This article is part of our expert lender review series. Dusty Vegas is a personal finance expert and contributing author for industry-leading finance websites.
SimpleLoans123 At a Glance
SimpleLoans123 is a relatively new loan service that helps connect users to other third-party loan servicers by collecting all of the relevant information and submitting it to several different loan services at once.
That means that you have a lot of power to choose between different loan offerings to get your RV, but the service is relatively limited to a very particular kind of loan. It’s also important to note that SimpleLoans123 has a cap on the kind of loans they are allowed to offer. You’ll never get an offer for a loan of more than $35,000 because that’s the maximum amount the service is authorized to offer.
The main advantage of this site is that it lets you shop around and compare a lot of different loan options that are already customized for you and your financial situation. The site is quick and easy to use and helps get the funds from your loan to you faster.
Pros Explained
Get Your Money Fast
SimpleLoans123 is known for being able to get funds to you within as little as 24 hours. While they aren’t always that fast, they are a good option if you need to move quickly to buy your RV before someone else gets it.
Shop and Compare Loans
Since SimpleLoans123 works with a wide range of loan providers, they can make offers to borrowers in all 50 states. You’ll be able to see loan options and compare to find the best amount and rate for your needs right away.
Easy to Use
One of the other big advantages of SimpleLoans123 is that they are incredibly simple to use. All you need to do is fill in your personal and financial information (including your SSN, license or ID number, employer, and an employer’s phone number) and they’ll do the rest of the work of collecting loan information for you.
Cons Explained
180 Day Loans
SimpleLoans123 only offers short-term loans. The maximum repayment period is 180 days or about 6 months. That’s a lot shorter than most RV loan terms and means that you’re likely going to have much higher payments for the loan’s duration.
Fund Limitations
RVs are a big purchase and can easily cost hundreds of thousands of dollars. SimpleLoans123 is a reasonable option if you’re looking to get a moderate amount of cash to make a quick purchase, but their $35,000 loan cap is much lower than some other RV loan options. You shouldn’t plan on financing your entire RV purchase through SimpleLoans123 unless you’re looking to buy a relatively affordable small or used RV.
Who is This Lender Best For?
SimpleLoans123 is generally best for people who need to raise money quickly and don’t have time to wait for a traditional RV loan or another kind of personal loan. It’s a good option for people who only need a small amount of additional cash to pay for their RV, and who can afford to make relatively high loan payments for a few months after buying their RV.
It’s also a good option if you need to raise money quickly and can’t wait for another loan to transfer into your account.
What Type of RV Loans Do They Offer?
SimpleLoans123 specializes in short-term (180 days or less) personal and vehicle loans. The actual terms of their loan offerings don’t tend to change based on the stated intent of the loan, they just customize which third party lenders they work with to get the right kind of loan for your needs.
That said, you might be able to get a more specialized loan from SimpleLoans123, but they will still be limited by their 180-day payback window and the @35,000 cap on loan amounts.
What Type of Credit Scores Do You Need?
One of the advantages of working with SimpleLoans123 is that their wide range of 3rd party lenders virtually guarantees that there will be at least one loan available to you, regardless of your credit score.
Even borrowers with poor credit or recent strikes against their credit are likely to be able to get a loan. However, the worst your credit is the higher you can expect your interest rate to be, and the less time you may have to repay your loan.
Lenders may also further limit the amount of money you can borrow depending on your credit score.
So, while anyone can get a loan through SimpleLoans123, it’s also true that people with better credit are more likely to be able to get a good deal.
What Kind of APR Can You Expect?
Like most short-term lenders, SimpleLoans123 generally has a relatively high APR, though the exact number can vary quite a bit depending on your income and credit score. The better credit you have, the lower your APR will likely be.
But you should expect that your APR will be higher for this kind of loan than long-term personal loans or long stable loans like your student loans or mortgage. A 20% or greater APR isn’t uncommon when you’re working through SimpleLoans123.
Other Financial Products Offered?
At the moment SimpleLoans123 only offers short term loans of 180 days or less. However, since the loan matching service is still relatively new they may come out with additional financial products and services in the future.
Customer Service Experience
Generally, SimpleLoans123 gets relatively good ratings for customer service. Their website is easy to navigate and use, and as long as you’re able to make payments regularly there usually isn’t any reason to contact customer service.
It’s also common for borrowers on SimpleLoans123 to need to work directly with their 3rd party lender’s customer service. When you do work with SimpleLoans123 customer service is usually friendly and helpful, though they have limited options when it comes to adjusting the details of your loan.
How to Bank With Them
Currently, SimpleLoans123 is an online-only lending service. They don’t have any physical locations you can visit, and they don’t offer any other financial services. It’s not possible to open a checking or savings account with SimpleLoans123.
Compared to Other RV Loan Lenders
SimpleLoans123 is very different from other RV loan lenders in that it’s a short-term loan matching service instead of a direct loan provider. You may work with other RV loan lenders like major banks, but you’ll receive offers designed specifically for short term lending sites like SimpleLoans123.
Compared with loan providers like GreatRVLoans, SimpleLoans123 tend to have shorter loan repayment periods and also lower dollar amounts. That can be a good thing if you don’t need much to pay for your new RV, but it can also mean higher payments and fewer financing options.
Lender Terms
This lending website has pretty typical terms and conditions. You need to agree to allow the lending site to check your credit score and verify your employment and income. That means that you’ll need to provide a good amount of personal information when you get started.
You also need to agree to allow SimpleLoans123 to transmit your personal information to third-party lenders to match you with the best loans.
The exact terms of each loan will vary slightly, so you’ll also need to read your exact terms and agreements before agreeing to any loan contract.
Eligibility Requirements
The eligibility requirements for SimpleLoans123 are relatively low. The site doesn’t require a high credit score and has a wide library of loan offers so that it can pair people with the right loan for their situation and income.
That means that you also don’t have to have a particularly high income to be able to qualify for a short-term RV loan through SimpleLoans123.
However, you do need to be employed and need to be able to provide an employer phone number so that your employment can be verified by the website. If you’re currently unemployed but are receiving social security benefits, have a pension or are drawing from retirement benefits, or are receiving any other kind of financial benefit in place of employment you’ll still need to provide the relevant information to verify those benefits.
How To Apply
Applying for a loan through SimpleLoans123 is incredibly easy. All you’ll need to do is go to their website, which will immediately start walking you through the process of applying for a loan. There are about a dozen questions you’ll need to answer, including your name address, and contact information, in addition to your annual income, the date of your next paycheck, and other employment and benefits information.
Once you’ve filled in all of your information the website will help to match you with good loan possibilities. SimpleLoans123 also handles transferring the money to your account after you’ve selected the right loan. That’s part of how they can get the money to you so much faster than traditional loan servicers.
The Bottom Line
SimpleLoans123 might not be a traditional RV Loan lender, but they are a good option if you’re looking for a relatively small amount of money and need it deposited in your account as quickly as possible. They’re a good loan provider for people who are buying more affordable RVs, or who need to supplement their available funds while waiting on a traditional loan, or because they already have almost enough funding available to purchase their RV outright.
But, the short-term loan model, with its high-interest rates and relatively high APR means that these are higher-cost loans than average, and are usually only a good option for people with good financial security who can handle relatively high payments for the next 6 months.
