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Simple Path Financial Reviews in 2024 – Pros, Cons & Pricing

Is Simple Path Financial a good option for borrowers?
Is Simple Path Financial a good option for borrowers?

Simple Path Financial (or simply “Simple Path”) is a financial services company specializing in personal loans, business loans, and mortgages in 37 states throughout the USA. They advertise low interest rate loans and a fast closing process for borrowers, but several online Simple Path Financial reviews show that this isn’t always the case. 

Additionally, some customers claim that Simple Path uses bait and switch tactics to offer secondary loan products to customers who don’t qualify for their primary offerings. However, thousands of customers remain happy with Simple Path and write testimonials on trusted sites like the Better Business Bureau and Trustpilot.

Are you thinking about using Simple Path Financial for a loan this year? This article discusses the pros and cons of Simple Path as well as the cost and additional considerations you should keep in mind before getting started.

What is Simple Path Financial?

Learn more about Simple Path Financial reviews this year.

Founded in 2016, Simple Path Financial provides loan services to a variety of people and organizations for various purposes. Their mission is to connect people with lending options to address financial needs, even for those with a challenged credit history. 

Simple Path Financial takes an innovative approach by lending to borrowers who otherwise may not qualify for traditional loans from banks and lending institutions. As traditional lenders have started tightening criteria for loan approval and decline more and more applicants, Simple Path is an alternative option that may benefit borrowers in the United States.

» MORE: Learn More About Simple Path Financial

Personal Loans

Simple Path Financial is known for their personal loan offerings that range from $7,500 to $100,000. Their personal loans are unsecured and help borrowers achieve their goals without the hurdles of traditional loan providers.

Simple Path Financial’s personal loan options can be used for:

  • Debt consolidation
  • Moving costs
  • Home improvements
  • Educational expenses
  • Medical bills
  • Major purchases

Just like all of Simple Path’s loan options, they advertise interest rates starting as low as 5.99% with a fast closing process and funds wired directly in your account. However, as we’ll discuss later, securing a favorable interest rate isn’t always realistic for many potential borrowers.


The next loan type available from Simple Path is home mortgages for purchases or refinances. Simple Path’s solutions are customized to meet your individual needs as a new or existing homeowner with competitive rates and exceptional customer service. We recommend calling Simple Path Financial directly to allow them to walk you through your loan options. 

With Simple Path Financial, new and existing homeowners have the following mortgage types to choose from:

  • Conventional
  • FHA
  • VA
  • Fixed rate mortgage
  • Adjustable rate mortgage (ARM)
  • Streamline Refinance
  • HARP

While Simple Path may offer favorable loan terms and minimal fees, it’s important to shop around with other mortgage lenders to get the best rate. Be sure to read reviews on the mortgage servicing company so you know what to expect when contacting the mortgage company in case issues arise.

Business Loans

Small business owners and entrepreneurs often don’t have the capital needed to start their businesses and get them off the ground. Luckily, with Simple Path Financial, financing your business startup costs is easier than ever before. 

In addition to funding startup costs, Simple Path Financial also provides growing businesses with working capital to fund new projects and grow their operations faster and more efficiently. Their funding solutions, ranging from $250,000 to $1 million, are quick and flexible so you can focus on growing your business

Business loans from Simple Path Financial are ideal for:

  • Purchasing inventory
  • Paying taxes
  • Making payroll
  • Marketing materials
  • Advertising
  • Equipment purchases

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Advantages of Simple Path Financial

Here's why you should think about working with Simple Path Financial.
Here’s why you should think about working with Simple Path Financial.

We already mentioned some of the top advantages of Simple Path Financial, but let’s cover them in more detail to understand the true benefits of their loan options:

  • Low Interest Rate Loans: Like we mentioned, Simple Path Financial offers interest rates on personal loans starting at 5.99%, which is significantly lower than current market rates for personal loans. However, to qualify for these rates, borrowers need to demonstrate exceptional credit and income qualifications.
  • Fast Closing Process: Simple Path Financial promises borrowers can take advantage of a fast closing process and have the money wired to their account in as little as 48 hours. This can be especially beneficial for borrowers who need money quickly and don’t have the time to wait weeks for a traditional lender to approve the loan and wire the money.
  • No Prepayment Penalties: Simple Path loans come with zero prepayment penalties, which means borrowers can pay off their loan early without accruing additional penalties or money owed. Without prepayment penalties, borrowers can save money on interest and pay off the loan earlier than expected.
  • Free Consultation: Not sure if a loan from Simple Path is right for you? Prospective customers can give Simple Path a call to discuss their situation and whether or not a loan from Simple Path is the best option.
  • Strong Customer Reviews: According to the Better Business Bureau at the time of this writing, Simple Path Financial has a total of 591 customer reviews with an average score of 4.76 out of 5. They’ve received only 25 complaints in the last three years and have responded to many of these customers by rectifying or clarifying the situation.

Drawbacks of Simple Path Financial

Simple Path isn't always the right choice for borrowers, shown from Simple Path Financial reviews.

While Simple Path Financial has tons of positive reviews from past customers and a variety of loan options for borrowers, there are some downsides to consider before taking out your next loan.

Not Everyone Qualifies

Simple Path makes bold claims that borrowers with blemishes on their credit report or those with low credit scores can still qualify for their loans. While this may be true in some cases, plenty of borrowers were denied by Simple Path from poor credit qualifications. One Simple Path Financial review stated:

“I applied for a personal loan with Simple Path and went through the application process with an individual that told me I was approved for a loan. I was hung up on and finally received a call 2 days later from someone trying to sell me on a debt relief program because I did not qualify for a personal loan.”

This is just one case where a potential borrower was denied a personal loan, and plenty of other Simple Path Financial reviews show the same pattern.

High Fees

While Simple Path Financial advertises no prepayment penalties, they charge loan origination fees like most traditional lenders. This fee is meant to compensate loan originators for their time and effort in issuing a suitable loan to borrowers. 

However, compared to similar independent lenders, Simple Path’s fees are on the higher end and borrowers may be able to get similar loan terms without high origination fees elsewhere.

Bait and Switch Tactics

As you can see from the review above, Simple Path Financial often sells secondary loan products to customers who don’t qualify for their main offerings in a “bait and switch” style sale. 

Be prepared to hear the sales pitch for other Simple Path financial products if you’re not successful in securing a personal or business loan.

Negative Reviews Exist

While you can find hundreds of positive Simple Path Financial reviews, there are almost an equal amount of negative reviews across online platforms. 

We recommend reading these reviews to get a full understanding of previous customer experiences and the possible issues when working with Simple Path Financial.

Simple Path Financial Reviews

It’s no surprise that Simple Path Financial showcases their positive reviews on their website, but let’s take a look at independent review aggregators to see how actual customers rate their experience with Simple Path Financial. 

  • Better Business Bureau: 4.76/5 based on 591 reviews
  • Google Reviews: 4.5/5 based on 372 reviews
  • Trustpilot: 4.9/5 based on 2,763 reviews

As you can see, the vast majority of Simple Path Financial are positive and highlight the ease of working with the company. Nonetheless, it’s still important to understand the situations from customers with negative experiences prior to reaching out to Simple Path.

Frequently Asked Questions (FAQs)

Here are the most frequently asked questions about Simple Path Financial reviews.

Still have questions about Simple Path Financial? Here’s the most common frequently asked questions (FAQs):

What type of loans does Simple Path Financial offer?

Like we mentioned, Simple Path Financial offers a variety of loans that can be used for different purposes depending on your situation. 

Borrowers can choose from personal loans, business loans, and mortgages that can be used for debt consolidation, education expenses, inventory, and much more.

Is Simple Path Financial a direct lender?

Yes. Simple Path offers unsecured personal loans and has the credentials of a licensed consumer lender in 37 states in the US. In addition to direct lending, Simple Path also has referral partners that help bring low rates to their customers. 

What if I don’t qualify for a loan with Simple Path?

Although Simple Path claims that even borrowers with poor credit can qualify for a loan, the truth is that this is not always the case. Borrowers with poor credit qualifications are deemed as risky and may not always be approved.

For those who don’t qualify for a loan with Simple Path, we recommend reaching out to their customer service team to explore other options. Alternatively, reaching out to traditional lending institutions may offer another way to receive the funding you need.

Are there loan use restrictions for a Simple Path loan?

Generally speaking, the funds received from Simple Path must be used for the purpose you selected during the application process. Simple Path recommends contacting your lender directly for detailed information about restrictions on your loan. 

Final Thoughts

Simple Path Financial has hundreds of positive customer reviews across various review websites attesting to their favorable loan terms and fast funding process. There’s no doubt that working with Simple Path can open up the door to debt consolidation, business funding, and homeownership. 

However, Simple Path might not always be the best option for everyone. We recommend talking with several lenders and receiving quotes to compare the loan terms and conditions before making a decision. Also try shopping around with term sheets from competing lenders for the best chance at securing a great deal. 

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