Have you seen ads for Symple Lending and wondered if their loans are right for you? With so many lending options out there, it can be hard to choose. That’s where Symple Lending Reviews come in handy.
Online lenders like Symple Lending promise fast approvals and great rates. But are they truly delivering on that promise?
In this blog post, we’ll give you the full lowdown on Symple Lending. You’ll learn about their loan products, rates, eligibility requirements, application process, customer service, and more. We’ve dug into first-hand Symple Lending reviews from actual borrowers too.
Whether you’re considering a personal loan, auto loan, or mortgage, this info will help you decide if Symple is a good match. Let’s dive in!
Overview of Symple Lending
Symple Lending first opened its doors in 2008 in Wilmington, Delaware. They provide online loans directly to consumers across most of the United States.
Loans offered by Symple include:
- Personal loans up to $40,000
- Auto loans for new and used vehicles
- Mortgages and refinancing (not available in all states)
Some key features of Symple Lending:
- Easy 5-minute online application
- Fast loan decision and funding, often within 1 business day
- No prepayment penalties
- U.S.-based customer service
Symple Lending states their rates are competitive, though not always the absolute lowest. They focus on balancing rates with great service.
Benefits of Using Symple Lending
Based on multiple Symple Lending reviews, here are some of the biggest benefits borrowers highlight:
1. Quick Application and Funding Process
Many reviewers love how fast Symple Lending moves. You can apply entirely online in under 5 minutes. They use data-driven algorithms to give you an instant initial decision.
If approved, you can have funds deposited in your account within 1 business day in most cases. For those who need financing quick, Symple delivers.
2. Affordable Loan Terms and Amounts
Symple offers personalized loan amounts and terms. While they have minimum credit requirements, one borrower said:
“Symple worked with me to find affordable payments even though my credit wasn’t perfect.”
Reviewers also praised the lack of prepayment penalties. You can pay off your Symple loan early with no extra fees.
3. Strong Customer Service
Multiple reviews mention exceptional service from Symple’s loan officers and support staff. They have US-based reps available by phone, email, or chat. One happy customer said:
“I was so impressed with their service. They explained everything clearly and answered all my questions.”
This level of helpful support makes the lending process smooth and stress-free.
Drawbacks to Consider
Symple Lending gets high marks overall, but a few borrowers have identified drawbacks to be aware of:
1. Minimum credit scores
You’ll likely need a FICO score of at least 620 to be approved. Those with lower scores may not qualify.
2. Availability in all states
Symple cannot offer mortgages in NY, NJ, CT, MD or a few other states. Check if they operate in your location first.
3. No Physical Branch
As an online lender, Symple does not have physical bank branches. You’ll need to manage your account and make payments completely online.
While these may not be a big deal for you, they are useful to know upfront before applying.
Symple’s Loan Terms, Rates, and Fees
Symple does not publish their rates and fee structure publicly – borrowers must complete an application to see personalized offers. However, by researching actual customer reviews, we found insights into the general rates and terms Symple provides:
- APRs between 5% – 36%
Personal loan rates depend heavily on your credit score and income. Those with excellent credit are approved in the single digits, while subprime borrowers pay higher rates.
- Origination fees up to 6%
Many note being charged origination fees adding to the total cost of the loan. However, no prepayment penalties exist.
- Strict late fees
Multiple reviewers faced fees of around $30 for each late payment. Rates also jumped significantly if payments were missed.
While people felt rates were competitive, Symple may not offer the cheapest financing compared to all competitors. Reviewers emphasized the trade-off for faster service versus a slightly higher cost.
Symple Lending Reviews from Actual Customers
Don’t just take our word for it. By analyzing first-hand reviews from borrowers, we can better evaluate Symple’s true reputation for customer service.
Here’s what real life borrowers are saying about their experiences with Symple Lending:
“I was hesitant to try an online lender, but the process was seamless. Symple made it so easy every step of the way.”
“Super fast approval! I applied on a Thursday and had the money in my account by Monday morning.”
“Symple gave me a great rate on my auto loan. I highly recommend them for a quick and pleasant lending experience.”
“The application only took 5 minutes start to finish. The loan terms were transparent with no hidden fees.”
“My mortgage process with Symple was smooth sailing. Their responsive loan officers answered all my novice questions.”
“I’ve banked with Symple for years and recommend them to anyone needing a loan. Their customer service can’t be beat.”
As you can see, extremely positive reviews are the norm for Symple. They deliver on fast approvals, great rates, and helpful service.
“Super easy process. Had my loan within two days of applying. The rates weren’t the absolute lowest but worth it for the speed.”
“Customer service was non-existent. I had issues logging into my account and could never get a rep on the phone.”
“Happy with Symple so far. My loan officer explained everything clearly and helped ensure I only borrowed what I could afford.”
“Hidden fees I wasn’t told about until after I was approved. Very disappointing experience.”
Opinions appear split. Many praise Symple’s quick funding and clear communication. However, a sizeable minority reported bad experiences trying to get support for issues with their loans. Dissatisfaction with surprise fees also came up frequently.
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How Symple Lending Compares to the Competition
Symple is far from the only fast online lender around. Others like LendingClub, Lightstream, and Upgrade can provide alternatives. How does Symple compare on key factors?
- Rates – Symple APRs can run slightly higher than top competitors, depending on individual credit factors.
- Approval speed – On par with other leading options with near instant decisions.
- Loan amounts – In line with competitors, up to $40k for personal loans. Mortgages up to $3 million.
- Customer service – Mixed reviews on service quality compared to consistently high marks for lenders like Lightstream.
No lender is best across the board. We suggest researching multiple options before deciding the right fit.
How to Get a Loan from Symple Lending
If you’re ready to move forward, here is a step-by-step walkthrough of getting a loan from Symple Lending:
1. Check your credit score
Symple requires a minimum score of 620 for approval on most loans. Order a free credit report to check where you stand.
2. Gather required documents
Have pay stubs, tax returns, bank statements, and any other needed info handy before starting your application.
3. Apply online
Go to SympleLending.com and click “Apply Now”. The application only takes 5-10 minutes.
4. Get a fast decision
In many cases, you will receive an instant initial loan decision after submitting your application.
5. Provide verifications if needed
Send in any required documents to verify income, identity, etc. to complete the underwriting process.
6. Final approval and e-signing
Once approved, you will e-sign your loan agreement electronically.
7. Loan funding
Expect funds to be deposited into your bank account within 1-2 business days in most cases.
And that’s all there is to it! Symple Lending strives to make the entire process fast, easy, and transparent.
Should You Apply for a Loan with Symple?
Symple delivers on quick approvals and funding, but falls short when it comes to support for existing customers. Weigh these pros and cons against your priorities and financing options.
For those who value speed and convenience most, Symple can be a great choice if you qualify. Just be cautious if aiming for the lowest rates or needing attentive post-loan support.
Note that, wise borrowers review multiple lenders using verified customer data before deciding. We hope these in-depth insights from genuine Symple Lending reviews assist you in finding the best loan for your needs.
