By : 
Mr Credit Card
Mr Credit CardWho Is Excel Online Loans?
Excel Online Loans is also part of OLA (Online Lenders Alliance). They represent a network of online loan lenders. OLA members have a list of best practices and Code of Conduct which they have to abide by to ensure customers treated fairly, fully informed and are transparent.
Typical Loan that ExcelOnlineLoans Offers
Requirements and Qualifications
- Regular Income - ExcelOnlineLoans does not state the minimum income requirement. They only state you need regular income. Many other loan aggregators require a minimum of $800 to $1,000 income so you should take that as a guide.
- Fair Credit Score - You need a fair credit score (at least 650) to get approved for a personal loan. If your score is lower, you might be offered only shorter term loans with higher rates.
- Checking or Savings Account - Once you sign up with a lender that is willing to lend you and you agree to their terms, they will transfer the money into your checking account. That is why you need to have a bank account to take advantage of Excel Online Loans.
Comparisons
| Loan Co | Amount | Excluded States | Not Eligible | Min Income |
|---|---|---|---|---|
| Excel Online Loans | $500-$20,000 | NY, DC, WV | N.A. | N.A. |
| Zippy Loans | $100-$15,000 | NY | N.A. | N.A. |
| Viva Loans | $100-$15,000 | NY, WV, DC | N.A. | N.A. |
| Signature Loans | $100-$35,000 | N.A. | N.A. | N.A. |
| Next Day Personal Loans | $100-$40,000 | CT, NH, WA, VT | No Military Personnel | N.A. |
| Life Loans | $100-$40,000 | CT, NH, WA, VT | No Military Personnel | $1,000/m |
| Honest Loans | $400-$50,000 | NY |
No Military Personnel No Federal Employees |
$8,000/m |
| Fast 5k Loans | $100-$10,000 | NY, VT, WV, AK | No Military Personnel | $800/m |
| Bad Credit Loans | $100-$10,000 | N.A. | N.A. | N.A. |
| 24/7 Loan Pros | $1,000-$35,000 | NY, VT, WV, AK | No Military Personnel | $800/m |
| 100 Lenders | $100-$40,000 | CT, NH, WA, VT | No Military Personnel | $1,000/m |
As you can see from the table above, there are many loan aggregators you can use to shop for loans. What makes Excel Online Loans stand out is that while some aggregators require that you have a job income to qualify for a loan, Excel Online Loans just require regular income. Furthermore, they accept military personel (which many aggregators do not). You do have to be aware that if you are from NY, DC and WV, you are not eligible. While Excel does not list a minimum income or credit score, you should have a decent incoe (maybe at least $3,000 a month) and a fair credit score (at least 650) to get a decent loan and rate.
Pros and Cons
pros
- Reasonable range of loan amounts - ExcelOnlineLoans.com allows you to borrow between $500 and $20,000. This is quite a large range and should suit most of you.
- No minimum credit score but... - ExcelOnlineLoans.com allows all credit scores. However, if you want to get a personal loan (rather than an installment loan or very short term payday loan), then you need to have fair credit scores.
- Borrow Up to $20,000 - You can borrow up to $20,000. This should be enough for most borrowers.
- Benefits Income Accepted - Excelonlineloans.com accepts benefit income as your source of income (in contrast to other aggregators)
- Military Personel Can Apply - Military personel can apply for loans through the network.
- Process is Fast - The application process is fast, easy and relatively painless.
Cons
- Residents from NY, DC, WV Cannot Apply - Lenders from the ExcelOnlineLoans.com network do not accepit applicants from the State of NY, DC and Wv.
Our Take
There are several things that we like about ExcelOnlineLoans.com. The first is that military personel can apply. Secondly, those whose income derive from benefits can also apply. Thirdly, legal residents and permanent residents of the US can also apply. The only thing you have to be aware of is that if you are a resident of NY, VT and WV, you cannot apply for loans through ExcelOnlineLoans.com. You should consider loan aggregators like Lendingforbadcredit.com, which allow residents of all states to apply and they also allow you to get a loan of up to $40,000 if the $20,000 limit on ExcelOnlineLoans.com is not enough for you.
To sum up, ExcelOnlineloans is one of the better loan aggregators out there. If you intend to borrow an amount between $500 and $20,000, then you should definitely check out their network of lenders and apply for a loan through them.
Loan Process and How to Apply?
What I like about the the application form is that it is all on one page. Some sites make you fill in one piece of information and then the next page will appear with another question and it might seem like you do not know when it will end. With Excel Online Loans, you get to see all the information you need to provide on one page. Below is a screenshot of the online application form.
FAQS 
