Loanosity Review: Is It Legit Or A Scam?

Alliant Credit Union

The lending platform Loanosity offers debt consolidation loans, which are made by Cross River Bank, a New Jersey-Chartered Commercial Bank. They can be found at loanosity.com.

Loanosity Overview

It is difficult to know where to turn when you require a loan when there are so many available lenders, each with its unique terms and conditions. In recent years, Loanosity has been receiving a lot of attention. But is this lender right for you? Here’s a closer look at this lender so you can make an informed decision.

Loanosity Review: Is It Legit Or A Scam? 1

It was quite interesting to examine the website and terms and conditions of a Loanosity.

Listed below are a few of the things that caught our attention.

  • The loans are made by Cross River Bank, a New Jersey-chartered bank.
  • The fixed-rate ranges from 20.77% APR to 23.62% APR.
  • Loan terms of 24, 36, or 48 months are available for debt consolidation loans ranging from $5,000 to $30,000.
  • The lowest rate may not be available to all applicants. 
  • It is common for loan origination fees to range from 5.90% to 6.90% of the loan amount.
  • Your application will be provided to the lender by Loanosity. Loan approval is not guaranteed.

Loanosity: What is It?

Loanosity is a lending platform that helps you find the best loan for your needs. To provide you with the best terms and rates, they work with Cross River Bank. The company has been in business for only a year and is located in Miami, FL. You may contact them at [email protected] or by telephone at (800) 997-1670.

As of 6/10/2022, Loanosity is rated A by the Better Business Bureau, and the company has had 0 reviews and 0 complaints, and as of yet, we have not been able to locate a Trustpilot account for the company.

How Does This Company Work?

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As the name implies, a Loanosity loan is a personal loan that does not require any collateral. This means that for the purpose of getting a loan from Loanosity, you will not have to put up any assets, such as your home or vehicle, as collateral.

Once your loan application has been approved, you will be asked to sign a Loan Agreement. After your signature is received, your loan funds should generally be available within a few days of receiving confirmation of your signature.

It is important to note that the terms of your loan will be based on the amount you request, your credit score and history, as well as how you intend to utilize the loan. They will verify your credit history before finalizing any loan agreements.

There are certain conditions and limitations that may apply to loans. These loans are not available in all states.

How To Qualify For Loanosity

To qualify for a Loanosity personal loan, applicants must meet the following requirements:

  • Must be at least the age of majority in their state and be able to sign contracts
  • You have to be employed, have enough income from other sources, or have an offer of employment coming up within 90 days
  • Your credit score and monthly income vs. expenses must meet their underwriting criteria

It is important to understand that getting approved for a loan does not guarantee you the best rates and terms. Your creditworthiness, the length of the loan, and many other factors will all play a role in the rates and terms that are offered to you.

BBB Reviews

This company has an A rating with the Better Business Bureau (BBB). They have been accredited since 6/10/2022 and have had no reviews or complaints filed. We were not able to locate a Trustpilot account for Loanosity.

Frequently Asked Questions

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How Much Does Loanosity Charge?

The loans offered by Loanosity range in size from 30,000 to 500,000, with APRs ranging from 20.77% to 23.62%. The origination fee for the loan can range from 5.00% to 6.90% of the loan amount, depending on the loan amount.

An example of this would be if a $10,000 debt consolidation loan had a 4-year repayment term and a fixed rate between 20.77% and 23.62% APR, monthly payments would range between $492.17 and $497.46, totaling $23,624.16 to $23,878.08 over the course of 48 months.

Is There Any Pre-Payment Penalty?

If you choose to pay off your Loanosity loan sooner than you originally planned, there will be no prepayment penalties for you.

How Does This Company Affect Your Credit?

It is common for lenders to pull your credit score when you are thinking about taking out a loan, so you can get an idea of the interest rates and loan terms that you might qualify for. This does not affect your credit score in any way.

When you decide to proceed with the loan application, they will need to conduct a hard credit inquiry to obtain a complete picture of your credit history so that they may provide you with a final rate. During the application process for loans, hard inquiries are common and can adversely affect your credit score.

How To Cancel Loanosity?

When you apply for a personal loan, you make a significant decision. Once the funds have been dispersed into your bank account, it is not possible to reverse or cancel the transaction. Therefore, make sure you are certain of your decision before you apply. By doing so, you will avoid any cancellations or changes that may arise in the future.

Is it difficult for you to make ends meet? Here are some tips that may assist you.

  • Maintaining a budget is an important part of staying on track.
  • In addition, you may wish to consult a financial advisor who will be able to assist you in understanding your options as well as develop a plan that meets your individual needs.
  • Finally, do not fret if you are already in debt. Many companies are willing to work with customers to create a more manageable payment plan. Contact their customer service team for additional information.

Loanosity: Is It Legit Or A Scam?

The Loanosity lending platform is associated with Cross River Bank. They have an A rating with the Better Business Bureau, but there are no online reviews or complaints about the company.

If you are considering taking out a loan, it is important to compare all of your options and read customer reviews before making your decision. This will enable you to avoid taking out a loan that you are unable to repay.

Have you used Loanosity.com? Please leave a review below!

Thanks for reading!

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