Finance Factory Personal Loan Review

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

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What is Finance Factory?

Finance Factory is a loan marketplace and business consulting firm. It does not actually lend money itself. Instead, it works as a matchmaker between borrowers and its list of lending partners.

While Finance Factory is based out of Maryland, it does not actually meet customers in person. You need to apply online to see the kind of loans for which you can qualify. This lets the company reach customers and lenders nationwide.

Finance Factory specializes in helping startups, entrepreneurs and other early-stage business owners raise capital. It has raised over $1 billion for its clients, and LendingTree named it one of the top startup funding experts in the country.

But on top of business financing, it also offers a marketplace for personal loans that you can use outside of work. Since it is used to working with businesses that need more money, Finance Factory matches you with lenders that offer larger amounts than your typical online lender. If you need to borrow, is its program right for you? Read on for our Finance Factory loan reviews.

Finance Factory personal loan highlights

  • Large loan amounts: Loans available through the marketplace range from $25,000 to $500,000. It isn’t the place to borrow a small amount, but if you need thousands of dollars, it could be a good choice.
  • Tougher-than-average lending standards: Finance Factory says ideal candidates would have a credit score of at least 650 and annual income of at least $35,000. It’s not impossible, but tougher than average.
  • Long loan funding process: It takes on average 7 to 10 days to complete the process. It’s a two-step process where you first get pre-qualified with Finance Factory, and then you have to be approved by whichever lending partner you pick.
  • Business/investment loans available: While loans can be used for standard purposes like paying off credit card debt, you can also use the proceeds to invest in real estate and buy a new business.
Finance Factory Personal Loan Details
Fees and Penalties
  • Term lengths: 36 to 84 months
  • APR: Starting at 5.99%
  • Loan amounts: $25,000 to $500,000
  • Time to funding: 7-10 days on average
  • Credit check: Soft Pull for the pre-qualification process; lending partner could make hard pull to finalize the loan
  • Origination fee: Origination fees will be deducted from your loan proceeds
  • Prepayment fee: None
  • Application fee: None

Finance Factory product details

Finance Factory is a loan consulting service. Its financial experts are supposed to learn about your needs and figure out which of its lending partners could be a good fit. You can speak with its experts throughout the process to figure out how much you need to borrow, what types of loans make sense and how you could use the proceeds.

After you apply, Finance Factory reviews your criteria to match you with some potential lenders. Once you receive loan offers, Finance Factory will not advise on which is the best option. It will list what for what you qualified, and then it’s up to you to decide on the one that makes sense.

Finance Factory notes that it will do the best to get you a loan, but there is no guarantee you will qualify with any specific lending partner. Each lending partner will need to approve the application themselves.

The personal loans come with fixed terms and fixed monthly payments. It also offers personal lines of credit, where you can borrow, repay the loan and borrow again without reapplying. Finance Factory has funding programs for numerous types of financing for businesses, including SBA loans, equipment financing and startup funding.

On the Finance Factory website, it has an educational blog that covers loans and small-business planning. Beyond that, it does not include any ongoing benefits for personal loans, like free credit scores or unemployment protection. You may get these extra benefits from your lending partner, depending on with whom you match, but they will not come from Finance Factory.

Eligibility requirements

  • Minimum credit score: 680
  • Minimum credit history: Depends on the lending partner
  • Maximum debt-to-income ratio: Depends on the lending partner; Finance Factory suggests a minimum income of $35,000 per year

Since Finance Factory does not make loans itself, it does not have its own eligibility requirements. The actual credit and income requirements will depend on the lending partner with which it matches you.

Finance Factory does list some recommendations for personal loans. It suggests applicants have a credit score between 650 to 800, and that, ideally, your score should be 680 or higher.

Finance Factory also recommends that your annual income be at least $35,000 a year. This can come from a job, from being self-employed, from owning your own business and from disability or retirement benefits. Finance Factory reviews documents like your W-2 and tax returns to make sure this information is accurate.

You can apply through the Finance Factory service from anywhere in the U.S. It requires that all applicants be at least 18.

Applying for a personal loan using Finance Factory

If you’d like to see your options through Finance Factory, you can submit its pre-qualification form online. There is no application fee, and Finance Factory only does a soft inquiry into your credit, so it will not lower your score.

The online application takes a few minutes and will ask questions about your personal financial situation and how you plan on using the loan. Expect to answer:

  • How much do you want to borrow?
  • What is the purpose of your loan?
  • When do you need your loan funded?
  • What is your income and credit score?
  • Do you own a business? If so, when did you open and how much do you earn?
  • Do you have any collateral for the loan?
  • What is your contact information, including phone and email address?

Finance Factory will use this information to determine whether you are a good fit for any of its lending partners. If so, Finance Factory will contact you with some potential offers. It will not recommend any of them, and you need to decide whether any are a good fit for you.

If you are happy with an offer, you can request the loan from the lending partner. You are not guaranteed the loan yet, as you will need to go through the lending partner’s approval process. The lending partner could make a hard inquiry of your credit score and ask for documents confirming your income, employment and assets.

Once you find a match, you’ll deal with the lending partner rather than Finance Factory. Finance Factory makes the connection, and then its job is done.

If you have any questions about what type of loan you should get and how much you should borrow, you can contact Finance Factory by phone or by requesting a meeting through its website.

Pros and Cons of a Finance Factory Personal Loan
  • Large personal loan amounts. Loans start at $25,000 and can go up to $500,000.
  • Finance Factory researches multiple lenders for you. Finance Factory has a list of lending partners and will match you to the best ones. You don’t need to spend time researching to track them down yourself, although it’s always a good idea to know your options.
  • Checking for offers is free and won’t affect your credit. Finance Factory does not charge a fee for its pre-qualification service. It also only makes a soft pull of your credit, which won’t lower your score.
  • Low APR for high credit scores. If you qualify for the best rates, personal loans start at a competitive 5.99% APR.
  • No prepayment penalties. You can pay off your personal loan ahead of schedule, without owing a penalty.
  • No small personal loans. You need to borrow at least $25,000 through Finance Factory’s program. There is nothing smaller.
  • Application process takes time. Finance Factory says it takes on average 7-10 days to complete its process. It first needs to screen your application and find potential lenders, and then you need to be approved by the lenders themselves.
  • Minimum loan term is 3 years. You can make more payments to pay things off more quickly, but you can’t set up a shorter loan term.
  • Fees change depending on the lender. While Finance Factory does not charge borrowers a fee, the lending partner could charge an origination fee to cover its closing costs and application expenses. You only find out how much this costs after going through the pre-qualification process.

Who’s the best fit for a Finance Factory personal loan?

Working through Finance Factory can be helpful if you need a large personal loan and can afford to wait while looking for the best offer. The experts at Finance Factory will take the information from your application and search through all its lending partners around the country to find a decent match. This predictably takes time — roughly 7 to 10 days.

That’s why Finance Factory focuses on large amounts. It might not be worth spending a week to get a slightly lower APR for a $1,000 loan. But for $100,000, that makes a difference.

For these large loans, Finance Factory is looking for borrowers with above-average credit and decent income. It recommends you have at least a score of 680 to apply, though you can try with 650. Having higher income and more assets for collateral will help you find better offers.

This program could be more attractive if you are self-employed or are trying to launch your own company. Finance Factory’s staff specializes in small-business loans and startup funding. It may be able to give more advice on these topics than the average online lender.

Where Finance Factory is not a good fit is when you need money quickly. Its two-step approval process may take too long.

Alternative personal loan options

Want to get loan quotes without waiting for Finance Factory’s marketplace? You could take a look through Student Loan Hero’s personal loan marketplace. Here are some alternatives.


  • APR: 3.99% – 16.99%
  • Credit requirements: 660 minimum credit score
  • Terms: 24 to 144 months
  • Origination fee: No origination fee

If you want to borrow a large amount, LightStream is another possibility because its personal loans go up to $100,000. With excellent credit, you could qualify for an even lower interest rate through LightStream over Finance Factory. When you apply, LightStream does not charge a fee, but it will perform a hard pull your credit report, which could lower your score.


  • APR: 5.98% to 29.99%
  • Credit requirements: Minimum 640 credit score
  • Terms: 36 or 60 months
  • Origination fee: 1.00% - 6.00%

If you need money quickly, RocketLoans is a much faster alternative. It could fund loans the same day of your application. If your credit score is excellent, the rates can be as low as Finance Factory. But its personal loans only go up to $45,000.


  • APR: 6.95% – 35.89%
  • Credit requirements: Minimum 600 credit score
  • Terms: 36 or 60 months
  • Origination fee: 1.00% - 6.00%

LendingClub is another way to get multiple loan quotes through one application. After you apply, LendingClub will generate multiple offers with different loan amounts, APRs, monthly payments and terms. You can pick your favorite. LendingClub accepts borrowers with lower credit scores than Finance Factory. But its personal loans only go up to $40,000.

LendingTree is the parent company of Student Loan Hero.

Interested in a personal loan?

Here are the top personal loan lenders of 2019!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 16.990% APR (with AutoPay). Variable rates from 5.74% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.72% APR assumes current 1-month LIBOR rate of 2.49% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (

2 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

3 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 9.99% APR to a high of 35.99% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.

†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at

**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.

7 Important Disclosures for Earnest.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.

** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33

* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

5.74% – 16.99%1$5,000 - $100,000

Visit SoFi

7.54% – 35.99%$1,000 - $50,000

Visit Upstart

7.99% – 35.89%*$1,000 - $50,000

Visit Upgrade

5.99% – 24.99%2$5,000 - $35,000

Visit Payoff

5.99% – 29.99%3$7,500 - $40,000

Visit FreedomPlus

6.79% – 20.89%4$5,000 - $50,000

Visit Citizens

9.99% – 35.99%5$2,000 - $25,000

Visit LendingPoint

6.95% – 35.89%6$1,000 - $40,000

Visit LendingClub

6.99% – 18.24%7$5,000 - $75,000

Visit Earnest

9.95% – 35.99%8$2,000 - $35,000

Visit Avant

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

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