Credit Soup Personal Loans Review (2024)
Borrow from $100 to $35,000. Best for those who have lower credit scores and need flexibility for their loans.
CreditSoup Personal Loans Review
There are so many ways to get a loan online and most offer quick funding and other perks. So how do you know which one to work with? That’s where CreditSoup comes in - their service helps collect an assortment of lenders and puts them in touch with borrowers who want to use their service.
CreditSoup Personal Loans At a Glance:
- Loans between $100 and $35,000
- Best for those who have lower credit scores and need flexibility for their loans
- Connects borrowers with lenders in their large network
- A variety of credit scores accepted
- A variety of loan uses allowed
What is CreditSoup?
CreditSoup is a loan aggregator that connects borrowers with lenders that may be able to help them find a suitable loan. If you utilize their services to select a loan and have it financed, the loan will be administered by one of the lenders in their network rather than by CreditSoup directly. Because of their broad network of lenders, you have a higher chance of obtaining a loan that is right for you by filling out only one application.
How Does CreditSoup Work?
CreditSoup offers a broad network of lenders with a variety of loan alternatives, so no matter what your circumstance is, they will do their best to get you a loan that meets your needs. They assist you in connecting with lenders that will work with you and provide you the loan you require once you complete your online application.
What Type of Personal Loans Does Creditsoup Offer?
There are no strict constraints on how you may utilize funds provided to you through CreditSoup, so as long as you use them legally, you should be good. Personal loans from CreditSoup can be utilized for a variety of purposes, including:
- Debt consolidation
- Credit card refinancing
- Home improvements
- Moving expenses
- Special Occasions
- Unexpected expenses
- Maternity costs
- Adoption expenses
CreditSoup Pros and Cons
CreditSoup Rates and Fees
Varies depending on borrower
2 months to 3 years
$100 and $35,000
Varies; some lenders may charge origination fees, late fees, etc.
Minimum credit score required
Varies based on lender
Varies; in most cases funds will be deposited in your bank account 24 hours after approval
Who Should Use CreditSoup?
CreditSoup offers loan options for those with a lower credit score and less than perfect financial history. While the fees and terms may not be as desirable with loans you are connected with when using Creditsoup, you will have a better chance of finding a suitable option thanks to their large network of lenders.
What Are Some of the Benefits of Using CreditSoup?
A big network of lenders means more chances to qualify.
You’ll be able to apply to a variety of lenders by filling out just one application which will save you time and energy. The sheer number of lenders means that you have a better chance of finding one you’ll qualify for.
Although the precise timeline for funding may vary depending on which lender you select, you’ll likely get your funds within 24 hours of accepting an offer.
Various loan amounts available
Depending on your credit score and income, you may be able to qualify for loans between $100 and $35,000.
What Are Some of the Downsides to Using CreditSoup?
Sometimes they connect you with other companies like them rather than direct lenders.
The biggest downside to using CreditSoup is that you will have to do some of your own research before clicking on the lenders they recommend. Some of the lenders they include in their database are actually services that are similar to CreditSoup and connect you to actual lenders which can make using CreditSoup simply an extra step.
Limited reviews available.
Although CreditSoup is a trustworthy organization that connects you with reputable lenders, you may have a difficult time finding in depth reviews and customer experience stories to help you make your decision. While this doesn’t affect the quality of the service that CreditSoup offers, the inability to learn about their reputation with their customers may be a deterrent.
Origination and other fees may apply.
It’s hard to say exactly what fees might apply to your loan before you submit an application as the lenders that handle your loan will be accountable for the costs they charge. Origination costs, late fees, early payment fees, and other expenses are examples. This isn't unheard of in the loan world, but you might be able to discover lenders who don't charge fees through CreditSoup. It’s also tricky because you will not be able to know what fees may be required before you submit your initial application.
Compare best personal loans
Do I Need a Credit Check to Take Out a Loan With CreditSoup?
When you browse your loan options on CreditSoup’s website you will be able to see what the requirements are for each loan. It will clearly state what kind of credit check is needed depending on the loan you’re interested in so you will know up front if they will run a soft credit check, a hard credit check, or any credit check at all. The listing of loans will also mention which credit score is recommended for each loan. As CreditSoup is not the lender they are not the ones who will be making the final decision but they make informed recommendations so you’re prepared when you apply.
Does CreditSoup Cost Any Money?
It is completely free to use CreditSoup’s services and there are no hidden fees associated with simply using their services. However, the lender that they connect you with will likely charge some kind of fee when you sign an agreement with them. For example, you may be charged an origination fee that can range from 1% to 5% of the total loan amount. This is not required and you may find loan options that do not include this fee. You may also deal with late fees, early payoff fees, and more.
Where Does CreditSoup Operate?
CreditSoup offers personal loans and credit cards to all residents of the United States.
How Is CreditSoup’s Customer Service and Support?
CreditSoup does not provide any type of official customer support, but this should not be a problem because they will not be your lender if you accept one of the offers they provide. Instead, you'll interact directly with another lender, and you'll call their customer support lines. Most lenders provide at least a phone number, even if it is only available during specific hours, as well as an email contact service. You should always do your homework on the lender they refer you to before accepting, so you can see what kind of customer service they provide.
How to Qualify for a Personal Loan Through CreditSoup
There are not many reviews from those who have applied and the CreditSoup website itself does not share detailed information about what they review when considering an application. However, it is safe to assume that anyone who is planning on applying should have, at minimum:
- A demonstrated credit history
- No bankruptcies, at least not within the last year
- Must be 18+ or older
- Must be a resident of the United States and be able to provide a social security number
- Some kind of income - the amount and the specifics of what maybe considered income may vary depending on which lender is used
How to Apply for a CreditSoup Personal Loan
When you're ready to apply for a personal loan with CreditSoup, simply visit their website and fill out a form that provides them with all of the information they need to make their choice. Once you've completed the form, it'll be sent to lenders, who will contact you with any offers that you might be qualified for. It's difficult to determine if you'll get a fair offer before you start the application process because that process is how they determine which lenders they can match you with. They will begin the process of putting funds in your account once you accept an offer and sign the documentation, which usually takes approximately 24 hours.
Is CreditSoup Legit and Trustworthy?
Yes, CreditSoup is legitimate and trustworthy. You can use their services with confidence since it is a reputable and trustworthy firm. They also disclose their exact conditions on their website, which will tell you what they will do with your information (nothing other than utilize it to obtain you a loan) and other variables you should be aware of, such as which credit bureaus they report to and check when you apply.
Furthermore, CreditSoup uses industry-standard procedures and technologies to encrypt and protect all user information.
CreditSoup helps you see all of your options in one place. Although not quite as efficient as other similar services, CreditSoup will provide essential information about loans and about finances in general.
Borrow $100 - $35,000
APR ranges from 5.99% to 35.99%
Loan term: 2 months - 3 years
Varies, origination and late fees may apply
Varies depending on the lender you choose
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Personal Loan Types
Auto Repair Loans
Credit Card Consolidation Loans
Fast Personal Loans
Home Improvement Loans
Horse Barn Financing
Family Planning Loans
Land Purchase Financing
Manufactured Home Financing
Cosmetic & Plastic Surgery Financing
Owner Builder Construction Loans
Personal Loans for House Down Payment
Personal Loans for Self Employed
Personal Loans for Furniture Expenses
Debt Consolidation Loans
Vacation & Travel Loans
Emergency Personal Loans
Personal Loans with Co-signers
Home Improvement Financing
Bathroom Remodel Financing
Basement Remodel Financing
Boat Dock Loans
Driveway Paving Financing
Home Addition Financing
Hot Tub Financing
Home Insulation Financing
Interior & Exterior Painting Financing
Kitchen Remodel Financing
Kitchen Cabinet Financing
Pole Barn Financing
Solar Panel Financing
Swimming Pool Financing
Sunroom Addition Loans
Window Replacement Financing
Loan rate & terms disclosure: Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.
Requesting prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.