Motive Loan Review – Is it legit?

What is Motive Loan? 

MotiveLoan.com markets themselves as a referral service website that connects borrowers to lenders looking for small personal loans. They advertise quick and easy loans ranging from $100 to $5,000. Motive Loan also advertises an easy application and approval process for those with bad credit, who otherwise might not be able to get approved for a loan elsewhere. But are they legit? Should you use their website? We investigated so you don’t have to.

Is Motive Loan Legitimate? 

Maybe. There are several complaints listed online about Motive Loans. They currently have an F rating by the BBB, (also known as the Better Business Bureau, which is a trusted organization that helps consumers find and rate businesses). An F rating is a red flag; it signifies an overall poor reputation or a history of complaints. Motive Loan was also mentioned as a suspicious platform by the most trusted regulatory body in the UK, the Financial Conduct Authority). 

We also investigated further into user reviews. Though these aren’t necessarily a source of truth, they can provide some insight. Several users have posted online about not hearing back after applying, or simply not receiving their loan. Others have positive experiences to report and have successfully received money. So, our bottom line advice: there is no way to officially confirm Motive Loan is a scam but based on our research, there are enough red flags to raise an eyebrow. 

Motive Loan: What do They Offer? 

According to the Motive Loan website, they offer loans with repayment terms ranging from 6 months to 72 months. APR and interest rates will be dependent on several factors including your income level, and credit score. Their advertised APR rates range from 5.99% to 35.99%. We did not find any user reviews confirming whether these rates were true.

They also require you to be:

• 18 years old
• A US resident
• Prove a steady income
• Have an active bank account

We have found these restrictions to be fairly common for all lending websites.

A Deeper Dive into Motive Loans

After combing through the Motive Loan website, we noticed a few other concerns. There are several spelling issues on the F.A.Q page (we’re talking, a ton of spelling issues). This can sometimes be a telltale sign of a fishy or illegitimate website. Again, there is no way to actually confirm the legitimacy of the site but we do want to provide all of the information we found so users can make the decision on their own. For those who may not get approved for loans elsewhere, Motive Loans still might be able to connect you to a lender. It’s our goal to provide you with all the facts. Here is a quick recap of some of the upsides and downsides of the website.

Potential Upsides: 

• The website is free  
• A few positive reviews
• It takes 2 minutes to apply 
• Bad credit is okay 

Potential Downsides: 

• Numerous poor customer reviews 
• Low response rate 
• Not available in New York 
• Targets low income/poor credit
• Loan amounts only up to $5,000 
• Poor BBB rating
• Questionable legitimacy

Classic Scam Warning Signs 

These days its hard to know what’s legit and what isn’t, especially online. Scams and fake websites are everywhere. But few things are more important than assuring your private banking information stays safe. You should never be handing over social security numbers, bank account info, or credit card information unless you can trust the website. So here’s what we recommend to look for when comparing online lending websites like Motive Loans.

Online lending companies should never:

• Freeze your bank account
• Remove money from your account without authorization
• Ask you to add more money into your account
• Contact you demanding money or unpaid taxes
• Call you out of the blue requesting personal info
• Request money be sent via prepaid or gift card
• Contact you with discounted rates and urge you to act immediately

Final Thoughts

After researching Motive Loan it doesn’t seem there is enough information to determine whether they are legitimate site we trust. But based upon our research reading user reviews and looking at the ratings on accredited sites, users should use Motive Loan with caution. Always take precaution when handing over private information online. There are many other lending websites that are trusted and recommended, even for those with bad credit. The bottom line: we would recommend trying other sites before handing over personal information to Motive Loans.