Sometimes, a single online loan application can provide you with multiple loan options. Here’s an example: AmOne personal loans are the loans you may be referred to when traditional lenders won’t do business with you. That’s not a negative mark against AmOne. Their lending criteria are less stringent than traditional banks and credit unions, which can make them a better option for poor-credit borrowers.
Who Is AmOne?
AmOne is a referral service, not a direct lender. Applicants fill out one application to get referred to direct lenders in their state. The company was founded in 1999. Its mission is to help potential borrowers streamline their borrowing efforts by finding the best online personal loans for their needs. AmOne is owned and operated by QuinStreet, Inc (QNST).
Pros of AmOne Personal Loans
- AmOne has loans for borrowers with poor credit
- Their loan matching service is free to use
- AmOne may find you more competitive rates
- Available in all 50 states
Cons of AmOne Personal Loans
- AmOne is not a direct lender
- Applying for a personal loan at AmOne could trigger multiple offers
- The lender information may not be transparent
Services Offered by AmOne
AmOne is a portal to other lenders, not a direct loan provider. AmOne personal loans could come from one of several institutions. The funds from your loan can be used for debt consolidation, auto repairs, weather damage, emergency funding, etc. They do not offer lending services directly, and they don’t assume liability for the lenders they make referrals to.
Customer Qualifications or Eligibility to Work with AmOne
AmOne Has Lower Credit Score Requirements
AmOne personal loans are available to borrowers with less-than-perfect credit. They can advertise this because they shop your loan request to multiple lenders. There’s usually an option available for most applicants. Borrowers with lower credit scores and more outstanding debt may pay higher interest rates and fees. Read the terms and conditions carefully.
How Much Debt Do AmOne Clients Have?
AmOne is more of a search engine than a financial institution. Clients can have debt ranging from a few thousand to tens of thousands of dollars. There are AmOne personal loans to match each of these circumstances because AmOne’s search engine taps into a network of lenders that offer financial solutions for individuals and small business owners.
What AmOne Personal Loans Won’t Cover
How AmOne Personal Loans Work
AmOne personal loans aren’t issued by AmOne. Prospective borrowers fill out a loan application on the AmOne website. That application is then shopped around to several lenders that meet the borrower’s requirements. The applicant will then typically receive several loan offers they can compare and request final approval on.
AmOne does not initiate a “hard inquiry” on your credit when they run their initial scan to review your eligibility. They run a “soft inquiry,” which doesn’t affect your credit score. The lending institution you select to get your actual loan from will do a deeper dive into your credit, such as a “hard inquiry.” When this happens, be prepared to see a slight temporary dip in your credit score after you take out your loan.
How Much Debt Do You Need to Work with AmOne?
There’s no debt requirement to qualify for AmOne personal loans. Some lenders in the AmOne network may have minimum or maximum loan amounts, but the applicant won’t be presented with those options if they don’t qualify. Your total outstanding debt may also affect your ability to qualify for new credit. Check on that before applying for a loan at AmOne.
Customer Timeline When Working with AmOne
Every lender has a different timeline. AmOne can usually get you approval within a few minutes. The lenders they connect you with might transfer funds within 24 hours, or they could take three to five days. If you don’t like the first offer, move on, and check out the next one. That’s the primary advantage of using a portal instead of applying to just one lender.