If you’re in need of financial assistance, you might have come across Brookwood Loans during your search for a lender. The company offers unsecured loans to customers with fair-to-good credit and stable income. However, with so many lenders out there, it’s important to compare options and make an informed decision. In this blog post, we’ll take an in-depth look at Brookwood Loans to help you decide if it’s the right lender for you.
- BBB A+ Rating & Accredited
- $500 Million Debt Resolved
- $7,500 Minimum Debt
About Brookwood Loans
Brookwood Loans has been in business for several years and is licensed and regulated as required by law. The company offers internet-based loans to residents of Alabama, Georgia, Missouri, New Mexico, South Carolina, Texas, Utah, Virginia, and Wisconsin. They advertise their services at brookwoodloans.com and have multiple locations. You can reach them via phone by calling (800) 324-4061.
Brookwood offers unsecured loans of up to $3500 in most states. The APRs for these loans range between 59% and 116%. The terms for the loans go up to 36 months, and payments are withdrawn automatically from the customer’s checking account monthly on their due date.
It’s important to note that Brookwood does not offer loans in several states, including Alaska, Arizona, California, Colorado, Connecticut, Delaware, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Vermont, Washington, West Virginia, Wyoming, and Puerto Rico.
How Does Brookwood Loans Work?
Brookwood Personal Loans offers easy and convenient consumer loans with monthly payments spread out over 36 months – similar to a car payment. Once a customer signs their loan agreement, the first payment is due one month later, and subsequent payments are due on the same day each month. There are no hidden fees or “Balloon Payments.”
To apply, customers must complete an online application and fax a copy of their driver’s license and a voided check. They’ll then have the opportunity to review the payment terms and decide whether to accept or reject the loan offer. Once they accept the offer, they can complete the loan agreement electronically.
Customers can expect to receive their loan funds within one business day, provided they complete the agreement process online before 1:00 PM Eastern Time. Otherwise, they’ll receive the funds on the next business day.
How to Qualify for Brookwood Loans?
To qualify for a loan from Brookwood, customers must be at least 18 years old and have a valid Social Security Number. Additionally, they must have a checking account with a US bank in their state of residence. Brookwood Loans is currently accepting applications from residents of Alabama, Georgia, Missouri, New Mexico, South Carolina, Texas, Utah, Virginia, and Wisconsin.
Customers will need to provide the following documents to get a loan from Brookwood Loans:
- A copy of their driver’s license
- A voided check from an active checking account
- A copy of the most recent bank statement
- Certain tax documents
Brookwood Loans BBB Reviews
Brookwood is not accredited by the Better Business Bureau (BBB), but they do have an A+ rating from the BBB. They have only one complaint closed in the last 3 years, but no reviews.
How do Brookwood Loans determine loan eligibility?
Brookwood considers several factors when determining loan eligibility, including credit history, income, employment status, and other financial obligations. They also check to ensure that applicants have a valid checking account with a US bank in their state of residence. Applicants must be at least 18 years old and have a valid Social Security number.
How does Brookwood calculate interest rates?
Brookwood Loans calculates interest rates based on several factors, including credit history, income, loan amount, and the length of the loan term. The APRs for loans from Brookwood Loans range between 59% and 116%. Customers should review the loan agreement carefully to understand the interest rate and repayment terms.
Can I get a loan from Brookwood Loans if I have bad credit?
Brookwood is designed for people with fair-to-good credit and a stable income. While they do not require perfect credit, they may not be the best option for people with poor credit. Customers with bad credit may need to look for lenders that specialize in bad credit loans or consider alternative lending options.
How long does it take to get approved for a loan from Brookwood Loans?
Customers can complete the loan application process online in a matter of minutes. Once they submit their application, Brookwood typically processes the loan request within one business day. Customers should be prepared to fax in a copy of their driver’s license and a voided check to complete the application process.
How are loan funds disbursed from Brookwood Loans?
Loan funds are deposited directly into the customer’s checking account. Customers can expect to receive their loan funds within one business day, provided they complete the agreement process online before 1:00 PM Eastern Time. Otherwise, they’ll receive the funds on the next business day.
What happens if I can’t make a payment on my Brookwood Loans account?
Customers should contact Brookwood Loans as soon as possible if they are unable to make a payment. Depending on the circumstances, they may be able to offer payment arrangements or other options to help customers avoid defaulting on their loans. Customers who default on their loans may face additional fees and penalties and may also experience damage to their credit scores.
What fees do Brookwood Loans charge?
Brookwood does not charge application fees or prepayment penalties. However, customers who miss a payment may face additional fees and penalties. Customers should review the loan agreement carefully to understand all fees and penalties associated with their loan.
What is the customer service experience like with Brookwood Loans?
While Brookwood Loans has an A+ rating from the Better Business Bureau, its online reviews are mostly negative. Many customers have reported issues with customer service, including difficulty reaching customer service representatives and unhelpful responses to inquiries. Customers should be aware of these issues when considering a loan.
Brookwood Loans takes customer privacy and security seriously, and works to ensure that all customer information is accurate and up-to-date. They report loan payments to credit bureaus, which can help customers build or improve their credit scores. In the event that a customer discovers a fraudulent account on their credit report or suspects identity theft, Brookwood Loans has a dispute process in place.
Customers can contact their customer service department at 3440 Preston Ridge Rd, Alpharetta, GA 30005 or the relevant licensing department to report any accounts disputed due to fraudulent information or identity theft. Brookwood Loans also works with data furnishers pursuant to legal rights enacted by federal and state laws to ensure that any disputed information is investigated and resolved promptly.
Customers in the following states have legal rights to dispute inaccurate information on their credit reports: Colorado, Maine, Massachusetts, New Jersey, and Vermont. Customers should review their credit reports regularly to ensure that their data is accurate, and contact Brookwood Loans immediately if they suspect any fraudulent transactions or accounts.
What happens if I change my mind after accepting a loan offer from Brookwood Loans?
Customers who change their minds after accepting a loan offer from Brookwood Loans have three days to cancel the loan without penalty. Customers should contact Brookwood Loans as soon as possible if they wish to cancel their loan.
Do Brookwood Loans offer any other financial products besides personal loans?
No, Brookwood specializes in personal loans only. They do not offer other financial products, such as credit cards or lines of credit. Customers who need these types of products may need to look for alternative lenders or financial institutions.
Brookwood Loans FAQs
How much do Brookwood Loans charge?
Brookwood Loans offers loans with APRs ranging from 59% to 116%. Customers can check their rates on the Brookwood Loans website before accepting a loan offer.
Are there any pre-payment penalties?
No, there are no prepayment fees with a personal loan from Brookwood Loans. Customers can save on interest by paying the loan early, and there are no application fees.
How do Brookwood Loans affect your credit?
When you apply for a loan, lenders like Brookwood Loans will often do a soft credit pull to give you an idea of the interest rates and loan terms you may qualify for. This doesn’t affect your credit score. However, once you decide to proceed with the loan application, they’ll need to do a hard credit inquiry to get a full view of your credit history and offer you final rates. These hard inquiries are common when applying for loans and can lower your credit score and affect your credit.
How to cancel Brookwood Loans?
Applying for a personal loan should not be taken lightly. Once you’ve been approved and the funds have reached your bank account, you will not be able to cancel or reverse the transaction. Therefore, make sure you are confident in your decision before proceeding with an application.
Are Brookwood Loans Legit or a Scam?
Brookwood Loans has been providing consumers with financial assistance for many years. They offer a variety of personal loans for different purposes and have an excellent rating with the Better Business Bureau. However, the company is not accredited by the BBB. They have only one complaint on record but no reviews. The majority of online reviews are negative.
Before taking out a loan, it’s crucial to compare rates and terms from different lenders. Additionally, be sure to read customer reviews so that you have a better understanding of the lender you are considering.
Conclusion
In conclusion, Brookwood Loans is a legitimate lender that offers unsecured loans to customers with fair-to-good credit and stable income. They are licensed and regulated as required by law and have an A+ rating from the Better Business Bureau. However, they are not accredited by the BBB, and their online reviews are mostly negative.
If you’re considering Brookwood Loans for a personal loan, it’s important to compare their rates and terms with those of other lenders. Additionally, read customer reviews to get a better understanding of their customer service and loan experience. As with any loan, make sure you’re confident in your decision before proceeding with an application. By taking these steps, you can make an informed decision and find the right lender for your needs.
Brookwood Loans
Brookwood Loans Review
In conclusion, Brookwood Loans is a legitimate lender that offers unsecured loans to customers with fair-to-good credit and stable income. They are licensed and regulated as required by law and have an A+ rating from the Better Business Bureau. However, they are not accredited by the BBB, and their online reviews are mostly negative.
