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Magnify Money Review

Reviews 4
MagnifyMoney
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MagnifyMoney
MagnifyMoney
Average
Reviews 4
Danielle Greving
Dec. 06, 2022
3 min read
Danielle Greving author image
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

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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

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Danielle Greving author image
Written by
Danielle 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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