The Loan Exchange Review 2020 January | Credit Raters
Last updated: 25th Jan 2021

The Loan Exchange Review

Based in Orange County, California, The Loan Exchange is an online lending marketplace that partners with a network of lenders to offer personalized loan products. What makes this lender worthwhile is that all its loan rates and terms are transparent. You won’t have to worry about any hidden or surprise fees.

Again, you can acquire personal and home loans ranging from $2,600 all the way to $100,000. So if your borrowing needs are large, you may want to consider using this platform for your financial needs. Furthermore, you are not limited to how you use the funds. Want to pay for college fee, medical insurance, or electricity bills, it’s all up to you.

Before signing up for a loan through The Loan Exchange, here is an in-depth review of everything you should know about its services.


Compared to most online lenders that offer personal loans, the Loan Exchange loans are reasonably priced, especially bearing in mind that the loans are unsecured. Here are the loan term estimates;

  • Loan amounts – $2,600 to $100,000
  • APRs – starting from 13.33%
  • Loan term – 47 months to 180 months
  • Monthly payments – 80.14 to $1,068.50
  • Prepayment fee – None

You should note that this is just but an estimate of what you can expect. The exact costs for your loan will depend on a few factors. For instance, on its website, The Loan Exchange states that the highest loan amounts and lowest rates are reserved for those customers with excellent credit.

Other factors that may impact your rates include your residential state, income, and credit history. Additional fees such as late repayment fees, may apply. All the terms will be displayed on the loan contract in case you proceed to apply.

Key features

While we can’t exhaust everything about the Loan Exchange personal loans, here are some of the upsides and downsides of using its services.

One outstanding feature with Loan Exchange is that you can qualify for loan amounts of up to $100,000 within as little as 5 minutes. Once your loan is approved, your funds are deposited into your bank account within 2 hours.

So if you have a large medical emergency that can’t wait until tomorrow, then this is the most convenient place to find answers for your financial troubles. The rates and repayment terms are also very friendly, starting from as low as 13.33%.

Again, you have access to multiple lenders all at the place. This means that you have plenty of loans offers to compare and choose from. While your credit will be checked to determine the loan offers you qualify for, there’s nothing to worry about – it doesn’t affect your credit rating.

As for the requirements, they are quite reasonable – nothing too strict. You just need to have a credit score of 500+, have an active 90 days old bank account, be a US citizen or permanent resident, and live in the eligible states. However, even if you meet these minimum requirements, there is no guarantee that you’ll be approved.

Furthermore, to qualify for a loan, you don’t need to provide any collateral. In fact, everything is completed online. While you don’t have to put your car in the line for the loan, remember that you’ll be charged penalties fees for late repayments. As well, defaulting your loan may attract legal action, which may cost you more.

The major downside with this lender is that its loan products are not available in all states. If you don’t live in one of the eligible states listed below, then you may have to consider other lenders.


  • Fast funding
  • Favorable rates and repayment terms
  • Quick application process
  • Large loan amounts
  • You can check your credit without hurting your score
  • Minimum requirements


  • A minimum credit score of 500
  • High rates for individuals with excellent credit profiles


When will I repay the loan?

On its website, The Loan Exchange states that the loan time ranges from 47 months to 180 months. You can expect to pay monthly installments of between $80.14 and 1,068.50. The exact terms that you’ll be offered will depend on the loan amount that you’ll qualify for.

Is The Loan Exchange a third-party?

No, however, it partners with multiple lenders to offer affordable loan products to borrowers.

Can I get a car refinancing loan?

No, The Loan Exchange only provides home and personal loan options.

What is the perfect time to contact The Loan Exchange?

The best time to call is on weekdays, on normal working hours- from 8 a.m. to 5 p.m. PT. You can also email them anytime.

Eligibility Criteria

To qualify for a loan, you must meet specific minimum requirements;

  • Be 18 years or older
  • Have a minimum credit score of 500
  • Have an active bank account – 3 months+ older
  • Live in the eligible states

State Availability

The Loan Exchange loan services are available in all US states.

Customer Support

In case of any questions about The Loan Exchange loan products, call the customer support team at 844-956-2639 or send an email to You can also reach them at @TheLoanExchange on Facebook and Twitter.

Application Process

Applying for a loan with The Loan Exchange is simple and straightforward. Follow these steps;

Step 1 – Visit the Loan Exchange website and click Get Started

Step 2 – Enter your First & Last name, email address, phone number, and state of residence to see the loan offer you qualify for.

Step 3 – Read and agree to the Contact Disclosure. Click Next.

Step 4 – Review the loan offers that you qualify for and then continue with the application.

Step 5 – Enter all the required information including;

  • Your address
  • Preferred loan amount
  • Loan purpose
  • Social Security Number
  • Date of birth

Once you fill out all the required information, submit the application. Wait for a response. But you may be requested to provide a few supporting documents for verification before you can be approved for a loan.

Once approved, funding can take place on the same day or the next business day. Funding depends on your loan type and lender processing your loan.


Does The Loan Exchange look like a good option for your financial needs? If so, then you ahead and apply. However, don’t let the high loan amount limits and friendly terms blind you to making unwise financial decisions. Borrow wisely!

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