InstaFinancial is a private financial lender. It offers unsecured loans to both personal and business clients. Based in Irvine, California, the company has grown considerably in stature over the past couple of years. It has featured in a number of high-profile media outlets and promotes itself on providing easy borrowing.
We have provided you with the Good, Bad, and Bottom Line about Instafinancial. This information should help you come to a calculated decision as to whether it is the ideal lender for you.
Instafinancial: The Good
- High maximum limits
- Fast funding
- Multiple products available
- Easy terms
- No hidden fees
There’s no doubt that InstaFinancial has a lot of good things going for it. The lender offers an easy and transparent source of borrowing, which is great for all customers. They provide many products, which means borrowing can be tailored to suit individual needs.
Areas where Instafinancial excels
Limits InstaFinancial offers loans of up to $80,000.
In addition to a quick and easy application process, the lender endeavors to have funds sitting in your account within 1-3 business days.
Multiple Products Available
With flexibility in mind, InstaFinancial offers different products and terms depending on the type of loan. This is open to both personal and business clients.
A transparent approach to lending means you pay a fixed rate throughout the plan. Moreover, there are no collateral requirements, giving you optimum control.
No Hidden Fees
InstaFinancial doesn’t charge application fees, cash advance fees, or early repayment charges. The terms you see are the terms you get.
Summary of the Good
InstaFinancial is a fair lender that offers competitive and transparent plans. With no collateral required and the option to borrow up to $80,000, it is an ideal option for many. The company also offers a responsive customer care team, allowing you to stay in the know throughout every step of the journey.
Instafinancial: The Bad
- Focuses on debt consolidation
- Penalizes poor credit
- Lack of physical presence
- Still a new company
- Frequent marketing
InstaFinancial is a good service, but it can still do better in some areas. As a newer company, many of those minor issues may be corrected over time. Still, it’s imperative that all individuals take them into account prior to making an application.
Areas where InstaFinancial could improve
Focuses On Debt Consolidation
The lender does provide loans for other uses too. But those wanting a personal loan for reasons other than debt consolidation may be better using an alternative lender.
Penalizes Poor Credit
A poor credit score won’t stop you getting a loan, but it may bump up the flat interest rates that you pay.
Lack Of Physical Presence
As an online and telephone service, it can be very stressful if a problem surfaces. Despite their largely good customer care game, there is no substitute for human interaction.
Still A New Company
While not necessarily a major issue, their brief time in the industry makes it difficult to gain insight from friends that have used them in the past.
There’s a good chance that you discovered InstaFinancial after receiving post saying that you are ‘pre-selected’. Joining opens you up to a regular stream of unwanted post and emails.
Summary of the Bad
The negative aspects of the InstaFinancial platform largely revolve around a lack of reputation. This can cause a few insecurities as a borrower, but there’s no real need to worry. As long as you are using their service for the right reasons, you should be just fine.