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Finance Factory Personal Loan Review

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Finance Factory offers flexible personal loans with extremely high loan limits for consumers with fair credit or better. You can get prequalified online without a hard inquiry on your credit report.

If you’re in the market for a personal loan for your business, to consolidate a large amount of debt or pay for a home improvement project, Finance Factory may be a viable option to look into.

Finance Factory personal loan highlights

  • Available for fair credit: While Finance Factory says its ideal customer has a credit score over 650 and an income of at least $35,000 per year, its minimum credit score requirement starts at 650. This means you may be able to qualify if your credit is only fair.
  • Competitive interest rates: Finance Factory offers competitive rates among lenders that offer personal loans, with APRs starting at just 5.99%.
  • No prepayment penalties: Finance Factory offers personal loans with repayment timelines between 36 to 84 months. However, you won’t pay a penalty if you decide to pay your loan off early.
  • Use your funds however you want: Like other personal loans, Finance Factory loans don’t have any rules that govern how you spend your money. You can use your loan funds to consolidate debt, pay for a big home remodeling project, start a business, and more.

Finance Factory at a glance

  • APR range: Starting at 5.99%
  • Minimum credit score: 650
  • Terms: 36 to 84 months
  • Origination fee: Not specified

By clicking “See Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

Terms Fees and penalties
  • Terms: 36 to 84 months
  • APR: Starting at
  • Loan amounts: $25,000 to $500,000
  • Time to funding: Usually 7 to 10 days
  • Credit check: Soft Pull inquiry for preapproval
  • Origination fee: Not specified
  • Prepayment fee: None
  • Late payment fee: Not specified.
  • Other fees: Not specified

Eligibility requirements

  • Minimum credit score: 650
  • Minimum credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.

While Finance Factory lists a minimum credit score requirement of 650 for its personal loans, it also states it prefers candidates with credit scores of 680 or higher with at least $35,000 in household income per year.

Finance Factory doesn’t list any other main requirements to qualify for its loans, although it does maintain that you’ll need the following documentation to complete the loan process: a credit report, pay stubs or W-2s, personal tax returns, and award letters if you’re retired or on disability.

What borrowers are saying about Finance Factory

Finance Factory largely receives positive reviews from borrowers on the LendingTree platform. Current reviews have an average of 4.7 out of 5 stars, and 94% of reviewers claim they would recommend working with Finance Factory.

Common themes among reviews include the fact that Finance Factory has solid customer service and exhibits a high level of professionalism. While a handful of reviewers do complain that Finance Factory can be slow to respond to queries, most people claim to have had an excellent experience and that Finance Factory delivers what it promises.

Melissa from Salisbury, Md., said in September 2019 that she received detailed guidance during the loan process, for example. Mark, the representative she worked with was also “extremely helpful in explaining what we needed to do and provide in order to get the financing we were looking for.”

Applying for a personal loan from Finance Factory

Finance Factory offers an easy online application process that lets you get prequalified online without a hard inquiry on your credit report. To get started, you’ll need to provide some standard information such as:

  • Your name
  • Home address
  • Phone number
  • Email
  • Birthdate
  • Income
  • Range your credit score falls in

To move forward with a full application, you’ll need to provide additional information such as pay stubs or W-2s, personal tax returns, and award letters if you’re retired or on disability. You’ll also need to let Finance Factory access your credit reports.

If you qualify, you’ll see which loans you qualify for and with what terms. Funding typically takes between seven and 10 days.

Pros Cons
  • Available for fair credit: Finance Factory personal loans are available for consumers with credit scores as low as 650. This means you may qualify even if you’ve made some credit mistakes in the past.
  • High borrowing limit: Personal loans are available in amounts up to $500,000, which is much higher than many lenders offer.
  • No prepayment penalty: These loans don’t come with a prepayment penalty, so you can pay them off early if your budget and income allow.
  • Limited information on fees: Finance Factory doesn’t offer any information on fees you’ll pay for your loan, including any origination fees.
  • High minimum borrowing amount: You can find competitors offering personal loans for as little as $1,000.
  • Limited loan terms available: You can find competitors with shorter terms if you need them.
  • Slow funding: Finance Factory can take up to 10 days to fund your loan.

Who is the best fit for a Finance Factory personal loan?

Because Finance Factory offers loans to consumers with fair credit or better, these loans can be ideal for consumers whose credit isn’t quite perfect. Since there are no prepayment penalties and rates can run as low as 5.99%, these loans are also a good option for someone who wants an affordable rate and the option to pay their loan off early. Unfortunately, Finance Factory doesn’t disclose its maximum rate — so it’s unclear how high of a rate you may see with only fair or good credit.

Due to its high minimum borrowing amount, Finance Factory is suited for borrowers who need to cover business expenses, consolidate a large amount of debt or deal with some other major costs. Few personal loan lenders can compete with its $500,000 maximum, but many offer far lower borrowing limits.

Finance Factory’s high minimum will likely scare off a fair number of borrowers who aren’t covering business costs. But if you’re a business owner, you’ll want to consider whether taking out a personal loan — and putting your personal credit at stake — is worth the funds.

Alternative personal loan options


  • APR: 3.99% to 19.99%
  • Minimum credit score: Not specified
  • Terms: 24 to 144 months
  • Origination fee: No origination fee

LightStream offers personal loans with no fees, although it mostly gears these loans toward consumers with good or great credit. Rates start at just 3.99% — lower than Finance Factor’s minimum — if you set up automatic payments on your loan. That makes this lender a solid option if you have strong credit and want to minimize the out-of-pocket costs of borrowing.

LightStream’s maximum loan term of 144 months is far longer than Finance Factory’s, though you ideally shouldn’t be in debt on a personal loan for that long. However, with higher credit requirements, fair credit borrowers won’t qualify with LightStream.


  • APR: 4.37% to 35.99%
  • Minimum credit score: 600
  • Terms: 36 or 60 months
  • Origination fee: 0.00% - 8.00% of the loan amount

Upstart is a marketplace through which borrowers can secure personal loans. Borrowers will need a minimum credit score of 600, which is lower than what Finance Factory and many other competitors require. That means Upstart is a solid option if your credit needs some work but you still need to borrow money.

However, compared to Finance Factory term lengths offered through Upstart are highly restrictive. You’ll also find an origination fee, which can be hard to stomach, though the minimum APR on loans through Upstart compete well with Finance Factory’s.


  • APR: 5.99% to 24.99%
  • Minimum credit score: 640
  • Terms: 24 and 60 months
  • Origination fee: 0.00% - 5.00%

Payoff personal loans are different than Finance Factory loans because they are specifically geared toward consumers who want to consolidate and pay off high interest credit card debt. These loans have a slightly lower minimum credit score requirement than Finance Factory, and you may score a competitive rate and no origination fee depending on your creditworthiness and other factors.

One big benefit of Payoff is the fact it has eliminated most common loan fees such as late payment fees, prepayment fees, application fees, and returned payment fees. With the potential for no or low fees and a competitive interest rate, Payoff personal loans are a good option for someone who wants to save money and pay down their debt.


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