Share our support number if your customers needs further assistance: 916-404-1982
Who is Acorn Finance?
Acorn Finance is a lending marketplace where top national online consumer lenders pre-qualify customers for personalized loan options in minutes, with no impact to the customer's credit score. Acorn Finance uses an initial soft credit inquiry to provide access to competitive loans through a fast and easy online process.
What types of lending options does Acorn Finance offer?
PERSONAL LOANS: A personal loan is a financial product that allows a customer to borrow money now, and pay it back over time by making fixed monthly payments. Personal loans have fixed rates of interest and typically have terms ranging from 2–12 years. They also may be unsecured (no collateral) or secured (collateral required) depending on the specifics of the offer.
PERSONAL LINE OF CREDIT: A line of credit is a financial product that customers can borrow from at any time based on a preset limit. As long as the customer’s account is open and their credit remains in good standing, they can borrow up to the maximum amount and pay interest only on the amount you actually borrow. As it is paid off over time, that credit may once again become available for the customer to borrow from.
How much can you borrow with Acorn Finance?
Acorn Finance’s network of lenders extend loans from $1,000 up to $100,000 for qualified consumers.
What loan terms are available?
Applicants with excellent credit may be eligible for competitive rates and extended repayment terms of up to 20 years, with the lowest being 2 years.
What can the funds be used for?
Funds can be used for any personal expenses or projects, including home improvements.
How long does the process take?
Qualified applicants can be approved quickly during business hours and may receive their funds as soon as within one business day, but funding times may vary.
Are there any fees?
Acorn Finance's network of lenders charges no penalties for early repayment and no processing charges on loans over $40,000. For loans under $40,000, some lenders may charge an origination fee between 1–6%. No-fee options are highlighted on the offers page.
Does Acorn Finance allow co-borrowers?
Yes. Co-borrowers are encouraged to apply and can be added immediately after the initial applicant submits their information.
Does Acorn Finance cover all 50 states?
Acorn Finance is available online in the United States via internet-connected smartphones, tablets and personal computers nationwide except for in Massachusetts. We’re rapidly expanding to all 50 states so please check the status of our current coverage area at https://www.acornfinance.com/faq/ to determine if we are serving your state.
Will my credit be impacted when I check for offers?
Checking to see if you pre-qualify for offers through Acorn Finance will not impact your credit score, but a soft-pull credit check is required. If you do take a loan through one of Acorn Finance’s lending partners, a hard credit pull may be required and your credit score might be impacted.
How do lenders determine if I prequalify?
The lenders will look at factors including how much you want to borrow, your income, credit history , debt to income ratio and the current market conditions to determine if you pre- qualify. If you receive offers and select one of the offers ,you may continue the process with the lender you choose.