When searching for a personal loan, it’s essential to explore all available options to secure the best deal. Fiona offers an online marketplace that lets you browse loan offers from its lending partners.
You can compare loan terms, interest rates, and other crucial details from its loan providers. While online lending marketplaces like Fiona offer distinct advantages and disadvantages, let’s examine what Fiona provides to determine how it might align with your needs.
What is Fiona Loans?
Fiona is an online marketplace and comparison tool focused primarily on personal loans. It enables users to compare different lenders and financial services while reviewing potential loan offers without impacting their credit score.
When you find a direct lender you’d like to work with for a personal loan, Fiona guides you through the application process. With several partner lenders who accept a wide range of credit scores, Fiona increases your chances of finding a loan offer that suits your needs.
The company is based in New York City. It was launched in 2015 by Even Financial to help consumers find the right financial products. Some of its major lending partners include Prosper, SoFi, LendingClub, Rise, Avant, LightStream, and Marcus by Goldman Sachs.
What does Fiona Loans offer?
Fiona has expanded to offer numerous financial products through its partners.
These products include personal loans, student loan refinancing, credit cards, savings accounts, mortgage refinancing, and more. Below we’ll explore all the options available on Fiona’s platform.
Personal Loans
Fiona is best known as a comparison tool for personal loans. These unsecured loans serve various purposes, from paying off credit card debt to covering unexpected expenses and funding home improvement projects. To qualify for loans through Fiona, you must be a U.S. citizen and at least 18 years old.
To begin exploring personal loan options, enter your credit rating, zip code, loan purpose, and loan amount. Fiona will provide personal loan offers that include:
- Name of the lender
- Type of interest rate and range (if applicable)
- Estimated monthly payment
- Loan term
Since Fiona partners with many different lenders and financial institutions, interest rates, repayment terms, and loan amounts will vary. Here’s what you could expect:
- Loan amounts of up to $250,000
- Loan terms from 6-144 months
- APR from 3.99%
- A minimum credit score of 600
- Origination fees that vary by lender
Since Fiona isn’t a direct lender, the loan application process differs for each lender. Once you’ve decided to apply for a personal loan with a specific lender, you’ll be redirected to that lender’s website to complete your application.
Applying generally requires a hard credit pull, which means your credit score will drop a few points.
To complete an application, you’ll need to provide personal information like your name, date of birth, Social Security number, home address, and email address. You’ll also likely be asked for employment history, annual income, and recurring expenses like mortgage or rent payments.
Other Loans
You can also find student loan refinancing offers on Fiona’s platform. Simply enter how much you wish to refinance, and Fiona will match offers to your credit score and location while estimating monthly payments for each offer.
Other loan products available on Fiona include auto refinancing, mortgages, and mortgage refinancing loans.
Insurance
If you’re shopping for insurance, you can find auto and life insurance products on Fiona. Receive free quotes from digital life insurance providers like Principal, Prudential, AIG, and US Life. For auto insurance quotes, you’ll be redirected to Jerry, a Fiona partner.
Credit Cards
Fiona also partners with credit card issuers to match people with personalized credit card offers. Simply answer a few questions to get matched with credit cards. Fiona allows you to compare different offers without affecting your credit score.
You’ll likely need a hard credit pull if you apply for a credit card through Fiona. Personal information like your name, home address, and income will likely be requested during the application process.
Savings Accounts
When evaluating savings accounts, you want the account offering the highest APY. Rates vary by financial institution, and you can sort results by the highest-paying options.
To find top high-yield savings accounts, enter your zip code, desired deposit amount, and product type (online savings, money market, cash management, individual retirement, or high-interest checking).
Who is Fiona Loans best for?
Fiona Loans excels for people who want to compare multiple loans quickly and efficiently. You only need to enter information like the loan amount and your credit score range to find potential loan offers. If you prefer using the internet to find loans, Fiona’s marketplace is an excellent tool.
The company maintains partnerships with a network of lenders, so people with various credit scores, even those with poor credit, might qualify. However, the tool works best for those with at least a 600 score.
Whether you need a loan for debt consolidation, credit card refinancing, major purchases, or home improvement projects, Fiona serves as a valuable resource. You can find your desired loan with the repayment terms and rate that work best for you.
Fiona Loans Pros and Cons
Pro: Ability to search for loans based on needs and requirements
You can find loans that match your criteria on Fiona’s platform. Fiona connects you with lending partners based on your credit score, location, and loan amount. This saves time by eliminating the need to browse competitor websites and apply for personal loans that don’t fit your criteria.
Pro: Easy to use website
Fiona’s user-friendly website helps you compare lenders quickly. They streamline the entire process to help you find reputable lenders efficiently.
Pro: Checking personal loan options won’t affect credit score
When comparing loan offers, you don’t need to worry about your credit score taking a hit. Fiona uses a soft pull to check offers from its partners. However, if you decide to accept a personal loan offer and apply, the lender will likely perform a credit check.
Pro: Don’t need excellent credit to find a Fiona loan
Fiona’s lending partners maintain diverse requirements, meaning there’s a good chance you’ll find a lender willing to offer a loan even without an excellent credit score.
Pro: Free to use
Fiona’s platform is completely free to use. Review and compare multiple lenders at no cost.
Pro: Can find other financial products
While many online marketplaces focus on one financial product, Fiona specializes in personal loans but offers numerous other products. Student loan refinancing, auto loans (refinancing), mortgage loans, and insurance are among the available options. You can even use it to find and open a savings account.
Con: Doesn’t offer personal loans directly
Fiona doesn’t provide its own loan products. Instead, it partners with other lenders to offer these loans.
Con: No guarantee you will qualify for a loan
While Fiona performs a soft credit pull to match you with potential lenders, this doesn’t guarantee you’ll qualify for loan offers. Lenders consider other requirements beyond your credit score. The only way to know for certain is to apply directly with the lender.
Con: Comparison tool only for its lending partners
Fiona’s loan offerings are limited to its partner network, so you’d need additional research to find the most competitive rates available.
Con: Might have to pay origination fees
While Fiona doesn’t charge fees, if you borrow money from a lender, you might face various costs. Origination fees, late fees, and processing fees are among the potential expenses.
Con: Receiving telemarketing calls
Fiona shares your information with its lender network, making you likely to receive spam calls and emails for a while. Even if you secure a loan elsewhere, other lenders may continue calling.
FAQ: Fiona Loans Review
Does Fiona Loans have customer support?
Fiona’s customer support can assist if you’re having trouble finding the right loan. You can reach them via email at help@hifiona.com, by phone at 800-614-7505, or mail at 50 West 23rd Street, Suite 700, New York, NY 10010.
There’s also a web form for sending messages. Fiona’s customer service team responds within 24-48 hours. You can use Fiona’s FAQ page for general help or questions like “What is a personal loan.”
Since the platform operates as a marketplace, you won’t receive support after your loan closes. At that point, you must contact your lender directly.
How much does Fiona Loans cost?
Fiona doesn’t charge any fees for using its platform. However, be aware that some lenders may charge origination fees if you take out a loan.
Does Fiona Loans offer anything other than personal loans?
Fiona offers much more than personal loans. Find your next savings account, credit card, or mortgage using its marketplace. They also provide extensive educational content to help you learn about specific loan products and other financial topics like credit score mechanics.
Is Fiona Loans easy to use?
Using Fiona’s platform is straightforward. Simply enter your loan amount, loan purpose, credit score, and other basic information to find potential lenders. You can use Fiona within minutes to compare loan offers.
Bottom Line: Should you use Fiona Loans?
You can use Fiona to find personal loans, savings accounts, credit cards, and other financial products. They can match you with loans based on your specific purpose, whether for debt consolidation or paying off credit card debt. Even with poor credit, you might find viable loan options on the platform. Just remember that you may need additional research to verify whether lenders outside their network offer more favorable rates or terms.
