and terms from different lenders to ensure you receive the best possible deal. Additionally, you should read customer reviews to gain a better understanding of the lender you are considering.

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