Quicken Loans Review

QuickenLoans Visit Site

Overview

Quicken Loans is the trading name of LMB Mortgage Services, Inc. Founded in 2016, it operates an online marketplace that allows consumers from all across the US to shop for and compare a wide range of financial products, including credit cards, insurance, and personal loans.

The company is not a direct lender and therefore doesn’t originate its own loans. However, through connections with a large network of providers—which includes popular names like Credible, Next Day Personal Loan, and Sofi—it offers an extensive selection of personal loan options to suit different financial needs.

Suitable For?

Quicken Loans is best for borrowers seeking a personal loan at favorable terms but who don’t have the time or inclination to research the available options in the market themselves.

Instead, the company does all this hard work for you. After you complete a brief questionnaire, Quicken Loans will generate options that match your needs and circumstances.

Loan Features

Quicken Loans can help you access loans for various uses, including home improvement, personal emergencies, and paying off debt. Connecting with the lenders in Quicken Loans' network, and receiving loan offers from them, won’t hurt your credit score since the company only does a soft search on your credit profile.

Highlights for Quicken Loans

• Loan options from providers for a variety of purposes
• Works with reputable lenders
• Getting offers has no impact on credit score
• $0 to use
• Loans of up to $100,000

Application Process

Shopping and comparing personal loans on the Quicken Loans platform is quite straightforward. You start by completing a short online quiz to provide details like the purpose of the loan and when you need it, as well as your zip code, credit score, and employment status. This only takes three to five minutes. 

Quicken Loans will use this information to match you with lenders it believes are a great fit. If you see an option you like, you can apply directly on the lender’s website. 

Although getting matched doesn’t affect your credit score, note that after you submit a formal loan application, the lender will conduct a hard search on your credit profile, which might temporarily lower your credit score.

Requirements

The eligibility criteria vary by lender. But typically, most lenders require you to:

• Be at least 18 years old
• Be a citizen or resident of the US
• Live in a supported state (some lenders might not offer services in every state)
• Have a verifiable income source
• Have a valid phone number, email address, and bank account

Loan Terms

Loan terms depend on the provider you choose to work with. Some lenders on the Quicken Loans network offer loan amounts as low as $100 and as high as $100,000. The maximum annual percentage rate (APR) is 35.99%, but you could also pay as little as 5.40%. The actual rate depends on your credit profile, loan amount, and loan term. 

Repayment Terms

Quicken Loan’s partners offer repayment terms of 61 days to 180 months.  While it’s tempting to go for the longest repayment schedule possible, keep in mind that this generally means more total interest paid over the life of the loan. Some lenders allow you to pay off your loan early, but check whether there are any prepayment penalties before you do so.

Privacy and Security

The Quicken Loans’ website is Secure Sockets Layer (SSL)-encrypted. This ensures that any information exchanged between you and the company over the Internet is secure.

The company also has a detailed privacy policy on its website that outlines how it stores, protects, and uses any data you provide.

Help and Support

Quicken Loans offers customer support via email at customercare@quickencompare.com. Response times might vary depending on the availability of customer service agents. 

Its website features a comprehensive FAQ section about personal loans and a learning center with plenty of informative articles on various personal finance topics, including borrowing.

How Quicken Loans Compare

Quicken Loans APRs compare favorably with those of AmONE and LendingTree. For all three platforms, the maximum APR is 35.99%. However, you can borrow substantially more money (up to $100,000) through Quicken Loans and AmONE than Lending Tree, which only offers a maximum of $50,000.

Quicken Loans also triumphs when it comes to repayment flexibility, with some of its partners allowing borrowers up to 180 months to repay their loans. Lending Tree has a maximum payback period of 144 months, while AmONE's upper limit is substantially lower at 84 months.

Summary

Quicken Loans offers an easy way to shop for and compare personal loans. You only need to complete a brief questionnaire explaining your needs and financial situation. Quicken Loans will then quickly find you suitable offers from its network of providers. The platform costs $0 to use, and getting options from lenders won’t affect your credit score.   

FAQs

What credit score do you need to get a loan via Quicken Loans?

Quicken Loans doesn’t specify a minimum credit score requirement. This is quite common with personal loan marketplaces—many work with a diverse range of lenders, some of whom are willing to advance loans to people with low credit scores or no credit histories at all.

How much does Quicken Loans cost?

There are no costs to access and compare loan options through Quicken Loans. However, some lenders might charge a loan origination fee once they process and approve your loan application.

Is the Quicken Loans legit?

Yes. Quicken Loans operates with full transparency, connecting users with verified lenders and providing accurate information to facilitate informed decision-making.

Physical Address

12181 Bluff Creek Dr Ste

 250 Playa Vista, CA, 90094-3236 

United States

Methodology

This review was created with information from the Quicken Loans’ website.