How Does LoanWell Stack Up Beside Other Loan Document Sites?

What is LoanWell?

In short, LoanWell is a website that makes it easier to loan money to -- or borrow it from -- people that you know. You can do this through our crowdlending platform by creating a campaign, which you can then share with your friends, family, and network so they can contribute to it. But another popular method employed by our users is our individual loan creation process.

Through LoanWell, you can create an easy, but official loan document in just a matter of minutes, and our loan calculator can help you figure out things like monthly payments and how much you and your lender’s chosen interest rate will factor into things.

Since there are a few other websites out there with a similar product, it begs the question: how does LoanWell stack up?


What are the site’s features?

Valid in all 50 states, LoanBack boasts a 4-step, all online loan creation process. It has several customization options, including adding collateral or deciding late payment penalties. LoanBack does all the math for you and offers both a loan creation service as well as simple loan document templates for creating the loan yourself.

What’s the cost?

There’s a one-time cost of $29.95 for the loan creation process or a $14.95 charge for the loan document templates on their own.

Lending Karma

What are the site’s features?

Like LoanBack, Lending Karma allows you to create loan documents that are valid and binding throughout the United States. Through the website, you can schedule repayments, track online payments, modify your loan (even during the repayment period), and the site also offers end of the year reporting for your loan.

What’s the cost?

There’s a one-time fee of $49.95 for Lending Karma’s basic package, which includes basic features like payment scheduling, online document storage, and customer support. For the rest of Lending Karma’s features, like online payment tracking and end of year reporting, a premium fee of $99.95 will be charged instead.

Zimple Money

What are the site’s features?

Zimple Money works like the two websites above, but rather than offering loan creation tools per se, it bills itself as a “loan management” platform. Its tools are designed to help individuals juggle a variety of loans from a variety of sources, and includes special plans for “rich uncles/aunties” that allow users to manage and track up to 10 loans at a time.

What’s the cost?

For individual users or business owners, the Pro or Plus plans start at around $20 per month. These loans must be entered manually, but an unlimited number of them can be tracked at a time. If you need a little more help or are managing mostly family and friends loans, they also have several plans starting at $27 a month that help automate that process.


What are the site’s features?

LoanWell allows users to create, manage, and track loans all in one place, through one of two simple processes. For loans involving just one lender, we have the ability to create individual loan documents which can be edited by both parties, includes an e-signing process, and allows for auto-drafted repayments. If you have multiple lenders, or would like the opportunity to have multiple lenders, then creating a crowdfunding campaign will give you all the same features described above alongside a special campaign page you can use to share information about the loan to potential new lenders.

What’s the cost?

For individual loans, there’s a one-time fee of $74.99, which gets you access to all of our features. For crowdfunded loans, there’s no charge to use the system until the fundraising process reaches its end -- at that point, there is a charge of 5% of all funds raised, which is taken out of the total amount before the loan is paid out.

Better Efficiency for Your Team

LoanWell is a End-to-End platform for Lenders with Intake, Origination, Underwriting, Closing, Servicing, & Reporting all in one platform. Our system can be completely branded and customized (like Squarespace) and is specifically designed with flexibility in mind for the multi-faceted origination and servicing needs of Lenders.

LoanWell's services are not an offer to sell securities nor a solicitation of an offer to buy securities. LoanWell does not give investment advice, endorsement, analysis or recommendations with respect to any securities and is not a lender, financial institution, broker, venture fund or an investment advisor.