Better Money

Better Money: personal loan intermediation

Better Money is an online service that acts as an intermediary between users and a network of lending partners. Its role is to facilitate access to personal loan offers, without being the direct lender or making credit decisions. The platform presents itself as a free tool for the user, funded through commissions from partners for the referrals made.

How the service works

The process begins when the user provides information through the website. That information is sent to lending partners, who perform a soft credit pull to assess eligibility. According to the company, this initial check does not affect the user's credit score. If the user decides to proceed with an offer, the lender may perform a full credit check.

The site indicates that the user can access pre-selected offers by entering an access code received by letter. There is also the option to continue without a code. Better Money does not guarantee that personalized offers will be presented or that the user will qualify for the rates, fees, or terms shown.

Business model and transparency

Better Money states that it is completely free for the user and clarifies that it does not charge fees for its service. Instead, it may receive a fee or commission for referrals to its partners. The company states that using the service does not influence the interest rates to which the user may have access and that it does not influence how offers are displayed on the results page.

The platform does not guarantee the availability of all lending partners or all types of loans in the market at the time of the inquiry. Approval criteria are determined by the lenders, not by Better Money.

Disclosures and regulatory aspects

The site includes several legal disclosures. Among them, it is stated that the operator of the website is not a lender and does not make credit decisions. It warns that providing information on the site does not guarantee loan approval. It also details that, if a credit request is declined, the user will receive a notice of adverse action from each lender that declines it.

It is mentioned that each state has specific rules and regulations governing lenders. The amount that can be borrowed, the annual percentage rate (APR), and the repayment term depend on state laws, the lender, and the user's creditworthiness. Examples of personal loan rates and terms are presented for illustrative purposes only.

Communications and opt-out options

Better Money warns that users may receive communications by email, paper mail, and phone (including SMS) from the lending partners whose offers they have received. To opt out, the user must contact each lender directly.

Contact and policies

The website includes links to terms and conditions, privacy policy, e-consent policy, contact policy, and CCPA & state policies. The company operates under the name Better Money, LLC.