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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. Often hard-to-impress Trustpilot reviewers award AmONE 4.5 stars based on an average of nearly 2,000 reviews.
Here, our AmONE review investigates the company’s strengths and weaknesses so you can decide whether it’s right for your financial situation.
Is AmONE legit?
To determine the legitimacy of a company, start by looking at the people who manage it. If another company owns it, check out the parent company’s reputation. AmONE is owned by Quinstreet, an online marketing company that leverages AI-driven matching technology to match consumers with the right product based on their profile.
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.
In conclusion, AmONE is a legitimate company. Its parent company, Quinstreet, is also licensed through the NMLS (Nationwide Multistate Licensing System). The NMLS is the agency through which companies offering personal loans must get licensed and registered. If you’re inquiring about whether or not AmONE is licensed in your state, visit the NMLS directly and search for Quinstreet. Quinstreet maintains multiple types of licenses, including Loan Broker and Mortgage Licenses in at least 21 states.
Is AmONE a direct lender?
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 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. Check out the Credible personal loan review to learn more about this free online loan marketplace.
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
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
- 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
- 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
|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
How to Get an AmONE Debt Consolidation Loan
How Does AmONE Work for Debt Consolidation?
Does AmONE Lend Money?
Approval and Acceptance
AmONE Debt Consolidation Loan Requirements
- 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?
How Does AmONE Make Money?
AmONE Loans Reviews BBB
Screenshot of AmONE’s BBB Review:
AmONE Negative Reviews and Complaints
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.
- 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.
- 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.
- 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.
Is AmONE Worth It?
AmONE Vs. Upstart
|BBB Grade / Rating||1.0 / B+||1.24 / A+|
|Average Reviews Rating||4.7||3.4|
|Interest Rates||5.99% – 35.99%||5.39% – 35.99%|
|Origination Fee||0% – 8% Varies by Lender||0% – 12% Varies by Lender|
|Loan Terms||12 to 84 months||36 to 60 months|
|Minimum Credit Score||500||300|
|Loan Amount||$1,000 to $50,000||$1,000 to $50,000|
|Joint Applicants Accepted||Yes||No|
Frequently Asked Questions
Is AmONE legit?
AmONE is a legitimate debt consolidation and personal loan marketplace. While the company doesn’t lend its own funds, it partners with multiple lending institutions and matches those providers with customers looking to consolidate debt or take out an unsecured personal loan.
How do I know if a debt consolidation company is legit?
To determine whether or not a debt consolidation company is legit, look the company up on the BBB website to ensure it exists as a business entity. Checking reviews and ratings for its presence is also a good indicator that the company is real. Be wary of companies that use cold-call sales tactics or require money upfront for services.
Is AmONE a good loan company?
AmONE’s business model differs from that of a loan company or lending institution, such as a bank. AmONE simply matches lenders with debt consolidation or personal loan seekers. The company then charges its partner companies fees that amount to a percentage of the loan or consolidation amount for introducing the two parties.
Is AmONE a scam?
Some complaints in AmONE reviews of aggressive sales tactics by some of the company’s partner institutions have created the impression for some consumers that the company is a scam. Without discounting perspectives, AmONE is a legitimate company that’s been in business since 1999.
Does AmONE affect credit?
Committing to a debt consolidation loan on the AmONE platform will affect your credit by showing up as a hard inquiry. However, pre-qualifying for a loan without applying for an individual product won’t affect it. Debt consolidation in and of itself may or may not impact your credit score, depending on the specifics of your situation.
Is AmONE licensed?
Yes, AmONE is a licensed lender. Their parent company, QuinStreet, is licensed through the NMLS (Nationwide Multistate Licensing System). Even though AmONE is not a direct lender, they are still legally required to maintain valid licenses through the NMLS in every state where they operate. This is because they originate the loans, and that action requires a license.
Image Sources: amone.com – trustpilot.com