My candid insights into the application process, the fine print, and what actually happens after you click “Start.”
By: Jon McDonald
Editor: Lillian Guevara-Castro
Reviewer: Ashley Fricker
Disclosure: When you apply through links on our site, we often earn referral fees from partners. For more info, see our ad disclosure and review policy.
Have you ever needed a loan? Most people would answer “yes” to that question. And do you remember what it was like trying to get that loan? You had to find the right lender, fill out an application, wait for a decision, and hope you didn’t have to start over with a new lender.
Loan networks like SmartAdvances.com are designed to make that whole process easier — and faster.
As an editor, I review a lot of loan products. But it’s also my job responsibility to really understand the services we recommend, especially when they involve people’s credit, finances, and peace of mind.
So I decided to put SmartAdvances.com to the test. I hopped on the site, filled out the loan request form, and read all the fine print for myself. This review breaks down everything I encountered, plus a few insights that can help anyone understand what SmartAdvances.com is really like.
When I first visited SmartAdvances.com, I immediately noticed its minimalist design, which I think is a good thing for a website. There’s nothing to distract me from getting the information I need or filling out a preapproval application with the lending network.
Everything is at my fingertips, including sections at the top that detail everything I need to know, and I don’t even need to leave the page. When I click on “How It Works,” a pop-up appears to lay out the process and what I’ll need to qualify, which varies by lender.
When I navigate to “Rates & Fees,” SmartAdvances.com gives me a representative example of what I’d pay if I took out a loan of $3,000 and paid it off over 48 months at a 27% APR. Spoiler alert: I’d pay back $3,915 in total.
I appreciate that SmartAdvances.com uses an APR closer to the higher end of its range for borrowers with good credit. According to the site, that range is between 5.99% and 35.99%. It’s good to have at least an idea of how a loan would fit into my budget, and the Rates & Fees section gives me that.
If the first two sections didn’t answer all of the questions I had, I can move on to the FAQs. There, I can get answers to 30+ questions that potential borrowers often ask. Those include questions about the process, repayment, qualification, and even what a personal loan is.
That means I don’t have to know much about loans to understand what I’m getting into.
I’m usually cautious about entering my personal information on any website, and that goes double for anything having to do with my finances. While I’m not a lawyer, I still try to read through all of the disclosures to make sure the website is legit and has the right safeguards.
Think about it this way: If you’re applying for a loan or credit card, the bank or lender is going to check your credit report, look at your credit score, and verify your identity. That’s just common sense.
So, why wouldn’t you do the same? Read through all of the information the site provides, and if it’s reputable, there’ll be plenty — including a privacy policy (shown below) and terms and conditions. SmartAdvances.com is a reputable site that has its house in order.
It has an SSL certificate that ensures its security, as indicated by the ‘s’ in the ‘https’ in its web address. That also means the information you enter is encrypted, so it won’t be seen by anyone who’s not supposed to see it.
SmartAdvances.com takes all the steps necessary to ensure that your data is safe and only goes to lenders that can help you get the funding you’re looking for.
The network is also a member of the Online Lenders Alliance, which means it’s committed to treating borrowers respectfully and fairly while complying with federal laws. Thankfully, there are plenty of laws that protect borrowers, including the Truth in Lending Act and the Fair Debt Collection Practices Act.
SmartAdvances.com works with partners that can lend between $100 and $20,000. I personally think $100 is too small an amount to go through the trouble of filling out an application, working with a lender, and then waiting for $100 to be deposited into my bank account.
Not to mention having to pay it back quickly with interest. There are other, easier ways to get $100, such as using a cash advance app like Dave or EarnIn, in my opinion.
On the other end of the spectrum, not all borrowers looking for a quick loan are going to have the financial profile, including the income and credit score needed to secure a $20,000 loan. Chances are that most borrowers who visit SmartAdvances.com need an amount somewhere in the middle.
If you need a loan, you shouldn’t ask: “How much can I borrow?” Instead, you want to ask yourself these questions:
“How much do I need to borrow?” and “How much can I afford to pay back without causing more financial stress?”
Once you answer those questions, you’ll have a pretty good starting point for your loan request. Even if you apply and a lender gets back to you with loan terms, you still need to look at the overall repayment amount, which includes interest and any fees. Remember, it isn’t the amount you’re borrowing, it’s how much you’re paying back.
Submitting a loan request through SmartAdvances.com triggers a soft inquiry, which does not affect your credit score. This means you can explore loan options without any risk to your credit profile.
However, if you move forward with the lender you’re matched with and complete a full application, that lender will likely conduct a hard inquiry, which may temporarily lower your score by a few points. Hard inquiries remain on your credit report for two years, but only affect your credit score for one year.
Here is a look at some of the differences between hard and soft inquiries:
| Hard Credit Inquiry | Soft Credit Inquiry |
|---|---|
| Visible to anyone who pulls your credit reports | Not visible to others who pull your credit |
| Can impact scores for up to 2 years | Won’t impact your credit scores at all |
| Requires your direct permission or an application for credit | Does not require your direct permission or an application for credit |
If your application is denied, the hard inquiry remains — even though you didn’t get the loan. That’s why it’s important to review loan terms and amounts carefully before proceeding.
On the other hand, successfully taking out a loan and making on-time payments can positively impact your credit by strengthening your payment history. Just be aware that missing payments or defaulting can severely damage your credit and limit future borrowing options.
Once I’m confident I understand the details — and that I’ll be able to qualify and pay the loan back — I’m ready to get started with the application, which is as easy as choosing the amount I need from the menu in the middle of the SmartAdvances.com homepage.
I select $2,500 – $5,000 since I’m comfortable with how much I’d have to pay back based on the $3,000 example. This is where the real work begins, although it doesn’t feel like heavy lifting because each field is presented on its own page.
This setup may make the application seem longer, but not having to focus on five to 10 different fields is a big plus in my book.
Pro Tip: Obviously, I have some information memorized (like my Social Security number), but there were a few things I needed to find. So, I’d suggest you come ready with a few things to make this application a breeze.
What you’ll need to apply:
Here are all of the questions I had to answer during my SmartAdvances.com loan request. I added some information and context for most of them, but some are so basic that they need no explanation. You’ll see what I’m talking about:
SmartAdvances.com states I can use loan funds for any purpose, but the first question is about what I plan to do with the money. Why? This is likely to widen the net of lender options because some may specialize in certain types of common loans.
The choices are:
This will narrow down the network options and result in more targeted loan offers, possibly saving me some hassle down the line.
Very straightforward, but I’m also paying attention to the fine print. I see that by clicking next on this page, I agree to the company’s E-Consent, Credit Authorization, Advertising Disclosure, Privacy Policy, and Terms & Conditions.
That’s a lot of things to agree to with one click, but it basically means that I authorize SmartAdvances.com to share my information with lenders and sign off on them contacting me.
This is pretty standard for a network trying to match me with a loan. Plus, if I didn’t want to be contacted by lenders, I probably wouldn’t be here in the first place.
These questions are used to establish my identity, show that I live in a state where network lenders operate, and provide a way to get in touch with me. Currently, only residents of New York and Arkansas are excluded. I also acknowledge that I agree to be contacted by the network’s partners via text or phone call.
SmartAdvances.com also uses this question to narrow down my lending options. I can select Employed, Self-Employed, Social Security or Disability, Benefits, or Other.
I won’t be disqualified for selecting any of these options, but it gives SmartAdvances.com some good information about which lenders would be most interested in working with me.
Because I selected “Employed,” the application asks for information about my employer. This information could be used to verify my employment, which is standard practice for lenders before they fork over any cash.
This is why I prepared before filling out the application. I don’t need to share the exact number, but I do need to provide my monthly income (before taxes) within a certain range.
This number should also include Social Security, disability, pension, or any income from other sources. The site states you must earn at least $1,000 a month to qualify.
This is another question that can widen the net of lenders I have access to. SmartAdvances.com states on this page that if I have direct deposit, I have a better chance of being connected to a lender.
Having direct deposit will also dramatically impact how quickly I get my funds when compared to a paper check. Either way, a bank account is required to receive funds.
Lenders need a lot of information before they approve me for a loan, and this answer tells them what kind of cash flow I’m working with.
SmartAdvances.com works with lenders that can help in both the long term and short term. Some borrowers may only need a loan that gets them to their next payday — hence the term “payday loan.”
This question helps identify if you would be a good match for a loan that can be repaid in weeks instead of years.
Active-duty military members may have access to additional funding options.
A big question lenders have is whether I can pay back a loan in addition to all of the other payment obligations I have. This question is specifically about credit card debt, so I want to be as accurate as possible to provide the clearest picture of my finances.
The options here are:
I’d expect the number of lenders willing to work with me to decrease as my credit card debt climbs on this scale. I may not be outright rejected if I had $20,000+ in card debt, but lenders would certainly be more cautious, and I may end up paying more in interest.
Another data point lenders will look at is whether I’m currently making payments on a vehicle. But owning a car outright means one less payment out of my monthly income, and it also gives me collateral — some lenders may offer secured loans if I don’t qualify for an unsecured loan.
My Social Security number will be used not only to verify my identity, but also to access my credit reports and scores. This is one of the last pieces of information I’ll enter on this application, but also perhaps the most important. This is only a prequalifying glance, it won’t affect my credit in any way.
This is another number that lenders may use to verify my identity and my residence.
Part of a lender’s due diligence is assessing my overall financial stability, and how long I’ve been at the same residence could contribute to my creditworthiness. I had to choose from:
As a single data point, how long I’ve lived at my current residence might not say much.
However, if it is part of a pattern of financial instability, e.g., moving around often, the underwriting algorithm could flag this as a reason for denial.
This is another piece of information that can signal to lenders that I am trustworthy and can manage my finances.
The options are:
Obviously, the longer I’ve had a bank account, the better, because it shows I have a long (and likely good) relationship with a financial institution.
But I’m probably not going to be disqualified if I’ve had one for less than five years. It’s really a case-by-case situation, and it also may depend on my answers to other questions.
This shows lenders that I have an active bank account where they can deposit funds from a loan. Providing this information can also help me get the money quickly if I’m approved.
I need to provide my bank’s name along with my routing number and account number
Note: Depending on the information I enter and the amount of money I am requesting, I may be asked to answer additional questions.
This feels a lot like a full application, and that’s by design. One reason more than 100 lenders work with SmartAdvances.com is that it vets borrowers thoroughly and verifies their information — including identities and bank accounts. That means lenders can focus on serving the best possible candidates.
Once I finish the application, SmartAdvances.com processes it in about 10 seconds and directs me to a lender that is interested in working with me based on my application. After the network identifies a match, I can read more about the loan offer on the lender’s website and decide if I want to move forward.
This is the point when a hard credit check comes in. The lender takes your information (you may also need to answer more questions on its site) and can perform a credit check with the three major credit bureaus.
Depending on how fast their systems work, you could receive an answer in minutes — but it’ll depend on the lender and the amount.
If you accept a SmartAdvances.com lending partner’s offer and terms, then you should receive the funds in your bank account pretty quickly. The site states that its network lenders can pay out as soon as one business day after the loan closes.
Here’s where I want to highlight some of the fine print that could impact that timeline. SmartAdvances.com isn’t a lender, and it works separately from the loan process.
On the homepage of its website, SmartAdvances.com says you can get your loan in three easy steps. But it only controls the first two steps, which are the loan request form and matching you with a lender.
The time it takes between the second and third step (which is receiving your loan funds) is up to the individual lender. Depending on the amount you request and your financial situation, it could be fast. But it could be delayed if the lender sees more risky data points on your credit report or can’t verify some of your information.
That’s why it is always best to be completely honest on the application. Massaging the truth or outright lying are big red flags because it’s actually illegal to lie on a loan application.
Once you clear all three steps, the loan is deposited into your bank account to use as you wish. Then, it’s just about paying it off with on-time payments. Lenders determine the structure and any extra charges, including late payment penalties or fees for paying the loan off early, which you’ll want to check for in the loan terms.
As I discussed earlier, SmartAdvances.com includes an example of what a loan payoff looks like, so you should generally know what to expect. Just plug in the loan amount, the APR, and the length of the payoff period (a.k.a. the loan term), and you can find your personalized numbers.
Just because SmartAdvances.com matches you with a lender doesn’t mean approval is guaranteed — and it makes that very clear. There are a bunch of reasons why your official application can be denied. A few of the most common are low credit scores, too much overall debt, or a high credit utilization ratio.
No matter why you were rejected, the lender will send you something called an adverse action notice, which will lay out the reasons it made the decision. Once you have that in hand, you can use it as a blueprint for fixing up your finances so you’ll have a better chance of getting approved the next time.
If it’s an issue with your credit score (which, let’s be honest, it usually is), there may be some simple things you can start doing to build it back up. One of those is to make all of your credit card and loan payments on time.
Payment history is the biggest factor in your FICO score, which most lenders and credit card companies use. Consistent on-time payments can give you a solid credit score foundation to work with.
Another big one is your utilization, which is the amount of credit you’re using. Lenders usually compare that to your overall credit limit to get your credit utilization ratio. They like to see that number below 30%, so if you’re well above that, you’ve got some work to do.
Here’s an example of how to calculate your credit utilization ratio based on credit card use:
| Card A | Card B | Card C | Overall | |
|---|---|---|---|---|
| Balance | $500 | $0 | $2,150 | $2,650 |
| Credit Limit | $2,000 | $3,000 | $5,000 | $10,000 |
| Utilization Ratio | 25% | 0% | 43% | 26.50% |
The only ways to lower credit utilization are to pay off debt (and not rack up more) or get higher credit limits. And if you’re getting loan denials, chances are you’re probably not going to turn around and get a credit limit increase.
That leaves reducing debt as the best option, and it could take some time. Start by putting extra money toward your balances each month. I’d recommend the snowball and avalanche methods as a good place to start. Coupled with a sterling payment history, this strategy will eventually help your credit score rise.
There is no shortage of online lenders anxious to receive your application. You have a lot of options to choose from, which can surely be overwhelming. Here’s how SmartAdvances.com compares to other networks and direct lenders we typically recommend:
| Feature | SmartAdvances.com | LendingTree | MoneyMutual | Upstart |
|---|---|---|---|---|
| Network Size | 100+ lenders | 300+ lenders | 60+ lenders | N/A (Direct lender) |
| Min Credit Score | None | Varies by lender | None | 300 |
| Loan Range | $100 – $20,000 | $1,000 – $50,000 | $250 – $5,000 | $1,000 – $50,000 |
| Fees | Free to use | Free to use | Free to use | 0%–8% origination |
| Turnaround Time | ~1 business day | ~1–3 business days | ~1 business day | ~1 day |
One disadvantage I’ll note is that I couldn’t find SmartAdvances.com anywhere on Trustpilot or the Better Business Bureau’s websites to see their ratings from real customers.
But I did manage to find this review from Real Reviews, which gives it a less-than-stellar 2.7 rating based on 32 reviews. It’s also worth noting, however, that eight of those 32 reviews give the service 5 stars.
I’m a visual learner. If I ever have to put a piece of furniture together or change a taillight on my car, I carefully read the manual before I hop on YouTube and watch a tutorial. So, if you’re like me, you’ll appreciate seeing the benefits and drawbacks of SmartAdvances.com at a glance:
Now, these aren’t all of the positives and negatives that you could experience working with network lenders, but it’s a fair representation of what you’ll find during the process. SmartAdvances.com works with so many lenders that each one may have its own set of pros and cons, so stay vigilant and read all of the fine print.
SmartAdvances.com is a simple platform that offers a convenient service. It allows borrowers to find a loan without having to apply with multiple lenders. When I submit a loan request through SmartAdvances.com, I can match with a lender that is probably very eager to work with me.
After matching with a lender, I’d still do my homework on any loan offer before signing. And that really goes for any financial product — from bank accounts to store cards.
I think SmartAdvances.com is a solid option for anyone who needs a loan but doesn’t want to take on a lot of risk. As I’ve covered, the loan request won’t impact my credit score, and I don’t have to accept any loan offer.
SmartAdvances.com is like a matchmaker that wants to set me up with the ideal lender the first time. It doesn’t want to waste time connecting me with a lending partner that I’m going to have friction with. In the world of lending, and especially for those with less-than-perfect credit, SmartAdvances.com can be a very useful tool.
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