Are you looking for a platform where you can get connected with multiple lenders? Then you must try the motive loan platform. Here, is our motive loan reviews with their reviews, how they work, and some best available alternative option as well.
What is the motive loan?
Motive Loan is a platform for lending that offers personal loans to people who need quick access to money for a variety of reasons. The loans Motive Loan provides are unsecured, therefore borrowers are not required to put up any assets as security for the loan.
The website gives borrowers the freedom to select loan amounts between $100-$5000 and repayment lengths between 61 Days to 72 months. Fixed interest rates are available from Motive Loan, which means they won’t change throughout the course of the loan.
The borrower’s income, credit rating, and other pertinent data are used to establish these rates. Most loans are accepted and disbursed in a matter of business days because of their simple application process and quick funding times.
How does a motive loan work?
Motive Loan acts as a bridge between borrowers and companies that provide personal loans. The borrower fills out an online application form on the Motive Loan website to start the procedure.
Personal information such as the borrower’s name, address, employment status, income, and credit score is required on the application form.
After the applicant submits the application, Motive Loan matches them with the lenders who are most likely to approve the loan based on the borrower’s credit history and other pertinent factors.
Lenders will receive a loan offer outlining the loan’s terms and conditions once they have been matched with borrowers.
After reviewing the offer, the borrower may accept it or reject it. If the borrower accepts the offer, they will have to give more documentation of their identification, sources of income, and other pertinent details.
The money will be transferred to the borrower’s bank account when the lender has examined the accompanying documentation. The borrower is then required to pay back the loan in the predetermined monthly payments.
Motive Loan does not charge any fees for its services, and the interest rates and costs imposed on the borrowers are determined by the lenders themselves. Through the platform, borrowers can connect with a variety of lenders and select the loan terms and interest rates that best suit their financial situation.
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Motive Loan’s Eligibility Requirements: Who Can Apply
Applicants must fulfill several requirements in order to be approved for a personal loan through Motive Loan. Some of the most important requirements are as follows:
Age: Applicants must be at least 18 years old.
Citizenship or residency: Applicants must be a citizen or permanent residents of the United States.
Income: Applicants must have a minimum annual income of $10,000.
Credit score: Motive accepts all types of credit. Although higher scores may be required for larger loan amounts or more competitive interest rates.
Employment: Applicants must be employed or have a steady source of income, such as Social Security or disability benefits.
Active bank account: One operational bank account in which you can deposit the loan amount is a need.
Applicants may be asked to submit extra information or evidence to prove their identity, source of income, and other pertinent facts, in addition to the aforementioned minimum requirements.
Motive Loan may take into account additional elements while assessing a loan application, such as the borrower’s debt-to-income ratio.
It’s crucial to remember that fulfilling these eligibility requirements does not ensure loan acceptance. To determine each applicant’s creditworthiness and ability to repay the loan, lenders will look at their credit history, income, and other factors.
A loan with favorable terms and rates is more likely to be accepted for borrowers with a solid credit history and steady income.
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Motive Loan: A Deep Dive into Interest Rates, Terms, and Fees, Payment Option
Interest Rates: The fixed-rate personal loans from Motive Loan have annual percentage rates (APRs) ranging from 5.99% to 35.99%.
Numerous variables, including the borrower’s creditworthiness, income, loan amount, and loan period, affect the precise interest rate. In general, interest rates are lower for borrowers with better credit ratings and smaller loan amounts.
Terms: With repayment terms ranging from 61 Days to 72 months, Motive Loan enables borrowers to select a loan term that fits their financial objectives and spending plan.
Although monthly payments are often cheaper with longer payback terms, borrowers may wind up paying higher interest rates overall. Shorter repayment durations, on the other hand, result in greater monthly payments but reduced interest expenses.
Fees: No upfront costs, prepayment fees, or origination fees are assessed by Motive Loan.
But some of the lenders who provide loans through the platform could charge for services, like late payment fees, cheque processing costs, or insufficient funds fees. These charges are set by the lenders and differ for each lender.
Payment Option: Motive offers once to twice a month to repay your loan.
Loan Renewal: If you are having trouble making your loan payments on time in particular circumstances, Motive gives you the option to renew your current loan. But the interest rates on this renewed loan could go up.
Credit Inquiry: Lenders will make you an offer when you submit your loan application on purpose. And once you accept a loan offer, your lender could run a credit check on you. Additionally, it can affect your credit score.
Before accepting a loan offer, consumers should thoroughly research the terms and fees to make sure they understand the whole cost of borrowing.
Borrowers should also be aware that missed or late payments may incur additional fees or lower their credit scores.
Through Motive Loan, borrowers can choose the loan that best fits their financial position by having access to a variety of lenders. Motive Loan normally offers personal loans at competitive interest rates, terms for repayment, and fees compared to other lenders in the sector.
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Motive Loan Application Process: How to Apply and What to Expect
Applying for a personal loan with Motive Loan is a simple process. The basic steps are as follows:
Determine your eligibility: Make sure you fulfill the eligibility requirements of the Motive Loan before applying, which include being at least 18 years old, a US citizen or permanent resident, having a minimum credit score of 580, and having an annual income of at least $10,000.
Fill out the application: Filling out an online application form on the Motive Loan website is the first step in the application procedure. Personal and financial details including your name, residence, employment history, income, and credit score will be requested in the application.
Get matched with a lender: After you complete your application, Motive Loan matches you with potential lenders using its unique algorithm based on your credit profile and other considerations. You will get a loan offer containing the terms and conditions of the loan if you are matched with a lender.
Review the loan offer: Examine the loan offer thoroughly, paying close attention to the interest rate, loan amount, repayment period, and any additional fees or costs. Accepting the offer is an option if you are happy with the terms.
Provide documentation: Following your acceptance of the loan offer, you will have to present more proof of your identification, source of income, and other details. A copy of your ID, recent pay stubs, bank statements, or other financial records may be included in this.
Receive the funds: The lender will transfer the loan amounts to your bank account after confirming your documentation. Depending on the lender, the funds may be available as soon as the following working day.
It’s significant to note that, depending on the lender and loan product that borrowers are matched with, the application process may differ slightly.
But Motive Loan strives to make the application process as quick and straightforward as possible; as a result, applicants can anticipate hearing back from the organization a few business days after submitting their application.
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The Pros and Cons of Motive Loan: What Borrowers Need to Know
Motive Loan offers borrowers access to multiple lenders and loan options, but like any financial product, it has both advantages and disadvantages.
Here are some of the key pros and cons to consider when evaluating a Motive Loan as a potential source of financing:
Pros
- Multiple loan options: Motive Loan connects consumers with a variety of lenders, giving them access to a larger selection of loans and the ability to evaluate interest rates, terms, and fees.
- Streamlined application process: Borrowers can apply for loans quickly and easily thanks to the shortened, online application process.
- No upfront fees: Because Motive Loan doesn’t impose any origination fees, prepayment fines, or other upfront costs, borrowers may be able to reduce their overall borrowing costs.
- Flexible repayment terms: With Motive Loan, borrowers can select a loan term that fits their budget and financial objectives, with periods ranging from 61 Days to 72 months.
Cons
- High-interest rates: For consumers with poorer credit ratings or larger loan amounts, Motive Loan’s interest rates may be higher than those provided by traditional lenders.
- Limited loan amounts: The maximum loan amount offered by Motive Loan is $5,000. This amount might not be sufficient for clients that require a lot of finance.
- No guarantee of loan approval: Even if Motive Loan connects consumers with a variety of lenders, there is no assurance that borrowers will be approved for a loan, particularly if they have bad credit or a low income.
- Third-party lenders: Due to the fact that Motive Loan acts as a marketplace connecting borrowers and lenders, it’s possible for borrowers to deal with several lenders at once, which can be frustrating and time-consuming.
Motive Loans can be a useful resource for borrowers looking for personal loans. However, it is important to carefully consider the pros and cons before applying for a loan.
Before accepting any loan offers, borrowers should compare their options, carefully read the terms and conditions, and make sure they understand the total cost of borrowing.
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Motive loan reviews on third-party websites
Motive Loan has a 0 out of 5-star rating on Trustpilot, and zero reviews.
Motive loan bbb rating is F and has 1 star out of 5 stars based upon 17 Customer Reviews. The motive loan isn’t a BBB-accredited company.
Although reviews on independent websites might offer insightful information about Motive Loan’s goods and services, it’s crucial to study a variety of reviews and treat them with caution.
Before choosing to apply for a loan with Motive Loan or another lender, it’s crucial to conduct your own research and due diligence because individual experiences can differ.
Motive loan customer service
Phone, email, and online chat are just a few of the ways that Motive Loan provides customer service support. The customer assistance team is available from 9 am to 5 pm EST, Monday through Friday.
Contacting Motive Loan’s customer service department is easy. Motive loan phone number is 1-800-817-2330 or send an email to support@motiveloan.com. Customers can communicate with a customer support agent in real time through the company’s website’s online chat feature.
The customer service staff at Motive Loan has received numerous compliments for being helpful, quick to respond, and professional from customers who have left reviews on Trustpilot and other independent review websites.
Customers frequently share great experiences with customer service agents who could respond to their inquiries, offer advice on the loan application procedure, and assist in resolving any problems or worries.
Overall, Motive Loan seems to place a high priority on customer care and provides a number of ways for users to get in touch with their support staff. You can contact Motive Loan’s customer care department for support if you have any queries or worries regarding one of their products.
Motive Loan vs Other Lenders: What Sets Them Apart
Motive Loan is in competition with other lenders who provide comparable loan products and services. Here is a quick rundown of some of the main rivals:
SoFi: SoFi provides flexible payback options, no fees, and affordable interest rates on personal loans. Additionally, they provide investment services and other financial goods including refinancing for student loans.
Prosper: Personal loans from Prosper come with fixed interest rates and no early payment fees. They have an easy online application process and also provide debt consolidation loans.
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LendingClub: Personal loans from LendingClub come with set interest rates and adaptable payback lengths. Additionally, they provide debt consolidation loans and operate a peer-to-peer lending network that links investors and debtors.
Upgrade: Upgrade provides easy online applications for personal loans with affordable interest rates. To assist borrowers in strengthening their financial security, they also provide educational resources and credit monitoring tools.
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Avant: Avant provides personal loans with flexible payback terms and fixed interest rates. They also provide debt consolidation loans, and the online application process is quick and simple.
Best Egg: Personal loans from Best Egg are available with low-interest rates and no prepayment fees. They have an easy online application process and also provide debt consolidation loans.
LightStream: Personal loans from LightStream are available with no fees and reasonable interest rates. Additionally, they provide a range of lending products, including auto loans and loans for home improvements.
Marcus by Goldman Sachs: Marcus provides no fees and competitively priced personal loans. They also provide investment services and savings accounts.
OneMain Financial: OneMain Financial provides personal loans with no prepayment fees and flexible payback arrangements. Borrowers can apply in person at any of their physical branches, which they also have a network of.
Discover Personal Loans: Discover provides no fees and competitively priced personal loans. They have an easy online application process and also provide debt consolidation loans.
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These lenders all provide comparable loan services and products to Motive Loan, albeit they can have varying eligibility standards, terms of the loans, and application procedures. To choose the lender that best satisfies your unique demands and financial objectives, it is crucial to investigate and compare several options.
Final Thoughts: Is Motive Loan a Trustworthy and Reliable Lender?
Motive Loan seems to be a trustworthy and dependable lender based on online information and customer evaluations. The business is recognized by the Better Business Bureau and has an A+ rating. It is well known for its exceptional customer service and low-interest rates.
Motive Loan also has adjustable repayment options and doesn’t impose any upfront fees, which might make it a more convenient and economical choice for borrowers. Additionally, the application procedure is quick and simple, saving borrowers time and headaches.
Overall, Motive Loan may be an excellent alternative to think about if you need a loan and match its eligibility standards. Before deciding on a loan offer, you should always conduct your own research and carefully analyze the terms and circumstances.
Is motive loan legit?
Motive Loan is an authorized lender with a long history in the industry, offering a variety of loan solutions with affordable interest rates and flexible payback terms.
The business has very less online customer reviews and holds an F rating from the Better Business Bureau. However, it’s essential to conduct your research and carefully review the terms and conditions before accepting any loan offers.
Is motive loan safe?
Motive Loan is an online platform where you can connect with loan lenders directly. But they have very poor reviews on third-party websites like Trustpilot and BBB. However, they provide good customer service, affordable interest rates, and no upfront fees, all of which contribute to its image as a reliable and legitimate lender. Furthermore, the company is not accredited by the Better Business Bureau and has an F rating.
Is motive loan legitimate?
With an F rating and registration with the Better Business Bureau, Motive Loan is a reputable and licensed lender. They provide a range of loans with adjustable repayment schedules and affordable interest rates.
However, before making a final choice, it is crucial to undertake in-depth research and evaluate the loan terms and circumstances.