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Loanr

Loanr

Secured collateral loans!

69 ratings
79 reviews
💼 Business
Free

Details

Released
October 26, 2022
Updated
July 18, 2023

Features

Developer

Loanr
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Loanr screenshot #1 for iPhone
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Loanr screenshot #3 for iPhone
Loanr screenshot #4 for iPhone
📌Ready
Reviews summary↘︎
⭐79
Reviews↘︎
📝3+ tags
Tags↘︎
❓4 answered
FAQ↘︎
📦w/o updates
Updates frequency↘︎
🖼️Get Icon
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About

This peer-to-peer lending platform connects borrowers and lenders using collateral for secured loans. Borrowers set terms and offer assets, while lenders hold the collateral until repayment. It offers an alternative to traditional loans without collection agencies.

✓Peer-to-peer lending
✓Secured collateral loans
✓Borrower sets repayment terms
✓Lender secures and holds collateral
✓No collection agencies
✓Maximum 36% APR disclosure
Show original description

What users say about Loanr

Reviews of Loanr are mostly negative: the Business app is rated 3.2/5 from 69 App Store ratings. What users like most: easy to use app, quick loan funding. Top complaints: high upfront fees/subscriptions, scam accusations. Summarized from real user reviews.

Positive things

  • 👍Easy to use app
  • 🚀Quick loan funding
  • 🤝Helpful lenders like Jona
  • 💡Innovative lending approach
  • 💰Good alternative to payday loans
  • 💬Responsive customer service (sometimes)
  • ✅Legit service for some users
  • 🌟Great for emergencies

Negative things

  • 💸High upfront fees/subscriptions
  • ❌Scam accusations
  • 🚫No loan funding for many
  • 📉Poor refund process
  • 😠Unresponsive customer support
  • ⚠️Suspiciously positive reviews
  • 🤔Confusing fee structure
  • 📱App crashes/bugs
  • 🔒Account suspension for refund requests
  • 👎Lenders asking for upfront fees
See all reviews

What's New in Loanr

4.0

July 18, 2023

Bug fixes

User reviews

Most RecentHighest RatedLowest Rated

Scam

They deleted or suspended my account. I can’t log back in but yet they’re still charging me for the weekly subscription.
Ddaisies10124

A life saver

@Jona communicated so well and quick. Made the process so much easier while providing funding quickly!
EElizabethFlash1$

Thank you!

@jona was a life saver! The process was very easy. Thank you!
MMelissa1982Lam

Fake! (Updated review)

@jona is the only person who is running the site. Look closely at other requests that have been “fulfilled” and look at the dates… how far they pay the loan off from the original pay off date. Then Jona always asks to lower the original loan amount because “he hasn’t been paid back from other borrowers”.
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Ttal1995

Scam Likely

I was inboxed by somebody named Jona on the app asking what was the lowest I would accept. Long story short I received a $50 cash app but the app is making it look like I was granted the 800 i originally asked for but did not receive solo funds is wayyy better. Dont waste your time paying for the subscription fee you will NOT RECEIVE A LOAN!!!!
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KKita29
See 74 more reviews

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User experience

🐞

Reported Bugs

6 issues

App crashes when uploading ID

Bug

App crashes/outages

Bug

PayPal button not redirecting

Bug

Cannot connect to PayPal

Bug

Confirm repayment button missing

Bug

App issues connecting to PayPal for subscriptions

Bug
✨

Requested Features

5 requests

Reduce upfront fees

Feature

Improve customer support responsiveness

Feature

Clarify fee structure upfront

Feature

Implement live chat support

Feature

Fix PayPal integration issues

Feature

FAQ

What is Loanr?

Loanr is a peer-to-peer lending platform that facilitates secured loans using collateral. Borrowers can set their repayment amount and date, and choose what collateral they want to provide to the lender. The lender then holds onto this collateral until the loan is fully repaid.

How does Loanr differ from traditional personal loan apps?

Unlike traditional apps that may involve collection agencies for late payments, Loanr operates as a secured collateral loaning marketplace. If a borrower fails to repay, the lender keeps their provided collateral instead of referring to collections. This ensures a direct resolution between borrower and lender.

What is the APR on Loanr?

The Annual Percentage Rate (APR) on Loanr can vary, with lenders offering rates up to a maximum of 36%. The app itself is not involved in the lending process, so specific APRs and loan terms are determined solely by the lender and borrower, in accordance with local laws. The lender is legally required to disclose the APR and all other terms before the agreement is executed.

Who is this app for?

This app is designed for individuals who are looking to borrow money or lend money in a peer-to-peer environment. It's particularly suited for those who prefer or require loans secured by collateral, offering an alternative to traditional unsecured personal loans and avoiding the involvement of collection agencies.