247 Lending Group

4.6

Overall Score

3 User Reviews

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Headquartered in Raleigh, North Carolina, 247 Lending Group offers personal loans to people who are in need of cash for immediate needs. The company was founded in 2002 and prides itself in approving loans quickly and for customers of all credit types. Customers love the easy application process and the prompt attention and response they receive from company representatives. Another unique feature is that a loan inquiry to 247 Lending Group with not have a negative impact on the prospective customer's credit.

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#7 247 Lending Group Logo 247 Lending Group

4.6

Overall
Score

3 User Reviews

The Good

247 Lending Group has several appealing features as a lender that would make the company a good option if you have financial needs. Some of these positive aspects include the following:

  • Potentially Lower Rates
  • Flexible Loan Amounts and Terms
  • No Fees or Up-Front Money Required
  • Good Customer Service

Potentially Lower Rates: 247 Lending Group is not a Payday lender. This isn't one of those places that hits you with an astoundingly high interest rate that will cripple you for life. In fact, if you have good credit, you will find yourself paying back your personal loan at as little as 5.99 percent.

Flexible Loan Amounts and Terms: Everyone has unique needs, and 247 Lending Group can accommodate your specific situation. The lender will grant you personal loans up to $35,000 at repayment terms between one and six years. How much you can borrow and at what terms depends on your credit. In examining the company, we like the fact 247 Lending Group is willing and able to reach out to all types of borrowers. Retired persons and those who are self-employed are encouraged to apply for loans if needed. We also like that the lender will permit co-signers to help customers with poor credit secure loans. The lender recognizes that obtaining a personal loan is a good way for first-time borrowers to begin building a credit history and to prepare for future borrowing.

No fees or Up-Front Money Required: Be wary of lenders who charge additional fees or ask for money up front. 247 Lending Group won't do this. You don't have to pay a dime to apply or to run your application.

Good Customer Service: Customers are pleased with the rapid response they get form customer service and the ease of application. Customers can even go online to check the status of their application, so if there's a hold-up of some kind, they can be aware of the delay. Also, customers appreciate that the company stands by what it says and doesn't lull you away with false promises or shady business. This is a company that customers trust.

The Bad

247 Lending Group does have some features to be cautious about and lacks some qualities you would want in a lender. Here are a few:

  • Not Accredited
  • Poor Credit = High Rates
  • Often Criticized Industry

Poor Credit = High Rates: This isn't unique to 247 Lending Group; poor credit will always result in higher interest rates, regardless of the type of loan you are trying to secure. Be careful, though, and realize that 247 Lending Group's personal loan rates could soar into the 30 percent range if you have faltering credit.

Often Criticized Industry: This is not necessarily a fault of 247 Lending Group, but the lender does operate in a space frequently occupied by unscrupulous businesses. Be cautions before signing any contracts and be sure you understand everything you are signing up for.

The Bottom Line

247 Lending is perfect for the customer who has good credit and is looking for a personal loan they know they can pay back with a few years. If you have poor credit and would struggle to repay the loan within five or six years, 247 Lending Group is not for you.