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Magnify Money Review

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Danielle Greving author image
Danielle Greving
Dec. 06, 20224 min read

MagnifyMoney summary

MagnifyMoney was founded in 2014. It’s a free, independent service that provides unbiased comparisons of financial products, including personal loans, credit cards, and bank accounts. The platform also features in-depth articles on a range of personal finance topics. The company is a part of LendingTree and is supported by its advertisers.

Pros

  • Offers free resources, calculators, and tools
  • Blog covers a variety of topics relating to finance
  • Can help you find a financial advisor near you

Cons

  • Doesn’t offer as many comparison options as other tools
  • May not list all loan choices that are available to you
MagnifyMoneyat a glance
4.2

Editorial score

Variety of loan types

Offers all loan types

5.0

Online experience

Has learning resources, access to rates, mobile app

4.0

Customer services and support

Multiple ways of reaching lender, phone hours not disclosed

3.0

Loan amount range

Loan amount up to $50K

4.0

Repayment flexibility

Loan terms 60 months+

5.0

MagnifyMoney MagnifyMoney Visit Site

Suitable for?

MagnifyMoney is suitable for anyone who is looking for a solid personal loan comparison tool. It enables you to easily personalize your results based on your credit score, zip code, and loan amount. You can also sort by the APR range, loan term, required credit score, or origination fee. The website features a robust blog and news section, so it’s great for anyone who is looking to brush up on their knowledge of financial topics. 

Range of Loans on Offer

While MagnifyMoney doesn’t directly offer personal loans, it reviews a range of companies that do offer personal loans. Some major personal loan companies reviewed by MagnifyMoney include Upstart, Best Egg, Rocket Loans, and Lending Point. 

In addition to offering personal loan reviews, MagnifyMoney also provides reviews on companies that offer student loans, auto loans, debt consolidation loans, mortgage loans, small business loans, and Parent PLUS loans. 

Application Process & Requirements

MagnifyMoney offers tools that enable you to shop around before you commit to a personal loan. Its tools help you gauge numerous factors that need to be considered when taking out a personal loan, including the repayment duration, loan term, APR, and applicable fees.

After deciding on a specific lender, you’ll need to present the necessary documentation to help with the loan processing. This may include proof of employment, possession of a bank account, income information, and your address. Lenders will also take a look at your credit score to determine your creditworthiness.  

MagnifyMoney offers numerous tools and guides to help you during the personal loan application process. You just need to fill out some basic information about yourself on the website to get prequalified. MagnifyMoney will then disseminate information on loan offers for you to compare and apply. 

Applications through specific lenders can be completed online and, in some cases, in person at branch locations. Some lenders will need to do a hard credit check to determine your ability to repay the loan. You can also schedule a talk with MagnifyMoney’s loan providers to figure out how much you can afford each month. The lender will work with your financial situation to find a loan that fits your financial budget.

APRs, Loan Amounts & Repayment Terms

MagnifyMoney is not a lender, nor is it a loan broker. It offers financial advice that will help borrowers connect with top-tier personal loan lenders. Therefore, it does not have definite APR or loan terms. 

However, the website offers plenty of tools and insights to help you learn about particular lenders and their terms. You can even filter your search based on the loan amount, APR, or repayment term. Repayment terms depend on the lender you work with, but terms for personal loans range between 12-144 months. 

Privacy & Security

MagnifyMoney’s website is safe and secure to use. MagnifyMoney states that it collects your personal information and financial information to deliver the products and services you requested, improve its site, and improve its services. It also states that it uses physical, procedural, and electronic measures to safeguard your information from unauthorized users. 

Help & Support

You can email MagnifyMoney at info@magnifymoney.com or phone the company at 866-501-2397. MagnifyMoney also has a robust frequently asked questions page on its website. 

How MagnifyMoney Compares


MagnifyMoney
Credible
SoFi
APR
5.99% - 35.99%
2.49%-35.99%
5.74%-20.28%
Minimum credit score
None
620
680
Loan amounts
$1,000 - $50,000
$600-$100,000
$5,000-$100,000
Loan term
12-144 months
18-84 months
24-84 months
Suitable for
Those looking for a personal loan comparison tool
Those looking for personal loans with low APRs
Those with solid credit scores looking to take out large personal loans

FAQs

Does MagnifyMoney offer personal loans?

No. MagnifyMoney connects customers with personal loan lenders through its comparison tools. 

How does MagnifyMoney make money?

MagnifyMoney makes money through referrals and is supported by advertisers. 

When was MagnifyMoney founded? 

MagnifyMoney was founded in 2014. 

Why does MagnifyMoney only look at bank accounts, personal loans, and credit cards?

MagnifyMoney focuses on these products because it believes people are paying too much money for them and there are better options out there. It plans to expand its comparisons in the future. 

Summary

If you’re looking for a website that enables you to easily shop for personal loans and compare rates, MagnifyMoney is for you. The website is free to use, and in addition to personal loan comparison tools, it offers comparison tools for other types of loans. MagnifyMoney also offers a wealth of financial information and resources, including blog posts, calculators, and more. 

Physical Address

1415 Vantage Park Drive

Suite 700

Charlotte, NC 28203

MagnifyMoney MagnifyMoney Visit Site

Danielle Greving author image
Written byDanielle Greving

Danielle is a tech and finance writer with experience in personal finance, cryptocurrency and numerous SaaS companies. Her bylines can be found on MoneyTips, CoinMarketCap, GraniteShares and Top10.com. An avid traveler and former ESL teacher, Danielle's writing blends a wealth of technical and financial knowledge with simple and straightforward explanations for everyday readers.

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  • author
    Mike Hizme
    May 15, 2020
    False or incorrect information listed…

    False or incorrect information listed in magnify money. They listed 2 banks as offering accounts nationwide in both their section and in the individual details sections. Magnify money says they get paid by commissions or by affiliate links. both the banks I contacted said they dont pay to advertise on magnify money and they only offer those products to residents of their state. Im in NY not their state. So what is happening? Is magnify money collecting my confidential information? It was a Kasasa application that was almost identical for each of the 2 banks? Is magnify money using or reselling my information? Why is the phone number for magnify money on their site not working (646 362 6517)? Why and How do they list 2 banks as offering nationwide accounts - when they never did? These accidents could not possibly been accidents. Why do they also cause people to waste their time? Security State bank ssbscott.com 8007707207 and First national Bank of Jeanerette 3372763692 say they dont offer nationwide accounts!

    ...

  • author
    California Guy
    Oct 18, 2018
    Questionable motives

    It is true that they censor comments for poor reasons. I pointed out that their 2 main recommended sites for getting FICO scores were no longer working. And then they deleted my comment without explanation. The website article admits that it has ulterior motives for recommending those sub-par credit services.

    ...

  • author
    O.
    Jan 30, 2018
    Magnify Money censors comments for what …

    Magnify Money censors comments for what one can assume is no other reason than keeping their banking advertisers from being offended by reports of bad customer service. Not much transparency on this site, so not much use to consumers looking for honest reviews.

    ...

  • author
    19780417
    Jul 09, 2014
    Make the most of your credit and debit cards! Great place to find ways to save money!

    I have seen and article of one of the founders and after that decided to use their web site. It has saved me tons! i have realised that my current card is useless for me and also that i can manage my debt much quicker and easier. I am feeling so much better now that i have less stress about my budget.

    ...

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