Grace Loan Advance Review 2024: Is Grace Loan Advance Legit?

Grace loan advance Review

Grace Loan Advance seems like a company that is trying to make a difference for people in need. In this post, I am going to give you a full rundown of my experience with Grace Loan Advance Review, including how it works, eligibility requirements, loan amounts/terms, fees, repayment, and whether or not they are legit. I will also share some pro tips for getting the most bang for your buck with this lender. Let’s dive in!

Who is Grace Loan Advance and What Do They Offer?

Grace Loan Advance is an online lender that offers personal installment loans ranging from $100 to $35,000. They market themselves as a company that cares about helping those who are going through financial hardship or emergencies.

Unlike some predatory lenders out there, Grace Loan Advance promises fast funding, fixed monthly payments, and no hidden fees. They also don’t do hard credit checks which is great if your credit isn’t the best.

Overall, they seem like a pretty solid choice if you need access to cash fast and don’t want to get ripped off. The application process is quick and easy too.

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Grace Loan Advance Eligibility Criteria

Even though Grace Loan Advance tries to help as many people as possible, there are a few basic eligibility requirements you need to meet:

  • You must be at least 18 years old
  • You need to be a U.S. citizen or permanent resident
  • You must have an active checking account
  • You need a regular source of income of at least $800 per month
  • You should have a valid email address and phone number

They say that having bad credit is fine and won’t disqualify you from being approved. However, it seems they do run a soft credit check as part of determining your eligibility and loan terms.

As long as you meet those basic criteria though, you should be good to apply!

Loan Amounts and Terms Offered

Grace Loan Advance offers personal loan amounts between $100 and $35,000. This is on the lower end compared to some lenders that will offer up to $100K, but Grace’s small loan amounts can be a perk because your monthly payments will be lower.

The loan terms range from 2 to 72 months. So if you borrow $1,000 over 12 months, your monthly payment would be around $95. Not too shabby!

Be sure you only borrow what you need though because those interest charges add up. I’ll explain more about the APR and fees next.

Interest Rates and Fees

This is an important section for you all! Whenever you take out a loan, you need to know what it’s actually going to cost you.

Grace Loan Advance is upfront that your interest rate will be between 5.99% and 35.99% APR depending on your specific eligibility factors. The average though seems to be around 20%.

That’s definitely on the high side, but not unheard of for personal loans for people with less-than-great credit. You can sometimes find rates as low as 5-10% with excellent credit.

As for fees, there are no prepayment penalties and they don’t charge any sneaky origination fees or stuff like that. However, there is a one-time processing fee that ranges from 1-5% of your loan amount.

There may also be some third-party fees for things like insufficient funds if your payment doesn’t go through. Make sure you have enough in your linked checking account!

Repayment Terms and Options

With Grace Loan Advance, the repayment terms are pretty straightforward. They use fixed monthly payments, so you will pay the same amount each month until your loan is paid off.

This makes budgeting easy since you know exactly what to expect. Your monthly payment amount will be clearly shown in your loan agreement.

They withdraw the payments directly from your bank account on your due date by automatic ACH transfer. You can choose a due date that aligns with when you get paid.

Early repayment is allowed without any prepayment penalty fees, which is great. You can pay more than the monthly amount to pay off your balance faster and save on interest.

If you’re having trouble making payments, you may be able to pause payments once during the loan term. Just reach out to their customer service team.

Loan Funding Timeline

One of the advantages of Grace Loan Advance is they fund loans quickly, often as soon as the next business day after approval.

Here’s a breakdown of the typical timeline:

  • Apply online: Complete their online application with your info (takes 5-10 minutes)
  • Get matched with lenders: Grace Loan Advance matches you with potential lenders (within 1 business day)
  • Review loan offers: If matched, you’ll get loan offers to review from lenders (immediately)
  • Accept offer & e-sign: Pick your offer and complete the e-signing process (takes about 15-45 minutes)
  • Get funded: If approved, you’ll receive the loan funds deposited as soon as the next business day!

So in total, you could have the money in your account in just 1-2 days if you need it ASAP.

Grace Loan Advance Review and Customer Service

Grace Loan Advance Review seems to be mostly positive for its customer service. They have helpful loan specialists available by phone and email Monday through Friday during business hours.

People say the representatives are friendly and able to answer questions about the loan process. It’s nice that you can actually talk to a real person!

Customers seem pretty satisfied with Grace Loan Advance’s easy experience, fast funding, and repayment flexibility. Most negative reviews seem to stem from high-interest rates, but that’s typical with loans for poor credit.

Based on reviews, they seem like a legitimate lender that delivers on their promises.

Pros and Cons of Grace Loan Advance

Grace loan advance Review

Here’s a quick rundown of the main pros and cons to consider:


  • Easy online application with fast approval
  • Funds will be available as soon as the next day
  • Fixed payments and flexible terms
  • No prepayment penalties or origination fees
  • Helpful customer service staff


  • Interest rates are on the high end (but typical for poor credit)
  • Max loan amount is $35,000 (lower than some lenders)
  • Must pay back the loan quickly (shorter terms)
  • Hard credit check could temporarily lower your score

Overall, Grace Loan Advance is a solid option to get fast cash in a pinch despite some high rates and fees.

Alternatives to Consider

Grace Loan Advance isn’t your only option. Here are a few other top companies to check out:

CashUSA: Offers loan amounts up to $10k and terms up to 72 months. Application only takes 2 mins. Funds in 1 business day.

PersonalLoans: Loans up to $35k with APRs starting at 5.99%. Long repayment terms up to 72 months. Good for credit rehab.

LendingClub: Interest rates from 5.99% to 35.89% based on your credit. No prepayment fees. Loans up to $40k.

Prosper: Personal loans up to $40k. Fixed 3 or 5-year terms. Rates from 6.95% to 35.99% APR.

I would recommend checking your rate with several lenders to find the best loan for your needs. Each company has its own pros and cons.

Who Should (and Shouldn’t) Use Grace Loan Advance?

Grace Loan Advance can be a smart option to get some quick cash, but it isn’t right for everyone.

Here are some of the types of people who could benefit:

  • Anyone who needs a small loan fast for an emergency expense
  • People who don’t have great credit or other loan options
  • People who just need a little extra cash before their next paycheck
  • Borrowers who need flexibility with repayment terms
  • Those with an immediate need where waiting isn’t possible

On the other hand, Grace Loan Advance may not be the right fit if:

  • You need more than $35,000
  • You want the absolute lowest rates and longest terms
  • You don’t like automatic payments from your bank account
  • You need more time to repay (beyond 6 years)
  • You have great credit and more lending options

As with any lender, make sure to consider all your options before moving forward with Grace Loan Advance.

How to Get the Most Out of Grace Loan Advance

If you decide Grace Loan Advance is the right lender for your loan, follow these tips to make the most of the experience:

  • Only borrow what you absolutely need to lower interest charges
  • Pick the shortest repayment term you can manage to save money
  • Make payments on time (or early) to avoid fees and penalties
  • Build an emergency fund so you can avoid future loans
  • Pay off the loan early in full if possible to minimize interest
  • Use any extra cash to pay down your balance faster
  • Contact customer service immediately if you’re late on a payment
  • Review all terms carefully so there are no surprises

Being a smart and informed borrower is key to having a good loan experience.

Conclusion: Is Grace Loan Advance Legit?

After reviewing the facts – reasonable fees, quick funding, and positive Grace Loan Advance review – I believe it is a legitimate lender. They provide a valuable resource for people who need access to small personal loans fast, especially those with less than great credit.

Would I recommend them to a friend in a financial bind? Absolutely! Their loans may be a bit pricey compared to alternatives, but that’s the tradeoff for quick and easy approvals.

Overall, Grace Loan Advance seems like a dependable option when you need cash ASAP and don’t have other places to turn. Just make sure to read the fine print, shop around, and borrow responsibly.

Frequently Asked Questions

Grace loan advance Review

Still, have some questions? Here are answers to some of the most common FAQs about Grace Loan Advance Review :

What credit score is needed to qualify for a loan?

Grace Loan Advance doesn’t share a minimum credit score needed. They say they’ll work with bad credit scores to help match you with a lender. However, very low scores below 580 will likely have a harder time getting approved.

How long does it take to get loan funds once approved?

In most cases, you can receive your loan funds deposited as soon as the next business day after you’re approved and complete the documents.

What are the repayment terms options?

The repayment terms range from 2 months up to 72 months. So you can pick a term length that aligns with your budget and needs. Shorter terms have higher monthly payments.

Can I get approved with no credit history?

It’s possible to get approved with Grace Loan Advance if you have no credit history, but it likely will require proving you have a reliable source of income to repay the loan. Minimum income requirements still apply.

Is there a grace period if I miss a payment?

Unfortunately, there is no official grace period. But you may be able to pause payments once during your loan if you contact their customer service team. Be proactive if you’ll have trouble making a payment on time.

Can I apply for a loan on weekends or holidays?

Grace Loan Advance only accepts applications and processes loans on business days. You cannot apply on weekends or holidays when their team is unavailable.

Hope this breakdown helps you decide if Grace Loan Advance is the right call for your situation! Let me know if you have any other questions.

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I'm Ellie, a freelance writer with years of experience in the loan industry. Based in the United States, I founded, a loan finance blog providing expert advice and insights. I specialize in creating high-quality content promoting financial literacy and consumer rights to ensure fair and transparent lending access.

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