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About Unlock

Established in 2020, Unlock Technologies offers home equity agreements (HEAs), which are an alternative to HELOCs and home equity loans. Requirements for an HEA with Unlock are a minimum 500 FICO score and at least 30% equity in your home. Depending on your home’s current value, you can receive up to $500,000 in cash.

    Pros & Cons

    Pros
    • Low credit score minimum
    • No interest or monthly charges
    • No income requirement
    Cons
    • Only available in 14 states
    • 4.9% origination fee and other fees

    Unlock Reviews

    Stars Rating

    • 25%
    • 39%
    • 14%
    • 5%
    • 16%

    Popular Mentions

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      How do I know I can trust these reviews about Unlock?
      • 4,461,376 reviews on ConsumerAffairs are verified.
      • We require contact information to ensure our reviewers are real.
      • We use intelligent software that helps us maintain the integrity of reviews.
      • Our moderators read all reviews to verify quality and helpfulness.
      Page 2 Reviews 10 - 40
      Verified purchase
      Customer ServicePunctuality & SpeedOnline & AppStaffLoan Process

      Reviewed March 4, 2023

      The initial person I spoke with was very informative, patient and he answered all my questions. But the follow up was not as smooth because I was unfamiliar with the new person coming on. She didn't think to know everything that was going on. The application process took almost 2 months. Because I was familiar with DocuSign and a lot of the other application things they did, that part wasn't as stressful. But when I had a questions, the response wasn't immediate. The length of time that it took could have been a lot shorter. The transitioning made me a little uncomfortable. But the overall goal was a success.

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      Lawanda,

      Thanks for sharing your experience working with Unlock. We’re sorry to hear that you experienced communication delays during the funding process. We aim to keep our customers informed and engaged and it’s clear we fell short. We are glad to hear that you achieved your desired outcome and we’ll use your feedback to improve our process in the future.

      Sincerely,

      The Unlock Team

      Verified purchase

      Reviewed March 3, 2023

      Working with the rep was fine until I needed to jump through a few more hoops to get the payment approved. I needed a signed letter from a judge and the payment had to be sent to my husband's lawyer's office as opposed to being given to me directly. That delayed things. My husband didn't have to move out until 30 days after he got the money then they gave me some funds, but they didn't want to give the majority of the funds to me to pay him out. That was a little frustrating.

      Unlock
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      Maggie,

      We're sorry that you experienced delays during the funding process. We appreciate you sharing your feedback, so we can improve our practices in the future.

      Thank you,

      The Unlock Team

      Verified purchase
      Customer ServiceStaffLoan Process

      Reviewed March 2, 2023

      The process to get equity was smooth. It was simple as long as you have the access to convert your documents to a PDF. All they needed was mortgage statements. They got the appraisal done and the money was in my account when they said it would be. The only thing is to take out 80 and owe 170 is bogus. But I'll deal with that when the time comes. 10 years doesn't warrant 110%. Other than that, my rep was a sweetheart and she was very helpful. I was impressed by the questions she was asking. She asked me questions about what mattered right then and she was on top of things. When I reached out to her, she was very quick to respond. So, in general, it was a good experience.

      But I would never recommend my friends to give up their equity like I did because I don't even know if my house is gonna be worth what I owe them in 10 years. So, I wouldn't ever put any of my friends or anybody that I care about in that type of jeopardy. But it's an awesome service for anybody who's a homeowner. I suggest that they be more reasonable when it comes to their equity payback.

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      Kanahnee,

      Thank you for taking the time to share your experience working with Unlock. We appreciate hearing about your concerns regarding our pricing model. Please keep in mind that if your house depreciates at the end of your agreement, the share you owe Unlock will also decline. Your agreement also includes an annualized cost limit that caps the cost of your home equity agreement. Whenever Unlock’s rate of return exceeds this limit (which is specified in your Investment Closing Statement), Unlock’s share of your equity is automatically reduced.

      A member of our Customer Success team reached out to you to answer any questions you have. If you’d like to discuss your agreement and any pricing questions in more detail, please feel free to contact our team at 800-560-3450, option 2.

      Thanks,

      The Unlock Team

      Verified purchase
      Customer ServiceOnline & AppStaffLoan ProcessTransparency

      Reviewed March 1, 2023

      The application process was simple and easy. The rep was really helpful and she explained it thoroughly to me. She returned calls the day after I would email or text her. It was a pleasant experience. Working with them has helped. If you need some capital and you don't have any other way of going about it conventional banking-wise, Unlock a good way to get some equity out of a property with a lot less hassle. I don't recall doing any bank statements or the regular banking hurdles they require you to get over to refinance or take equity out. That was pleasing. I had the equity and it's easy to get access to it.

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      Kohr,

      Thanks for sharing your experience working with Unlock. Our to goal is to make sure our customers feel supported throughout the entire home equity agreement process. We're glad to hear you found the process easy and hassle-free. We appreciate your recommendation.

      Sincerely,

      The Unlock Team

      Verified purchase
      StaffLoan ProcessRates

      Reviewed Feb. 28, 2023

      Unlock was doing six weeks while the other ones were six months with their service. During the process, there was a little bit of a bump in the road. It was on a Friday that we had an approval quote. The lady that was supposed to get it submitted to underwriting didn't do it until Monday. During that weekend and that following day, they changed the rates for whatever reason and we ended up paying more in interest because of that. It was a substantial amount. We got upset and asked for a new associate. We didn't wanna deal with the lady anymore because she blatantly dropped the ball. We were jumping through hoops to get all the information that she wanted to get it going. We had the paperwork that needed to be submitted by Thursday. But it ended up biting us in the butt anyway and that left a bad taste in our mouths.

      Unlock shouldn't submit or give quotes and not follow up. I was a little disappointed about that because nobody seemed to want to make it right. The only correction we got was we had a new associate. When I looked at the paperwork after finally signing the docs, it still showed the original associate getting the payout for establishing the loan. That was tacky. If you're gonna do it, then don't show it to me since I had a bad experience. That aside, the work was pretty much done with the new associate. Overall, it wasn't a bad experience and Unlock made things simple. It was just with the way it was handled and that nobody followed back up. I would recommend Unlock but I would definitely give a heads-up that even if you get your quote in writing, that doesn't mean crap. You have to be careful and be prepared to walk away from the loan.

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      Glenn,

      Thanks for taking the time to share your experience working with Unlock. We researched your file and found that while your application was under review, we updated our underwriting guidelines to reduce the risk for both consumers and Unlock. As you know, those changes increased the cost of your home equity agreement. We apologize that our process wasn’t better explained and that you experienced some communication lapses while working with us. We appreciate your feedback and will use your input to improve our practices in the future.

      Thank you,

      The Unlock Team

      Customer ServiceLoan Process

      Reviewed Dec. 2, 2022

      When I started this process, I found the it to be very pleasant. However, now I am not sure. I have spent the week trying to reach out to three different individuals within the company to determine the status of my file. I hesitate to mention their names because there may be legitimate reasons for them not returning my calls. I am wondering if the company has gone out of business. I wish that someone would return my call so I can determine if I need to use alternatives to my satisfy my financial needs.

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      Pinned

      Thank you for taking the time to share your experience with Unlock. We are sorry to hear that you had issues obtaining updates about your application over the holidays. It is our understanding that you have been in contact with your home equity consultant. We encourage you to continue reaching out to her as you work through your application process. We aim to keep our customers informed on the process, and we apologize for falling short.

      Sincerely,

      The Unlock Team

      Verified purchase
      Customer ServiceLoan Process

      Reviewed Nov. 23, 2022

      Great experience and great alternative to refinancing. I was very happy with the customer service and the process. It was exactly as described and Unlock did a great job of keeping us posted on everything. I would 100% recommend Unlock to friends!

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      Hi Michael,

      Thanks so much for taking the time to post a review about your experience with Unlock. We’re happy that the customer service and process were positive and went smoothly. We appreciate your feedback!

      Sincerely,

      The Unlock Team

      Customer Service

      Reviewed Oct. 28, 2022

      I reached someone from Unlock on 9/13/22, within that day I was advised to send in documents and the quicker the better you should be approved and funding should be available to you within 30 days. Well here we are almost 60 days out and each time I call I am waiting on this, that, and the third. If there is something that has to be done asap with the funds do not go to them. Since I have wasted almost 60 days I have to start over.

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      Trina,

      We apologize for the delay in moving your application along. We discovered a rare restriction during our underwriting process that complicated our ability to proceed as quickly as we would have liked. We are happy to report that we were able to remedy the situation and that you should have funding in hand shortly. Thanks for your patience and for reaching out to share your feedback.

      Sincerely,

      The Unlock Team

      Loan Process

      Reviewed Feb. 5, 2022

      Do NOT do business with Unlock in any way, shape, or form unless you plan on giving the farm away. I'll make a long story short on their lending tactics. During the process, they will send somebody to come and "appraise" your home. This person comes and takes pictures which gets sent to a third party company. This 3rd party company will then completely undervalue your home by a very large amount.... about 15% in my case. They take all the comps from the area and they actually REDUCE the comp number to "adjust" the value of the home to what THEY THINK the value is and NOT the actual market value. So that offer your getting now becomes a much smaller offer or in some cases no offer at all after wasting all your time. What do you think will happen when Unlock wants to collect their money in 10 years?

      They will more than likely send a REAL appraiser because the reality is that on the initial appraisal it's NOT a real appraisal where they do actual measurements of your home. Meaning that based on my observation on going through the process they are actively trying to get your home “appraised” for as little as possible so they can collect a much larger payment when it’s time to pay up after your term is complete. The 3rd party appraisal companies they use are a nationwide company that knows nothing about your area, home, or neighborhood. There are a couple of other competitors that use real appraisers to give you the real value of your home and not try to actively rip you off. STAY CLEAR of this company at all cost!!

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      Thanks for reaching out with your experience. We did an audit of your file and we ordered an independent, licensed, third-party appraisal with the goal of providing you a fair valuation of the property. These independent, third party appraisers do not adjust values on our behalf as you indicated in your review. A senior member of our operations team will be reaching out to discuss your file and appraisal in detail.

      Verified purchase
      Customer ServiceLoan ProcessRates

      Reviewed Dec. 28, 2021

      I reached out to somebody that got back to me. I went to fill out paperwork. After that, it took a couple of weeks and I got the closing documents. We then did the appraisal and that was it. It was easy and straightforward. The rate is too high. But I got what I needed and the answer I wanted.

      Verified purchase
      Customer ServiceStaffTransparency

      Reviewed Dec. 22, 2021

      We filled out the application on October 20th, and it was funded December 14th. It got delayed a week because I didn't understand that my wife needed to sign the docs as well. But the one rep that we worked with, Leah, was fantastic. She was very professional along the way. I like that part of it. Joey got back to me right away and took the time to answer the million questions I had.

      Unlock could shorten the underwriting. That was the part that took a long time. Also, they send out to third party appraisers for the loan valuation. Even though I know it's a unique property, I was still a little unhappy with the way that part went. The appraisal came in lower than we thought, which is not totally surprising because the property we have is kind of a unique one. But going through how it was going to work on the back end was critical because I thought if the property appraised low then and I sell it in a few years and it's substantially more, that could end up being very costly. Going over the safeguards of it, not going too high or too low, was an important decision-making process. Leah walked me through it and was patient with me while I did the math.

      What I didn't like about the application process didn't have to do with the application itself, it had to do with going back to the website and looking at the details because the website wants you to start the application process again when you go back to look at the details. All I wanted was to go back, look at the numbers and calculate the numbers.

      Verified purchase
      Customer ServiceSales & MarketingStaffLoan ProcessRatesTransparency

      Reviewed Dec. 15, 2021

      My experience has been so positive. Compared to getting a regular home equity loan, on a scale of 1 to 10 with 10 being difficult, 2. That's how easy and transparent it was. When I got the pre-approval, I had an attorney look it over. But the application itself was very simple. The rep, Jameson, was the best. I ran him through the wringer because I am an informed consumer. I've bought and sold a couple of properties. I just told him upfront, “If this is a scam, you got the wrong person. You will not get a dime.” He just listened and kept presenting himself in such a transparent, reputable manner. I called him 50 times asking the same question in a hundred different ways, and he answered. He sent me documentation. Where he didn't have the answer, he reached out. And just the fact that he answered, whether it was through text, email, or voice call, he found a way. I always got a response.

      The rates were reasonable. You have to look at what you're getting. You’re getting a lump sum of money that you're not paying interest on. You're not making monthly. But what gets me about the whole refinance thing is the monthly payments. You can get a home equity loan, but now you've got monthly payments. So it's catch-22. I got my money within 24 hours after we did the closing papers. This is for 10 years. So, what else is there in life that gives you that kind of peace of mind? I have to keep up the property. Maintain the agreements that I signed for. But the bottom line is, I got my $70,000, and I moved on with my life the next day. You can't beat this.

      Verified purchase
      Customer ServiceStaffLoan Process

      Reviewed Dec. 14, 2021

      Using Unlock was an easy process. The rep was very helpful. He took my calls when I had extra questions. The long term terms aren't very good, but it's good getting a loan as quick as it was. If you need cash, call Unlock.

      Verified purchase
      StaffLoan ProcessTransparency

      Reviewed Dec. 13, 2021

      Unlock explained everything to me. They told me how the process works. What I am doing is I'm borrowing against the equity that’s in my home. When I take the loan out, I have to keep it for at least six months. I don't have any interest or any payments until the end of 10 years. At any time after six months, I can do away with the loan. Unlock sends an appraiser in. Whatever the house appraises for, I pay them back 16% minus what I already got. So, I got 35,000. Let's say their portion is going to be 50,000. I take 35 off of 50 and that's what you I them back. It's more than fair because I have a fifty-fifty chance that the housing market is going to take a dump. So, it's a win-win for the homeowner. It works really good.

      The reps sent me all the information over the computer so I could read it before I sign the final documents. We did the process from start to finish in two weeks’ time and it was perfect. They were very efficient. They went through the whole process with me and they told me everything. I would recommend Unlock to anybody.

      Verified purchase
      Punctuality & SpeedStaffLoan ProcessRates

      Reviewed Dec. 11, 2021

      My wife and I are getting ready to move into an RV and I was told it's easier to get financing if you own your home still. We looked into Unlock because I want to pull out some equity, and then, before we sell the house, buy the RV, and then sell the house. Unlock's application process was simple, quick and easy. Shawn was my loan officer and he told me what I needed to do and we took care of it. I talked to him a couple of times in between after submitting all the information and it was perfect. I couldn't have asked for a better experience. The rates are a little bit steep, but that's what you expect when you get into a loan like this or an investment.

      Verified purchase
      Customer ServiceStaffLoan ProcessRatesTransparency

      Reviewed Dec. 10, 2021

      Yvette, a woman that I've worked with on mortgage refi from the past year, referred Unlock to me. She put me in touch with a man named Kevin, and he was only person I spoke with at Unlock. He was very helpful, respectful, professional, and I appreciated his assistance. We communicated first through emails then he had a phone call with me that gave me an overview of what the services were. He then sent me information in writing in regards to when I reviewed it, got clear about what the numbers were and the expectations.

      I let Kevin know that I was interested, and we went through the process of filling out papers, signing documents and closed it with a notary that they sent to my home. The process took two and a half months, and it was smooth. The only thing that was a delay for us was communication, back and forth through emails. Also, I wish the rates were lower, but the terms seem reasonable. Anybody lending money needs to make some money off of it, so it's not too bad.

      Verified purchase
      StaffLoan ProcessRates

      Reviewed Dec. 9, 2021

      Getting a loan was easy, and the rate and terms seemed fair. The rep was great as well.

      Verified purchase
      StaffLoan ProcessRates

      Reviewed Dec. 8, 2021

      The reps were very efficient, and the loan process was very simple. The rate and terms were reasonable too.

      Verified purchase
      Customer ServicePunctuality & SpeedStaffLoan ProcessTransparency

      Reviewed Dec. 7, 2021

      It was a really good experience with Unlock. It was pretty quick. I had an email exchange with the agent, he sent me documents, then we had the underwriter at our place all in less than three weeks. The agent helped me a lot on every question I had and that was what made me happy about him. I liked his transparency.

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      Thank you so much for sharing your wonderful story about working with Unlock. We're happy to hear you found the home equity agreement process simple and easy to follow.

      Sincerely,

      The Unlock Team

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      Unlock Company Information

      Company Name:
      Unlock
      Website:
      www.unlock.com