In a Nutshell
Fiona is an online marketplace where you can explore different lender options based on your credit, how much you want to borrow, what you want to use the loan for and where you live. If you decide to apply for a loan through its platform, Fiona helps you compare lenders from its network.Pros
- Search for loans based on credit scores, location and needs
- Easy-to-navigate website
- Checking estimated loan rates won’t hurt your credit scores
Cons
- Doesn’t provide loans directly
- Even though there are many lenders, no guarantee you’ll qualify for a loan offer
What you need to know about Fiona loans
Fiona doesn’t offer personal loans directly. Instead, it’s an online marketplace that shows you various lending partners based on information you provide. To search for a loan, you’ll need to provide several pieces of information, including the following:
- Your credit scores (excellent, good, fair or poor)
- Your ZIP code
- Your loan purpose (debt consolidation, credit card refinance, home improvement, etc.)
- Your desired loan amount
The Fiona platform is free to use. You can also search for credit cards, student loan refinancing offers, insurance and online savings accounts on its platform.
Search by credit scores
With Fiona, you can search for a loan based on your credit scores and needs. Fiona says you might qualify for a loan — even with poor credit — which it considers as a score below 620.
One major benefit of using Fiona is that you don’t have to apply on different loan providers’ websites to compare personal loans. This can save you time and energy.
Fiona doesn’t directly provide loans
Since Fiona loans doesn’t offer personal loans directly, you’ll need to go through a few more steps to see if you prequalify with a lender. You’ll fill out a short form online, which includes information like your income, to see if you’re eligible for any personal loan offers from one of Fiona’s lending partners. And if you receive any offers, you’ll be able to complete a formal application through the lender’s website.
Just remember: While any offer you receive could be considered a prequalification, it doesn’t automatically mean you’ll get final approval for a loan. It only gives you an idea of whether you might be approved for a loan and at what terms. In other words, it’s not official until it’s in the fine print of a loan agreement (which you’ll want to read thoroughly before you sign!).
You may not prequalify for any loan offers
Shopping for a personal loan through Fiona doesn’t guarantee you’ll be able to prequalify or qualify for any loans. Even if you do qualify, you won’t necessarily qualify for the loan amount you want or at a competitive interest rate. You may still need to look elsewhere for a personal loan.
Checking potential rates won’t hurt your credit scores
Fiona uses a soft credit inquiry when it checks for offers with its partner lenders. That means your credit scores won’t be negatively affected when you check for loan offers through Fiona. But if you decide to formally apply for an offer, that lender will likely perform a hard credit inquiry to verify your information and determine whether you’re approved.
A closer look at a Fiona loan
Here are a few other things to think about when you’re shopping for loans through Fiona.
- Origination fees: You won’t face any application fees from Fiona. But some lenders may charge an origination fee, which may be deducted from the amount you receive from the lender.
- Easy-to-navigate website: Using Fiona isn’t difficult. The website is intuitive, and you can shop for loans based on different factors, such as by credit score, loan amount or loan purpose.
- May see multiple lenders in minutes: Since Fiona is a marketplace and not a direct lender, you can browse several lenders at once. You can also preview the estimated terms of the loan, including APR and your estimated monthly payment.
Calculate personal loan costs
To better understand the total cost of any personal loans you’re considering, use an online calculator like Credit Karma’s simple loan calculator. A loan calculator can help you estimate your monthly payment and how much you’d pay in interest versus principal over the length of the loan.
Who is Fiona good for?
The Fiona marketplace could be a good option for people who want to browse several potential lenders at once. But remember: Fiona isn’t a direct lender, so you’ll have to submit an application directly with any lenders that you’re interested in to finalize any offer.
The loans that you can find on Fiona’s platform can be used for many things, including …
- Debt consolidation
- Credit card debt refinancing
- Home improvement
- Large purchases
Since each lender offers different repayment terms, interest rates, loan amounts and fees, you’ll want to review the disclaimer, terms and conditions of each offer before making a final decision to apply.
How to shop for loans on Fiona
To shop for a personal loan through Fiona, you’ll complete a short form online. But remember: Fiona isn’t a direct lender, so you’ll have to submit an application directly with any lenders that you’re interested in to finalize any offer. You’ll need to provide your personal information, including …
- Loan amount
- Your credit rating
- Loan purpose
- Name and email address
- Date of birth
- Whether you rent or own
- Education completed
- Address and phone number
- Employment status
- Annual income and pay frequency
- Social Security number
Not sure if Fiona is right for you? Consider this alternative.
- Peerform: Peerform is a peer-to-peer lender that tries to match you with institutional investors that want to fund personal loans.
- Upgrade: Upgrade lets you check your potential offers without a hard credit inquiry and offers loans up to $50,000.
FAQs about Fiona personal loans
Fiona’s webpage is easy to use and gives you the ability to potentially look at a number of loan offers. But Fiona isn’t a direct lender — you’ll have to apply for your loan through the lender you select instead of through Fiona.
Fiona has loan options for every credit score, including poor credit scores. But keep in mind that even if there are options for poor credit, it’s not guaranteed that you’ll qualify for any loan offers.
Fiona will need your credit score range, zip code, intended loan use and projected loan amount to match you with loan offers.
*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.