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AmONE Review: Is AmOne Legit?

Home » Finance » AmONE Review: Is AmOne Legit?
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Our AmOne review highlights a lending platform with solid potential. Founded in 1999, the AmONE debt consolidation and personal loan marketplace ranks highly on many consumer and expert review platforms despite a few low ratings sprinkled in. Trustpilot reviewers award AmONE 4. stars based on an average of over 2,400 reviews.

We conducted extensive research on this company and closely analyzed its customer reviews. While AmOne is indeed a legitimate company, whether or not you should use it to obtain a personal loan is up to you. In this AmOne review, we’ll provide the details you need to decide if AmOne’s personal loan offers are right for you.

Is AmONE legit?

First off, people often ask us, “How do I know if a personal loan company is legitimate?” The first and foremost step is to check if the company is a licensed lender. You can verify this through the Nationwide Mortgage Licensing System (NMLS), which contains licensing information for all personal loan companies in the United States.

To become a licensed lender, companies undergo rigorous checks, including the owner’s personal records—applicants with a felony within the last seven years are typically disqualified. The company’s business infrastructure is also reviewed to ensure compliance with lender laws, so only reputable companies receive a license.

Is AmOne a licensed direct lender?

No lender’s license was found at NMLS for AmOne. However, AmOne is owned by QuinStreet PL, Inc., a California corporation (“QPL”) that is a publicly traded company (NASDAQ: QNST) and a licensed lender. Therefore, while AmOne itself is not a direct lender, it is a legitimate personal loans company operating under its parent company’s credentials. QuinStreet, AmOne’s parent company, is a licensed loan provider offering personal loans in many states across the country, including California, New Jersey, Texas, Iowa, Tennessee, and others (see the full list of states AmOne is licensed in).

Quinstreet’s ownership of AmONE provides a technological advantage. As a publicly listed company with a value exceeding $630 million, Quinstreet adds a layer of credibility to AmONE. Publicly traded companies adhere to strict regulations, necessitating financial record disclosure. Furthermore, lenders, including AmONE, are subject to rigorous oversight by regulatory agencies in every state they operate.

Check out some of our latest local reports on states with stringent lending laws:

Amone review feature image

How does AmOne work?

AmONE isn’t a direct money lender. The company works with dozens of lending institutions that provide the actual financial services. AmONE simply matches those lenders with consumers looking to consolidate debt. While the company doesn’t disclose how many lending partners it works with, its site emphasizes partnerships with several highly-rated corporations.

For those looking to consolidate debt spread across credit cards, unsecured loans, or both, AmONE may offer a solution by matching consumers with a need to lenders with suitable terms. To compare AmONE with other top-rated lenders, check out our list of the top 5 personal loans for 2023.

Credible is another highly regarded personal loan and debt consolidation marketplace to compare loan rates from reputable lenders nationwide at no cost. Credible also has one of the highest approval rates for personal loans. Approximately 70% of applicants who apply for a loan at Credible get approved.

AmOne vs. Credible

At TrustedCompanyReviews.com, we recommend using Credible’s personal loan comparison tool to compare personal loan offers for free without affecting your credit score. Credible allows you to get pre-qualified loan offers at no cost or impact on your credit score. AmOne is one of the personal loan options available through Credible, enabling you to compare AmOne against other offers, including Upstart, LendingTree, LendingClub, Discover, and more!

We recommend Credible over AmOne, due to Credible’s excellent customer reviews and ratings at the Better Business Bureau. For more information on Credible see our full review.

AmOne vs. LendingClub, LendingTree, Best Egg and Upstart

LendingClub, LendingTree, Best Egg, and Upstart are all higher-rated personal loan companies than AmOne. These personal loan companies have been in business for a long time and have a higher average rating for customer reviews on BBB, Google, and Trustpilot.

AmOne Debt Consolidation vs. Balance Transfer Card

Using a balance transfer card for debt consolidation is another option. If you can afford to pay off the entire balance within the introductory rate period, you may be able to eliminate all interest. Check out top-rated balance transfer cards, including Upgrade, our top-rated card, here.

Compare AmONE vs. Upstart and other top-rated lenders

Pros

  • Service is free to use

  • Live help is available

  • Pre-qualification won’t affect credit score

  • Wide range of repayment term lengths

  • Poor credit scores often accepted

  • Funds available in as little as one day

  • Co-applicants accepted

Cons

  • Loan or consolidation details limited until after application

  • Loan origination fees may apply with some lenders

  • Shares information with several lending institutions

AmONE Personal Loans and Debt Consolidation Features and Benefits

AmONE’s website includes a debt consolidation category that directs potential borrowers to its personal loans page. On the page, consumers will find several borrowing options for various needs. Debt consolidation includes these features as part of AmONE’s offerings.
  • Free service
  • Matches borrowers with lenders
  • Instant matching platform
  • Is not a lending company
  • Offers live help with applications and information
  • Soft credit check to pre-qualify
  • Bad credit acceptable in many cases
  • Consolidation available for multiple unsecured debt types
  • Available in 50 states
  • Online application
  • Loan amounts available from $1,000 to $50,000
  • Interest rates of 5.99-35.99%
  • Loan terms 12 to 84 months
  • In business since 1999
  • B+ BBB rating

AmONE Editorial Rating

Trusted Company Reviews Rating Score for AmONE: 7.2
AmONE fell just short of reaching our annual review of the best debt consolidation companies. However, the company is a solid runner-up despite a few low customer ratings among mostly positive reviews. AmONE scores a respectable 7.2 rating using our criteria compared to other debt consolidation companies in our review.
Our debt consolidation review procedure includes comparing competing companies against a list of strict standards before comparing them against each other for a spot in our ranking. Our criteria categories are as follows:
  • Better Business Bureau grade, rating, and standing
  • Average review scores from multiple rating sources
  • User experience specifics
  • Application process and restrictions
  • Fees and interest rates
  • Repayment terms and flexibility, if applicable
  • Loan amounts and minimums
  • Minimum requirements to apply
  • Industry expert opinion scores

AmONE Personal Loans and Debt Consolidation Facts

AmONE offers a wide range of personal loan and debt consolidation products through its numerous partner lending companies.
While AmONE doesn’t restrict applications from potential borrowers with bad credit or high debt-to-income ratios (DTI), the company states that borrowers with a credit score over 500 and a DTI of under 50% will have the best chance of finding a match for their needs.
Interest Rates 5.99-35.99%
Origination Fee Varies by lender from 0% to 8%
Loan Terms 12, 24,36,48,60,72, or 84 months
Minimum Credit Score 500
Loan Amounts $1,000 to $50,000

AmONE Personal Loans and Debt Consolidation Interest Rates

AmONE offers a wide range of interest rates through its partnerships. However, AmONE doesn’t choose the interest rate you may ultimately pay. While competing for your business, the partnership companies will determine the most appropriate interest rate based on individual situations.
Debt consolidation loan customers could pay anywhere between 5.99% and 35.99%. The rate is determined by several factors, including credit score, credit history, reported delinquencies, employment status, DTI, etc.
However, not all factors carry as much weight as others, and a single poor mark typically doesn’t automatically disqualify borrowers.

How to Apply for an AmOne Loan

If you’re interested in applying for a personal loan with AmOne, you might want to start with Credible.com. Applying through Credible allows you to check for loan offers without negatively affecting your credit score, and AmOne is one of the options available through Credible.

How Does AmONE Work for Debt Consolidation?

Debt consolidation loans with AmONE are treated similarly to personal loans regarding finding a lender. Depending on the type of debt you’re consolidating and your debt consolidation lender, the company may or may not pay your creditors directly. If not, you’ll be responsible for dispersing the funds as necessary when they become available to you.
AmONE helps to answer your debt consolidation questions by making its representatives available by a toll-free phone number. The representatives can answer questions in real-time while you apply for pre-qualification or a specific financial product.

Does AmONE Lend Money?

AmONE lends no money of its own. Instead, it matches consumers looking to consolidate debts with companies that provide the funding for that purpose. That strategy can be both beneficial and challenging to borrowers.
On the one hand, AmONE’s matching algorithm can roughly determine what you may qualify for and potential loan terms without affecting your credit score. On the other hand, having to take an extra step in the process of consolidating your debt can feel cumbersome.

Approval and Acceptance

Pre-qualification is a good indicator of eligibility but isn’t the same as acceptance. While the website does a good job of matching companies to customers, it’s possible to pre-qualify with AmONE and then be turned down by the lender you choose.
While this scenario happens occasionally, there are ways to lessen the odds of it happening to you. The best way to avoid denial is to gather and provide as much information about your debts, income, credit history, and other details as possible during pre-qualification.
Remember, you’ll have to prove your statements to the lender you choose, so honesty is the best policy to ensure AmONE can match you with your best options based on accurate information.

AmONE Debt Consolidation Loan Requirements

AmONE doesn’t require potential borrowers to meet any requirements to apply for pre-qualification. However, the company offers some guidelines for giving you the best odds with its partner companies.
  • DTI of less than 50%
  • 500 minimum credit score
  • 18 years of age or older
  • Proof of income and employment
  • Legal Identification
  • Proof of address
  • Banking information

What Credit Score Do You Need for AmONE?

There are no specific credit score requirements to apply for pre-qualification at AmONE. The company states that a credit score higher than 500 will provide the best odds for finding a lending company match.
However, because pre-qualifying won’t affect a credit score, borrowers with lower scores can learn whether they could be eligible without causing harm.

How Does AmONE Make Money?

AmONE doesn’t collect origination fees, finders fees, or any other type of direct payment from its customers. Instead, the company creates revenue by taking a percentage of the repayment money that its partner companies collect after matching them with consumers through the AmONE platform.

AmONE Debt Consolidation Reviews

While AmONE enjoys high ratings from a number of consumer and professional review sources, the company struggles somewhat with some low reviews on independent platforms. While sites like Trustpilot.com award AmONE excellent marks, finding a handful of 1-star and below ratings is an easy search task. Most of the poor marks aim at aggressive sales tactics used by some of AmONE’s partner lending companies.
One drawback to working with AmONE is that consumers must provide personal and financial information with the company that’s shared with multiple lenders to find matches. This practice means that several companies may gather and use email addresses for marketing purposes. However, this practice is typical on online lending marketplaces.

AmOne is an option for debt consolidation, but we recommend higher-rated lenders over AmOne for consolidating debt. See our full list of top-rated debt consolidation companies here.

Many customer reviews mention that AmOne’s debt consolidation loan rates are high and include upfront loan origination fees and additional fees for their “application fee,” on top of the interest rate.

AmONE Loans Reviews BBB

If you want to compare AmONE loan reviews, BBB is a reputable place to check ratings and customer reviews. AmONE’s BBB review rating is B+, with no BBB accreditation. AmONE’s customer review rating at the BBB is 1 out of 5 stars based on only ten customer reviews.

Screenshot of AmONE’s BBB Review: 

This is a screenshot of AmONE's BBB Review, Rating and Complaints.
AmONE has a lengthy business history, going back 24 years; that’s a positive credential for AmONE.

AmONE Negative Reviews and Complaints

Remember that satisfied AmONE personal loan customers don’t always submit a positive review because people often choose to keep their finances private and not tell the entire world that they received a loan.
On the other hand, negative experiences with a company often do result in negative reviews or even customers submitting a complaint. AmONE’s BBB complaints are low, and that’s another positive sign. Altogether, over the last three years, AmONE only received five BBB complaints. That’s a low number of complaints for a financial services company that size of AmONE to have!

Summary of AmONE BBB Complaints

  • 10 AmONE customer reviews are listed at the BBB.
  • From the customer reviews on AmONE at the BBB, all ten have a rating of 1 out of 5 stars.
  • Five complaints against AmONE were submitted to the BBB in the last three years. This is a low number of complaints.

You may be wondering, what are the negative reviews and complaints about AmONE related to?

Remember, these reviews may or may not be accurate; the same goes for the complaints. Our job is to make you aware of these details, allowing you to do your own further due diligence.

Deceptive Advertising 

  • AmONE complaints highlight deceptive advertising, where promises of assistance for bad credit conceal credit score thresholds until after customers apply.
  • Allegations of false claims regarding a 97% approval rate contribute to creating unrealistic expectations among applicants.

Communication Issues:

  • Numerous complaints point to persistent and unwanted communication, with some users facing excessive calls and emails despite expressing disinterest.
  • Accusations of borderline harassment and ignoring requests to be removed from call lists have been reported.

Data Security and Privacy:

  • Concerns have been raised about the security of personal information, alleging delayed closure of online accounts and leaving sensitive data vulnerable.
  • Instances of insufficient response to requests for account closure and data deletion, risking identity theft, have been reported.

AmONE Customer Service Complaints

  • Instances of misinformation from customer service representatives and dissatisfaction with issue resolution have been reported.
  • Lack of responsiveness to emails and negative feedback on identity theft handling has been a common theme.

Account Closure Challenges:

  • Difficulty closing online accounts is reported, with denial of closure requests despite multiple attempts via provided links.
  • Acknowledgment of oversight in fully closing accounts, requiring direct consumer-generated requests, has been noted.

Referral Inconsistencies:

  • Confusion and dissatisfaction with referral practices have been reported, especially when directed to partner companies that did not meet expectations.
  • Instances of referrals to credit repair services and subsequent loan denials raise concerns about transparency and consistency in AmONE’s recommendations.

Identity Verification and Theft Issues:

  • Complaints about the incorrect association of personal information with others’ loan applications, resulting in unwanted calls and texts, have been documented.
  • Dissatisfaction with AmONE’s handling of identity theft situations and a lack of assistance or resolution has been reported.

Lack of Accountability and Integrity:

  • Consumer dissatisfaction stems from a perceived lack of professionalism, accountability, and integrity in handling identity theft issues and referrals.
  • Claims of discrimination based on computer literacy, affecting the ability to navigate credit repair and loan processes, have been raised.

Can AmOne Hurt Your Credit Score?

AmOne personal loan reviews are mixed, with both positive and negative feedback from customers. It’s important to note that AmOne is not a direct lender; instead, it partners with various personal loan companies. AmOne acts more like a technology company, using algorithms and machine learning to match users with potential lenders. Some of AmOne’s partner lenders include LendingClub, Upgrade, Best Egg, OneMain Financial, and SoFi.

Unfortunately, AmOne is not BBB Accredited, though it does have an A+ rating. However, customer reviews on the BBB website have an average rating of 1 out of 5, based on just 22 reviews. Many complaints mention a decline in credit scores after applying for an AmOne loan. For example, one customer review stated:

“I found out today that my credit score declined by 35 points to 637 on June 14, a poor rating. In the previous rating period ending June 4, it had risen 7 points to 672, which is a fair rating. I am trying to discover what would have caused this, since I have not had any unusual credit events this month. The only thing it could be is that I called AmONE. AmONE rejected my loan request and instead referred me to a credit repair scam (“The Credit Pros”) that wanted to charge me $150 a month and offered me a $5000 credit line to finance their services!!! AmONE intentionally wrecks the credit ratings of financially vulnerable people in order to force them to use the dubious services of their credit-repair partners.”

AmOne Loan Fees Breakdown

AmOne charges several fees with their personal loan options, which include:

  • Loan Application Fee: Up to $500, an upfront fee.
  • Loan Origination Fee: Ranges from 1-8% of the loan amount, also charged upfront.
  • Late Payment Fees: Ranges from $25 to 3-5% of the monthly payment.
  • Early Prepayment Fees: May include a flat fee, a percentage of the outstanding balance, or lost interest across a set period.

Make sure to carefully read your AmOne loan contract before applying for a loan, as these fees can add up quickly.

Is AmONE Worth It?

Choosing to consolidate debt is a big commitment. Doing so can generate several benefits, such as potentially lowering your overall interest rate, combining multiple monthly payments into one, and creating a situation that may be easier on a budget.
However, it also has drawbacks, like creating additional borrowing opportunities that may or may not be affordable, temporarily lowering your credit score by way of a hard inquiry, and creating a single large payment each month that may be challenging to make.
For consumers who have evaluated their situation and perhaps received professional financial advice and decided that debt consolidation is the right move, AmONE offers a solid approach with little risk in learning whether or not your situation qualifies for debt consolidation.

Frequently Asked Questions

Is 5k Funds related to AmOne?

How do I know if a debt consolidation company is legit?

Is AmONE a good loan company?

Is AmONE a scam?

Does AmONE affect credit?

Is AmONE licensed?

Source

About AmOne’s Parent Company, QuinStreet

AmOne is backed by QuinStreet, Inc., a reputable and licensed online performance marketing company. Established in 1999 and headquartered in Foster City, California, QuinStreet specializes in customer acquisition programs across various industries in the U.S. and internationally. The company is dedicated to empowering consumers and businesses by providing comprehensive information to help them research, find, and choose the best products, services, and brands to meet their needs.

QuinStreet offers a range of services, including generating qualified leads, clicks, calls, and customers, as well as delivering targeted display advertisements.

The company owns and operates a diverse portfolio of websites across different sectors, including education (Schools.com, OnlineDegrees.com, AlliedHealthWorld.com), financial services (CarInsurance.com, Insurance.com, Insure.com, CardRatings.com, MoneyRates.com), business-to-business technology (eWeek.com, ITBusinessEdge.com), home services (reliableremodeler.com, improvementcenter.com), and medical care (ElderCarelink.com).

With a workforce of 937 employees, QuinStreet is led by Chairman and CEO Douglas Valenti. For more information, visit their official website at www.quinstreet.com.
Address: 950 Tower Lane, 6th Floor, Foster City, CA 94404

Image Sources: amone.com – trustpilot.com

About Author

Dr. Ali

Deane Biermeier

Deane Biermeier is a respected authority in financial research, writing, and editing, renowned for his in-depth analyses and expert advice. With a distinguished career that previously spanned home improvement, real estate, and finance topics, Deane's role at Trusted Company Reviews focuses exclusively on finance. Deane continues his contributions to leading publications such as Forbes Home, US News and World Report, Newsweek Vault, and others. Since joining TrustedCompanyReviews.com in 2023, he has solidified his reputation as a crucial resource for clear, factual financial guidance. Deane is currently enhancing his expertise by studying at the University of Minnesota to become a certified financial educator. This new qualification is set to further enrich the advice and insights he provides, bridging the gap between academic financial theory and practical application.
Dr. Ali

Deane Biermeier

Last Updated: September 1, 2024

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