Loan Pioneer Review

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Who Is Loan Pioneer?

Loan Pioneer is a loan aggregator that allows consumer with finanical needs to apply for loans through a network of lenders with just one simple application form. By using a network like Loan Pioneer, consumers can save time and get a response very quickly if a lender is willing to provide a loan to them. Loan Pioneer will lend you up to $5,000 with a fairly reasonable interest rate. Residents from all 50 states can apply.

Loan Pioneers' network of lenders offer three types of loans: peer-to-peer loans, personal installment loans and bank personal loans. APRs range from 5.99% to 35.99%.

Requirements and Qualifications

To get approved for loan from lenders, you will need to at least meet the following requirements:

Minimum Income of $1,200 - Loan Pioneer requires a minimum income of $1,200. This is slightly higher than the $800-$1,000 minimums we see for other networks.

FICO score requirements - You need a minimum FICO score of at least 500 to get approved. (please bear in mind that lenders look at other factors like your income as well)

Checking Account - You will need to have a checking account because this how funds are deposited after you are approved and e-sign the necessary documents.

Both U.S. Citizens and Permanent Residents Can Apply - Many loan aggregators only accept U.S. Citizens. But Fast 5k Loans also accepts applications from permanent residents (ie Green Card holders).

Compared to Other Loan Aggregators

Loan Co	Amount	Excluded States	Not Eligible	Min Income	Credit Score
Loan Pioneer	$100-$5,000	N.A.	N.A.	$1,200	>500
Speedy Net Loan	$100-$5,000	NY	Federal Employees	N.A.	N.A.
Rescue Loans	$100-$1,000	N.A.	Metabank Customers	$1,000	N.A.
Manor Park Funding	$100-$2,500	N.A.	US Citizens only	$1,000	N.A.
Citrus Loans	$100-$2,500	N.A.	Metabank Customers	$1,000/m	N.A.

There are many loan agregators in the market today. For Loan Pioneer, we will compare it to other aggregators who lend between $1,000 and $5,000. We will exclude comparing Loan Pioneer with those that lending more (for example $10,000, $15,000 and up to $40,000) because it would be comparing apples to oranges.

There are things to like about Loan Pioneer. Firstly, they do not exclude anyone from applying while some of their peers do. For example Speedy Net Loan lenders generally do not like lending to Federal Employees. Some aggregators like Rescue Loans and Citrus Loans also do not lender to existing Metabank customers. $5,000 loan limit is also on the upper end for aggregators who provide short term lending.

Pros and Cons

pros

Income from Employment, Self-employment or Other monthly Income - Some loan networks only accept work income and not other income like benefits from social security. Loan Pioneer accepts all types of income in your application.

Accepts Applications from all 50 States - Pioneer Loans allow folks from all 50 states to apply (unlike some loan aggregators). However, some of their lenders do not lend to all states so you might get less choice or competition if you are from these states.

Both U.S. Citizens and Permanent Residents Can Apply - Loan Pioneer is one of the few loan aggregators that allow both U.S. citizens and permanent residents to apply for loans through their network.

Reasonable APRs - The APR ranges from 5.99% to 35.99%, which is very reasonable.

Cons

Can Only Borrow Up to $5,000 - This is not an issue for those of you who do not intend to borrow more than $5,000. But for those of you who do, then this loan aggregator is not for you.

Our Take

Loan Pioneer is one of the many loan aggregators available to consumer to want to shop for loans with many lenders at once with the convenience of just having to submit one application. There are many things to like about Loan Pioneer. Firstly, they accept all applicants from all states. This might not seem to be a big deal and you might be asking what is the fuss all about? Well, many loan aggregators exclude residents from certain states from applying. Furthermore, some exclude certain folks in certain occupations from applying. For example, some aggregators do not accept folks from the military or federal government. Some only allow U.S. citizens to apply apply and not permanent residents (ie green card holders). Loan Pioneer also accepts "other monthly income" and not just income from work. The minimum income requirements is that you need a credit score of greater than 500. That means even those of you with no so stellar credit can apply through Loan Pioneer.

Loan Pioneer has a minimum monthly income requirement of $1,200 (which is slightly higher than the typical $800-$1,000 minimum of other loan aggregators). If you meet their criteria (both minimum monthly income and credit score requirements), Loan Pioneer is one of the best loan aggregator to shop for your loans up to $5,000. For those of you who need to borrow more than $5,000, then this is not the place to do so. If you need to borrow more than $5,000, then you might want to consider a network like Zippy Loans or an individual bank lender like Merrick Bank for personal loans.

How To Apply With Loan Pioneer?

Applying for a loan through Loan Pioneer is pretty simple. You just have to fill out an online form. The information required includes your email, how luch you need?, Loan Reason, Zip Code, Name, Address, Birthday, Length of Time at Address, Are You A Home Owner, Are Your In Active Military?, Do You Own A Car?, Phone Number, Best Time To Contact, Social Security Number, Estimated Credit Rating, Drivers License, Income Source (Job Income, Pension, Benefits, Self Employed, Retirement or Disability), Monthly Income, How Often Do You Get Paid?, Time Employed, Job Title, Employer, Work Phone and Next Pay Date, Bank Account Type (Savings or Checking), Time with Bank, Do You Get Direct Deposit?, ABA/Routing Number, Bank Account Number, Bank Name and Phone Number.

One thing to take note is that you will have to fill in these information a little bit on a page and then continue to another page. You have to go through 10 pages altogether. The one information you want to have on hand before is your banking information. You should have your routing number and bank account number and also your bank's phone number before you apply (best to get your check book out for the routing number and bank account number info).

After you apply, your application will be submitted to suitable lending partners. You will be presented with an offer/s, and if you choose to accept, you have to e-sign those documents. Then the funds will be delivered to you (as soon as the next business day).

Below is a screenshot of the application page.