The Borrowing Club, LLC is a Florida limited liability company that offers personal and debt consolidation loans through its LoanQuo platform. They advertise their services on Loanquo.com, Myloanquo.com, and Theborrowingclub.com.
TBC is a licensed broker and/or lender in various states, including California. TBC provides research and matching services to individuals interested in obtaining a consumer loan. TBC cannot issue approvals or commitments on any lender’s behalf but can provide the necessary information for consumers to complete their loan applications.
As responsible consumers, it is important that we are critical of the companies we do business with. We carefully research each company before doing business with them. In this case, we have given Loanquo a two-star rating.
You may have received a mail offer from Loanquo recently. It probably looked something like this: CONGRATULATIONS! YOU HAVE BEEN PRE-SELECTED FOR A LOAN OF $100,000 AT AN INTEREST RATE OF 5.99%. It seemed like a great deal at first glance. However, upon closer inspection, you may realize that this deal is not as good as it seems.
If you carefully read the loan terms, you might notice some potential problems.
- Because Loanquo IS NOT A LENDER, they cannot ultimately decide whether or not you are approved for a loan.
- Interest rates will vary and are based on lender terms. Interest rates range from 5.99% – 35.36%. and an origination fee from 1.99%-5%.
- The operator of their website will share the information you provide with their participating lending partners, advertisers, networks, and other partners who may or may not lend or issue credit.
As we continued reading the small print on Loanquo’s website, we found more issues that concerned us.
- Providing your information on their website does not guarantee that you will be chosen by a lending partner or approved for a loan.
- Each lending partner is different and Loanquo has no control over the rates and fees each lending partner charges.
- Your credit rating may be impacted by a particular lending partner’s actions. If you do not pay back your loan by the specified due date, your lending partner may choose to report this delinquency to one or more of the major credit bureaus, which could negatively affect your rating.
The Florida Office of Financial Regulation has issued a license (CF9901232) to this business, with an expiration date of December 31, 2022. According to BBB records, this is the only license that the business currently holds.
What is LoanQuo?
LoanQuo was established on November 30, 2017, and acts as a lead generator company, connecting borrowers with potential financiers. Loanquo has an A+BBB rating. It has been accredited since 1/12/2022 and has been in business for 4 years. This company has 0 reviews and 0 complaints. They are located at 555 SW 12th Ave Suite 202, Pompano Beach, FL 33069 and you can contact them at (561) 922-9410.
Loanquo is not a lending partner and cannot ultimately decide whether or not you are approved for a loan. They also cannot determine or influence the amount of money you may receive from using our referral services.
The operator of this website will share the information you provide with participating lending partners, advertisers, networks, and other partners who may or may not lend or issue credit. Providing your information on this website does not guarantee that you will be chosen by a lending partner or approved for a loan.
How does LoanQuo work?
Loanquo is a free service that connects you with potential lenders. There is no cost to use Loanquo or to receive quotes from lenders. It’s possible that a lender may require a fee to process your formal loan search and/or credit report, but until you agree to pay any fees or sign any loan agreements, you can shop with Loanquo at no cost.
The companies that you might receive offers from are ones that Loanquo gets compensation from. This could affect what kind of offers you get and where/how products appear on this site (for example, in the order they appear in). Loanquo doesn’t have all of the lending partners available in the marketplace. If you’re presented with an offer, make sure to review the details before signing anything.
How does LoanQuo affect my credit score?
If you’re thinking of taking out a loan, it’s important to be aware that your credit rating may be impacted by the actions of your chosen lending partner. Some lenders in Loanquo‘s network perform credit checks with the three main reporting bureaus – TransUnion, Experian, and Equifax – as well as other sources of consumer information. If you don’t repay your loan by the specified due date, your lender may report this delinquency to one or more of the major credit bureaus, which could have a negative effect on your rating.
LoanQuo BBB Reviews
LoanQuo has been accredited by the Better Business Bureau (BBB), despite only being in business for four years. The company has an “A+ Rating” from the Better Business Bureau, but there are no reviews online for them. This makes it hard to verify if customers are satisfied with its services.
What kind of loans does LoanQuo help you find?
Loanquo is a website that offers loans for various purposes. You can consolidate your debt, get a business loan, or take out a personal loan. The site is easy to use and you can get started right away.
As it states on their website, “There is no guarantee that the information you submit will be sent to a lending partner, or that they will approve you for a loan. Not all lenders can provide up to $100,000. The loans offered by some lenders are expensive and should only be used as a last resort. If you’re having serious financial trouble, it’s best to speak with a professional credit counselor.”
Who is LoanQuo affiliated with?
Loanquo is a DBA for The Borrowing Club.
How much does LoanQuo charge?
There is absolutely no charge to you for submitting a loan request, being connected with a lending partner, or receiving loan offers or quotes. If you do receive a quote or loan offer, the lending partner will be happy to review its terms with you free of charge. However, the lending partner may require a processing fee to formalize your loan search and/or credit report, but only after you have agreed to pay the fee(s) and signed any loan agreements. Up until that point, feel free to shop around with Loanquo at no cost whatsoever.
The offers extended to you come from companies from which LoanQuo receives compensation. This compensation may impact what kind of offer you receive and where products appear on their site (including, for example, the order in which they appear). LoanQuo does not include every single lending partner available in the marketplace. Therefore, if you are presented with an offer, be sure to carefully review all of the details before signing anything.
Things to Know Before Your First Loan Application
When you’re thinking about taking out your first personal loan, it’s important to be aware of some key information. This will help you provide the necessary details to potential lenders, and also ensure that you are fully informed before making any decisions.
There are some things, like your income, that you may already know off the top of your head. However, there are other factors that you should look into before applying for a loan, such as your credit score.
Let’s take a closer look at what you need to know before applying for a personal loan and why this information is important.
1. The Importance of a Good Credit Score and Credit History
A good credit score and credit history are important factors that lenders consider when determining whether to extend a loan. A strong credit history demonstrates to lenders that you are capable of repaying your debts in a timely manner, which can result in more favorable loan terms.
Your income is a large factor in whether or not you will be able to repay a loan. To apply for a loan, you’ll need to provide proof of your income. If you’re an employee, this may include pay stubs, W-2 forms, and/or a salary letter from your employer. If you’re self-employed, you’ll likely need tax returns from the past two years as well as bank statements that show your income.
3. Money owed every month
If you’re looking to take out a loan, it’s important to know not just your income, but also your monthly debt obligations. This way, you can be sure you’ll be able to make your new loan payments.
When you apply for a loan, you’ll likely need to list current debts including rent or mortgage payments, as well as any existing credit card or other loan payments. Knowing this information in advance can help ensure that you’ll be able to successfully take out a new loan.
4. Assets and additional applicants
If you’re thinking about taking out a secured loan, there’s some additional information you’ll need to gather. With a secured loan, the asset you put up as collateral (like a car or investment account) helps guarantee the loan. This can sometimes lead to a lower interest rate, but it also means that you risk losing the asset if you can’t make your payments.
5. Contact information for your employer
When you apply for a loan, the lender may ask for your current employer’s contact information, as well as a previous employer’s if you have one. They will likely use these references to verify your income and employment dates.
So, is it a scam or legit?
As we come to the much-anticipated question, “Is LoanQuo a scam or a legitimate company?” it’s clear that loanquo.com is a legitimate lead generator company.
As we stated before, Loanquo is a DBA for The Borrowing Club. Although they don’t have any reviews on the BBB, Loanquo could be a great company to work with when it comes to comparing different lenders.
There are a lot of personal loan options out there. How do you know which one is right for you? We recommend doing your own research to find a reputable lender that offers low-interest rate loans and terms that align with your financial needs. This way, you can be sure you’re getting the best deal possible.
Although it lacks BBB reviews, the company is accredited by the Better Business Bureau and holds an A+ rating. It has been operational since 2017.
By applying for a loan through this service, your information is shared with multiple lenders, increasing your chances of loan approval and securing the most favorable interest rate. However, keep in mind that each lender has its own set of terms and conditions. Be sure to carefully review the details before committing to any loan agreement.
For those seeking a personal loan, this matching service is a viable choice. Just be certain to thoroughly comprehend the terms and conditions of any loan you’re considering before finalizing the agreement.
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