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FAQs

Fortuna Credit is an online lending marketplace, providing a comprehensive way to search for financial service offers free of charge!

No. Fortuna Credit is not a lender. Fortuna Credit uses technology and relationships with trusted lenders and service providers to connect you with the best loan options.

 

There is no cost to sign up, use our financial management tools, or apply for loans through our online marketplace. We are paid by lenders if you decide to fund a loan with them at no additional cost to you. Please carefully review any offer you receive from a lender to make sure it meets your needs and you fully understand the terms.

 

About Personal Loans

A personal loan is an unsecured loan, or a collateral secured loan, that you can use for any purpose: consolidating your debt, refinancing your credit card debt to a lower rate, or financing a life event (e.g. home improvement). You pay back your loan in fixed monthly payments to the lender, typically with no penalty for paying the loan off early.

Credit requirements vary by lender, but our platform can provide you with options from multiple lenders regardless of your credit score.

Fortuna Credit is a completely digital platform, meaning the entire process of finding and securing a loan through our lending partners can be done completely online. Unlike your local bank, we'll also show you personalized loan offers from multiple providers so you can easily find the best loan option. Plus, you'll be able to receive your funds without ever having to fill out a physical piece of paperwork!

A line of credit is as a cross between a personal loan and a revolving credit line (like you would find with a credit card). With a line of credit, you can borrow money up to a preset maximum amount, which you then pay back with the APR (annual percentage rate) applied, by a specific date. Once you make a payment to your account, the amount will become available again as part of your revolving line of credit.

Like many financial products, you'll first need to get approved by the lender after requesting an amount you'd like to be able to borrow. Once approved, your credit limit will be determined based on certain criteria and you will then be able to borrow against your line of credit. The funds you request will typically be available the next business day. From that point, you can continue borrowing from and making payments toward your line of credit, making either the minimum payment amount or a greater amount if you prefer paying your balance in full.

When it comes to personal loans, a secured loan requires a borrower to back the loan with some form of collateral to receive the funds. If a borrower defaults on the loan, the lender can keep the asset used as collateral to make up for the unpaid balance and/or fees.

Typically, a house or car are used as collateral with their intended loan products (a mortgage and auto loan, respectively), but both can also be used to secure a personal loan, depending on the loan amount. Other examples of assets used to back secured loans include: bank accounts, stock investments, equity from life insurance policies, other types of real estate, and precious metals along with other high-value personal belongings.

Secured loans often come with a lower APR (interest rate + costs & fees) than unsecured loans, as they are deemed less risky by lenders. In addition, secured loans also tend to have higher borrowing limits, which is ideal for consumers looking to obtain large funds. Furthermore, borrowers with lower credit scores may find it easier to get approved for a secured loan if they have an eligible asset to include as collateral.

On the other hand, secured loans do run the risk of borrowers having the assets they choose as collateral becoming repossessed. Furthermore, if an asset does not cover the unpaid loan amount, lenders can take additional actions to recover funds. Secured loans also tend to have more restrictions for use than unsecured loans. It's important for prospective borrowers to understand the risk of secured loans, and whether it is the right choice based on their financial situation and ability to make regular payments.

Applying for a Loan

Fortuna Credit is not a lender and does not directly provide loans. Fortuna Credit is like a search engine for financial services. We will match you with pre-approved/pre-qualified loan offers from an extensive network of top providers, each with their own loan products and definition of a "good" borrower. Instead of applying for a loan with one lender at a time, Fortuna Credit matches you in real-time with loan offers from multiple lenders, showing you the best rates all in one place. This will save you time and energy as hours of research trying to find your best loan offer takes less than 60 seconds on Fortuna Credit.

It takes about five minutes to provide us the information we need to match you with loan offers - even less if you've already signed up for Fortuna Credit before! If you apply today, you can receive a decision from a lender within seconds, and you may be able to get the money deposited directly into your account on the same day.

After you submit your information, lenders will instantly review it to determine if they would like to approve you for a loan. Lenders that would like to work with you will appear on your "My Offers" dashboard along with your expected APR, loan terms, and estimated monthly payment. Once you find a loan that best fits your needs, you can click "Continue" to finish the final part of the application on the lender's website. After a lender makes you a loan offer, you will have an opportunity to review and approve the terms and conditions of your loan offer before accepting.

The service looks at a number of factors such as APR, term, speed of approval, and speed of funding in order to determine the best loan product for you. If you are not satisfied with the loan offer we display to you, you can always see all of your results to find a more suitable option for your needs.

Fortuna Credit is not a lender. Once you have found a lender to work with through Fortuna Credit, they will send you all the terms and conditions of your loan offer. It should include the interest rate, dates for repayment, finance charges, and more. Different lenders offer many different kinds of loans. Remember, you have a choice whether or not you want to accept the loan offer. If you do not agree to the terms, you can decline and resubmit to find another lender.

No. This application will not impact your credit score. Upon completion of the application, and with your consent, a "soft-pull" may be run on your credit. This has no impact on a consumer's credit score. The "soft check" is used to help get you real-time personalized pre-qualifying offers.

A soft pull (or inquiry) typically occurs when a person or company checks your credit report as part of a background check. A soft pull may be recorded in your credit report, depending on the credit bureau, but does not affect your credit score. Our loan providers complete a soft credit pull when you complete the application based on your name, address, and date of birth.

Hard inquiries generally occur when making a lending decision. Hard inquiries appear on your credit report and can negatively affect your credit score. Our loan providers may require a hard pull at the very end of the process on their website once you click to accept the loan terms and complete your application.

When you see a pre-approved offer, the lender has determined that you meet certain approval criteria based on a soft pull of your credit profile that Fortuna Credit has performed. Through matching you with pre-approved loan offers, Fortuna Credit identifies loans that you will more plausibly get approved for if you were to complete a loan application with that loan provider. Pre-approved offers are conditional commitments for an exact rate from a lender, and let you know if you qualify for that loan. The rates are subject to change but are very rarely different than the rate you'll see. This enables Fortuna Credit to match you with the loan offers that best meet your needs, all while only doing a soft inquiry on your credit score.

When you see a pre-qualified offer, the lender has determined that you meet certain selection criteria based on the information you provided. Pre-qualification doesn't guarantee approval, but it is a signal that you are more likely to be approved for the loan offer shown.

When a consumer proceeds with a loan offer, they are taken to the partnered loan provider to complete the loan. Consumers must complete the loan application workflow directly with the lending platform to obtain the loan. When possible, we try to make this transition easier by filling out the lender's application with any information you entered with Fortuna's application.

There are no application fees for any of the lenders on our platform. Some lenders may charge an origination fee of 1-6% of the loan that will be deducted from the loan proceeds before they are delivered to you. This fee is factored into the APR you see. There may also be late payment fees or ACH return / check return fees. Please check with the loan provider if you have any specific questions regarding their fees.

Your loan will be provided by and serviced by the lender, and they will have their own customer service teams to answer any of your questions. We only work with credentialed lenders, so we are confident they meet the highest standards of quality service. That said, we always welcome feedback and comments on your experience, so feel free to reach out to us using our "Contact us" page or via Chatbot.

We are committed to your privacy and the security of your personal information. Please read our privacy policy to understand exactly what we do with your information and how it is protected.

Connecting Your Bank Account

MX is a quick and easy way to enhance the Fortuna Credit search engine experience of looking for financial products and services. The applicant will enter their banking credentials via MX, who then verifies the account. (Fortuna Credit will never receive, access, or see your bank account login credentials). Once authenticated, the user's information will be used by Fortuna Credit to provide free financial tools and provide aggregated information to lenders for the purposes of going beyond the credit score for pre-qualification and pre-approval purposes.

Many people are reluctant to enter personal banking details online anywhere outside their bank's own website. The caution is understandable; it's always wise to research the security of a platform before sharing your financial information. MX is a safe, audited, and trusted network that connects securely with top US-based financial institutions, thousands of smaller banks, and credit unions across the country. Fortuna Credit will never receive, access, or store your bank account login credentials.

MX uses an applicant's online banking credentials in order to connect their bank account. Users should make sure to double-check that they're using the correct login info by testing the credentials on their bank's login portal. If a user continues to have trouble, they should contact their bank. MX currently supports over 11,000 financial institutions, and they're continuously working on adding more. If a user's bank does not appear on the list, there may be two reasons why: The bank is not supported by MX. The bank is not supported by our current integration with MX. If you are having trouble authenticating your bank account through MX, please email support@fortunacredit.com. Please note that our call center agents can't connect MX to your bank account, for security reasons.