FundsJoy Review – Quick Access to Cash
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Whether you want a personal loan or just need a quick payday loan, FundsJoy can help you explore those options.
9/10
Cost
9/10
Features
9/10
Ease of use
9/10
Services
8.5/10
Have you ever found yourself in a financial bind? If so, you’re not alone. At some point in life, most people run into a situation where they need fast cash. After all, there’s no telling when an unexpected medical bill or car repair could pop up, right?
Fortunately, there are ways to access quick cash in such situations. Online lenders make it easy for borrowers to submit an application online and hear back in hours or days, not weeks or months. Then, some services can connect borrowers and lenders to simplify the process.
Here’s what you need to know about FundsJoy's options.
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What is FundsJoy?
FundsJoy is a service that connects borrowers looking for a loan with lenders. It allows you to borrow between $200 and $5,000. The service is entirely digital, and you only need to answer a few questions from the comfort of your home to submit your loan request. FundsJoy can help connect borrowers with personal or payday loans.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
How does FundsJoy work?
FundsJoy has an easy online application that walks you through all the necessary steps. A percentage calculator is at the top of each page to let you know where you are in the application process.
First, you’ll select the loan amount that you’d like to request.
Since FundsJoy will connect you with lenders, you’ll need to provide the service with a good way to contact you. The next step is to provide the email address you’d like to use to receive updates.
You also need to provide your phone number so lenders can contact you directly to discuss loan options.
Since you’re applying for a loan product, lenders will need to confirm your identity to see what loan products you qualify for. To allow them to do this, you need to provide the last four digits of your social security number.
Of course, your name will also be useful when confirming your identity, so you need to provide your legal name as well.
And your date of birth.
Your home address is also important to include. Be sure to enter your physical home address, not a P.O. Box number.
After providing your home address, you will proceed to the income portion of the application.
Part of this section requests your employer’s phone number. However, Fundsjoy says that it never contacts employers. This information is just needed to help confirm your employment status.
According to FundsJoy, lenders are more likely to fund accounts that receive payments via direct deposit. However, you can continue with the application process if you receive your paychecks via paper check.
FundsJoy also asks for the bank's routing number where you’d like your loan funds to be deposited. This is not your bank account number. The routing number is simply the number that identifies your bank or credit union. You can find your bank’s routing number on your checks or look it up online.
After you enter your bank’s routing number, FundsJoy should be able to populate your bank’s name. If it does not, you can also manually enter the name.
You’ll also need to identify the type of account that you want your funds deposited into. FundsJoy says that checking accounts are more likely to be funded than savings accounts, so it might be a good idea to use your checking account if possible.
Lenders may also want to see how long you’ve had a bank account, so you’ll be asked to provide that information.
Additionally, the lender might need your bank account phone number to verify your identity and/or deposit your funds.
FundsJoy will ask for your bank account number at this point in the application process. You can find this number on your checks or online if you sign in to your bank account.
Toward the end of the application process, FundsJoy switches back to asking for information that will help verify your identity. If you have a driver’s license, you’ll need to enter the number here. If you don’t have a driver’s license, you can also enter your state ID number.
If you’ve checked your credit report and know your credit score, you can select the range it’s in here. Fundsjoy may run a credit check to verify your credit score.
You can make an additional request at the end of the loan application. If FundsJoy can’t find a personal loan offer from one of its partner lenders, it may be able to find a payday loan for you. There are a few payday loan amounts to choose from.
As the last step, you need to provide your full Social Security number.
And finally, you’re ready to submit your loan request. All you need to do is hit the “Request Cash” button.
How much does FundsJoy cost?
It is 100% free to use FundsJoy to request a personal loan. However, there are costs associated with taking out a personal loan or a payday loan.
One thing that you’ll need to consider is the interest rate. The interest rate is what the lender charges you to borrow money. When you repay your loan, your payments will go toward the actual repayment of the amount you borrowed and the interest the lender charges you. Interest can be charged at a fixed rate or a variable rate. Fixed rates mean that your interest rate will remain the same throughout the life of your loan. Variable interest rates can change throughout the life of your loan.
Some lenders may also charge an origination fee. Origination fees are one-time charges for administrative costs related to the loan. Origination fees can either be a flat fee or a percentage (usually between 1% and 5%) of your borrowing amount.
Other costs to be aware of are late fees and prepayment penalties. Most lenders will charge a late fee if you’re late making a payment on your loan. Lenders may also charge a fee if you make extra payments to pay off your loan before the end of your repayment term. When you receive loan offers, you should check the loan terms to see if the lender charges either of these fees.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
FundsJoy features
Online application
FundsJoy's 100% online application process is quick and easy. As long as you have your driver’s license and bank account information nearby, you’ll have everything you need to complete the application.
Available even if you have poor credit
FundsJoy clarifies that bad credit does not automatically make getting a personal or payday loan impossible. You can apply no matter what your credit score is.
Flexible
With loans requested through Fundsjoy, you can see flexibility from the Start. You can choose the amount of money that you want to borrow. If you’re matched with a loan, you can review and adjust your options to ensure the repayment schedule works for you.
Quick
As soon as you submit your application, FundsJoy will start searching for loans to match you with. You may be able to obtain a loan as quickly as the next day after your application has been received.
Who is Fundsjoy best for?
People who need a loan quickly
FundsJoy can help people get payday loans and personal loans. The approval process for payday loans can be very quick. If you need a loan quickly, it might be worth considering.
People who only need a small loan
There are several types of loans available, and no single type works for everyone. FundsJoy can only connect people with loans up to $5,000. However, it can be a good option if you need a small loan to cover an unexpected expense.
People with no credit or bad credit
If you don’t have good credit or have no credit history at all, it can be difficult to find a lender who is willing to work with you. Fortunately, FundsJoy does not deny people because of their credit.
Who shouldn’t use Fundsjoy?
Unemployed people
There aren’t many requirements to qualify for a loan through FundsJoy. However, you must have steady employment and a reliable income to qualify. Unfortunately, FundsJoy cannot help you if you don’t meet this requirement.
People who don’t have bank accounts
FundsJoy also requires a valid bank account to qualify for a loan. You can’t even complete the Fundsjoy application without a valid bank account.
People who need business loans or larger loans
FundsJoy can be a great service for many people, but it doesn’t meet every need. If you’re looking for a business loan or a loan for more than $5,000, FundsJoy cannot provide what you need.
Pros and cons
Pros
- The eligibility requirements for loans through Fundsjoy do not exclude borrowers with low credit scores, making it a good option for bad credit loans.
- Fundsjoy allows borrowers to apply for and obtain online loans quickly.
- The short-term unsecured loan options can be used for debt consolidation.
- Fundsjoy can help borrowers get a payday loan, which can be thought of as a cash advance.
Cons
- Payday loans can be helpful in a pinch, but may also come with higher interest rates than other loan options.
- You cannot get a loan of more than $5,000 through Fundsjoy.
- Fundsjoy is not a direct lender, so you can’t be quite sure what lender you’ll be working with when you apply through Fundsjoy. It’s important to review the loan agreement to make sure you understand the terms and fees before accepting the loan.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
Fundsjoy vs. competitors
Company | Loan amount |
FundsJoy | $200 to $5,000 |
GetFundsAsap | $100 to $5,000 |
SoLo Funds | $20 to $575 |
GetFundsAsap
Like FundsJoy, GetLoansAsap can connect borrowers with a lender from its extensive network. The loan amounts offered through GetFundsAsap are very similar to those through FundsJoy, but loans can start at $100 instead of Fundsjoy’s $200. The online application process is similar to Fundsjoy; you can receive an answer from a lender on the same day you submit your application.
SoLo Funds
SoLo connects borrowers and lenders through its marketplace. Depending on their preference, individuals can sign up as either a lender or a borrower. The application process is a bit different and requires using the SoLo mobile app. For borrowers, SoLo says that it does not add any surprise fees or compounding interest.
SoLo can be a good option if you want to borrow microloans over time. As a SoLo borrower, you can prove your trustworthiness by paying back loans on time. Borrowers each have a SoLo score that lenders can view to determine whether they want to loan the borrower money. By making on-time payments and raising your SoLo score, you can qualify for larger loan amounts over time.
FAQs
Is FundsJoy a scam?
If you’re used to the traditional lending model of getting a loan through a bank, loans given through online sources might seem a bit suspicious. It’s a good idea to know how to recognize scams when you see them. Some signs of a scam are if the lender isn’t interested in your employment or credit history. A good lender will want to make sure that you can repay the loan on-time. If a company that calls itself a lender is asking for collateral in the form of money, such as with a prepaid debit card, that can also be the sign of a scam. FundsJoy is not a direct lender, but it is a legitimate company that can connect borrowers with small loans.
What’s the difference between a personal loan and a payday loan?
Personal loans are loans that are given to an individual by a bank, credit union, or online lender. They’re often used as a debt consolidation loan or a loan to cover an unexpected expense, such as a major medical bill or car repair. Some people may even opt to use a personal loan to pay for major expenses such as a wedding or vacation. Personal loans often come with loan terms that are between two and seven years, and interest rates are based on the borrower’s credit. For some people, the interest rate of a personal loan may be lower than that of a credit card. Payday loans are a short-term loan that is otherwise known as a cash advance. These loans tend to be in smaller amounts and are meant to help borrowers make it to the next payday. Borrowers typically have to repay the loan with a single payment on their next payday. Payday loans are thought of as predatory in some circles because of the high interest rates. According to the Consumer Financial Protection Bureau, a typical two-week payday loan can have a fee that equates to an annual percentage rate (APR) of almost 400%. Most states limit the maximum loan amount and fees associated with payday loans. Some states don’t allow payday loans at all.
What are installment loans?
Installment loans are loans that are given in a set amount and repaid over a fixed period of time. Each time you make a payment toward the repayment of your loan, this is an “installment,” hence the name. Personal loans and student loans are two common examples of installment loans. Auto loans and mortgages are also installment loans. Payday loans are not considered installment loans because they are not repaid over a period of time, but rather in a single lump payment.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
The bottom line
FundsJoy is not a direct lender but an online service connecting borrowers and lenders daily. This service is unique in that it can help borrowers even if they don’t have the kind of credit scores that a traditional bank might want to see. Whether you want a personal loan or need a quick payday loan, FundsJoy can help you explore those options.
So, is FundsJoy right for you? It depends. If you need a loan to cover an expected bill and have a stable source of employment and income, it can’t hurt to consider a loan through FundsJoy. However, you should remember that you’ll only be able to get a loan of $5,000 at most. It’s also important to carefully read the loan agreement to know exactly what you’re getting into. While FundsJoy might not be the right choice for everyone, it can be a financial lifesaver for some borrowers.
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Writer
Ashley Hart is a lead copywriter and digital marketing expert covering finance, law, real estate, music, entertainment, health and wellness.
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