4.7 rating out of 677 reviews
SW B
Still in progress and disappointed that it is taking so long. I have been working with Renofi for over six months now. Slow communication and dropped follow-up has made the process more difficult than it should be. They have a great product, so I hope they can fix this. There have been countless excruciatingly slow response patterns. The latest is a lack of follow-up on final submission of documents for closing. We received conditional approval over two weeks ago and immediately submitted all required documents. We were expecting a swift follow up with confirmation and closing schedule. Instead we have written 5 follow up emails and still not received a clear update. We are hopeful this process will be resolved soon and we can update our review accordingly. Everyone at Renofi is kind and helpful but if they can’t close a loan or communicate about it they are not delivering. Since they are not responding to repeated emails and don’t answer phones — I am hopefully they will respond to this and I can update with a happy resolution. Until then I recommend proceeding with caution.
Update: we were eventually able to get this closed and everything has worked out fine. It was a lot harder than it should have been but eventually we got the help we needed. Updating from 2-3 stars.
Jack Vogel
They helped us finance the job, but the fees definitely pile up and the way they land on rates is pretty confusing (i.e. we got a higher rate because the appraisal for our post-construction home came in higher than expected.
Kelley Drummond
The beginning process was easy and went great, Josh Kelley was communicative and attentive to our needs, the end was a little tougher with the senior processing agent. The portal is easy to use and let's you know where you are in the process.
Tony Maietta
I contacted them a few weeks ago. For the most part, I think they mean well. I get the impression that they're a new company and that they're very short-staffed.
The pros and cons:
Pros:
1) The initial application is very simple.
2) The website is nicely designed and easy to navigate.
3) They offer long payback terms for smaller loans which is hard to find in today's market.
4) They offer great interest rates if you have good credit.
5) The employees are very professional and friendly (but see cons below).
Cons:
1) Communication and responsiveness are lacking. This isn't the type of company that you can call if you have a question. You can leave voicemails and send emails but don't expect same-day responses. Sometimes it can take more than 2 days for a response.
2) From what I understand, RenoFi doesn't provide funding. They work with financial institutions who they sell your loan to. The one that they told us to apply with, had extremely poor reviews--an average of 1.5 stars. That credit union did not reply to a single negative review and some were very credible and very bad. For example, many of them said that credit union is very slow to post payments, and then they charge late fees. We asked if there was an alternate institution we could use, and in our case, there was.
3) Information was sometimes unreliable or missing. For example, before we switched institutions, they didn't tell us the new one had stricter requirements like needing a full estimate for the project. It took a couple of weeks to finalize that as we were trying to get bids. That's an unusual request for a personal loan such as ours. Per #1 above, there was a lot of time and back and forth to get answers on that.
4) It takes a long time to get funded. With us, it's been 3 weeks and we're still not there yet.
So, if you're the type of person that likes to get information quickly, either over the phone or via email, get correct, complete information upfront, and if you want a simple smooth process to close your loan, this may not be the company for you. If you're willing to be patient, can do your own research and wade through the issues above, the financial terms may make it worth your effort.
