Overall
If the usual refinance or home equity loan options aren't working for your needs, Unlock might be one option to look into. With lower credit score requirements and no monthly payments, Unlock's HEAs are a flexible option for homeowners looking to borrow quickly.
Loan Variety
Loans Offered Include: Home Equity Agreement (HEA)
Unlock does not offer a traditional refinance. Instead, they offer what they call an HEA, which is essentially an agreement with the homeowners regarding the profits when they eventually sell their home. Rather than paying monthly payments or worrying about interest, homeowners will simply give Unlock a percentage of their earnings when they sell their home down the line.
Fees
Instead of charging closing costs, Unlock takes a share of the profit when you eventually sell your home. They will also charge a 4.4 percent origination fee at that time.
Customer Service
Customers are happy with Unlock's service. In particular, the ease of qualifying for their product is a huge win for many homeowners.
Company Reputation
Unlock's customer reviews are stellar, with the company receiving a 4.7 on Trustpilot. Customers are impressed by the level of service and by how quickly the process can be completed.
Ease of Application Process
Unlock is known for being relatively relaxed when it comes to interested homeowners qualifying for their service. Once you fill out the paperwork and are accepted, you can expect to receive your money within 30 to 60 business days.
For Lower Credit Scores
Minimum Credit Score: 500
Unlock has one of the lowest credit score requirements when compared to the competition. However, their loan style is different from other refinance lenders, so you'll need to make sure this works for your financial needs.
For Higher Credit Scores
If you want to borrow money relatively quickly and to avoid monthly payments, Unlock is one option to be aware of, regardless of your credit score. Keep in mind that this loan style may not work for everyone's needs, however.
