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Gravity Lending

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LAST UPDATED: February 16th, 2022

Gravity Lending is an online loan marketplace that matches customers to loans that complement their financial situation. The company specializes in automobile financing and refinancing, personal loans, and tax liens. As a fintech company, Gravity Lending can provide fast service. The best part? The company’s online service is completely free.

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The Good

  • Easy Online Savings Calculations
  • Varying Rates and Terms
  • Positive Reviews
  • No Extra Fees

Easy Online Savings Calculations

Gravity Lending helps potential customers easily calculate potential savings with the company. The simple form on the company’s website has the customer enter vehicle information and current monthly payments for the car. From there, Gravity Lending will calculate how much you can save by refinancing your auto loan with the company. 

Varying Rates and Terms

Gravity Lending provides a variety of rates and terms, depending on what customers need. If customers need a lower monthly payment, Gravity Lending will extend the term of the loan or lower the interest rate. To obtain a lower interest rate, Gravity Lending helps its customers refinance the loan to a shorter term. 

To save money, some circumstances require a longer loan term while others require a shorter loan term. Gravity Lending can also provide these options, inasmuch as they are beneficial for the customer and help save money. 

Positive Reviews

The company has over 1,500 Google reviews from its customers. Many of these are positive and recent. The number of positive reviews far outweighs the handful of negative reviews.

No Extra Fees

Gravity Lending is a free service. The company works with many different lenders to provide its customers with refinancing loans. While Gravity Lending does not charge for this, the lender may have fees you have to pay when you take out a loan. Potential customers should take this into consideration as they enter the approval process.

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The Bad

  • Lower Savings Than Advertised
  • Credit Checks

Lower Savings Than Advertised

In the company’s reviews, a common complaint among customers is that the savings were not that significant. Many customers were intrigued by the advertising of Gravity Lending, but when they were actually given a quote for refinancing, the savings were much lower than anticipated. 

Credit Checks

In order to qualify customers for refinancing, Gravity Lending performs credit checks on the potential customer. However, it is a bit unclear whether these are hard credit checks or soft credit checks. Some reviewers indicated that hard credit was pulled, but the company’s response was always that Gravity Lending only does soft credit checks. Nevertheless, there were several reviews that indicated that hard credit pulls were done. 

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The Bottom Line

Overall, Gravity Lending has a strong reputation. Even though the company may have some misleading advertising, its customers are often satisfied with the savings they receive and the service provided to them. The savings a customer can obtain on a loan are less about the company itself and more about the borrower and vehicle qualifications. When using Gravity Lending, we recommend that you research the lender that the company matches you up with, to ensure that the lender is reputable and you won’t be hit by any hidden fees. 

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