Oracle Loans, an online lending company that started in 2014, has dedicated itself to providing loans with as much flexibility as possible. They maintain that their goal is to approve loans quickly, focus on small business owners, and foster a trusting relationship throughout the loan process. Consumers that choose Oracle Loans should remember that they must have a credit score of 550 or higher.

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The Good

  • Flexibility  
  • Short-Term Loans

Flexibility

Oracle Loans lives up to their goal to provide a customer-oriented experience with as much flexibility as possible (at least with the approval process). The lowest APR they offer is 5.49 percent, which is relatively good when compared to most lending companies and banks. 

They also operate in all 50 states, can get your loan to you within three days after approval, and have a max loan policy of $5 million. 

Short-Term Loans

For businesses that cannot offer collateral, Oracle Loans’ Unsecured Business Loans offer extremely flexible short-term loans with terms ranging from 3 months to 10 years. There are various payment options, with possible loan amounts ranging from $15,000 to $750,000. For secured business loans, up to $20 million in funding is available.

The Bad

  • Lack of Transparency
  • Inexperienced 

Lack of Transparency

One of the major pitfalls of many lending companies is withholding information about fees and penalties. As it is, Oracle loans does not provide information regarding a possible origination fee. 

Their “FAQs” link has no destination site, so either they are never asked questions or they don’t have any answers for the questions they receive. Either way, it would be nice to find some information regarding their policies. Similarly, they have no “About Us” section or “Careers” option on their website. For a company that should be fostering a trusting relationship with potential clients, transparency is vital.

Inexperienced

When it comes to loan and lending companies, experience is one of the most vital elements. Oracle Loans started in 2014, so they cannot boast a long history of experience. Potential clients must rely on the few customer “success stories” that are displayed on the Oracle Loans website.

The Bottom Line

In the online lending industry, quick loan options are a must and Oracle Loans does deliver on this front. They offer flexible options for small business loans and have catered their lending process for those who need quick cash. Although, their lack of transparency regarding fees does raise a red flag. Taking their lack of experience into account, we cannot recommend that you decide on Oracle Loans as a first choice. Take a look at your other lending options and compare those options to Oracle Loans in order to choose the best company for you.

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Mark

July 24th, 2019 Cary, NC

When first reaching out to them, they will not provide any general information on their programs and you must have a scheduled call with their loan representative. I've had two meetings scheduled and they have neglected to show up to the meeting. Keep in mind, that they sent me a confirmation email one hour prior, reminding me of the appointment. Subsequent calls and emails to Oracle complaining of missed appointments has not resulted in a confirmed meeting. I've given up on this company.

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