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LAST UPDATED: March 19th, 2021

Ledge is a personal loans website that allows consumers to obtain installment loans from people within their social networks. Similar to how crowdfunding websites work, the lenders are able to loan whatever portion of the loan they are comfortable with and receive all of the interest associated with the portion of the loan they fund. The lenders and borrowers work directly with each other to determine an agreeable interest rate and loan amount allowing consumers to borrow at much lower rates than they may be able to find through competing personal loans companies. Ledge has created a unique way for consumers to obtain a loan with flexible terms.

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The Good

  • Flexible Loan Terms 
  • No Hidden Fees
  • No Minimum Credit Score
  • Available in all 50 States

Flexible Loan Terms

Ledge works by allowing consumers to create a campaign with the purpose of obtaining a loan from friends, family, and others through their social network. This allows borrowers to work directly with lenders. Together, borrowers and lenders set the loan terms including loan amount, interest rate, and the loan term length. Ledge does restrict the maximum amount of interest that can be applied to a loan due to laws that vary by state. Even with this restriction, the ability to personalize loan terms makes Ledge an appealing option for those seeking small loans.

No Hidden Fees

Consumers who use Ledge will love the fact that they will not be charged additional or hidden fees when using this platform. Borrowers will never be charged a fee for early repayment. There are also no origination fees because borrowers and lenders work together to choose the loan terms that work best for both parties.

No Minimum Credit Score

There is no minimum credit score required in order to use Ledge services. Ledge simply helps consumers appeal to individuals in their social network who can choose to help to provide funding towards the total loan or not.

Available in All 50 States

The ledge is available to consumers across all 50 states in the U.S. All that is required for consumers to utilize Ledge services is a social network and to download the Ledge app.

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The Bad

  • Undisclosed Maximum Loan Amount
  • Desired Loan Amount Must Be Reached to Receive Funds
  • Must Appeal to People You Know to Receive Funds

Undisclosed Maximum Loan Amount

The highest maximum loan amount consumers are able to campaign for is undisclosed. While an undisclosed loan amount may work well for some, it may not be the best option for those seeking a loan to fund expenses which will require a higher loan amount and more transparency.

Desired Loan Amount Must Be Reached to Receive Funds

Consumers who utilize Ledge services must be able to obtain the full loan amount desired from lenders before funds can be distributed. This may be frustrating to consumers who do not want the stress of waiting to achieve the full loan amount to receive any funds at all.

Must Appeal to People You Know to Receive Funds

In order to obtain a personal loan through Ledge services, consumers must appeal primarily to friends and family to help fund their loan. This may be awkward for some individuals who do not want to work with friends and family to obtain funding. 

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The Bottom Line

While some consumers may not wish to appeal to friends and family to obtain a loan, Ledge offers consumers a unique way to obtain small loans. Consumers who are searching for a small loan with terms they can customize for their unique situation will benefit from the Ledge platform. We recommend Ledge as a great resource for consumers seeking small loan amounts to be paid back on their own terms. 

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