The unique feature of this service is that it gives you a chance to create your individual profile and explain in more details what you need the extra funds for.
A loan duration period is not flexible enough.
Being peer-to-peer lending service, Prosper is an excellent option for those who can't get regular bank credit for some reason. Verified by numerous positive reviews, it's a trusted service that offers by far the lowest interest rates. It's a convenient and reasonable choice for debt consolidation and medical financing.
2,000 - 40,000 USD
3 or 5 years
6.95 - 35.99%
2.41 - 5%
10 000 USD at 13.9% APR for 3 years = 341 USD per month
This lending network provides a highly flexible loan duration from 3 months up to 6 years. Besides, it offers three loan types for your choice including peer-to-peer loans, installment loans, and bank personal loans.
Some borrowers were still contacted by lenders even after financing was approved.
If you need extra money fast, this is the right lending service to go for. You will have a choice of different lenders to choose from and can select the loan type that will suit your individual financial situation. Not only is the application process maximum quick and simple but also you can receive your added funds even the same day.
500 - 35,000 USD
From 90 days to 72 months
5.99 - 35.99%
1 - 5%
6 000 USD at 12% APR for 3 years = 199 USD per month
You are free to choose a payment due date within a 28-day period to meet your budget and cash flow for the month. Besides, you can pay twice a month or go for traditional monthly repayments.
The lowest APR is still pretty high.
Though the interest rates offered by the LendingPoint platform are somewhat high, this service is still very popular among consumers and will best fit borrowers with an average to bad credit score. It will approve and deliver financial support in situations where other lenders would reject your loan application.
2,000 - 25,000 USD
From 24 to 48 months
15.49 - 35.99%
0 - 6%
20 000 USD at 21.8% APR for 3 years = 762 USD per month
LendingTree provides the most extensive base of lenders including individuals, small companies, and bank facilities. It means you'll get multiple offers to compare and find the best personal loan offer for your needs.
A lot of personal info is required to access loan offers.
Backed by 20 years of successful operation, this lending marketplace is one of the most trusted services out there. What makes it stand out among the rivals is a bevy of different lenders and financing options offered. It will work out versatile financing solutions and a variety of scenarios for all sorts of financial situations and needs.
1,000 - 50,000 USD
1 to 10 years
4.69-35.99%
1-5%
10 000 USD at 10% APR for 3 years = 322 USD per month
The website offers by far the most competitive interest rates especially at the high end that makes it a real find for borrowers with an excellent credit score who can get the lowest rate.
The minimum loan amount is rather big.
LoanDepot will definitely beat bank credits for customers with a good credit history and the credit score above 660. Those borrowers can get maximum favorable crediting terms in this lending service. Moreover, if you plan to purchase some property and will need a mortgage, as a LoanDepot customer, you'll have better terms as well.
5,000 - 35,000 USD
Up to 3 years
6.17 - 29.99%
1-5%
5000 USD at 14.73% APR for 3 years = 165 USD per month
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Prosper Personal
Reap the Benefits of Crowdfunding
When in urgent need of added cash, most of us would turn to credit cards, bank financing or payday loans. However, all of these options will bind you with pretty high rates and hard payment conditions, especially in the case of payday loans. Besides, you often have to contact several financial institutions to get the necessary sum that usually further puzzles the repayment process due to the need to follow several different payment schedules. And sometimes, you simply can’t get a regular bank credit. Whatever your consequences, peer-to-peer lending or crowdfunding might be a way out for you. This is where the Prosper service really shines.
With peer-to-peer loans, you’ll get the money directly from lenders who are physical persons or small companies. This type of lending is not new on a modern financial market, yet, Prosper offers a kind of innovative concept. While most services of this kind simply provide access to a number of lenders, this lending marketplace allows your loan to be covered by several lenders. This way, you’ll have more chances to get the targeted amount of money. And it doesn’t mean you’ll have to pay back several lenders. You’ll make a single payment each month that will be further distributed between investors. The only downside to this scheme is that you won’t get your money immediately and will have the total you need within a couple of days. On the other hand, Prosper gives an opportunity to obtain a loan even to high-risk borrowers who would be most likely turned down in other credit unions. Just be ready for higher rates.
Ready, Steady, Done
Once you decide to go with Prosper, it will take you mere minutes to apply. You can do everything online without even going out and before filing a final application, you can check if you qualify and get an estimate of your rates and payment terms. A quick check will in no way affect your credit history and will give you an overview of what you can count on.
Basically, Prosper provides loans from 2,000 USD to maximum 40,000 USD with APRs ranging from 6.95% to 35.99% that depends on your credit score, total annual income, debt-to-income ratio and any additional information you specify. Hence, the better your credit history is, the lower rates you will be assigned. What’s more important, all rates are fixed. As soon as you get your APR, it won’t change during the whole loan duration period. The loan terms offered are only 3 and 5 years. Though they lack flexibility in this aspect, it would accommodate most borrowers just right. Other than that, you can pay off the entire loan amount earlier or make an extra payment with no penalties or fees.
All in all, getting a personal loan with Prosper is as easy as 1-2-3. First, you should fill out a quick online form specifying the loan amount and your financial info to get an estimate. Secondly, you should verify your identity by providing some more data such as a social security number, employment info, valid phone numbers, etc. The next step is to accept the offered loan terms and wait for your application approval.
A Reliable Lender
In the era of Internet services, there is a lot of convenient opportunities for customers as well as a lot of potential pitfalls such as scam. Hiding behind the reputation of well-known services and traders, scammers try to pull the money out of you. So, it is a normal thing to wonder whether Prosper is a scam since it is a virtual online community. Yet, this service is a legit company. A pioneer in peer-to-peer financing, Prosper is not only supported by a number of positive customer reviews but also is maintained by publications and recommendations in such trustworthy resources as Forbes, Bloomberg, Wall Street Journal, etc.
To resume, Prosper is a verified reliable service that will make an excellent option for those who need a loan but have some trouble with traditional bank financing. It’s a convenient and reasonable choice for debt consolidation and medical financing.
PersonalLoans Service
Customized Lendig Options
As compared to other added financing solutions, a personal loan option offers the greatest flexibility in terms of a loan amount, interest rates, and payment conditions. Today, there is a large number of personal loan providers available out there, all providing different lending terms. Yet, if you seek maximum flexibility, the PersonalLoans lending marketplace will definitely get you covered.
It’s an online service that matches borrowers with a nationwide network of lenders. In essence, it is another peer-to-peer lending service. However, what sets PersonalLoans apart from rivals is a kind of proprietary algorithm that allows finding a suitable lender for specific borrower needs. To give you a clue, once you fill out an online loan request, the system will find the lenders that fit your criteria and will be willing to work with you. More than that, you will have three loan options to choose from.
- A peer-to-peer loan where you’ll be connected to investors looking to finance your loan and get the interest.
- An installment loan option providing short-term loans similar to payday loans but under better conditions.
- A bank personal loan for those who lean toward traditional bank financing.
For all the above loans, the credit score of at least 580 is needed and for a bank loan, your monthly income should be no less than 3,000 USD. Regarding the credit terms, you can borrow from 500 USD to 35,000 USD for a period from 90 days to 6 years that makes PersonalLoans suitable for all sorts of customer needs. Whether you need to refinance your home mortgage or need a buffer amount to cover unforeseen expenses when doing some renovation works, this network will deliver a good deal of options to select from.
A Swift Cash Injection
Similar to other websites of this kind, PersonalLoans ensures a fairly simple procedure of submitting a loan request. All you need to do is complete a comprehensive online application to provide your basic personal info and outline your targeted loan terms for lenders. The whole process will take you no more than 5 minutes and clear explanations on all questions will guide you through and give a sense of confidence while filling in the form. Yet, what will really amaze you is how fast you’ll get an answer. While most other services consider an application within a couple of days, with PersonalLoans, you can get a suitable personal loan offer almost immediately, which is great for some emergency occasions when every second is crucial. Of course, it will depend on the amount and term of the loan as well as on your credit history. Hence, if you are a reliable payer with excellent scores, your chances to get a loan the same day at the best rates are very high.
Customer Privacy Prioritized
Focused on customers and their needs, PersonalLoans will save your peace of mind about your privacy and personal information security. As a member of Online Lenders Alliance, this service provides 100% honest consumer practices and will keep all your data strictly confidential averting any possible frauds or data misuse. On top of that, unlike other lending portals requesting to submit your bank account details before connecting you to a lender, PersonalLoans enables you to consider financing options without giving away those details.
Summing up, if you need some extra funds fast and want to quickly find a financial solution customized to your individual needs, you won’t go wrong with the PersonalLoans platform.
LendingPoint Personal
A Loan for Everyone
Applying for a personal loan is always a win-or-lose kind of game. And it’s a common truth that creditworthy borrowers with higher credit scores are most likely to get an unsecured personal loan. And what are those with average or bad credit histories down to? The LendingPoint network is the answer.
This service targets to help borrowers who had a hard time trying to get additional financing improve their personal credit profiles. Thus if your credit score falls somewhere between 300 and 680 FICO and you’ve already experienced several denials from other lenders due to this reason, it is time to consider LendingPoint. The lender will look beyond your credit scores and estimate your personal creditworthiness based on a bunch of other factors. Thus, they will consider your credit history and credit behavior, your employment status and annual income, debt-to-income ratios and recent charge-offs. The stronger you are in those areas, the better crediting conditions you will be offered.
Fast and Easy Application
To qualify for a LendingPoint loan, you should be an 18-year old adult, have an eligible ID and social insurance numbers, a valid bank account and an annual income of at least 20,000 USD. If you meet those requirements, you just need to fill in an online form to let the company do a soft check (in no way affecting your credit history) and send you an estimated offer. Actually, you will get a loan offer in several minutes after you send your application. Most likely, you will even receive several offers from different lenders. At this stage, you should consider all offers and choose the one that best suits you. One of the offers confirmed, the company will proceed with a hard check and final approval process. In case you have some questions or need feedback while filing your request, the website offers a 24/7 phone and email customer support to help you out.
Set up Your Own Payment Schedule
One more benefit LendingPoint offers to its customers is a flexible repayment schedule. Instead of making fixed monthly payments, you will be free to choose a payment due date within a 28-day period to meet your budget and cash flow for the month. Other than that, you can pay twice a month or go for traditional monthly repayments as it is more convenient to you.
All in all, if your credit profile leaves much to be desired but you drastically need financing, the LendingPoint personal loan lender will come down your alley. The service will approve and deliver financial support in situations where other lenders would reject your application.
LendingTree Personal
The Best Lender Base
When you apply for bank credit and get denied, it means you’ve wasted your time and have to contact another financial institution or resource, keeping your fingers crossed and hoping for approval. Online lending networks provide an efficient solution to that problem. Saving you the trouble of even leaving your home, they've brought numerous lenders together on one web platform. However, in practice, many of such lending services appear to have limited lender bases. Many but not all. If you want to have access to as many lenders as possible and select from multiple loan offers, turn your eyes to the LendingTree platform.
At a glance, it seems like another online lending marketplace. But what distinguishes it from the others and makes it attractive for all kinds of borrowers is a truly extensive base of lenders including individuals, small companies, and even bank facilities. The biggest benefit of multiple-lender service for borrowers is that lenders will have to compete with each other to get a customer. That, in turn, will force them to offer lower rates and better conditions. Meanwhile, you’ll have a lot more loan options to consider and greater chances to get a personal loan than with the bank. Moreover, you’ll get access to this base for free with no hidden payments and membership fees entangled.
As far as lending terms are concerned, they will vary by the lender and largely depend on your credit score, financial history, annual and monthly income, loan amount and other aspects important for a creditor. And though different lenders will offer different rates, once you accept a certain offer, your APR will be fixed for the whole period of loan duration. Besides, you can borrow from 1,000 to 50,000 USD for a period from 1 to 10 years that ensures a whole variety of financing scenarios. Yet, the only fly in the ointment is an origination fee that can be charged by a lender to settle loan-related expenses. This fee also varies by lender and is usually deducted from the total loan amount.
More Than a Personal Loan Lender
Along with a bunch of personal loan options, LendingTree provides many other types of consumer financing as well.
- Home loans. As a licensed mortgage broker, LendingTree offers all kinds of home mortgage loans and even construction financing.
- Auto loans. If you want to buy a car, van, truck, motorcycle, RV or boat, LendingTree will come up with a number of beneficial solutions.
- Business loans. While fighting for lending large business, banks are reluctant to finance small businesses. This is where LendingTree will help by providing short-term and long-term business loans, credit lines, work capital loans, receivables financing, and equipment financing.
- Student loans include special programs to cover new financing or refinance the indebtedness.
A Helpful Financial Assistant
Delivering virtually all kinds of financing, LendingTree is undoubtedly one of the most comprehensive credit platforms. However, there is still more to come. Apart from multiple credit options, the website also provides financial assistance and helps define what solution will be the best for you. Here, you will find a selection of free services such as a number of credit calculators, a free credit score tool to check up your credit history, and a credit repair tool to help you manage your credit troubles if there are any.
To round things up, if a personalized approach, a wide choice of financing options and reliable financial help are exactly the things you were looking for in a personal loan service, LendingTree is definitely for you.
loanDepot Personal
Benefit From Your High Credit Scores
If you are a diligent borrower with a credit profile close to ideal, you are a “tasty morsel” for lenders. Both larger banks and credit unions and some smaller lending companies and private investors will be happy to have you. And when in need of another loan, unlike high-risk borrowers limited by a few options, you can afford to be picky and select among the best lenders on the market. This is where you will benefit from your immaculate credit history.
The LendingDepot creditor marketplace is one of the best online lending services targeting customers with high credit scores. So, if your FICO score is 660 and higher, they will welcome you aboard. However, with trust-worthy customers in the focus, and aiming at larger deals, the minimum loan amount offered by LendingDepot is 5 000 USD. Hence, if your needs are beyond that limit, this service is not an option for you. And the other way round. It's good news for those who are looking for better credit conditions for debt consolidation or loan refinancing or needing a pretty large sum of money to cover some major purchases, home repair works, medical expenses or other personal needs.
A Decent Bank Rival
Though many borrowers still prefer traditional bank financing, in most cases, credit conditions offered by banks are not the best ones. Generally, banks provide fixed rates for different types of loans and those rates often do not meet borrower expectations, especially when it comes to unsecured personal loans considered a high-risk category. The major benefit of banks is that they provide different loan types, while lending services mostly focus on lending cash. Yet, online lenders compete with banks in interest rates and give borrowers more flexibility. With its competitive rates, versatile loan terms, and a variety of loan options, LendingDepot will rival even larger banks.
The website offers by far the best annual percentage rates on the market, especially at the high end. Thus, creditworthy customers can count on APR as low as 6.17%. Meanwhile, those with a credit score between 600-660 will most likely see rates as high as 29.99%. But even the highest rate here is still a bargain as compared to average 36% offered by competitors. The maximum amount allowed for a personal loan is 35,000 USD and a loan term is up to 3 years. Overall, these are truly fair and attractive loan conditions.
In addition to personal loans, LoanDepot also gives access to mortgage loans, which is not a common thing for this type of services. There are conventional fixed and adjustable rate mortgages, HARP, VA, Jumbo, FHA, and home equity loans. The mortgage loan amounts vary from 25,000 to 250,000 USD and can be borrowed for a period from 10 to 30 years.
A Relatively “Young” Yet Trusted Lender
Launched in 2010, LoanDepot is a relatively “young” lending service. But within these several years, the company did great and grew into a trusted lender. With 180 affiliates nationwide, the service covers 50 states, while its rivals often fail to establish the presence in 10 states. To create a safe and secure environment for borrowers, LoadnDepot invests in their own technologies to build and maintain their own infrastructure that makes it a highly reliable and appealing lender. At the same time, targeting creditworthy customers, the service is attractive for reputed creditors. So, with LoanDepot, you can be sure to get the best financing options available.
To conclude, LoanDepot is a solid and beneficial choice for high score borrowers with average to large credit needs. If you are one of them, you’ll get maximum favorable crediting conditions in this service.
Infographics
What Is a Personal Loan?
Today, credit is a common thing for most of us. Banks, credit unions, and lending marketplaces provide different types of loans and try to offer the lowest rates to engage more borrowers. Whatever your financial needs might be, they will find a solution for your individual situation.
A personal loan is the money you can borrow from the bank or some kind of financial entity at a fixed rate and to be repaid in specific installments within a set period of time. It’s a kind of consumer loan normally used for a variety of purposes. Most often, people take personal loans to pay for household repairs, weddings, funerals, vacations, to cover some major purchases, settle medical bills, refinance existing loans and consolidate debts. Unlike auto loans and mortgage loans secured by the property, personal loans are usually unsecured. Hence, the interest rates are somewhat higher. To see whether you qualify for a personal loan, lenders will check your credit profile, annual income, and debt-to-income ratio. Before applying for a personal loan, it’s recommended to compare several lenders to pick the lowest rates and loan terms that suit you the most. This is exactly what online lending platforms offer.
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