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AmOne In-Depth Review
In a nutshell: AmOne’s matching algorithm and machine learning help borrowers get matched with the best available loan provider or financial product that meets their personal financial needs.
AmOne In-Depth Review
In a nutshell: AmOne’s matching algorithm and machine learning help borrowers get matched with the best available loan provider or financial product that meets their personal financial needs.
AmOne In-Depth Review

Overview

Established in 2005, AmOne works with a community of respected lenders, helping borrowers secure personal loans with flexible rates and terms. Whether looking to pay for a dream vacation or in need of some extra cash to pay for a new car, AmOne has an easy four-step online application process for personal loans.

While not a direct loan provider itself, AmOne connects prospective borrowers with a network of banks and financial institutions. After submitting an application, customers can shop through a list of offers and choose the most suitable personal loan. AmOne has a fast turnaround, and applicants can expect to receive their funds as quickly as a day after accepting the loan.

Requirements

During the application process, AmOne will request some personal and financial information. Applicants will need to provide their employment status, annual income, contact information, and address in order to receive pre-approval.

AmOne requires applicants to be a US citizen or have legal permanent residency, be 18 years or older, have a bank account, and earn a steady source of income. AmOne will also consider the credit score of the applicant, and those with higher scores will qualify for better rates.

Loan Process

AmOne makes it easy to apply for a personal loan. Those interested can start by visiting the website where they can fill out a simple form. Next, AmOne will assess the application before matching it with their lending partners.

Applicants then receive a list of offers which they can shop through for the optimal rates and terms. With AmOne, borrowers can gain access to their funds extremely quickly in as little as one day after choosing their loan.

Loan Terms

AmOne doesn’t serve as a lender, but instead, connects applicants with their network of banks and financial institutions. This gives borrowers different options. Because AmOne doesn’t supply loans directly, applicants will have the ability to shop for rates and terms from different lenders.

Not all lenders have the same terms and rates, and borrowers will have the opportunity to choose the ideal repayment terms and rates from a list of offers. With AmOne, applicants can receive a loan between $1,000 to $50,000. Repayment terms range between 24 to 84 months. APR rates depend on the credit score and bank history of the borrower, but AmOne personal loans have APRs between 6.40% to 35.99%.

Customer Support

Customers can easily get in touch with AmOne's personal loan services. Their website has a support ticket to fill in and you can also get in touch by email. Unfortunately, AmOne doesn’t have a live chat or phone number to reach them.

Aside from the contact details, AmOne’s website lacks a lot of detailed information compared to other personal lending services. You won’t find any representative examples of loans and rates. In addition, their website doesn’t have much in terms of online resources to help guide borrowers through the loan process. That being said, their site does have a fairly straightforward setup for those looking to secure a loan.

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Pros
  • Large network of loan providers
  • Flexible rates and terms
  • Easy online application
Cons
  • Not a direct lender
  • Limited contact information
AmOne at a Glance
6.2 Editorial Score
Credit impact
6.0
Uses a soft credit check initially and only conducts a hard check upon final approval of the loan
Funding speed
7.0
Quick funding process, usually within one to two days after approval
Loan flexiblity
5.0
They allow for modifications such as payment deferrals and changes to repayment terms
Borrower rewards
5.0
Basic borrower benefits such as autopay discounts
Loan amounts
8.0
Provides maximum loan limits that are sufficient for substantial expenses
FAQs About Personal Loans
Before taking a personal loan be sure you familiarize yourself with all the terms and conditions associated with the loan. To help you get started, we've compiled some of the most frequently asked questions about personal loans below.
What is a personal loan?
Personal loans are loans taken from a lender and paid back by the borrower in fixed monthly installments. These loans can be taken for a wider variety of reasons ranging from home improvement to financing large purchases. Unlike mortgage loans or some types of business loans, personal loans are almost always unsecured, meaning they aren't backed by any collateral.
Can I take a personal loan online?
Absolutely! By using an online personal loan service you save yourself the trouble of arranging meetings with banks and/or credit unions and you can easily compare offers while sitting at home. Furthermore, many online personal loan lenders offer better rates than banks and provide more flexible terms ranging from 61 days up to 180 months. These online personal loan services often function as a middleman between the borrower and the lender. The loan service will connect you with a lender who will make a loan offer specifying the APR and loan terms.
What do I need in order to apply for a personal loan?
Applying for a personal loan is much easier than you might've thought. Many online applications take only a few minutes to complete and don't require many personal details. Usually, loan applications simply require details such as name, address, and contact information, plus some basic questions concerning your financial history, credit score, and income.
What is APR*?
APR stands for annual percentage rate and refers to the annual interest rate charged for your personal loan. Actual APR numbers vary but will always cap at 35.99%. Typically, online lenders will offer an APR somewhere between 5% and 30%. The APR of your loan will depend on various factors such as credit score, income, and financial history. *APR rates mentioned include associated fees.
How long do I have to repay the loan?
Much like APR, the term or length of your loan will depend on a variety of factors. Repayment periods can range from 61 days to 180 months. One of the great things about online personal loan services is they allow you to compare loan terms meaning you can choose a repayment period that best suits your financial goals.
Representative Example
Assuming a loan of $5,000 over 36 months at a fixed rate of 10.5% per annum and fees of $60.00.
This would result in a representative rate of 11.3% APR, with monthly repayments of $162.51, for a total amount paid of $5,910.44.
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