Hey, there readers! As someone who’s looked at a bunch of different lending platforms over the years, I wanted to give y’all the lowdown on Three Sticks Lending Reviews. I know finding trustworthy lending sources can be tricky, so I’m hoping this review gives you the details you need to decide if Three Sticks is right for you. Let’s dive in!
What is Three Sticks Lending?
Three Sticks Lending is an online lending platform that offers personal loans up to $3,000. They market themselves as a more personalized, relationship-based lending option compared to your mega online lenders.
The company was founded in 2016 by two guys, John and Michael. They say they got tired of seeing folks get taken advantage of by predatory lenders and wanted to offer something better. So they built Three Sticks from the ground up to focus on creating real relationships with borrowers and helping folks reach their financial goals.
Their name comes from an old parable about a bundle of sticks being hard to break when together – the idea being each borrower-lender relationship makes the company stronger. Pretty cool origin story if you ask me!
What Loan Options Do Three Sticks Lending Offer?
Three Sticks keeps things simple by only offering unsecured personal installment loans. Here are the key details:
- Loan amounts: $200 to $3000
- APRs: Between 5.99% and 35.99%
- Terms: 3 or 5 years
- Fees: No prepayment penalties or origination fees
- Time to fund: As fast as 24 hours for approved borrowers
So they cover a decent range of loan amounts and terms. The APRs seem competitive too, though of course that depends on your specific credit profile.
One nice perk is that the site says “no fine print and no surprises” when it comes to fees. It’s always good knowing exactly what you’re signing up for cost-wise.
What Are the Benefits of Using Three Sticks Lending?
Based on what I’ve read from happy borrowers, here are some of the main benefits Three Sticks offers:
Three Sticks promises to take time to understand your full financial situation and goals. Their loan advisors work with you one-on-one to make sure you get funding that works for your needs.
Borrowers say the advisors really do take the time to listen and find options tailored to your situation. Customer service like that can make a big difference!
Quick Access to Funds
An advantage of Three Sticks being an online lender is they can fund loans fast when approved. They advertise funding as soon as the next business day depending on what time you’re approved.
Even their maximum timeline of 5 business days is quicker than a traditional bank loan. Speedy access to funds gets you the money you need when you need it.
Flexible Payment Options
Three Sticks lets you pick between making payments twice per month or on a weekly basis. More frequent payments can make it easier to manage the loan responsibly.
You can also pay extra without penalty when you want to pay the loan off faster. Those flexible repayment options are borrower-friendly for sure.
On their site, Three Sticks offers free educational resources to help borrowers make sound financial decisions. You can access articles and videos on credit improvement, budgeting, debt management, and more.
Education is power, and I love seeing a lender committed to empowering borrowers with smart money management skills.
What Are the Potential Downsides?
To give the full picture, here are a couple of things borrowers should keep in mind:
While Three Sticks’ rates may be competitive, a personal loan with an APR near 36% still means paying a good chunk of interest. You’ll want to make sure you actually need the loan and have a plan to pay it off responsibly.
Origination Takes Time
It appears the process of submitting documents and getting approved can take 1-2 weeks. That’s slower than some purely online competitors. But Three Sticks says the longer process helps them make responsible lending decisions.
If you need funding ASAP, you may prefer a lender with a quicker application process. But that extra diligence could give you more peace of mind.
Max Loan is $3k
While $3k is a decent amount, other lenders may offer higher loan ceilings. So folks looking to consolidate massive amounts of debt may find better options elsewhere.
What Types of Borrowers is Three Sticks Best For?
Based on their offerings, here are the borrower profiles I think could benefit most from Three Sticks:
Folks Seeking a Personalized Experience
If you want hand-holding and high-touch customer service, Three Sticks delivers. Their advisors take time to explain options and ensure you understand the loan details. So if you value personalized guidance, this is a nice fit.
Borrowers With Fair to Good Credit
To qualify for one of the lower APR loans, you’ll want decent credit – estimates seem to be around 600+ FICO. So folks with prime or near-prime credit should have the best shot at Three Sticks’ better rates.
People Needing $3k or Less
The average Three Sticks loan is around $2k. So I think they’re a strong option for smaller loans. Those loan amounts are very manageable even at higher interest rates.
Three Sticks seems best suited for folks using the loans as a short-term tool to accomplish a goal. Maybe it’s finally getting out of debt, renovating your home to sell, or expanding your small business. Having a solid plan for the funds goes a long way.
How Does the Application Process Work?
Here’s a quick rundown of what to expect when you apply for a loan from Three Sticks:
- Initial form: You’ll start by filling out a short contact form asking for basic personal and loan details. This pre-qualifies you for loan options.
- Loan advisor call: If eligible, you’ll be contacted by a loan advisor to discuss your needs and get the application process started.
- Document submission: You’ll need to submit documents that verify your identity and income source. This usually includes things like:
- Photo ID
- Pay stubs
- Bank statements
- Review and decision: Three Sticks reviews your full application and makes a loan decision, usually within 1 business day.
- Funding: If approved, you’ll confirm the final loan details and your funds will be deposited as soon as the next business day.
So it’s a pretty straightforward process overall. The hands-on assistance from a real human advisor is a nice perk too.
Are There Any Loan Requirements or Stipulations?
Three Sticks does have some basic eligibility standards you’ll need to meet to qualify for a loan:
- Credit score: Each loan product has a minimum score needed, but you’ll generally need fair credit (around 600 FICO) or better.
- Income: You must have consistent verifiable income from employment, self-employment, retirement, or other sources.
- Age: You must be at least 18 years old to apply.
- Residency: Currently, Three Sticks only lends to residents in 20 U.S. states. Check their website for the latest state coverage details.
- Existing Three Sticks loans: You cannot have more than one active Three Sticks loan at a time.
- Bank account: You’ll need an active checking account to receive the loan funds.
So as long as you meet those requirements and have decent credit, you should be in good shape to qualify!
How Do Real Borrowers Feel About Three Sticks Lending?
I always say third-party reviews are the best way to judge a lending experience. Here are excerpts from a few Three Sticks customer testimonials:
“The loan advisor was very friendly and helped me get an affordable payment plan that fits my budget perfectly. The whole process was quick and painless too!” – Chris, Utah
“I had a super tight deadline to get extra capital for my business expansion. Three Sticks made the loan happen FAST – within two days I had the funds in my account!” – Amanda, Wisconsin
“Even with less-than-great credit, I was able to qualify for one of their loans with a reasonable rate. It’s already helping me consolidate debt and improve my credit score.” – Daniel, California
The common threads I see are personalized service, speedy funding, and borrowers being happy with their rates. Looks like Three Sticks is really delivering on their core promises!
Is Three Sticks Considered a Direct Lender?
Yes, Three Sticks is a direct lender. That means when you borrow from them, you work directly with Three Sticks throughout the entire lending process.
The benefit of direct lending is that you deal with the same company from application to funding. There’s no hand-off to an outside entity. You also have a consistent point of contact in your Three Sticks loan advisor.
Some other pros of direct lending include:
- Predictable loan terms since it’s all from one source.
- Faster funding because there are no middlemen.
- Better customer service with a dedicated team.
So in general, direct lenders like Three Sticks can provide a smoother overall borrowing experience.
How Do Three Sticks Compare to Upstart?
Upstart is another popular online lending platform, so let’s look at how it stacks up against Three Sticks:
- Loan amounts: Upstart offers larger maximum loans of up to $50k.
- Approval factors: In addition to credit, Upstart uses education and employment history in approval decisions. This can help more borrowers qualify.
- Interest rates: Upstart’s rates are competitive but Three Sticks can potentially beat them for some borrowers.
- Loan terms: Three Sticks offers more short-term flexibility with 3-year loans. Upstart only has 3 and 5-year options.
- Fees: Upstart charges origination fees while Three Sticks does not.
- Application process: Upstart has a faster 100% online process while Three Sticks takes more time for personal guidance.
Overall, I’d say Upstart is better for large loans while Three Sticks offers a more customized experience. But both are solid online lending options!
5 Key Takeaways from My Three Sticks Lending Reviews
If you made it this far, hopefully, you’ve got a clear picture of the pros and cons of Three Sticks Lending! Here are the big takeaways:
- Three Sticks offers unsecured personal loans up to $3000.
- Their lending model focuses on building personal relationships with borrowers.
- Loans get funded in as fast as 1 business day.
- Interest rates are competitive but can reach up to 36% APR.
- It’s a great option for personalized service and smaller loans under $10k.
Three Sticks isn’t the right choice for all situations. But for many borrowers, it can be a trustworthy source of funding. I hope this review gave you the info you need to make an informed decision!
Frequently Asked Questions about Three Sticks Lending Reviews
Still, have some questions? Here are quick answers to a few common FAQs:
Does Three Sticks have an origination fee?
No, Three Sticks does not charge any origination or prepayment fees. The only costs are the interest you pay over the loan’s term.
Can I apply for a Three Sticks loan with bad credit?
While possible, you will need at least fair credit (600+ score) to qualify for one of their loans. Having bad credit scores under 600 will make approval very unlikely.
How long does it take to get loan funds from Three Sticks?
In most cases, you will receive your loan within 1-2 business days after being approved. Some borrowers have reported getting funds in as little as 24 hours.
What states do Three Sticks lend in?
As of November 2023, Three Sticks lends in 20 U.S. states. Check their website for the most up-to-date list of lending states.
Can I have more than one loan with Three Sticks?
No, Three Sticks only allows borrowers to have one active personal loan at a time. You cannot stack multiple Three Sticks loans.
And there you have it – the full lowdown on Three Sticks Lending! Let me know if you have any other questions. I hope this review gave you the details you need to make a smart borrowing decision. Thanks for reading!
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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 cuploan.net, 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.