RenoFiReviews of renofi.com

These people are time waster. Signed up and got a consult with Elias G. He was friendly and responsive at first but after submitting all documents he went AWOL and wouldn't reply to my email. Called and left VM nothing. I have good credit and equity in the house. After a week I went ahead with a credit union and got approved in a few days.

Update: We (application was under my husband's name) spoke to renofi awhile back about this. They said that we experienced an unfortunate series of bad luck and acknowledged that their processes needed when and said they were working on it and that one of the banks they had been working with at the start of our allocation was no longer with them by the time we needed backup banks. I'm glad they spoke to us, but it still doesn't help us out. Had they had better processes in the first place, we wouldn't be stuck with a house that we had to rent out for a loss because it didn't work for our needs to live in and we missed the prime opportunities (including actual offers) to sell it. I don't know if this company is scamming to get kickbacks from appraisals and referrals or if they're just terrible, but in either case, they are the worst. After the initial consultation, they are near impossible to get a hold of. They do not answer emails, you have to schedule a call and they won't always show up for that. They don't keep you updated and they don't follow up with you or the bank. And they use the lowest rated shady banks to begin with. They don't actuality give you any choice of bank, they pick one and submit for you. At the beginning, they collect your information, but they don't collect everything the bank needs, so 4 months later, after hearing almost nothing, the banks rejects you because they made assumptions. Even after providing them proof which they say they'll look at, silence. Just, literally no communication from the bank or the renofi. Even though renofi said they had other banks to submit to, they didn't do it. And they wont talk to you again.

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.