FundsJoy Review: Is Funds Joy Legit Or Cheap Bad Credit Loan Lender?
FundsJoy is a personal loan website with loans from $200 to $5000.
Designed to be quick and simple, FundsJoy lets you fill out a form in 10 minutes and receive a loan within 24 hours or one business day.
Does FundsJoy live up to its reputation? How does FundsJoy work? Keep reading to find out everything you need to know about FundsJoy in our review.
What is FundsJoy?
FundsJoy is a personal loan company available online at FundsJoy.com.
Like other personal loan websites, FundsJoy partners with a network of lenders. When you complete an application on FundsJoy.com, you get lenders competing for your business. FundsJoy displays several offers and you choose the one that best suits your needs.
You can borrow between $200 and $5,000, depending on your credit score and income.
FundsJoy is a free service. It’s free to apply for a loan through FundsJoy and connect with a lender. Although each lender charges interest rates and fees, FundsJoy itself is free to use.
How does FundsJoy work?
FundsJoy is designed to be as easy to use as possible. Here’s how it works:
Step 1) Submit a request: It takes about 10 minutes to complete the FundsJoy online application. There are no papers to fill out. Simply fill in a few details and then click “Get Started” to begin the online application.
Step 2) Check the offers: FundsJoy displays several offers based on your income and credit score. Browse offers based on interest rate, fees, and total loan cost. Then sign the agreement online and get ready to enjoy the money.
Step 3) Receive the money: Funds arrive in your account shortly after the agreement is electronically signed. Lenders use direct deposit to deposit funds into your account. Most lenders deposit funds within one business day, which is around 24 hours. Once the money is in your account, you can spend it however you want. It’s your money.
That’s it! FundsJoy has designed its lending process to be as quick, simple and transparent as possible.
FundsJoy Features and Benefits
FundsJoy emphasizes all of the following features and benefits:
Fast, reliable and transparent: FundsJoy has designed its website to be as fast, reliable and transparent as possible.
No hidden fees: FundsJoy is free for applicants and there are no hidden fees. When viewing lenders through FundsJoy, you can view each lender’s fees and interest rates to avoid any surprises. Overall, FundsJoy emphasizes maximum transparency.
Private and secure: FundsJoy wants users to submit requests without having to worry about data security threats or any other obligations.
Simple and Fast: It takes less than 10 minutes to complete the FundsJoy online form. After entering basic personal and financial information online, you submit the form and immediately view loan offers.
Available from any internet-connected device: You can access FundsJoy via phone, tablet or computer.
Asking $200 to $5,000: Whether you need a few hundred dollars or a few thousand dollars, you can get the payout you need through FundsJoy. Lenders might offer the exact amount you requested. Or, you might have different offers based on your income and credit scores.
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FundsJoy Borrowing Terms
To borrow money through FundsJoy, you must meet the following conditions:
- Legal resident of the United States
- 18 or older
- Have a stable source of income
FundsJoy’s borrowing terms are similar to those of other lenders. You must provide information such as your name, contact information, and social security number to receive a loan through FundsJoy. You must also provide proof of income, such as a payslip or other source of income. The more income you can prove, the more money you can borrow through FundsJoy.
FundsJoy Credit Score Requirements
FundsJoy and its lenders may check your credit score before providing a loan. Like other lending websites, FundsJoy makes it easy to get a loan with a good credit score rather than a bad one.
However, having a less than perfect credit score does not prevent you from getting a loan. Submit an application to determine what borrowing options are available with your credit score.
Here are the credit score levels on the FundsJoy app:
- I do not know
- Excellent (720+)
- Good (680 to 719)
- Fair (640 to 679)
- Poor (639 or less)
The higher your credit, the more loan offers you will receive at the best possible rates. However, having a low credit score (or an unknown credit score) does not prevent you from obtaining a loan. Some lenders specialize in low credit loans.
FundsJoy Income Requirements
When applying, FundsJoy asks you how much income you earn per month.
You can choose amounts such as:
- Less than $1,500
- $1,501 to $2,000
- $2,001 to $3,000
- $3,001 to $4,000
- $4,001 to $5,000
- Over $5,000
The more income you earn, the more loan offers you will receive. Like a payday lender, FundsJoy can give you a cash advance before your next paycheck.
FundsJoy asks for your employer’s phone number to verify your employment status. However, FundsJoy claims to never contact employers: it just uses this information to verify your employment.
If you receive paychecks by direct deposit, that’s a good thing for lenders. You will receive more funding offers via FundsJoy. However, you can still get paycheck loan offers via paper check and other methods.
How to deposit funds with FundsJoy
In the final stage of the application, FundsJoy asks for your routing number to identify your bank or credit union.
Your routing number is unique to your bank. You can find the routing number on any of your checks. Or, you can search for it online.
Once you have completed an application with a specific lender, that lender will ask for your account number. They use this account number to deposit money into your account.
How much does FundsJoy cost?
FundsJoy is a free service. The company does not charge users additional fees for acting as an intermediary between you and a lender.
Like other personal loan websites, FundsJoy puts lenders in competition for your business. FundsJoy takes payment from lenders for each successful applicant, but applicants pay nothing.
Each lender has their own fees, interest rates and other fees for the loan. Check the lender’s fee structure before accepting a loan.
FundsJoy Reviews: What Are Users Saying?
FundsJoy online information and average user experience is limited.
However, according to the Better Business Bureau, FundsJoy has closed 7 complaints in the past 3 years, giving the company an overall rating of F.
Some independent review websites have reviewed FundsJoy for the past 3 years, although reviews are mixed.
Overall, FundsJoy is a legit lending platform, although there are few reviews available online today.
FundsJoy provides limited information about itself online. Here’s how the company explains its business model on its “About Us” page:
“With our in-depth knowledge of the market, we can facilitate your financial recovery by finding you a reliable source of money. With minimal requirements and unparalleled speed of the entire process, you have the ability to get through tough times and move forward without a burden on your short-term shoulders.
Beyond that, we know little about FundsJoy’s location or background. However, since FundsJoy is not a lender (it is an intermediary between lenders and borrowers), this information is not necessary.
According to the Better Business Bureau, FundsJoy is based in Oakland, California.
You can contact FundsJoy via:
FundsJoy’s BBB profile was opened in September 2019 and it looks like the company was launched around the same time.
FundsJoy is an online lender that distributes loans from $200 to $5,000 to customers across the United States.
If you’re 18, have a steady job, and need some quick cash, then FundsJoy could help. The website partners with dozens of lenders to provide borrowers with multiple options for their unique needs.
To learn more about FundsJoy and how it works, or to borrow money through FundsJoy today, visit the official website at FundsJoy.com >>>
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