White Rock loans review: A lending network for small loans

Couple looking at paperwork, considering a White Rock loanImage: Couple looking at paperwork, considering a White Rock loan

In a Nutshell

White Rock is a lending marketplace that connects people to lenders offering small personal loans up to $5,000. The service may be a good option for people looking to apply to multiple lenders, but rates aren’t transparent and may be high.
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Pros Cons
Small loan amounts available (up to $5,000) White Rock isn’t a direct lender
You may be able to get money in as little as one day Rates aren’t disclosed upfront and may be high
  Must provide your personal information to see loan options

What you need to know about a White Rock personal loan

White Rock is an online lending marketplace that provides access to small loans of up to $5,000 through its network of lending partners. White Rock says it may connect applicants to lenders owned by Native American tribes on tribal land. Since some tribal lenders have claimed exemption from state and federal regulations, tribal loans can be more expensive than loans from other lenders. Check with your state for guidance before you apply for or get a tribal loan.

Opportunity to apply for multiple loan offers

White Rock isn’t a direct lender. So if you’re using its site to apply for a loan, you’ll only need to submit one application, which White Rock will then share with its network of lenders.

Rates aren’t transparent and may be high

There’s no fee to use White Rock’s loan application service, but individual lenders in the network may charge you fees. White Rock doesn’t provide any upfront information about the types of rates or terms you can expect before applying.

In order to see interest rates and terms, you’ll have to first apply and then be approved by a lender who will send you documentation detailing your loan offer. If you don’t like the terms and conditions, you don’t have to accept the loan.

You may be able to get money in as little as a day

If your application is approved by a lender and you accept the terms and conditions it offers, you could receive the funds into your account as soon as the next business day.

A closer look at a White Rock personal loan

  • Small loans — White Rock offers loans in amounts as little as $100 to $5,000, so it may be good option for people looking for a little cash to tide them over a temporary shortage.
  • Hard credit check — When you apply, lenders may check your credit scores, resulting in a hard credit inquiry.
  • Income requirements — To qualify for a personal loan, you must at least bring in about $1,000 per month after tax deductions.
  • Not available in all 50 states — White Rock notes that it is not available in all 50 states. The company may not have any lenders in your state, or your state may not allow the types of loans White Rock’s partners offer.

Who is a White Rock loan good for?

White Rock may be a good fit if you need a small personal loan that you can repay pretty quickly. White Rock doesn’t disclose rates and terms upfront, and its service may not be available in your state, so it’s a good idea to explore other options as well to help you get the cash you need. If you only need a small amount of money, credit cards, personal loans from online lenders or payday alternative loans may be better options.

If you decide to move forward with applying for a loan through White Rock, remember that you might get approval from a tribal lender. With some tribal lenders claiming sovereign immunity from state or federal lending laws, it’s a good idea to take a look around to see if your state has any info on this first.

How to apply with White Rock

To apply for a loan through White Rock’s lender network, you’ll need to fill out its online application. You must be a U.S. citizen or permanent resident and at least 18 years old, and you have to earn around $1,000 a month after taxes to qualify. You’ll also have to provide the following employment and personal information:

  • Proof that you’ve had 90 days of consecutive employment
  • Access to a checking account
  • Email address
  • Home phone number
  • Work phone number

After you submit your application, additional personal information such as your Social Security number and driver’s license number may need to be verified. Plus, White Rock or the lenders it partners with may check your credit. And once you’re matched with a lender, the lender may contact you for additional information. If you go ahead with a loan, you’ll finalize the loan process on your lender’s website, and it’ll deposit the funds directly into your bank account.

Not sure if White Rock is right for you? Consider these alternatives.

  • Earnin: A loan from Earnin may be a good option for people who want to borrow money against their next paycheck with no interest or fees.
  • Possible Finance: If you only need to borrow a small amount and don’t have great credit, you may consider a Possible Finance loan, which could help you build credit.

About the author: Jamie Johnson is a Kansas City-based freelance writer who specializes in finance and business. She covers a variety of personal finance topics, including building credit, credit cards, personal loans and student loans… Read more.