Fiona Review: The Pros And Cons Of Taking Out A Loan With Fiona

No matter your goal with your finances, such as consolidating debt or making a big purchase, there are various paths you can take. The loan that is most suitable for you will depend on your credit score and other financial details. It is important to get the most attractive rates and conditions for the loan, savings account, credit card, or student loan refinance you require.

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Fiona is offering assistance to find a loan product that fits your needs. We have created a comprehensive evaluation to help you decide if this is the best solution for you when looking for a loan, so that you can make a knowledgeable choice.

Fiona Overview

Are you looking for a loan or savings account but don’t know what to do? With Fiona, you can easily select a product that fits all your requirements. Here are some fast facts:

Do you need a loan or savings account but feel overwhelmed? You can easily find the right product with Fiona. Here are some quick facts to help you make your decision.

• Fiona is a platform that links you with a variety of lenders.
• You have the option to obtain a loan from $1,000 to $250,000.
• They provide convenient payment periods ranging from 6 to 144 months.
• You must have a credit score of at least 600 in order to be eligible for a personal loan.
• APRs start from 5.99% and can go up to
• Fiona offers the opportunity to open savings accounts, acquire credit cards, and refinance student loans.

What is Fiona?

Fiona is a financial services company that offers a convenient way to compare loan offerings from various lenders. You can easily examine aspects such as interest rates and terms without needing to search through multiple websites.

Fiona, based in New York City, was founded in 2015 and utilizes Even Financial, a leading search engine and online marketplace for financial services. By 2019, it had enabled customers to obtain more than $600 million in personal loans.

How does Fiona work?

Fiona stands apart from other companies, as it does not offer loans directly. Instead, it works with a variety of loan providers and financial service companies to help you find the best loans and interest rates that fit your situation. The entire loan application process is customized to you, allowing you to compare personal loans without a hard credit check.

Fiona allows people to assess the interest rates and conditions associated with the personal loan process for loans applicable for debt consolidation, making a big purchase, renovating a home, or tuition fees. Unfortunately, it cannot provide loans for business initiations or tax payments, and a person must be 18 or older and a US citizen to qualify for the personal loan.

Fiona can give you a rough idea of what most main lenders may offer in the loan terms because of loan rates, payment schedules, and loan sums based on your credit rating and other elements. Here is a summary of what could potentially be available:

Loan amount	$1,000 to $250,000
Loan term	6 to 144 months
APR	From 5.99% (as of Feb. 28, 2023)
Minimum credit score	600+ FICO score
Origination fees	Varies by lender

Remember that Fiona is not the direct loan provider, so the steps you need to take to apply for a loan may vary depending on the partner lender that is best for you. After you have discovered the appropriate loan through Fiona, you will be sent to the lender’s website to apply for a personal loan and complete the form.

What information is needed to complete the Fiona application?

The specifics needed may alter according to the lender, but the following personal information is probably necessary to provide the loan agreement:

• Critical personal info, such as your full name, date of birth, Social Security number, home address, and email address.
• Work experience, contact data for present job, and telephone number
• Annual income 
• Recurring costs such as your housing payments.

Once you submit your paperwork, you could be subject to a stringent credit assessment which could cause a minor decrease in your credit rating. However, this dip is typically only temporary.

What other services does Fiona offer?

Savings accounts

Fiona provides a simple avenue to view the top Annual Percentage Yields (APY) for savings accounts, as well as all the fees and availability associated with them. APYs with certain lenders can reach up to 3.40%, a significantly higher rate than the national average of 0.35%,

This is an overview of the financial difference between a savings account with an Annual Percentage Yield (APY) of 3.40% and one with the average national APY over a specific duration. Using the below examples, the interest rate was calculated annually.

	Traditional Savings Account  0.35% (as of Feb. 28, 2023) APY	Savings Account with 3.40% (as of Feb. 28, 2023) APY
Starting balance	$5,000	$5,000
After one year	$5,017.50	$5,170
After three years	$5,052.68	$5,527.54
After 10 years	$5,177.78	$6,985.14

It is clear that the higher the APY (Annual Percentage Yield) of your savings account, the more you would earn over time. The amount of interest earned after three years in a savings account with a 0.35% APY is much less than what you would get with a 3.40% APY savings account after just one year.

Credit cards

Fiona can help you quickly sift through available credit cards that you are eligible for and evaluate details such as their interest rate, yearly cost, and rewards. You can pick from a variety of cards from numerous providers, including the top cashback cards and no annual fee cards. Plus, there are secured cards for those with low credit scores, so you have access to the best product that fits your needs. All you have to do is answer some simple questions and Fiona will provide you with a customized credit card proposal that is sure to be beneficial to your finances.

When you choose to acquire a credit card from a Fiona partner, it is probable that you will have to give the card provider with some personal data such as your full name, residence address, email address, and yearly earnings. Normally, they will also conduct a hard credit assessment to find out if you are qualified for a new or personalized credit card offers.

Student loan refinancing

Fiona allows you to quickly find the best student loan refinancing options for your credit score and area. All you have to do is input the total amount you owe, and Fiona will show you the estimated monthly payment, term and interest rate of the different lenders that partner with them. These lenders provide both fixed and variable APR refinance loans, but the rate and terms will depend on your credit score and other qualifications.

How can a lending marketplace save borrowers time and money?

Without the help of services like Fiona, borrowers would have to take a great deal of time sifting through loan offers from different providers. It can be difficult to monitor all the information and can lead people to pick a choice that is not the best for them.

Fiona, an online loan comparison platform, makes it easier for individuals to borrow money by giving them all the necessary details regarding various loan products in one place. Borrowers can easily compare different loan providers and find the most suitable rate to fit their requirements. Furthermore, they can also filter their loan options, based on their creditworthiness and the amount they are asking to borrow.

Fiona refrains from overloading you with too much data, allowing you to understand the key facts. It is a powerful tool which assists in saving both time and money.

Fiona customer reviews

The majority of Fiona’s customers are content with their service, with Trustpilot giving them an impressive 4.2/5 stars based on their performance in areas such as “Flexibility”, “Discounts and Fees”, “Interest Rates” and “Customer Service and Reputation”. This means that when looking for a loan, you can feel comforted that Fiona can provide you with the best rates and be courteous while doing so.

Fiona’s customers often praised Fiona for its user-friendly interface and its ability to quickly provide them with great loan offers. They commended the clarity and simplicity of the terms as well as the friendly customer service. Nevertheless, some users were not happy with the interest rates and other details of the loan they received.

FAQs

Is Fiona a reputable marketplace?

As of October 2019, Fiona has been awarded a highly impressive 4.5/5 star rating for Customer Service and Reputation on Consumers Advocate, and no grievances have been reported to the Consumer Financial Protection Bureau (CFPB).

Does using Fiona negatively impact my credit?

Fiona loans will not harm your credit score, since they only perform a soft inquiry. When you make a final decision on a loan product, the lender will do a hard inquiry that could temporarily lower your credit score, regardless of whether you go straight to the lender or not.

What is the minimum credit score to use Fiona?

Fiona does not require a specific credit score to find personal loans, but offers loan opportunities to people with different credit scores. You can input your credit score range into their search engine, with options ranging from “Excellent credit” to “Poor credit”, and she will show you the loans you are likely eligible for.

Is Fiona an actual lender?

Fiona is not a direct lender in itself, but rather an online platform where borrowers can go to search and compare different financial products from various partner lenders. It does not actually give out the loans, but acts as a connecting point between the two parties.

Is it safe to use Fiona’s services?

According to Fiona’s website, they offer an extra level of security to their customers by using 256-bit encryption, which is stronger than what is typically seen with other lenders and financial institutions.

So, is Fiona legit?

If you are looking to borrow money or set aside funds for potential issues, Fiona can help you in finding the right personal loan offer for you. It is an efficient way to save time and money, as it provides you with tailored advice and allows you to compare the rates and terms of different lenders. If you don’t know where to start when it comes to getting a personal loan, Fiona can assist you in the application process itself. It is the perfect way to begin your search for the financial product that meets your needs.

Are you familiar with Fiona? Please share your opinion by leaving a review and rating in the comments section.

Thank you for reading!