Jenius Bank Personal Loans 2024 Review

Jenius Bank offers a truly fee-free personal loan product. Not only are there no application fees or origination fees, but there are no fees for late or missing payments, either.  

There are plenty of opportunities to get a competitive rate for borrowers with excellent credit and those willing to enroll in autopay. Jenius offers slightly higher loan amounts than many lenders, topping out at $50,000.

Jenius seems to have an enticing offer with competitive rates, reasonable terms and no fees. There are no loan origination fees and there aren’t any late or missed payment fees either—though late payments may negatively impact your credit score. 

This loan is ideal for people who want a decent range for a repayment term, 36 to 72 months and quick funding without the hassle of fees that could make the loan more expensive. 

The only clincher is the limited availability which makes this loan an invite-only product for Credit Karma customers who receive an offer. There’s a chance that the applications will open to the broader public at some point, but this criteria could seriously limit access for many prospective borrowers.

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Compared to Other Personal Loans

SoFi

Sofi tends to cater to prime banking customers who have excellent credit and higher income. Because of this, SoFi loan terms can be more favorable for clients with the best financial profile. Loans go up to $100,000 and there are discounts 

SoFi has other perks such as the ability to apply with a co-signer and receive an interest rate discount with autopay. If you lose your job, you could be eligible for the lender’s Unemployment Protection Program. 

Finally, SoFi is known for using more than credit scores and income to extend credit to its clients, which could potentially make their loan criteria a little more flexible than Jenius’ product. 

Read our full editorial review of SoFi personal loans.

Lending Club

Unlike traditional banks, Lending Club is a lending network backed by individual investors who lend money to individual borrowers. Typically, these investors spread out their risk among several different borrowers with various risk profiles.

The platform assigns borrowers a credit rating known as a “grade” so investors can choose the kind of loans they want in their lending portfolio. Applicants with lower grades (poorer credit scores) will get higher interest rates, while those with higher grades (higher credit scores) will get lower interest rates. 

The terms for Lending Club are not as flexible. Loans go up to $40,000 with a repayment period of 3 or 5 years and there are origination fees of 1%-6% which are deducted from the loan proceeds. 

Although Lending Club seems less flexible with more fees than Jenius’, it could be a better option for those with lower credit scores and not many other alternatives for subprime loans. 

Read the full editorial review of Lending Club personal loans.

Upgrade 

Borrowers can get up to $50,000 from Upgrade for terms between 24 and 84 months, though Jenius’ terms are from 36 to 72 months. Like Jenius, loan applicants can check their rate with a soft credit inquiry, and approved loans could be funded as soon as one business day. 

Also like Jenius, borrowers can get lower rates by opting into autopay, but there’s an origination fee between 1.85% and 9.99%. 

In this case, you’d choose Upgrade if you need a longer loan term and don’t mind paying an origination fee. But if you want fewer fees, then Jenius wins out, though the maximum loan term is only 72, not 84 months. 

Read the full review of Upgrade personal loans.

Best Egg

You can borrow up to $50,000 with Best Egg with two term options: three years or five years, which may not be flexible enough for borrowers who need something in between. 

Borrowers with high income (at least $100,000) and a good to excellent credit score (700) qualify for the highest loan amounts and best rates with Best Egg.

Similar to Jenius, there are no prepayment penalties, and a soft inquiry is enough to check your potential loan terms. Unlike Jenius, Best Egg does charge a loan origination fee between 0.99% and 5.99%. Approved loans can be funded in as little as one business day. 

Essentially, you’d choose Jenius over Best Egg if you wanted more options than a 36-month or 60-month loan term and prefer not to pay origination fees. 

Read our editorial review of Best Egg's personal loans.

Interest Rates

Like most personal loans, Jeniu’s APRs are fixed (for a consistent monthly payment amount) and will vary depending on creditworthiness, loan amount and loan term. Borrowers with the best credit profile will get the best rates. 

Jenius Bank does offer an interest rate discount of a quarter of a percent for customers using autopay. Even if you don’t sign up for autopay and you end up being late or missing a payment, Jenius won’t add any fees to what’s due! Although it’s not a unique feature, as other lenders waive these fees, too. It’s worth considering when choosing a bank for your personal loan. 

Fees

As mentioned, this is a 100% fee-free loan product. Jenius doesn’t charge borrowers any origination fees or late payment fees. However, you should not miss payments, as additional interest will accrue and the lender will likely report late payments to the credit bureaus. 

We advise customers to examine their loan agreement with the lender to check for any other fees you might be on the hook for. 

Repayment terms

Jenius Bank allows borrowers to choose a term between 36 and 72 months. This is a good range that allows borrowers to choose a repayment plan that fits within their budget. 

With a shorter term, monthly payments will be higher, and you will pay less interest over the life of the loan. With a longer term, monthly payments will be lower, but you’ll pay more interest over the life of the loan. 

Borrowing amounts

Jenius Bank offers loans between $5,000 and $35,000. Loan proceeds can be used for debt consolidation, covering medical payments, home renovations and other unexpected expenses. Jenius Personal loans cannot be used to consolidate or pay off student loans, however. 

Application process 

At the moment, Jenius Bank loans are only available to U.S. residents only that have received an offer to apply.  Applications are processed through the Intuit Credit Karma platform by invitation only. 

Although the site doesn’t give any details about what is needed, most personal loan application processes are as follows:

1. Personal details such as name, date of birth, social security and annual income to perform a soft credit check
2. A loan estimate will display the amount you are approved for and the terms.
3. Then, review and accept the loan agreement (typically this triggers a hard credit inquiry.)

Approval speed

There’s a possibility that you could get an immediate decision with your loan application. In some cases, loan underwriting can take a bit longer. Upon approval, you can expect your loan funds via direct deposit in as little as one business day.