Is Pennie Financial legit?
Despite some deep digging, we cannot confirm that Pennie Financial is a legitimate loan marketplace. It claims to have been founded in 2022, but we can’t find much information about it — beyond its website — and it doesn’t give out any contact information.
It says it’s a loan marketplace, but based on the fine print, it merely takes your information and sells or shares it with third-party providers. In addition, we couldn’t find any positive reviews and there is no evidence of anyone getting a loan through it.
Where Pennie Financial falls short
Where to begin? According to reviews on Trustpilot and third-party reviews, Pennie Financial promotes itself as a marketplace offering “income-based” personal loans and consolidation loans.
However, it’s really trying to connect you with a debt settlement program, which is very misleading to potential borrowers looking for a legitimate loan. Unfortunately, this kind of deception is all too common in this space.
What makes Pennie Financial shine?
There is nothing to recommend about Pennie Financial. If your credit isn’t the best, you may want to look into a lender such as Upstart, which considers any credit score and uses additional criteria to determine loan approval. You may also want to consider other options, such as cash advance apps — that don’t do credit checks at all — or other lenders that offer loans to borrowers with bad credit.
Pennie Financial personal loan details
| Minimum credit score/credit range | No minimum |
| APR | Starts at 5.99% |
| Loan amount | Up to $100,000 |
| Terms | Up to 7 years |
| Approval turnaround | As soon as the next day |
| Availability | Not available in: Connecticut, New Hampshire, Vermont, Washington |
| Fees | Undisclosed |
| Other fees | Undisclosed |
Pennie Financial contact info
| Phone number | Undisclosed |
| Customer service hours | Undisclosed |
| Undisclosed | |
| X, formerly Twiter | N/A |
| Pennie |
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How to qualify for Pennie Financial
The only qualification requirements Pennie reveals is that you need to be at least 18 years old and not reside in Connecticut, New Hampshire, Vermont or Washington to use its website. It also doesn’t accept active military members, which is another red flag because that usually means loan products violate the Military Lending Act (MLA).
How Pennie Financial compares to other lenders
Compare other products
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What is the Finder Score?
The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product’s interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate – this gives you a simple score out of 10.
Read the full Finder Score breakdown
Pennie Financial reviews and complaints
| BBB accredited |
No |
|---|---|
| BBB rating |
N/A |
| BBB customer reviews |
No reviews |
| Trustpilot Score |
2 out of 5 stars, based on 13 customer reviews. |
| Customer reviews verified as of |
18 March 2025 |
Pennie Financial doesn’t have a page on the Better Business Bureau (BBB). It has a Trustpilot page, but it only has two out of five stars and all comments are negative.
Reviewers cite false advertising and bait-and-switch tactics, where the company says it offers loans but then tries to get people to sign up for debt relief programs. There are also complaints of excessive solicitation and the false claim that loan approval is based on your income, not your credit score.
What do people on Reddit say?
There’s not a lot of chatter about Pennie Financial on Reddit, but posters tend to agree that the company isn’t offering loans — it’s trying to get you into a debt relief program.
Frequently asked questions
Does Pennie offer loans?
No. Pennie doesn’t have loan products of any kind. It may have partners that offer different types of loans — or loans may just be a piece of the debt settlement services it partners with.
Will applying with Pennie Financial affect my credit score?
It might. Pennie says that applying only results in a soft credit check, which doesn’t hurt your score. But, in the fine print, it says that by submitting a loan request, among other things, you consent to the company “performing a credit check with TransUnion, Experian and Equifax.” Furthermore, some reviewers said that a hard credit check was performed even though they didn’t accept any offers.
