SoFi personal loans continue to be a popular option among borrowers seeking competitive rates, flexible terms, and a suite of innovative financial tools. With recent updates for 2025, SoFi has refined its offerings to match current economic trends and borrower expectations. In this comprehensive review, we will break down everything you need to know about SoFi personal loans—from the latest interest rate ranges and eligibility criteria to the nuances of the unemployment protection policy and the innovative technology integrations that set SoFi apart in a competitive marketplace.

Current Interest Rate Environment: What Borrowers Need to Know

One of the most critical elements borrowers consider when choosing a personal loan is the interest rate. In 2025, SoFi offers fixed APRs starting as low as 5.99% and going up to 20.01%, with attractive discounts available for borrowers who set up autopay. This adjustment from previous rates is reflective of a more competitive market, ensuring that borrowers have access to better deals. These competitive rates are now benchmarked against industry standards, and interested applicants are encouraged to compare these figures with other reputable sources such as Lendstart and Loansoo to confirm the latest trends.

The updated rate structure is not only beneficial for new applicants but also provides existing clients with the opportunity to explore additional loan products under revised terms. Moreover, interest rates are reviewed periodically post-disbursement to ensure competitive alignment with prevailing market conditions. This means that long-term borrowers are not static; their rates may be subject to evaluation depending on economic fluctuations and additional customer benefits.

Additionally, while SoFi proudly markets its fixed-rate options, it is important to note that there are variable rate options available for certain borrowers. These variations empower customers with the flexibility to choose a rate structure that best matches their financial strategy, making SoFi’s offerings versatile in both new term discussions and for existing clients updating their loan options.

Eligibility Criteria – A Closer Look

Historically, SoFi personal loans have recommended a minimum FICO score of 650. However, the more rigorous evaluation process now reflects an increased requirement. In 2025, the market data indicates a minimum credit score of approximately 680 is generally expected. That said, SoFi is known for its holistic approach to qualifying borrowers. This means that while a good credit score is highly significant, other factors such as income stability, employment history, and overall creditworthiness are also taken into account.

For potential borrowers who may not meet the high credit threshold, it is advisable to work on improving core financial metrics. Experts recommend checking your credit report frequently and taking advantage of financial education programs available through SoFi. For more detailed guidelines on eligibility and how to improve your credit score, please visit Crediful’s review on SoFi personal loans.

In addition, regulatory agencies such as the Consumer Financial Protection Bureau (CFPB) continue to influence the underwriting criteria for personal loans. Recent updates from the CFPB have placed further emphasis on transparency and fairness, ensuring that borrowers are well-informed about all requirements and potential pitfalls before they commit. By staying informed of these updates, borrowers can better prepare themselves for the evaluation process at SoFi.

Loan Terms and Repayment Options

SoFi’s loan products are designed to cater to a wide range of financial needs. The structure of these loans is crafted to be flexible, with terms that suit both short-term financial emergencies and long-term debt restructuring plans. The duration of the repayment schedule can vary, and borrowers can often choose the term that works best for their financial situation.

With interest rates ranging between 5.99% and 20.01% based on the borrower’s creditworthiness and the selected repayment term, it is vital for borrowers to understand the periodic review process. SoFi monitors market rates actively, meaning that while the initial rate is locked at the start for fixed-rate borrowers, any new loan applications are subject to up-to-date rate determinations. This periodic review offers transparency and assures borrowers that they are receiving competitive market pricing at the time of application.

Furthermore, SoFi has continued to optimize the application process to ensure a smooth, user-friendly experience. The integration of digital tools and innovative technology platforms means that the application, approval, and management of the loan are streamlined via an intuitive online portal. This system not only reduces waiting times but also enhances user experience by providing detailed insights into the progress of your application.

The Unemployment Protection Policy: Detailed Insights and Conditions

One of the distinguishing features of SoFi personal loans is the Unemployment Protection Policy. This policy has received considerable attention and is now more clearly defined in 2025. SoFi offers eligible borrowers the opportunity to suspend their loan payments for up to 12 months if they experience a period of unemployment. However, it is important to note that this benefit is not an automatic “get out of jail free” pass; rather, it involves a detailed verification of eligibility and may require additional documentation to support the claim.

The review process involves a thorough assessment of the borrower’s recent employment history, income status, and the specific circumstances surrounding the job loss. Borrowers applying for unemployment protection must provide evidence of job termination or layoff, and in some cases, information regarding active job searching efforts may be requested. This comprehensive review ensures that the suspension benefit is appropriately allocated and that borrowers who truly require temporary relief can access it without undermining the integrity of the loan agreement.

For more detailed information about the unemployment protection process and eligibility criteria, prospective borrowers can benefit from resources such as Forbes Advisor’s review and insights from experts at Bills.com.

Regulatory Updates and Consumer Protections for 2025

In addition to internal policy updates, external regulatory influences play a significant role in shaping the offerings of personal loan providers like SoFi. The Consumer Financial Protection Bureau (CFPB) has introduced several new guidelines in recent years to enhance borrower protections, reduce hidden fees, and improve transparency in the lending process. These guidelines also stress the importance of clear disclosure regarding interest rates, fees, and the loan application process, which SoFi has dutifully integrated into their updated policy framework.

The CFPB’s oversight ensures that lenders not only provide competitive rates but also fully inform borrowers of the responsibilities and conditions linked to their loans. For instance, regulations now mandate detailed explanations of rate reviews, penalties for missed payments, and the procedural steps should a borrower opt to use benefits like the unemployment protection policy. It remains critical for borrowers to review these guidelines, as they help establish a sound understanding of what to expect when navigating personal loan agreements.

Modern borrowers are encouraged to educate themselves about these changes by consulting trusted sources. Detailed CFPB guidelines are available on the official CFPB website and can be cross-referenced with market insights found in articles on MarketWatch.

Innovative Technologies and SoFi’s Marketplace Position in 2025

SoFi is not just about competitive rates and strong borrower support; it is also at the forefront of financial technology innovation. In 2025, SoFi has continued to lead in this area by integrating artificial intelligence (AI) into their loan evaluation processes and developing predictive models that enhance risk assessment. These advances empower SoFi to provide more personalized loan terms and to adjust its product offerings dynamically based on real-time market data.

Additionally, new tools introduced by SoFi provide borrowers with interactive dashboards that track their loan progress, current balance, interest accrual, and even offer personalized financial advice. These user-friendly interfaces not only simplify the process of managing a personal loan but also create a more engaging customer experience. Borrowers are now provided with proactive alerts that could indicate potential refinancing opportunities or payment restructuring benefits if market conditions change.

Moreover, the competitive landscape in the personal loan marketplace has prompted SoFi to expand its services beyond traditional lending. In 2025, the company boasts a suite of personalized financial management tools including budgeting aids, financial wellness resources, and access to exclusive member benefits that are structured to empower customers at every stage of their financial journey. This strategic positioning not only differentiates SoFi from its competitors but also creates a more holistic financial ecosystem for consumers.

For additional details on SoFi’s technological advancements and market positioning, analysts and borrowers can refer to comprehensive reviews available on Lendstart and Loansoo.

How to Maximize the Benefits of SoFi Personal Loans

No financial decision is complete without strategizing how to derive the maximum benefit from the chosen loan product. Here are a few steps for borrowers considering SoFi personal loans:

1. Know Your Credit Score: Given the updated requirement of a minimum FICO score around 680, it is prudent to regularly check your credit score and address any discrepancies. Monitoring your score with reputable services can help you prepare better for the application process.
2. Leverage Auto-Pay Discounts: SoFi’s competitive rate reductions offered with autopay enrollment make a significant difference over the life of the loan. Setting up autopay not only simplifies your payment schedule but also actively reduces your interest rate.
3. Review Loan Terms Carefully: Whether you opt for a fixed or variable rate, ensure that you fully understand the repayment obligations. Evaluate the impact of periodic rate reviews and consider how changes in market conditions might affect your long-term costs.
4. Understand Unemployment Protection: If you are in a volatile industry or foresee potential employment instability, it is vital to understand the specifics of SoFi’s unemployment protection policy. Remember, benefits require comprehensive verification, so keep all employment records and financial statements in an easily accessible format.
5. Utilize SoFi’s Digital Tools: Take advantage of the online dashboard and financial planning tools provided by SoFi. These tools can help you monitor your loan status, explore refinancing options, and even receive custom financial advice based on your lending profile.

By following these strategies, borrowers can not only secure a personal loan on competitive terms but also manage their financial future with greater confidence. Financial education resources on the Crediful platform offer additional guidance that can help you navigate this process seamlessly.

SoFi’s Commitment to Financial Empowerment and Customer Support

In 2025, the core philosophy behind SoFi’s personal loans remains rooted in customer empowerment. The organization has taken significant measures to ensure that every borrower is provided with robust support, personalized financial guidance, and a clear roadmap for achieving long-term financial stability.

The comprehensive customer support system includes live online chats, dedicated financial advisors, and a slew of educational webinars that detail the intricacies of personal loans, credit management, and broader financial wellness. This holistic approach ensures that even those new to personal lending can confidently navigate the application and repayment processes, ultimately leading to better financial outcomes.

Additionally, SoFi’s partnership with several financial and regulatory bodies means accommodations are continuously updated to reflect the latest consumer protection laws. This cooperation with external agencies enhances trust and underlines the lender’s commitment to transparency and ethical lending practices. Interested borrowers can explore more about these aspects in detailed industry reports available at Forbes Advisor and Bills.com.

Assessing SoFi’s Marketplace Position and Future Outlook

The evolution of SoFi’s personal loan products reflects broader changes in the financial services sector. In 2025, SoFi not only competes with traditional lending institutions but also with newer fintech startups that prioritize digital convenience and personalized service. By harnessing advanced analytics and machine learning, SoFi continually refines its risk management and customer service processes, ensuring that borrowers receive the most up-to-date and competitive financial solutions available in the market.

Looking ahead, industry experts predict that the trend towards smarter, technology-integrated financial services will only accelerate. SoFi’s recent investments into AI-driven customer support, predictive analytics for loan management, and a richer set of digital resources position it ideally to adapt to future regulatory shifts and economic changes. For those interested in understanding the evolving marketplace, market analyses at MarketWatch provide valuable insights.

Furthermore, as the competitive landscape tightens, SoFi continues to innovate by expanding its product suite and introducing additional safety nets during economically challenging times. These emerging initiatives include specialized financial counseling for borrowers affected by economic downturns, enhanced digital tracking of credit health, and even strategic partnerships with alternative financing platforms.

Conclusion: Making an Informed Decision with SoFi Personal Loans

The updated landscape of SoFi personal loans in 2025 presents a compelling case for borrowers looking for competitive interest rates, robust customer support, and advanced financial technologies. With fixed APRs starting as low as 5.99% and extending up to 20.01%, coupled with flexible repayment terms and an intelligently designed unemployment protection policy, SoFi aims to cater to a broad array of financial needs.

It is now more critical than ever for potential borrowers to understand both the benefits and responsibilities that come with taking out a personal loan. By staying informed about evolving industry standards, regulatory changes, and the enhanced digital tools provided by lenders like SoFi, you can make a well-informed decision that best suits your financial situation.

Before you apply, consider your overall credit health, compare current market interest rates, and carefully review the eligibility criteria and loan terms. With careful planning and a clear understanding of your financial objectives, SoFi personal loans can serve as a powerful tool to help you achieve your goals—whether consolidating debt, financing a significant purchase, or managing an unexpected financial setback.

For further reading and to glean additional insights from industry leaders, several updated resources are available online via Lendstart, Loansoo, Crediful, Forbes Advisor, Bills.com, and MarketWatch.

Armed with updated information on interest rates, eligibility requirements, and the comprehensive support measures introduced in 2025, borrowers are now better positioned than ever to make informed decisions regarding personal loans. SoFi’s commitment to transparency, consumer protection, and technological innovation assures that whether you are a first-time borrower or a returning customer, your financial journey is guided by industry-leading practices and supportive customer care.

Take the time today to reevaluate your financial needs, explore the updated SoFi personal loan offerings, and harness the full spectrum of benefits designed to ease and enhance your financial management. With these tools at your disposal, you are empowered to navigate the modern lending landscape effectively—and to secure a more promising financial future.

The article Understanding SoFi Personal Loans in 2025: The Updated Landscape was originally posted on Investormint

LendKey is an online marketplace and lending platform that connects borrowers to local credit unions and community banks who offer private student loans and student loan refinancing.

Over 300 credit unions nationwide work with LendKey, which claims over $2 billion in loan originations to borrowers who fall primarily into two categories:

• Students who need a loan
• Graduates who wish to refinance an existing loan

Borrowers looking to make home improvements are also eligible to apply for a mortgage loan.

Generally, you will need to live in the area served by the local credit union to be approved for a loan. But don’t fret about the idea of comparing community banks to find the ones that match your needs, the LendKey marketplace does that for you.

In this LendKey review, we concentrate on the two primary borrowing categories: private student loans and student loan refinancing.

LendKey Fees & Rates

Why Choose LendKey

LendKey Doesn’t Charge Origination Fees

Many lenders charge origination fees on top of their interest rates. Origination fees typically fall between 0.5% and 1% of the loan’s amount. If you borrow $100,000 to pay for your undergraduate education, most lenders will charge between $500 and $1,000 before you can access your money.

Since the lenders that work with LendKey waive their origination fees, you can save hundreds of dollars that you would have to pay traditional banks.

Borrowers Can Compare Options From Multiple Lenders

LendKey has a large directory of lenders that will let you borrow money. Having so many lenders in one place means that they have to compete for your business. In many cases, the competition means that you get lower interest rates.

For loans with fixed interest rates, you can expect to pay between 5.24% and 8.18% when you use LendKey. Variable interest rates usually fall between 6.61% and 10.68%.

Explore all of your offers to make sure you get the best deal possible.

Borrowers Get Discounts When They Pay Automatically

After you accept a loan from one of LendKey’s lenders, you can set up automatic payments.

When you choose to pay automatically, the lender will lower your interest rate by 0.25%. While 0.25% may not sound like much, it will help you save about $250 on a $100,000 loan.

LendKey Offers Forbearance That Can Help Protect Your Credit

It takes the average college graduate about 6 months to find a job. Without an income, graduates may find it impossible to repay their college loans. In most cases, missing payments will hurt your credit score.

LendKey lenders must give borrowers 18 months of forbearance for undergraduate loans. Graduates can take the forbearance in six-month increments. Having a 6-month safety net makes it much easier for recent graduates to start their careers without letting their credit scores fall.

Access Community Lenders

By choosing LendKey, you also help support community banks and credit unions instead of giving your money to large banking institutions.

In the past, student borrowers had no alternative to big name banks.

SoFi and CommonBond changed the industry by lowering rates to creditworthy borrowers, but they are both online companies.

What if you want a new student loan or to refinance an existing student loan at lower rates yet still want the convenience of walking into a brick-and-mortar establishment?

Naturally, a credit union might be worth considering but comparing rates across dozens or hundreds of credit unions would be a daunting task for any one person.

That’s where LendKey found a niche in the student lending market by connecting borrowers to local credit unions and community banks who may otherwise not be on the radar of students in need of funding.

How LendKey Works

LendKey helps you to compare rates at local credit unions and community banks when you are looking for a private student loan or refinancing a federal or private student loan.

The loans are issued by the banks or credit unions, not LendKey which is simply a lending marketplace connecting borrowers to lenders.

When you compare borrowing rates it won’t hurt your credit score. And when you select a lender, LendKey holds your hand from the start of the process to the end.

Once you have selected and applied to a lender, a decision is made instantly so you can fast-track the application process and, if you run into any issues, support staff is available to help you.

Is LendKey Right For You?

LendKey is aimed a savvy borrowers who want to avoid paying origination fees and prefer flexible repayment schedules – you can even pay interest-only for the first 4 years.

If you are a creditworthy borrower with a credit score of 660 or higher, LendKey helps to consolidate federal and private student loans as well as graduate loans into a single rate.

By lowering your monthly payments, the savings can add up to thousands of dollars over the life of a loan. If you’re not sure how much you can save, LendKey provides a refinancing calculator to help you compare term lengths, variable rate loan options, monthly payments, and current debt level.

Check Rates at LendKey

LendKey Private Student Loans Review

You can borrow anywhere from $2,000 to $160,000 for a private student loans that have 10 year term lengths.

The majority of college loans financed on the LendKey platform have co-signers, who typically are creditworthy with credit scores of 660 or above.

After making payments consecutively each month for two years you can remove a co-signer from the loan.

Pro Tip: Max out federal loans first because they have more flexible repayment terms and no co-signer support is needed.

Student Loans Eligibility Criteria

>> Check Your Credit Score 

Undergraduate Student Loan Application Process

Whenever you apply for any loan, it is a good idea to compare rates from a bunch of lenders. For example, compare student loan rates from CommonBond to make sure you are selecting the best rate.

Once you are satisfied with the rate offered to you, complete an application on LendKey’s website. You will be required to enter basic info, including:

• Citizenship or residency status
• Income amount
• Education details to ensure your school qualifies for federal student aid

Next, your co-signer (if applicable) will need to co-sign the loan to enter their own details.

The penultimate step is to agree to a hard credit check, which is standard for student loan applications.

Lastly, you will be provided a selection of loans from credit unions and community banks that match your specific needs.

Undergraduate Student Loan Details

LendKey Student Loans Refinancing Review

Student loan refinancing is aimed at students who already have private or federal student loans but want to consolidate them at lower interest rates.

Before choosing a student loan refi, make sure to consider the tradeoffs. On the one hand, you may enjoy lower rates thanks to the refi but on the other hand you will lose out on some of the federal loan benefits like income-driven repayment plans and loan forgiveness.

If you do choose to refinance, the minimum amount is $5,000 and the maximum is $125,000 for undergraduate degrees.

For graduate degrees, the maximum is $250,000 and for medical degrees it is $300,000.

Loan terms span anywhere from 5 years to 20 years. The shorter the term you choose the less you will pay in total interest charges.

Student Loans Refinancing Eligibility Criteria

To qualify for student loan refinancing, you will need to demonstrate a history of on-time debt payments as well as a stable income.

Borrowers must be creditworthy with credit score north of 660 required.

Student Loans Refinancing Application Process

It is best to shop around before pulling the trigger on a student loan refi. If you have good credit, compare private student lenders: CommonBond Vs SoFi and Earnest for example.

Once you know what’s out there, start your application on the LendKey website where the first step after entering your information will be to agree to a soft credit check that will not penalize your credit score.

Next, submit your application which will include proof of graduation and income.

In order to receive offers from lender, you must consent to a hard credit check, which usually does have  negative impact on your credit score but it is standard among lenders.

And finally, you will be able to choose the loan duration which will range anywhere from 5 to 20 years.

Student Loans Refinancing Details

Should You Choose Fixed Vs Variable Rate Refi?

Fixed rate loans have predictable monthly payments, unlike variable rate loans, but have higher repayment amounts at the start. So, which student loan should you pick, a fixed rate loan or a variable rate loan?

Fixed rate loans will have a higher interest rate than the variable rate loans on the day you need to make your decision. Over time, it’s possible that the variable rate loan ends up costing more if interest rates were to rise.

Although day one, the fixed rate loan will cost you more in monthly payments, you lock in a fixed monthly cost from the time you take out the loan to your final payment. However, the variable rate loan may start out small but end up ballooning into a much larger payment.

Fixed Rate Loan Example

Imagine you took out a 10-year fixed rate loan at 7% interest rate, and assuming no other fees or charges.

Your repayment and total payments made would be as follows:

With the fixed rate loan you could count on the monthly payment staying the same at $464.43 each month.

Variable Rate Loan Example

Now imagine a variable rate loan over the same ten year period on the same amount of money, $40,000.

If the variable interest rate is 2.76% and stays steady for the life of the loan, the repayment schedule and total loan repayments will be as follows:

The total interest paid is $5,819.24, which is much less than the $15,732.28 you would have paid on a fixed rate loan.

But what if interest rates were to rise?

Imagine now that interest rates rose from 2.76% to 12.84% (which was a peak Libor rate back in March 1989) over the life of the loan.

As you can see, the total interest rate is still slightly lower than the fixed 7% rate but depending on how fast interest rates climb, it’s possible that a rapid rise could result in higher interest rate payments overall when selecting a variable rate loan.

LendKey Interest Rates & Fees

With AutoPay, LendKey rates for variable and fixed rate loans start as low as 5.24%.

*Rates updated: Jun 06, 2023

LendKey Pros and Cons

has an exceptional rating from the Better Business Bureau after serving tens of thousands of borrowers, tracks down low student loan and refinancing rates, offer discounts for ACH / AutoPay features, and has top notch customer support. A drawback on the main website is not having access to comparison rates to shop around.

LendKey Loan Types

LendKey supports consolidation of Federal, Private, and Graduate loans.

• Federal
• Private
• Graduate
• Home Improvement
• CUGREEN Loans

LendKey At A Glance

• Minimum loan balance to refinance: $5,000
• Maximum loan balance to refinance
  • Undergraduate degree only: $125,000
  • Any graduate degree: $250,000
  • Medical, dental, or veterinary degree: $300,000

• Eligible loans to refinance
  • Private student loans
  • Subsidized and unsubsidized federal student loans
  • GradPLUS federal student loans

• Minimum target credit score (without a cosigner): 660+
• Minimum annual income (without a cosigner): $24,000
• Refinancing Maximum to $250,000 for All Graduate Degrees

LendKey Review Summary

LendKey connects student loan and loan refinancing borrowers to community banks and credit unions who offer competitive rates and charge no origination fees.

The borrowing process is simple. You start by comparing rates and when you are ready to submit an application, LendKey will guide you from start to finish.

You don’t get the big brand name with LendKey as you would with a big name bank but you stand a good chance of getting better rates.

The bottom line is if you want lower monthly payments on student loans, LendKey has the online platform to make it easy to find lower rates and consolidate your federal and private loans. Plus, it caters to borrowers who want the convenience of walking into their local brick-and-mortar community bank or credit union too.

Check Rates at LendKey

The article LendKey Review 2023 – Student Loan Refinancing Up To $250,000 was originally posted on Investormint

Student loan debt can cost you needlessly when you choose the wrong lender. And because you can never discharge a student loan, even in bankruptcy, it is especially important to pick the best interest rate.

But interest rates alone won’t give you the full picture of what you need to know when you compare student lenders.

You should also pay attention to fees that hit your account, the speed of funding, lending limits, and other factors like whether your lender will help you out in a pinch if you lose your job.

In this Earnest vs SoFi student loan comparison, we examine the key factors so you know the best student loan provider for your unique needs.

SoFi vs Earnest: At A Glance

The Earnest Difference

Earnest sets itself apart from other student lenders by evaluating not only your current but also your expected future financial situation.

Got high earning potential? Earnest will factor that into its analysis where conventional lenders may examine only your current financial circumstances.

If you aren’t saddled with a bunch of debt already, whether credit card bills or mortgage payments, you can probably pocket some healthy savings with Earnest.

Why Choose SoFi?

When you are approved for a loan from SoFi, you gain access to one of the most exclusive networks in the country.

Getting a loan from SoFi is a different experience than what you may be used borrowing from a big bank.

For one, you gain access to a highly active SoFi Facebook group, where members regularly correspond about financial matters.

At SoFi, you will get invited to local in-person meetups where you can hear interesting speakers and network with like-minded community members.

And the benefits don’t stop there.

SoFi is constantly making access to its community more valuable. For example, SoFi will help you to find a new role if you happen to lose your job.

In fact, SoFi is so popular that you will regularly see community members in San Francisco and other big cities walk around in free SoFi “swag” which new members receive.

Earnest vs SoFi:
Types Of Loans

SoFi has a broad range of loan types.

It supports clients throughout their financial lifecycle from the time they need student loans to the time they are ready to invest for retirement via its wealth management platform.

Earnest provides comparatively fewer financial products, but stands toe-to-toe with SoFi in the areas in which it competes.

Apply To SoFi Apply To Earnest

SoFi Interest Rates vs Earnest Interest Rates

The interest rate you pay will directly affect how much you can save so it’s perhaps the most important factor to consider when picking a lender.

Student Loan Refinancing

Earnest claims that student loan refinancing clients who consolidate and refi save $30,939 on average based on a $75,000 loan balance and using a weighted average of original loan terms.

SoFi claims its clients save on average $290 per month ($3,480 per year) when refinancing student loans.

Based on our research, Earnest just squeezes out SoFi when comparing student loan refinancing rates but the difference is so small that it’s by no means a slam dunk victory.

Parent Plus Refinancing

If you are paying Parent PLUS loans, you may be able to save money by choosing a private lender like SoFi or Earnest.

You can consolidate Federal Parent PLUS and private qualified education loans without paying origination fees nor application fees.

Earnest and SoFi charge similar rates for Parent PLUS refinancing as they do for student loan refinancing and Earnest enjoys the slight edge over SoFi in this category too.

Personal Loans

Personal loans from SoFi or Earnest may cost you less than other types of loans.

You may want to consider a personal loan when you have:

• Credit card debt you want to consolidate
• Moving loans
• Wedding loans
• Home improvement loans
• Engagement ring loans
• Vacation loans

The longer the term length you choose, the more you will pay over the life of the loan so, if you can afford a shorter timeline, it could save you a pretty penny.

However, the shorter duration loans will cost you more each month out of pocket.

Here is an example of how much a $30,000 personal loan would cost you:

Apply To SoFi Apply To Earnest

Earnest Fees vs SoFi Fees

Both SoFi and Earnest shine when it comes to the fees you will pay, or lack thereof.

You won’t pay for any application fees, origination fees nor any prepayment penalty fees.

However, SoFi will ding you with late fees if you pay more than 15 days late. Expect to pay $5 or 4% of the total payment due, whichever is less.

Earnest, on the other hand, won’t hit you with any late payment fees.

Earnest vs SoFi: Perks & Benefits

Both lenders entice you to choose an Autopay option by discounting your rate by 0.125% when you select it.

You will also earn a cash bonus for any referrals that you send to each company.

Both companies offer up to six month of deferment when eligibility criteria are met. And both rollover grace periods when refinancing.

However, SoFi earns the victory when it comes to perks.

When you lose a job, SoFi helps you to find a new position. And it regularly hosts community meetups so you can network with community members.

You will find its Facebook group to be among the most active and supportive of any financial company. Not only do moderators weigh in to address concerns but members will regularly chime in to answer questions too.

SoFi members also receive SoFi swag, like t-shirts and mugs, in the mail when signing up.

Apply To SoFi Apply To Earnest

Do You Qualify For A
SoFi or Earnest Loan?

Earnest Eligibility Criteria

To qualify for Earnest student loan refinancing or Parent PLUS refinancing you will need to:

• Be a U.S. citizen or have a 10-year (non-conditional) Permanent Resident Card
• Have a minimum credit score of 650
• Be enrolled less than half time or set to graduate this semester
• Refinance at least $5,000
• Be current on rent or mortgage payments
• Be at least 18 years of age
• Have no bankruptcy on your credit report

Note: Earnest does not issue loans in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

Keep in mind that student loan refinancing cannot be used for new schooling loans and existing debt must be from loans for a Title IV-accredited school.

To qualify for an Earnest personal loan, your credit score will need to be at least 680.

And while you can use your loan for credit card debt consolidation, home improvements, weddings/honeymoons, unaccredited education programs, or security deposits for rented accommodation, you are not permitted to use a personal loan for:

• College tuition
• Business capital
• Real estate

Factors Affecting Approval

When you apply for an Earnest loan, the following factors affect your likelihood of receiving approval.

• Whether you have enough savings to cover two months of normal expenses, including housing
• Whether you save less than you earn and have growing bank balances
• Your amount of credit card debt, personal loan debt, and other non-student loan debt
• Your history of making timely payments
• Your history of paying late fees, overdraft fees, or insufficient funds fees

SoFi Eligibility Criteria

To qualify for a SoFi loan, you will need to be:

• A U.S. citizen or permanent resident
• At least 18 years old
• Have graduated with an Associate’s Degree or higher from a Title IV accredited school
• Be employed or have an offer of employment within the next 90 days

The minimum loan amount required to qualify for student loan refinancing or Parent PLUS refinancing with SoFi is $5,000.

If you live in one of the states where Earnest does not lend, SoFi is a good alternative because it is permitted to refinance loans in all 50 states and the District of Columbia.

If you are looking for a personal loan over the $75,000 limit available at Earnest, SoFi is a good alternative too because it provides personal loans up to $100,000.

Apply To SoFi Apply To Earnest

SoFi Funding Timeline vs
Earnest Speed Of Funding

Earnest and SoFi are among the new crop of private lenders who provide fast, easy application processes.

In as fast as 10 days you can receive funding from both companies, but you will need to make sure your documents are in order to qualify for funding timelines that fast.

SoFi may even be able to deliver funds in as soon as 7 days if everything is in order.

How Much Can You Borrow?

Both SoFi and Earnest impose a $5,000 minimum loan amount to qualify for student loan refinancing and Parent PLUS refinancing.

The SoFi maximum loan amount is $100,000 for personal loans and the Earnest maximum loan amount is $75,000 for personal loans.

Apply To SoFi Apply To Earnest

SoFi vs Earnest Comparison

SoFi vs Earnest Summary

Not much separates SoFi and Earnest. Although Earnest enjoys a slight edge when it comes to low interest rates, it’s so small as to be a virtual dead heat between the two lenders.

When it comes to funding timeline, both issue loan funds within 10 days, though SoFi may issue loans in as fast as 7 days.

Where Earnest does shine compared to SoFi is its lack of late fees – SoFi charges $5 or 4% of the payment due, whichever is smaller.

For borrowers who need co-signer support, SoFi is the better choice.

It’s also a better option for anyone looking for a financial company who can partner with them throughout their financial lifecycle from student loan refinancing to personal loans in order to consolidate credit card debt all the way through to wealth management services after building up a nest-egg.

SoFi also provides higher personal loan amounts compared to Earnest and has perhaps the most vibrant and supportive online community of any financial lender.

Apply To SoFi Apply To Earnest

The article Earnest vs SoFi Student Loan Comparison was originally posted on Investormint

About 40 million Americans are burdened by student loan debt. But before SoFi and CommonBond shook up the market, many borrowers were paying similar rates on Federal student loans.

All that changed after the Great Recession when SoFi emerged as a financial innovator by offering lower interest rates on student loan refis to super-prime borrowers.

Where SoFi broke ground on the West Coast early on, CommonBond soon followed on the East Coast. Quickly, a battle ensued between the two financial companies and the result has been a win for prime borrowers.

Now both companies are well established with billion dollar+ valuations. So the question arises when you compare CommonBond Vs SoFi, which student lender is best?

SoFi vs CommonBond: At A Glance

CommonBond

CommonBond is more narrowly focused on student loan refinancing and issuing new student loans than SoFi, which has a broader product range.

But don’t let its fewer financial products deter you. CommonBond has historically kept its rates competitive, usually a smidge under those offered by SoFi.

If the amount you pay monthly is your #1 criterion for selecting between SoFi vs CommonBond then the New York-based company will probably end up getting your vote.

For socially-minded borrowers, CommonBond will appeal most too because each time a loan is issued, the company promises to fund the education of a child in need thanks to its partnership with Pencils for Promise, a non-profit organization.

But before making a quick decision, you should know what you get at SoFi.

SoFi

Like CommonBond, SoFi values its community highly.

When you are approved for a new loan or a student loan refinancing at SoFi, you gain access to an exclusive community of HENRYs SoFi defines HENRYs as High Earners Not Rich Yet.

Think of your average Harvard, Wharton, or Stanford grad falling into this category.

They have lots of potential but may not yet have realized their career ambitions yet. So, they are cash poor but the odds are they will have a rich future.

You don’t have to attend an Ivy League school or a top tier University to be approved for a loan from SoFi but it doesn’t hurt.

When you are approved for a loan or a refi, you will enjoy much more than competitive interest rates at SoFi. Regular in-person meetups are held whereby you can network with other like-minded community members and you may even be invited to attend talks by interesting speakers.

CommonBond vs SoFi:
Types Of Loans

If the idea of partnering with one financial company throughout your financial life is valuable to you, SoFi wins hands down.

Beyond student loan refinancing, Parent PLUS refinancing, MBA student loans, graduate student loans, and undergraduate student loans, SoFi offers mortgages, wealth management, term life insurance, and even deposit accounts.

CommonBond offers fewer products but has earned an excellent reputation delivering the products it does feature.

Apply To SoFi Apply To CommonBond

SoFi Interest Rates vs CommonBond
Interest Rates

You don’t need to break out a student loan calculator to compare SoFi vs CommonBond on interest rate costs.

While both student lenders offer highly competitive rates in the marketplace, CommonBond historically comes in lower than SoFi on interest rates.

Student Loan Refinancing

On average, CommonBond claims customers save $24,046 by switching. And it’s no surprise why when you look under the hood.

Not only are interest rates lower than many marketplace lenders but CommonBond won’t penalize borrowers with origination fees nor any pre-payment penalty fees.

According to SoFi, you can save $290 per month on average by choosing to refinance your student loans.

During our research, CommonBond came out on top when comparing interest rate charges by slightly undercutting SoFi on both variable rate student loan refis and fixed rate refis.

CommonBond also provides hybrid rates that lock you in to a fixed rate for a 5-year term and then adjust to become variable rates for the subsequent 5 years.

Parent Plus Refinancing

For borrowers who are paying high rates on Parent PLUS loans elsewhere, CommonBond and SoFi may be cheaper alternatives.

By consolidating Federal Parent PLUS loans, you may end up paying less each month and it won’t cost you a dime in application fees nor origination fees.

When you compare CommonBond v SoFi on Parent Plus Refinancing rates, the New York lender wins again with lower rates.

Personal Loans

If you have a big personal event coming up like a wedding, home improvement, home move, vacation, or simply plan to purchase an engagement ring, SoFi is your only option because CommonBond does not issue personal loans.

When you choose a SoFi personal loan, or any other loan, you have a tradeoff to make.

By choosing a shorter time frame to pay it off, you will pay more out-of-pocket each month. However, you will pay less in interest expenses over the life of the loan.

Selecting a longer loan term will cost you less each month but will put more of a dent in your wallet over the long-term when all the interest charges are added up.

To put things in perspective, here is a hypothetical table comparing the monthly payments and total payments on a $30,000 personal loan.

Apply To SoFi

CommonBond Fees vs SoFi Fees

Whether you choose CommonBond or SoFi, you can expect customer-first service and this means no stingy fees that nickel and dime you.

You won’t be slapped with any pre-payment penalty fees nor any origination fees by either CommonBond or SoFi.

However, SoFi will tack on a late fee when you pay more than 15 days late. At that time, the lesser of $5 or 4% of the total payment due will be charged to your account.

CommonBond vs SoFi:
Perks & Benefits

The perks offered by CommonBond and SoFi in particular are unlike anything you might be used to in the past at big-name banks.

Financial Perks

The benefits begin with financial savings when you choose their AutoPay options.

As two of the best student lenders, both companies discount interest rates by 0.125% when you choose automated payment deductions.

Both companies pay you a handsome bonus to send referrals in their direction too. You can earn as much as $200 per referral at CommonBond and $300 per referral at SoFi.

Social Promise

Beyond the financial incentives and perks, CommonBond provides a feel-good factor.

When your loan is funded, CommonBond gets to work financing the education of a child in need as part of its Social Promise.

Find A New Job

SoFi has a bunch of perks but none more valuable in our view than its career support.

If you find yourself out of work, SoFi will support you in finding a new role.

It’s a win-win for the company because it saves them the cost of turning a delinquent loan over to a debt collector and it keeps borrowers employed and less stressed about paying off their student loans.

Community

It’s probably fair to say that most student lenders treat you as just another customer but that’s not true at SoFi and CommonBond.

SoFi will invite you to join its Facebook group which is lively and active.

Got a financial query? You won’t be waiting long before someone chimes in to answer it on the group thead.

CommonBond too prides itself on building a community of borrowers who, on average, seem to be thrilled with its customer-first business approach.

Apply To SoFi Apply To CommonBond

Do You Qualify For A
SoFi or CommonBond Loan?

CommonBond Eligibility Criteria

To qualify for CommonBond student loan refinancing you will need to:

• Be a U.S. citizen or Permanent Resident
• Graduate from a Title IV accredited University or graduate programs eligible to refinance with CommonBond

Factors Affecting Approval

Most lenders will make lending decisions based on other factors too, such as:

• How much savings you possess to cover expenses
• Debt levels, including credit card debt and mortgage debt
• Whether you have a history of making timely payments
• How much you pay in late fees, overdraft fees, or other fees

SoFi Eligibility Criteria

The eligibility criteria to qualify for a loan at SoFi include:

• Whether you are a U.S. citizen or permanent resident
• Whether you are 18 years old or older
• Whether you are a graduate of an Associate’s Degree or higher from a Title IV accredited school
• Whether you are employed or have an offer of employment within the next 90 days

Apply To SoFi Apply To CommonBond

SoFi Funding Timeline
vs CommonBond Speed Of Funding

CommonBond claims that in just a few business days the entire application process can be completed but it wasn’t clear to us precisely how fast you would receive your funds.

At SoFi, you can receive your funds in as soon as 7 → 10 business days.

How Much Can You Borrow?

Both CommonBond and SoFi require you to refinance at least $5,000 to qualify for student loan refinancing or Parent PLUS refinancing.

The most you can refinance at CommonBond is $500,000.

Apply To SoFi Apply To CommonBond

SoFi vs CommonBond Comparison

CommonBond vs SoFi Summary

Both student lenders fare well against most other lenders on key factors like fees because neither charge origination nor application fees.

And both are highly customer-focused with top notch customer support and active communities.

But when you compare SoFi vs CommonBond on cost alone, CommonBond wins with slightly lower rates.

It also wins the feel-good factor award by financing the education of a child in need each time a funded loan is issued.

For borrowers who want more bells and whistles, SoFi is the better choice because it can support you not only when you need student loans or loan refinancing but also when you need a mortgage, term life insurance, a deposit account, or wealth management.

The bottom line is price-sensitive borrowers will most likely do better at CommonBond while customers wanting to partner with a single company throughout their financial lives will be best served by choosing SoFi.

Apply To SoFi Apply To CommonBond

The article CommonBond vs SoFi Student Loan Comparison was originally posted on Investormint

Peerform is a marketplace lending platform that connects borrowers and lenders. If you are paying off credit card debt or other loans at high interest rates, Peerform is worth a look because it is designed for borrowers who wish to consolidate debt or need a personal loan to pay for costly events, such as a wedding or moving home.

As a peer-to-peer online platform, Peerform doesn’t actually fund the loans but instead connects borrowers to investors, who lend money with the goal of earning a return that beats the yields offered by other investments.

Beyond simply connecting borrowers and lenders, Peerform assesses the risk of each borrower by looking at risk factors such as debt-to-income ratio, credit score, and prior payment delinquencies.

As a platform that welcomes borrowers with lower credit scores – versus SoFi which exclusively targets super-prime borrowers – Peerform accepts a broader range of customers so, even if you have less than stellar credit, you stand a decent chance of being approved.

Peerform Personal Loans: Spotlight

Why Choose
Peerform Personal Loans?

Whether borrowing to pay for a wedding or simply looking to consolidate debt, Peerform can help you access capital in 2 weeks or less, though don’t expect to pay rock bottom rates.

If you are looking for a loan to pay for a wedding, medical expenses, or a car, Peerform can loan you anywhere from $4,000 → $25,000.

Personal loans can be used for a wide variety of categories, including moving and relocation, home improvement, and debt consolidation.

Because Peerform accepts customers with so-so credit who may be paying high interest rates elsewhere, debt consolidation is a popular choice to lower overall monthly interest costs.

You can get a free quote quickly for a fixed rate loan that varies from 5.99% to 29.99% depending on your risk category, which will be anywhere from AAA to DDD.

In the A-category, the lowest risk borrower is categorized as AAA, and the highest risk borrower is classified as A. The AAA borrower pays the lowest APR rate of 5.99% among all borrowers while the A borrower APR rate is 15.59%.

In the B-category, the APR rate ranges from 17.13% to 23.77% while in the C-category the range is from 25.31% to 29.40%.

Borrowers categorized as DDD pay the highest rate of 29.99%.

What Are The Minimum
Borrower Requirements?

Peerform conducts a thorough check on your finances to gauge what risk category you fall into and what interest you will pay. Your credit score, income and debt levels are among the primary indicators to assess risk.

Peerform looks at a wide variety of financial metrics to assess borrower risk, including FICO Scores, debt levels, income, credit profile, and bank account information.

You must have a minimum FICO Score of 600 in order to be eligible for a loan on the Peerform platform.

Excluding mortgage debt, your debt-to-income ratio must be less than 40%. And Peerform will verify your income claims using two recent pay stubs as well as tax documentation. No minimum income level is demanded.

Like most other platforms who need to accurately assess borrower risk, Peerform relies on consumer reporting agencies to check on your financial history, including:

• Current delinquencies
• Bankruptcy
• Tax liens
• Judgments
• Non-medical related collections over prior 12 months

Plus, you must have at least one open bank account and a minimum of one revolving account ever opened.

How Does Peerform
Verify Borrowers?

When you apply for a loan, Peerform will verify your personal information to minimize the risk of fraud.

After you submit your information, Peerform will verify that you are who you say you are using some standard checks.

The idea is also to reduce fraud which is a big challenge lenders face.

Peerform Interest Rates & Fees

Peerform won’t charge you penalty fees for paying off your loan early though you will be dinged with fees for paying late and for unsuccessful payments.

Open a Peerform Account

Peerform Review:
Pros and Cons

If you need money but don’t have great credit, Peerform is worth checking out. And if you have top notch credit, you may be eligible for low interest rate personal loans to pay for a wide variety of events, such as weddings, moving, or even a new car.

Pay Attention to Peerform’s Origination Fees

Peerform has a lot of advantages for people with poor credit.

In return, though, you have to pay fairly high origination fees. Expect Peerform to charge 1% to 5%.

If you borrow $10,000, you will have to pay between $100 and $500 on top of the loan’s interest. In most cases, borrowers with the best credit scores pay the lowest fees.

Overall, Peerform works well for most people who have poor credit. If you have a high credit score, you should explore more options to make sure you get the lowest interest rate and origination feed.

Peerform Review Summary

Peerform is a lending service that supports peer-to-peer loans. When you borrow money, you get cash from investors that work with the company.

This approach to lending has its pros and cons, so you should explore your options before accepting a loan. For many people, though, Peerform offers the benefits that they need for loans between $4,000 and $35,000.

Peerform Debt Consolidation Loans

The company excels at helping people consolidate debt. If you want a debt consolidation loan, you can borrow any amount between $10,000 and $35,000.

It provides personal loans for amounts between $4,000 and $25,000.

Peerform Works for People With Low Credit Scores

You don’t need excellent credit to qualify for a loan from Peerform. As long as you have a credit score of 600 or above, you may be eligible to get a Peerform loan.

Many lenders only work with borrowers that have credit scores of 700 or above. If you have struggled to receive approval elsewhere Peerform may have a loan option that is right for you.

Peerform Doesn’t Require Co-Signers or Collateral

Despite Peerform’s willingness to extend loan offers to people with low credit scores, it doesn’t force you to get a co-signer or put up collateral.

Even if you have a 600+ credit score, you can borrow money without having someone co-sign your loan. You don’t even have to use your car or home as collateral.

Get Your Money From Peerform Quickly

When you want to borrow money, you probably need access to the cash as soon as possible.

Even if you want to consolidate credit card debt, it makes sense for you to get your loan quickly so you can avoid your credit card’s high interest rate.

Peerform usually takes about a week to process your loan application and give you your money.

Open a Peerform Account

The article Peerform Review 2020 – Need A Loan But Got Low Credit? was originally posted on Investormint

One Main Financial personal loans are designed for borrowers who need money fast. If you want access to money in the same day you apply for your loan, OneMain Financial can make that happen, provided you complete your application early enough.

You can borrow between $1,500 and $25,000 for personal and auto loans from a lender who has been in business for more than 100 years, served over 10 million customers, and extended over $120 billion in loans.

OneMain Financial claims that 5 out of 6 Americans live within 25 miles of a branch office, where on average branch managers have over 13 years of experience.

While OneMain Financial has a lot going for it, you will pay a price for the convenience of borrowing from this established lender with an extensive network of locations nationwide because rates are not as low as those charged by some rivals.

OneMain Financial Personal Loans: Spotlight

ONEMAIN FINANCIAL SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 4 out of 5 stars	Loan Duration: 1 → 5 years Typical APR: 17.59% → 35.99% Loan Amounts: $1,500 → $25,000 Get Started via OneMain Financial secure site

Why Choose OneMain Financial Personal Loans?

If you need money fast and are willing to pay a premium to get your hands on cash quickly, OneMain Financial is worth checking out.

OneMain Financial welcomes borrowers who have below average credit scores.

If you need money in a hurry and don’t qualify for lower rates elsewhere, OneMain Financial may be a good choice because approvals are fast and money can be in your hands the same day.

Apply for a OneMain Financial Personal Loan

OneMain Financial Personal Loans Eligibility Criteria

OneMain Financial looks at your income, expenses, and debt, as well as your past credit history to assess whether you are eligible for a loan.

While you are eligible for a loan from OneMain Financial if your credit score falls below national averages, you will still need to supply standard documentation to be approved.

You will also need to have established some level of credit history by having previously made regular and timely payments, even if over a short duration.

And you must not have any bankruptcies lurking in your past financial history or you will most likely be declined.

Like many other lenders, OneMain Financial favors employees with steady and predictable income versus self-employed individuals whose income may be spiky.

The biggest question OneMain Financial wants to answer when lending to you is can you repay your loan. And to make an accurate assessment, the company will look into now only how much you earn but also how much you spend.

When you take out a new loan, you need to be able to service that debt, and so it is important to assess whether you have enough cash flow to pay back OneMain Financial as well as to stay current with existing household expenses and other costly items.

To help accelerate the approval process, make sure to have the following documents ready for OneMain:

• A driver’s license or passport, or other government-issued ID
• Proof of residence, such as a utility bill
• Proof of income, such as a tax return or paystub

Apply for a OneMain Financial Personal Loan

How To Apply For A Loan From OneMain Financial

OneMain Financial loan applications can be started online and completed in branch offices.

It’s easy to apply for a loan from OneMain Financial online but to collect your money you may need to visit a branch because loan disbursements are issued in the form of checks unless you choose the direct deposit option whereby funds are deposited directly into your checking account.

During the process, you may be asked to provide collateral to secure your loan. The following types of collateral are accepted:

• Cars
• Trucks
• Boats
• RVs
• Campers

If collateral is required, OneMain will conduct an appraisal to make sure that it is of sufficient value.

Any active duty military personnel, spouses and dependents are covered by the Military Lending Act and are prohibited from pledging any vehicle as collateral.

Once you have completed your application, provided your documentation, and been approved, the timeline to receive your funds is as follows:

Once approved, you do have a grace period of a couple of weeks to return the loan proceeds if you decide you no longer want the loan. No interest will be charged to you if you make the decision.

Apply for a OneMain Financial Personal Loan

OneMain Financial Payments & Fees

OneMain Financial does charge origination fees and late fees but won’t penalize you for paying off your loan early.

Once you have been approved for a loan, payments can be made online, in a branch, by phone, mail, mobile device or even at a Walmart store.

If you are paying online, an ACH transfer or debit card will be needed but if you decide to pay in a branch you will have a wider variety of payment options, including:

• Cash
• Personal check
• Payroll check
• Cashier check
• Traveler’s check
• Government check
• Debit card
• Money order
• Bank draft
• Insurance draft
• ACH

Keep in mind if you decide to pay at a Walmart Service desk, you can make a CheckFree payment but Walmart will charge you $1.00 → $1.50.

And if you make a debit card payment, you will be will hit with a fee of $2.95.

If you decide that you want to pay off your loan early, you won’t be penalized with any prepayment charges.

Apply for a OneMain Financial Personal Loan

Who Is OneMain Financial?

OneMain Financial has been in business for over a century and served over 10 million customers.

OneMain Financial began life in 1912 in Baltimore, Maryland under the name Commercial Credit. At the time, the lender provided working capital to manufacturers and building contractors.

In 1999, the company changed its name to Citi Financial and then went through a string of acquisitions, initially purchased by AIG and then Fortress Investment Group before going public in 2015, after changing its name once again from Springleaf Holdings Inc. to OneMain Financial.

The company operates in 44 states and has loaned out over $120 billion to 10 million customers for debt consolidation, auto purchases, household bills, home improvements, and other major purchases.

However, if you are looking for a student loan or to use your money for tuition, you should consider other lenders, such as SoFi. And of course, you won’t be permitted to use your funds for any casino bets.

OneMain Financial Review:
Pros and Cons

OneMain Financial provides fast access to money and convenient branch offices to speak with real people but at the cost of higher interest rates than those charged by many other lenders.

Apply for a OneMain Financial Personal Loan

OneMain Financial Alternatives

If you don’t need money right away, shop around for other lower-rate lenders.

Before applying for a new loan, it is a good idea to compare interest rates and eligibility criteria using a lending marketplace. If you are not in a rush to get your hands on money, other borrowers may offer better rates.

Another lender that caters to borrowers with below average credit is Peerform, which has lower starting rates than OneMain.

For borrowers with above average credit scores, SoFi is among the best lenders when it comes to competitive rates and all round service. Plus, you won’t get dinged with origination fees.

OneMain Financial Summary

OneMain Financial lends money to borrowers who may have poor credit and need access to money in a hurry. In as soon as the same day you apply for a loan, you can get access to anywhere from $1,500 to $25,000.

The likelihood is you can walk into a branch to finalize your loan application because 5 out of 6 Americans live within 25 miles of a OneMain branch. However, you will pay a price for the convenience because the interest rates charged by OneMain tend to be higher than those charged by many rivals, though few can match OneMain in terms of the speed of issuing capital.

Having served over ten million customers and earned an A+ rating from the Better Business Bureau, it’s worth checking out OneMain Financial to see if it meets your borrowing needs.

Apply for a OneMain Financial Personal Loan

The article OneMain Financial Personal Loan Review 2020 was originally posted on Investormint

Whether you are looking to consolidate debt, cover unexpected expenses, make home improvements, pay for a vacation, or take care of wedding costs, Mariner Finance personal loans are worth checking out.

Mariner Finance is a consumer finance company that started in 2002. The company is based in Baltimore, Maryland and has has over 450 branches in 22 states.

When you take out a loan, Mariner will report your payments to Equifax and TransUnion credit bureaus, so you can build your credit score over time when you make timely loan repayments.

And while the lender provides home loans and auto loans, we’ll focus in this review on personal loans, which feature co-signer support and are approved by loan officers as opposed to computer algorithms.

Mariner Finance Personal Loans Review: Spotlight

MARINER FINANCE SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 4 out of 5 stars	Typical APR: 24% → 36% Loan Amounts: $1,000 -> $25,000 Get Started via Mariner Finance secure site

Is A Mariner Finance Personal Loan Right For You?

Mariner Finance provides loans for anywhere from 1 to 5 years to borrowers with low credit scores in 22 states.

If you have so-so credit, Mariner Finance may be a good match for you.

Generally, Mariner likes to see that loan applicants have a decent credit history of at least 5 years but that doesn’t mean you need to have stellar credit.

Even if your credit score is around 600, you may be eligible for a loan.

You can apply for a loan by filling out a form online, visiting a local branch, or even by phone.

Regardless of which method you choose, you can expect the application process to be fast. Loans can be approved and funded in as soon as a single day for loan terms ranging from 1 to 5 years.

When you apply, you can expect a soft credit check to be performed, meaning that it won’t affect your credit score to check your loan rate. But rates are steep, ranging anywhere from 24% → 36% APR depending on your creditworthiness.

Once approved, you can use the proceeds of your loan for anything from a vacation to a wedding or simply debt consolidation if you wish.

Fill Out A Mariner Finance Personal Loan Application

How Mariner Finance Personal Loans Work

Mariner Finance personal loans require collateral as security above $10,000. Co-signers are permitted to join on loan applications and loan officers are responsible for making final approval decisions.

The rate you are offered will depend on your creditworthiness, income and debt-to-income ratio.

If you have a good history of paying your bills on time and a higher credit score, you may be eligible for the lowest rate of 24%.

Even if you are approved for this rate, it is a good idea to shop around and compare interest rates from multiple lenders.

Where Mariner Finance shines is that you won’t simply be approved based on the scores you receive from a computer algorithm but instead a loan officer will have the final say.

So, if you have good reasons why your credit score may be low, you stand a better chance of being approved versus some other lenders who may rely more heavily on a computer-based approval model.

When you compare the rates of a few lenders who cater to borrowers with low credit scores, you might find Mariner comes up trumps because of this personal dimension to the approval process.

You can also boost your chances of being approved by adding a co-signer to the approval process. If you choose to go down this path, do your best to verify your co-signer has a solid credit history so adding them to the loan application will increase your odds.

Mariner Finance Interest Fees

Mariner Finance won’t charge you any prepayment penalty fees but origination fees, late fees, insufficient funds fees and personal check processing fees apply and vary by state.

Fill Out A Mariner Finance Personal Loan Application

Mariner Finance Review:
Pros and Cons

Mariner Finance has an A+ rating from the Better Business Bureau, provides co-signer support, and a fast funding timeline in as soon as one day but you pay a price for the convenience because lending rates are high.

Fill Out A Mariner Finance Personal Loan Application

Mariner Finance FAQ

What States Does Mariner Finance Operate In?

Mariner Finance and its affiliate Pioneer Credit do not have a nationwide presence, but feature in 22 states, including:

• Alabama
• Delaware
• Florida
• Georgia
• Illinois
• Indiana
• Kentucky
• Louisiana
• Maryland
• Mississippi
• Missouri
• New Jersey
• New York
• North Carolina
• Ohio
• Pennsylvania
• South Carolina
• Tennessee
• Texas
• Utah
• Virginia
• Wisconsin

Is Mariner Finance affiliated with 1st Mariner?

No, Mariner Finance and 1st Mariner are not affiliated with each other.

Do I need to put up collateral for my personal loan?

For loans under $10,000, you won’t need to put up any collateral but above that threshold, you will need to secure your loan with a fixed asset, such as a vehicle you own.

Mariner Finance Personal Loans Summary

Mariner Finance personal loans are designed for borrowers with low credit scores who may struggle to be approved elsewhere.

Unlike some other lenders who rely exclusively on computer algorithms to adjudicate whether an applicant should be approved, Mariner Finance relies on the judgment of loan officers who have the final say. So, if you have some extenuating circumstances that caused your creditworthiness to suffer, your loan petition may stand a greater chance of being approved.

The rates are high relative to some other lenders so it’s worth comparing interest rates from other lenders, such as OneMain Financial and Peerform, who cater to low credit borrowers too. The good news is when you do submit an application, your credit score won’t be hit because only a soft credit check is performed.

Once approved, you can use your loan proceeds for a wide variety of purposes, including debt consolidation, home improvements, covering unexpected costs, or even paying for a wedding or vacation.

Fill Out A Mariner Finance Personal Loan Application

The article Mariner Finance Personal Loan Review 2020 – Fast Approvals For Low Credit Borrowers was originally posted on Investormint

Mobiloans has a compelling first glance offering which is to provide you with a line of credit as a more flexible way to borrow emergency cash. The idea is to save yourself the penalty costs of overdraft bank fees and payday loans.

Mobiloans claims it offers a payment method that has no hidden fees or prepayment penalties so you can take care of everyday expenses. And the lender can provide you credit without needing to sign up for a credit card.

If you need extra cash to tie you over until your paycheck, Mobiloans can get you anywhere from $200 to $2,500 in as fast as the day after you apply.

And it claims that a typical overdraft fee would set you back $35 while a Mobiloans line of credit would cost you just $6. But does the math workout when you dig a little deeper into the total costs of borrowing from Mobiloans?

Mobiloans Personal Loans: Spotlight

MOBILOANS PERSONAL LOANS SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 1.5 out of 5 stars	Autopay: YES Lines of Credit: $200 → $2,500 Get Started via Mobiloans secure site

Is Mobiloans Right For You?

Mobiloans makes as much as $2,500 available to new customers but is a very expensive way to access cash if you don’t pay back the full amount within the first billing period.

As a new customer, you are entitled to a line of credit of anywhere from $200 → $2,500 from Mobiloans.

The money you draw goes to your checking account. Or if you wish, you can receive a check.

Unlike a credit card, you won’t be charged daily interest. But don’t let the lull you into thinking you are getting a better deal.

You will be required to pay a cash advance fee for every $20 you draw.

If you can afford to pay back the full amount within the first billing cycle, no other fees apply.

But while Mobiloans makes borrowing sound easy, simple, and fun, you should carefully examine the total repayment costs before you proceed.

How Much Are Mobiloans Fees?

Mobiloans charges you a rich cash advance fee for every $20 you need and a steep fixed finance charge is applied every couple of weeks if you don’t pay back your loan within the first billing cycle.

When you draw a line of credit from Mobiloans, you are charged a cash advance fee.

And make no mistake about it, the cash advance fees are large.

It’s hard to compute the total fee as a percentage of the amount you borrow when you calculate the cash advance fee for each $20, so what is the percentage fee when compared to the total amount you borrow? We did the math for you:

When you borrow $500, you pay a $75 cash advance fee that represents 15% of the total amount borrowed.

And when you borrow the maximum $2,500, you pay a fee of $225, which represents a fee of 9% of the total borrowed.

You can see quickly that the cash advance fees alone are very high.

However, more fees are imposed if you need more time to make repayments beyond the first month.

A minimum charge is calculated based on a tiered structure depending on the unpaid balance.

The so-called Fixed Finance Charge is applied to your balance each billing cycle. And each billing cycle is approximately 2 weeks (every other week or twice monthly).

Each billing period, you are required to pay the higher of $20 or 5% of the outstanding balance.

So let’s say you have a $202 principal balance outstanding, you will get hit with a $35 fixed finance charge, equivalent to 17% of the amount you previously owed.

Now imagine you decide to pay the minimum balance of $20, how much will you owe next month?

It turns out you will owe $217, which may cause you to scratch your head because you only had $202 to pay back last month but now the fixed finance charge means you have $15 more to pay back, equivalent to a 7.4% monthly increase on your balance due.

To give you an idea of how high that amount is as a percentage, if you had to pay 7.4% more each month for a year, you would end up with a balance amount almost twice as high as the amount you owed at the beginning of the lending period.

Mobiloans Review:
What Is The Total Cost?

When you borrow just $100 and pay back at a rate of $50 per billing cycle, your APR rate is an astonishing 469%.

When you combine the cash advance fee plus the fixed finance charges that hit you every two weeks if you don’t pay back the full amount within the first billing cycle, the total cost of a Mobiloans line of credit is high.

In fact, it so high that we encourage readers to shop around extensively because you might find that Mobiloans is an even more expensive option than choosing a payday lender.

The reality is that if you need an emergency loan, you may need more than a few billing cycles to pay it off.

Let’s imagine three borrowing amounts: $100, $200 and $500.

How much would your APR rate be and how many billing cycles would you need to pay off your loan assuming you could make a payment of $50 per billing cycle or $100 per month?

Even a modest $100 line of credit paid back at a rate of $50 every two weeks will take two months (4 billing cycles) to pay off when you factor in all the recurring finance charges plus the cash advance fee.

Double that borrowing amount from $100 to $200 and it will take almost half a year (10 billing cycles or 20 weeks) to pay off the full amount even when paying back at a rate of $50 per billing cycle!

If it makes you sit back in amazement when you compute these numbers, it is because the APR rates are very, very high after factoring in the recurring fixed finance charges.

Intuitively, you might think that if you borrow $200 and pay back $50 every two weeks, it will take you about 8 weeks to make a serious dent on your principal and an extra billing cycle or two to pay off fees. But the reality is it won’t take 10 or 12 weeks but a whopping 20 weeks to pay off your loan.

To pay back a $100 loan will cost you a total of $175 at a repayment rate of $50 per billing cycle and the staggering total cost of paying off a $200 loan is $485 when you include fees at the same repayment rate.

Now here’s the most frightful calculation. If you borrow $500 and choose to pay back $50 per billing cycle, you will never escape the debt.

Obviously that goes for all higher amounts too.

Mobiloans Locations

In the map below only the states in purple are serviced by Mobiloans.

Does Mobiloans operate in your state? Check out the map below to instantly see the states in which Mobiloans does service customers.

Mobiloans does not operate in the following states:

• Arizona
• Arkansas
• Colorado
• Connecticut
• District of Columbia
• Georgia
• Illinois
• Louisiana
• Maine
• Maryland
• Massachusetts
• Minnesota
• Montana
• New Hampshire
• New Jersey
• New York
• North Carolina
• Pennsylvania
• South Dakota
• Vermont
• West Virginia

Mobiloans Review: Pros and Cons

Mobiloans provides borrowers fast access to emergency cash and is reasonably priced if you can afford to pay back the full amount within the first billing period but if you cannot, you could quickly find your outstanding balance due spiralling higher.

Mobiloans AutoPay

When you sign up for AutoPay, Mobiloans will deduct the minimum amount from your checking account.

If you signed up to Mobiloans for emergency cash to avoid overdraft charged, beware that the AutoPay feature will still attempt to debit cash from your account even if you don’t have it, meaning you will get hit not only with Mobiloans fixed finance charges but also the bank overdraft fees you were originally seeking to avoid.

However, you can elect to receive your funds via check and sidestep AutoPay to avoid the risk of getting dinged with bank overdraft fees.

Mobiloans Summary

Mobiloans can lend money quickly if you need cash fast in an emergency situation. It is possible to receive funds as soon as the next day. And if you pay off your credit line within the first billing period, it is reasonably priced.

However, if you cannot afford to pay more than the minimum amount per billing cycle, you get hit with fees every two weeks. These fees can accumulate so rapidly that on a $500 line of credit, you could end up with a spiraling debt liability that could never be paid off if you pay back only the minimum amount each period.

The APR rates are very steep and so, if you do need access to cash in a hurry, it would be wise to shop around and compare rates from other lenders. iLoan, OneMain, and Peerform are Mobiloans alternatives.

Get A Personal Loan From Mobiloans

The article Mobiloans Review 2020 – Fast Cash But At What Price? was originally posted on Investormint

LightStream is not your average personal loan issuer. The market is filled with a hodge podge of price-gouging lenders, but LightStream takes a different tack. Instead of preying on borrowers with low credit scores and charging astronomical rates, it targets creditworthy borrowers who have a strong track record paying off debt and paying bills on time.

By screening its customers to only accept those with high credit scores, LightStream can afford to charge competitive interest rates and claims it will match any rate you get pre-approved for elsewhere plus give you an added 0.10% interest rate discount.

LightStream personal loans range from $5,000 to $100,000 and the rates charged vary depending on what you want to use the money for, whether to buy a car, improve a home, install a pool, or even buy a horse!

Unlike many lenders who will penalize you with higher variable rate loans when there is a Fed rate hike, LightStream offers fixed rate loans so you are locked in with a single payment schedule for the life of the loan.

LightStream Review: Spotlight

Why Choose LightStream Personal Loans?

Borrowers with good credit scores can apply solo or with a co-signer and receive funding in as fast as a single day while paying no origination fee and comparatively low rates.

LightStream only accepts borrowers with a good credit score. Provided you have a decent credit history (more than 5 years) and an established track record of paying off credit card bills in a timely fashion, making mortgage payments on time, and avoiding late fee penalties on other bills, you stand a good chance of getting approved.

It won’t hurt your application chances if you are a borrower who has a demonstrated history of saving money over an extended period. It shows that you have financial goals and are good at sticking to them.

So, if you are planning to take out a personal loan in the future, it is a good idea to consider squirreling away a few nuts from your paycheck each month into your 401(k) or IRA, or simply a savings account.

Once you run the pre-approval gauntlet, you’re in for a lending treat. First, LightStream charges no origination fees, so you won’t be dinged with upfront costs as you might elsewhere.

You can also bring on a co-signer without restriction. If you have a lower credit score than your co-signer, it might support your application.

With cash in hand, your rates will be competitive compared to many other personal loan providers. LightStream has a unique twist on issuing personal loans because it offers different rates depending on how you plan to use the money, as opposed to many lenders who offer a specific rate for personal loans regardless of how the money is used.

One gotcha for self-employed business owners to keep in mind is that LightStream looks for a “stable and sufficient income” and “assets to easily repay current loan obligations and any new loan from LightStream” so even if you have great credit but a spiky income stream it may count against you.

How LightStream Works

LightStream reviews and approves loans in as fast as one day, and can deposit cash into your account in the same day if you apply early enough in the business day.

LightStream has a fast approval process that starts with an online application. Unlike lenders from olden days, LightStream won’t put you through the hoops of waiting for days or weeks to hear back whether you are approved. By as soon as the end of the business day that you apply, you may hear back from them.

Once you accept the loan agreement, you are invited to e-sign your lending document, and set up your loan for funding. If you can get your part of the process done by 2.30pm ET, LightStream claims you may get your cash the same day into your account.

If you are approved for a loan, you have up to 30 days to accept the funds into your account, otherwise the application will expire and you will be required to re-apply.

LightStream Interest Rates & Fees

With autopay, you enjoy a slight discount on LightStream APR rates.

What Can LightStream Personal Loans Be Used For?

LightStream loans can be used for a wide variety of purposes but you cannot get loans as a business or for post-secondary expenses.

You can use your loan from LightStream for a wide variety of purposes, each of which will result in a slightly different rate.

You are required to use your loan proceeds for the purpose you selected in your loan application.

Some restrictions are imposed, so you cannot use a loan for the purpose of refinancing an existing LightStream loan.

Other restrictions include:

• Loans to students to pay for tuition (though preK-12 expenses may be permitted)
• Student loan refinancing
• Loans to businesses
• Loans for cash out refinance purposes
• Secured loans on commercial vehicles

If you borrow money for a vehicle, it will be classified as one of the following:

• Automobile
• SUV
• Light-duty truck
• Passenger or conversion van

Open a LightStream Account

LightStream Review:
How Does It Compare?

LightStream will match any rate from a competitor who issues personal loans and discount it by an additional 0.10%.

Borrowers with good credit scores can get low rates from other lenders too, such as SoFi and Earnest, but LightStream stands apart by issuing loans for specific purposes.

For that reason, it doesn’t issue a blanket rate for personal loans but rather it tailors your rate to your needs. As a result, APR rates for medical costs start out at higher than for auto loans.

If you want to refinance a student loan or borrow for post-secondary education expenses, SoFi or CommonBond will be better bets than LightStream, who don’t serve that market.

However, if you are looking to buy a horse or pay for a wedding, LightStream can offer you loans at rates that beat out much of the competition.

And if you do find a rate from a competitor that comes in lower than what LightStream offers, you are eligible for a 0.10% discount below the competitor’s interest rate.

The main credit bureaus tend not to penalize you for rate shopping so it won’t necessarily hurt you to compare rates from other lenders in or around the same period of time.

LightStream Review: Pros and Cons

LightStream is hard to beat on fees, rates and speed of funding, but if you have a spiky income stream or a lower credit score you will likely struggle to get approved.

LightStream Review Summary

Borrowers with excellent credit scores and credit histories can access competitive interest rate personal loans that are not secured with any collateral from LightStream.

If you have a steady and stable income, a demonstrated history of saving, and paying your bills on time, you stand a good chance of being approved for a personal loan to buy a car, finance a wedding, pay medical bills, or even buy a boat.

LightStream recognizes that debt consolidation is riskier than purchasing tangible assets, so it can more accurately offer you competitive rates, and will even discount a better rate from a competitor by 0.10%.

If you are looking to refinance student loans or borrow for post-secondary education, it is best to look at SoFi or CommonBond, but for personal loan purposes, LightStream is hard to beat.

Open a LightStream Account

The article LightStream Review 2020 – Personal Loans was originally posted on Investormint

You probably know Discover as a credit card provider but back in 2010 the company entered the student loan market. And in just a few years, Discover has grown its student loan portfolio by more than the combined portfolios of SoFi and CommonBond, two of the best student loan companies.

Discover Student Loans is designed for applicants who have very good credit, charges no origination fees, and will loan to borrowers amounts up to the full cost of education.

If you have an excellent credit score, around 750 or above, and a co-signer willing to support your application, you stand a good chance of being approved. Even if you don’t qualify alone, you may be approved when a co-signer is added to your application.

But before starting a student loan application with Discover, what else do you need to know?

Discover Student Loans Spotlight

DISCOVER STUDENT LOANS SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 4 out of 5 stars	Best Feature: No Origination, Late or Application Fees Approval Timeline: ~2 weeks Get Started via Discover secure site

Discover Student Loans Review

Discover charges no loan application fees, late fees or origination fees and has competitive variable interest rates.

Before you start a student loan application with Discover, you should explore your federal aid options. It won’t cost you anything to submit your information to FAFSA, which stands for Free Application for Federal Student Aid.

Federal student loan rates max out at 6.84%, which may be lower than the fixed rates you receive from Discover Student Loans.

DISCOVER STUDENT LOANS INTEREST RATE

Variable rates are much more competitive if you are a highly creditworthy borrower but keep in mind that a Fed rate hike could push rates higher and lead to higher payment amounts whereas a fixed rate loan will lock in your rate for the term of the loan.

Discover Student Loans will serve a wide variety of borrowers.  You are eligible to apply if you fall into any of the following categories:

• Undergraduate student loans
• Graduate student loans
• MBA student loans
• Health professions student loans
• Law student loans
• Residency student loans
• Bar exam student loans
• Consolidation student loans

Discover is attractive to students who get good grades too because a borrower who achieves a 3.0 GPA or better will receive a 1% cash reward on each new student loan within a fixed redemption period.

During our Discover Student Loans review, we didn’t find any other private student lenders offering such an enticing borrower reward. Rather than spending the cash reward on entertainment or clothes, you could lower your overall debt burden by using the cash to pay accrued interest on your student loan.

And unlike so many other lenders, Discover doesn’t charge any loan application fees, late fees, or origination fees.

Fill Out A Discover Student Loan Application

Discover Students Loans
Vs Sallie Mae

Discover charges no fees, rewards good grades, and connects borrowers only to U.S. based student loan specialists.

When we compare Discover Student Loans vs Sallie Mae or Wells Fargo, the standout feature of Discover is zero fees.

Another draw is that Discover rewards students for good grades whereas Sallie Mae does not.

Source: Discover Student Loans

However, when you compare Discover vs federal student loan options, be wary of the longer repayment terms offered versus most other private student lenders.

When you select a long repayment term, you end up paying more over time when interest compounds than when you select a shorter duration – sometimes even if the interest rate is lower on the longer duration loans.

To highlight the value of paying off your loan sooner, imagine you had $25,000 in student loan debt at an interest rate of 8% over a 20 year term.

If you cut the term in half to 10 years, it would cost you an extra $96.45 per month but save you $11,682.85 in extra interest payments over the life of the loan.

You can play around with interest rates and term lengths to see how much you could save using Discover’s student loan calculator.

Fill Out A Discover Student Loan Application

Discover Students Loans
Great Lakes

Great Lakes services student loans originated by Discover Student Loans.

It sometimes causes confusion among borrowers that after signing up with a student lender, like Discover, the name of another company appears on loan statements.

The reason for this confusion is that third-party companies will generally service loans originated by student lenders.

Student loan applicants who are approved by Discover Student Loans will see the servicer, Great Lakes, feature on financial statements.

This is normal practice and nothing to be alarmed about. For example, CommonBond uses a servicer called FirstMark, a subsidiary of Nelnet while SoFi relies on Mohela.

Fill Out A Discover Student Loan Application

Discover Students Loans
Repayment Options

Whether in school or after school, Discover has a variety of repayment options from interest only payments to generous grace periods.

When it comes time to repay your student loan, you can select among different options when you are both at school and upon leaving school.

DISCOVER REPAYMENT OPTIONS IN SCHOOL

If you cannot afford to make payments while you are in school, you won’t be obligated to do so but interest on your loans will accrue regardless.

Another option is to make a minimum payment of $25 monthly.

Both of these options are standard among most private student lenders.

DISCOVER REPAYMENT OPTIONS AFTER LEAVING SCHOOL

Discover wins brownie points when it comes to grace periods after leaving school. For a period of six months, you can elect to pay interest only on your loan.

If you need a longer period of time, you are permitted to take up to 12 months of forbearance, meaning that payment obligations are paused.

Another alternative is to request a 3-month extension which may be granted provided your first payment is late by no more than 60 days.

Fill Out A Discover Student Loan Application

Discover Students Loans
Scholarship

Discover awards students as much as $2,500 to pay for college after signing up to receive email updates.

To possibly win a Discover Student Loans scholarship valued at $2,500, all you need to do is enter your email and contact number here.

The Discover Student Loans Scholarship Award Sweepstakes are open to residents of the fifty states of the United States, the District of Columbia, and U.S. territories, who are at least sixteen years old.

Annually, Discover gives away as much as $100,000 in scholarships, so if you are willing to sign up for e-mails with college tips, you may get lucky and have Discover pay for some of your tuition costs.

Discover Private Student Loans:
Pros and Cons

No fees, cash rewards, and a discount when auto-paying are some of the reasons Discover earns high marks among consumers but tread carefully before committing to a long loan term.

Fill Out A Discover Student Loan Application

Discover Student Loans Review
Summary

Student loan debt counts among the largest financial burdens that any individual will shoulder. Before choosing a student lender, compare rates from other private student lenders and look to first max out federal aid options.

Among the many private student lenders, Discover has unique attractions with its 1% cash rewards program for students who earn good grades of GPA 3.0.

Discover also shines when it comes to fees, or lack thereof. Unlike many other lenders, you won’t be hit with origination fees, late fees, or loan application fees.

However, be wary of signing up to the long repayment timelines on offer because you may end up getting stung with a significantly higher overall payment than expected when the magic of compound interest takes effect.

The bottom line is if you are comparing student loans, Discover deserves to be on your shortlist of student lenders.

Fill Out A Discover Student Loan Application

The article Discover Student Loans Review 2020 – Get 1% Cash Rewards For Good Grades was originally posted on Investormint

If you are not as familiar with Affirm as you are with Visa, MasterCard, American Express or Paypal you may soon be.

Here’s why…

Imagine you are at an online checkout about to buy furniture or airfares and realize you don’t have the cash available to pay the full amount right away. What do you do? If you are like most people, you close the browser window or visit another website.

Even if you do have the money but you know you’ve got an upcoming bill due and want to keep enough cash on-hand to pay it, you probably don’t checkout.

But what if there were a way to pay for the things you wanted without resorting to a credit card or visiting a bank to get a loan?

The answer is an increasingly popular payment option called Affirm which lets you purchase your goods via fixed monthly payments.

Within 3 to 12 months, your fixed payments end and you get to own your goods free and clear without having to drain your cash reserves at the time of purchase.

Affirm Review: Spotlight

Why Choose Affirm Personal Loans?

If you can’t afford to pay for an item at checkout and don’t have a credit card or have poor credit, Affirm lets you pay in monthly installments for the item over 3, 6 or 12 months.

To understand how Affirm is different, consider the traditional payment options available to consumers who want to purchase higher priced goods.

If you want to pay for a vacation deal you spotted online or buy a new piece of furniture but don’t want to drain your cash reserves, a credit card would be the obvious choice.

Another possibility would be to approach a bank or credit union to apply for a loan.

But what if you have little credit history and can’t get a credit card or you don’t want to go through the hassle of filling out lots of forms with a traditional lender?

Affirm helps you in these situations because it acts as a mini-lender bridging the divide between credit card companies and larger loan issuers.

You don’t have to jump through the same hoops required by traditional lenders, and if you don’t have a credit card or have poor credit, you can still purchase the goods you want at the point of sale.

Plus, Affirm never conducts a hard credit check so, unlike a credit card company or traditional lender, your credit score won’t be hit when you pay with Affirm.

Perhaps the best aspect of Affirm is that approval is immediate at the point of sale. You don’t have to wait for even a single business day for loan approval.

Affirm uses its own technological wizardry to instantly provide approvals when you provide them with some basic personal details.

Get Started with Affirm

How Affirm Works

For the 40% of young adults who say they have no interest in using a credit card, according to MillennialDisruptionIndex, Affirm offers a way to purchase goods over time by relying on proprietary algorithms to calculate the creditworthiness of users.

To pay with Affirm, simply choose the Affirm payment option when you are checking out online.

A large network of online stores integrate Affirm as a payment choice now across many categories, including:

Once you get to the checkout page, you will have a choice to pay by credit or debit card, or Affirm.

When you choose to pay over time with Affirm, you will be invited to enter some personal details: name, email, mobile phone number, birthdate, and the last four digits of your social security number.

Once you have created an account, Affirm will send you a text notification to ask you to verify your account by entering a confirmation code.

Once confirmed, you are all set to go shopping at one of the many stores that has integrated Affirm into its checkout page.

Affirm Interest Rates & Fees

Affirm loans span 3, 6, and 12 month durations with interest rates ranging from 10% → 30%, though a few select merchants will offer 0% financing. You will not be charged any late, prepayment, or other hidden fees.

Affirm loans start at $50 and are designed to help you pay for higher priced goods that may otherwise be out of reach.

The loan terms vary depending on how much you need:

Interest rates on loans vary from 10% to 30% APR simple interest.

No other fees are charged, so you won’t be hit with late fees, service fees, prepayment penalty fees, or any other hidden fees.

Get Started with Affirm

How Much Does An
Affirm Loan Cost?

Shorter term loans will cost you more in monthly payments but cost you the least in interest charges. It is best to consider your monthly budget as well as interest charges when you select your loan term.

Imagine you find that dream furniture piece you’ve always wanted and discover it costs $1,000 – more than you wanted to spend today.

You decide to pay with Affirm and discover that the APR rate is 20%. How much would the $1,000 item cost you over the duration of a loan term?

As you can see, the longer the duration you choose, the more you will pay in interest but the lower your monthly payment.

If you can afford to pay off the loan over a shorter time period, it is best to choose that option to save on interest but a longer duration may be better suited to your overall budget. You will need to make the best choice based on your own financial circumstances.

Get Started with Affirm

Affirm Review: Pros and Cons

Affirm instantly approves loans starting at $50 at the point of sale without hurting your credit score and can be paid back in monthly installments over a period of up to 12 months but APR rates are quite high so make sure to calculate your total interest charges and financial budget before checking out.

Affirm Founding Team

Affirm was founded by the co-founder of Paypal, Max Levchin, and the co-founder of Palantir Technologies, Nathan Gettings, as well as Jeffrey Kaditz, formerly of Microsoft.

Most everybody knows about Paypal these days but Palantir is a less well-known company that most recently was valued at $20 billion.

Together, the founding team has raised $520 million since starting their Fintech company in 2012.

Some of the best known and successful venture capitalists have invested, including:

• Khosla Ventures
• Andreesen Horowitz
• Spark Capital
• Founders Fund
• Lightspeed Venture Partners

Affirm Summary

Affirm solves a problem for both consumers and businesses when checking out online.

For consumers, Affirm offers a way to pay for items in monthly installments for anywhere from 3 to 12 months.

And for businesses, who regularly lose sales when customers decide to walk away from a purchase because the purchase price of goods are not immediately affordable, Affirm increases sales conversions.

Critics argue that Affirm makes it easy for consumers with little or no credit to buy goods that would otherwise be unaffordable. However, consumers who really want or need to purchase items and lack the cash may find it is the only simple solution to finance a purchase.

Taking out a loan from a bank or credit union, or relying on a credit card may be even more expensive or take a lot more time whereas Affirm enables users to get financing during the checkout process.

We believe Affirm offers an alternative means of paying for goods that may otherwise cause consumers to resort to much more expensive options, such as payday lenders, and so it provides a valuable service.

However, if you choose to use Affirm, look to shorter time periods where possible in order to lower interest costs.

Get Started with Affirm

The article Affirm Review 2020 – Mini Personal Loans At Checkout was originally posted on Investormint

Looking for CommonBond reviews? You’re in the right place. Here’s everything you need to know about CommonBond student loans for undergraduates, graduates, and MBA students as well as refinancing options.

Having faced the struggles of student loan debt as University of Pennsylvania MBA students, David Klein, CommonBond CEO, and co-founders Michael Taormina and Jessup Shean were keen to provide a better alternative to fellow borrowers.

CommonBond began as a fledgling start-up in 2011 with ambitions to shake up the trillion dollar student loan market. Since then the company has received equity and debt funding of over $750 million, and competes vigorously with its arch-rival, SoFi, to refinance student loans and to offer private student loans.

Unlike most other financial technology firms, CommonBond launched with a social component to their business. For each loan issued, CommonBond commits to fund the education of a child in need via a non-profit organization, Pencils of Promise.

Beyond its social promise, a primary reason to consider CommonBond is its competitive rates. Like SoFi, CommonBond targets super-prime borrowers so you will need to be a creditworthy borrower to be eligible for consideration.

CommonBond Spotlight

COMMONBOND SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 5 out of 5 stars	Best Feature: Low rates Products: Student loan refinancing + private student loans Get Started via Commonbond secure site

CommonBond
Private Student Loan Review

CommonBond offers private student loans to undergraduates, graduates, and MBA students for up to 15 years.

Undergraduates, graduates, and MBA students are eligible for CommonBond private student loans.

Fixed and variable rate loans are available for 5, 10 and 15 year terms.

Graduate student loan APR rates range from:

*Rates updated March 12, 2018

MBA students can borrow up to $110,000 while undergraduate and graduate students can borrow up to the maximum cost of school attendance.

To qualify for a loan, you will need to be currently enrolled at least half-time in an eligible institution (or be enrolled for the next school year) and have a credit score of at least 670.

You will need a co-signer who meets creditworthy standards to apply unless you are an MBA student.

Can I Repay My Student Loans While In School?

CommonBond allows you to defer payments or pay partially or in full while in school.

You don’t have to make payments while you are in school but it would be wise to do so if you can because interest accrues the whole time.

As a CommonBond borrower, you receive a grace period of 6 months to pay off accumulated interest otherwise it will be added to your principal balance.

If you can afford to make partial but not full payments, consider an interest-only plan whereby you discharge interest payments during your schooling and shoulder the full cost of principal and interest payments six months after graduating or leaving school.

To keep the sum of your payments until the debt is discharged as low as possible, you can repay both principal and interest while in school.

A final option is to pay a nominal monthly amount of $25. The accumulated interest charges will then be added to your principal balance within six months of graduation.

CommonBond Private Student Loans: Pros and Cons

CommonBond offers low rates for private student loans but you will need a creditworthy co-signer to apply unless you are an MBA student.

Fill Out A CommonBond Student Loan Application

CommonBond Student Loan Refinancing Review

Fixed, variable and hybrid loans of up to $500,000 are available for up to 20 years.

CommonBond began by offering student loan refinancing to MBA students from the Wharton School of the University of Pennsylvania and other Ivy League universities.

Over time, CommonBond has expanded its network of schools to encompass over 2,000 schools nationally.

Borrowers can refinance from $5,000 to $500,000 using any of three types of loans:

• Undergraduate student loans
• Graduate student loans
• Federal Parent PLUS loans

Federal loans come with the benefits of income-based repayment plans and forgiveness programs. However, once you decide to refinance your loans, they become private loans and you lose those borrower protections.

CommonBond offers fixed, variable and hybrid loans to borrowers who typically have at least a bachelor’s degree or higher.

The available term length of the loans are 5, 7, 10, 15 and 20 years with the exception of hybrid loans, which have ten year terms and feature a fixed rate for the first 5 years and a variable rate for the latter 5 years.

Hybrid loans are less expensive than 7-year fixed rate loans and are a good option for borrowers who cannot afford to repay loans in as soon as 5 or 7 years.

You will generally need to earn a salary of at least 6-figures and have excellent credit, ideally with a credit score north of 750+ to qualify for a student refi loan with CommonBond.

CommonBond Student Loan Refinancing: Pros and Cons

CommonBond offers low rates on fixed, variable and hybrid loans over a wide variety of durations, generous forbearance periods of up to 2 years, and co-signer release option but loans are not available in every state.

*Loan servicing is performed by Firstmark Services.

Refinance Your Student Loans With CommonBond

Meet The CommonBond Team

CommonBond Summary

Taking out a student loan or refinancing one is a big step. Although you will have to go a long way to find another lender who beats CommonBond on rates, it doesn’t hurt to shop around and see what other lenders are charging for fixed, variable, and hybrid rate loans.

If you decide to take the plunge with CommonBond, keep in mind that default rates are extremely low which means the company scrutinizes you more intensely than simply considering cursory information such as your credit score.

You will need to provide CommonBond with information such as the cost of your school attendance, and an estimate of financial aid you receive from other sources, such as scholarships, grants, and other loans.

For a side-by-side comparison of its nearest competitor, check out SoFi also so you can make a more informed decision.

Get Started With CommonBond

The article CommonBond Review 2020 – Student Loan Refinancing & Borrowing was originally posted on Investormint

Finova Financial may not be a familiar brand name lender but in just a few years since launching in 2016, the company has raised $155 million from top tier Silicon Valley investors to provide fast, affordable loans based on the equity you own in your car.

If you want a Car Equity Line of Credit (CLOC), Finova can provide instant approval decisions and same day cash funding. Once you are approved for the line of credit or loan, you have access to an online dashboard and can make payments via the web or mobile devices.

With a successful payment history, you can build your credit score and potentially enjoy declining interest rate payments, as well as access to on-demand funding.

Unlike other lenders, Finova claims that it is in the business of building relationships with its clients not transactions but before you apply for a loan you should know how much the auto lender will charge you.

Finova Used Car Financing: Spotlight

FINOVA SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 4 out of 5 stars	Maximum APR: 30% Minimum Loan Term: 12 months Prepayment Penalty Fee: $0 Get Started via Finova secure site

Why Choose Finova?

If you own a car or a truck, you can use your vehicle as collateral for a loan, which Finova labels as a car equity line of credit.

Finova is designed for borrowers who might otherwise be tempted to apply for a high-interest rate payday loan.

You don’t need to have an established credit history. In fact, no minimum credit score is required and you may be approved even if you only have a few years of credit history.

Even a bank account is not needed because you can pay via MoneyGram but you will need to pay an additional fee if you choose that payment method.

While the threshold for loan approval may not be stringent, you will be disqualified if you are in bankruptcy.

Lenders who offer car title loans generally demand high interest rates and fast payback periods. Term lengths for Finova loans are comparatively longer and feature lower interest rate charges.

Keep in mind before you apply that your car or truck is required as loan collateral so you do still risk losing it despite the more favorable pricing and loan duration terms than those of many lending alternatives.

APPLY FOR A CAR EQUITY LINE OF CREDIT NOW

Finova Cost Of Loan

If you were to borrow $1,000 at the maximum APR rate of 30%, the cost of your loan would be $261.52 inclusive of fees payable to third parties, such as the $75 DMV Lien Fee and Document Stamp Tax.

All fees are rolled into the life of the loan and are included in the finance charge.

If you don’t have a bank account, MoneyGram fees can add up over the course of the year to more than half of the cost of the loan.

How Finova Works

When you apply for a Finova Financial car equity line of credit, you will need to meet certain requirements, including:

• You own the vehicle in your name and have a lien-free car title.
• You must have comprehensive and collision insurance prepaid for the term of the loan and Finova Financial must be named as an additional payee or you can purchase the Debt Cancellation Addendum.
• You must have adequate equity in your vehicle.

You will also need to be at least 18 years of age, have a driver’s licence and utility bill for proof of residency, and show proof of income with a recent pay stub.

Once approved, the maximum amount depends on the state you live in. Finova operates in the following states:

• Arizona
• California
• Florida
• New Mexico
• South Carolina
• Tennessee

The loan amount you receive is based on the value of your vehicle and your monthly income which indicates your ability to pay back the loan.

Your loan APR rate will range from 17% to a maximum of 30% and you will also be required to pay a $25 credit investigation fee.

APPLY FOR A CAR EQUITY LINE OF CREDIT NOW

Finova Financial Funding

Learn more about Finova Financial emergency car equity lines of credit:

Finova Review: Pros and Cons

Finova FAQ

Finova Summary

If you own your car or truck lien-free and need fast access to cash, Finova is a cheaper alternative to a payday loan and many car title lenders, plus it has more generous term lengths than most car title lenders.

If you have a limited credit history or low credit score, Finova may be a good option with APR rates ranging from 17% → 30%, minimum term lengths of 12 months and no requirement to have a bank account.

Still, it is best to calculate overall costs before signing up because third party fees can significantly increase overall loan costs, especially if you have a good credit score because you may be able to get more favorable rates from a bank auto loan.

APPLY FOR A CAR EQUITY LINE OF CREDIT NOW

The article Finova Review 2020 – Emergency Auto Loans was originally posted on Investormint

Financing your college education requires you to explore grants, scholarships, and loans, which are generally funded by the federal government.

Once you leave school and are required to make payments, private loans offer significant benefits.

If you’re not sure which lender to choose, compare CommonBond and Earnest, which both offer top notch customer support, competitive interest rates, and refreshingly few fees.

CommonBond Spotlight

COMMONBOND SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 5 out of 5 stars	Best Feature: Low rates Products: Student loan refinancing + private student loans Get Started via Commonbond secure site

CommonBond offers loans to undergraduate and graduate students, as well as refinancing on your current loans.

Whether you’re a graduating student or a parent with a PLUS loan, CommonBond has a an option for you.

The company has cultivated a strong sense of community so expect to be welcomed to the CommonBond Family like a long lost relative!

Types of CommonBond Loans

CommonBond is a unique lender in the industry because it has three types of loans:

• Fixed
• Variable
• Hybrid

Fixed rates give borrowers peace of mind knowing that a precise monthly payment is made each month versus a variable interest rate loan which may result in higher loan payments when the Federal Reserve hikes interest rates.

Where CommonBond stands out from the pack is its hybrid loan. For half of the loan’s life the rate is fixed and for the remaining time period the loan is variable.

Earnest Spotlight

EARNEST SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 4.5 out of 5 stars	Best Feature: Low rates Loan Terms: 5 → 20 years Loan Amounts: $5,000 → $500,000 Get Started via Earnest secure site

Earnest focuses on refinancing current loans; it doesn’t lend directly to students.

Flexible repayment terms are the lender’s most attractive selling point.

Earnest carefully evaluates the potential of borrowers to earn income during their careers. Perhaps because of this personalized approach, the company claims few borrowers default on their loans.

Types of Earnest Loans

Consumers can turn to Earnest for fixed- and variable-rate products.

The company doesn’t lend directly – refinancing is the name of the game.

Be aware that Earnest isn’t available in all 50 states; borrowers must reside in specific locations to qualify for certain lending products.

Loan Rates Comparison:
Earnest Vs CommonBond

Loan rates at Earnest and CommonBond tend to be competitive. With so many online options, they vie for your attention by offering attractive products.

Here’s a look at each lender’s rates:

CommonBond Rates

Check CommonBond Rates >>

Earnest Rates

Check Earnest Rates >>

Hybrid Rate Loan: What to Watch For

Only CommonBond offers hybrid loans. The way it works is you lock in a fixed rate for the first half of the loan and pay a variable rate for the second half of the loan term.

Carefully evaluate this choice before signing up because if interest rates rise during the first period of your loan term, you may pay higher rates during the first half of the loan than you would have had you selected a variable rate loan upfront.

Equally, you may end up paying a high amount monthly during the second half than had you chosen a fixed rate loan if interest rates rise significantly from the time you take out the loan to the time of the interest rate reset.

>> Compare CommonBond Vs SoFi

Fee Comparison:
CommonBond Vs Earnest

Many borrowers focus on interest rates when they compare loans. And while rates are an important factor, they are not sufficient to get a view of your all-in loan costs.

Loan providers usually charge fees too, including:

Origination Fees

Neither Earnest nor CommonBond charge origination fees for refinancing but CommonBond will charge an origination fee of 2% on new loans.

Prepayment Penalty Fees

Neither Earnest nor CommonBond charge prepayment penalty fees.

They both provide calculators to help borrowers figure out total interest payments made by paying off loans at different time frames.

Because higher education is often expensive, paying back these loans in a timely manner can be difficult for some borrowers. As a sign of good faith, both lenders claim to work with borrowers to support repayments of loans over time.

For example, CommonBond has one of the most generous grace periods of any lender. The student loan grace period according to CommonBond is “designed to give recent graduates sufficient time to settle into a full-time job, establish themselves financially, and select the right repayment plan for their student loans.”

Late Fees

Earnest wins this category because it doesn’t charge any late fees.

The “no late fees” perk is very generous; most lenders charge some form of missed or late payment fee.

You should still remain current with the loan because late payments can still hurt your credit score.

CommonBond has a 10-day grace period for monthly payments. Those who miss a payment will be charged a late fee of 5% of the due amount or $10.

Benefits Comparison:
Earnest Vs CommonBond

Both companies have an autopay discount that knocks off a portion of the APR.

Earnest gives a 0.25% autopay discount while CommonBond offers a 0.125% reduction.

Here are some other perks:

Social Promise at CommonBond

You’re not just financing your future with CommonBond. A portion is donated to children in need in Ghana.

CommonBond works alongside Pencils of Promise, a non-profit organization that builds and funds schools.

With your regular CommonBond payments, you’re doing something good for the world while paying down debt.

Earnest’s In-House Servicing

The perks at Earnest focus more on borrowers.

When you contact the lender, you’re greeted by an in-house employee. You’ll probably feel like you’re being served by a small company who appreciates your business.

You won’t end up on a wild goose chase of voicemail prompts or long wait-times to speak with someone. Instead, you’ll probably feel like your part of a community that supports you.

>> Compare Earnest Vs SoFi

Repayment Terms Comparison

CommonBond features standard repayment terms of 5, 10, or 15 years. You’ll benefit from immediate repayment, fixed payments while in school, and interest-only options.

The hybrid loan is only offered on a 10-year term; the first 5 years paying a fixed interest rate and the latter 5 years paying a variable interest rate.

At Earnest, the term lengths are customized to the borrower.

Simply pick the monthly payment that works for your budget. The lender calculates an interest rate and term to match that need.

Skipping payments and forbearance options are also available.

Loan Requirement Comparison:
CommonBond Vs Earnest

To help you decide whether CommonBond or Earnest is a better choice for you, consider whether you meet their respective requirements:

CommonBond Loan Eligibility Criteria

To refinance with CommonBond, you must have a bachelor’s degree or higher.

The lender also compares your liabilities versus income as a way to gauge your ability to pay back the loan.

CommonBond also requires a co-signer with each loan. After several years of payments, however, you have the option of removing the co-signer from the loan.

A credit score of 670 or better is required for all CommonBond loans.

If you want a direct loan to fund your schooling, being enrolled at least half-time is required.

When considering your application, CommonBond will also examine your other financial obligations.

Earnest Loan Eligibility Criteria

A credit score of 650 is the minimum required by Earnest.

If you do not have a job, Earnest requires proof that a job is in the works.

Borrowers should also be aware that read-only access to your bank information is requested. Earnest examines your transaction history to gauge whether you are responsible with your spending.

It doesn’t allow for co-signers, which means that your own financial merit is the only pathway to a new loan.

Note that Earnest cannot refinance Sallie Mae loans.

How to Apply for a
CommonBond Loan

Applications are easily made online.

Simply select the financial product to start your journey.

If you have any questions, email or call the toll-free number.

The online “chat” feature is helpful as well.

CommonBond then checks your credit rating and, if you qualify, will offer you financing designed to fit within your budget.

How to Apply for an
Earnest Loan

Visit the Earnest website and start the online application.

The application is standard for the industry. Choose your desired product, and Earnest will verify that you’re approved.

After a soft credit check, you’ll receive a quote if you meet the eligibility criteria.

CommonBond Vs Earnest Summary

For borrowers who need funding to pay for student loans or graduate loans, CommonBond is your best option. Earnest only provides refinancing to those who already have loans but Sallie Mae loans are not supported.

You will need to double check to make sure that you can qualify for a loan from each company as some states are restricted.

Both lenders do a fantastic job cultivating a community feel and making you feel like a valued customer so the decision largely boils down to the all-in cost after factoring in interest rates and fees.

For each borrower, this total cost may vary slightly so be sure to check the rates from both lenders before making a final decision.

Check Rates at CommonBond >>

The article CommonBond Vs Earnest Comparison was originally posted on Investormint

When you book a hotel online, you probably start the process on a comparison website like Priceline or Booking.com. And when you need to fly somewhere, Orbitz or Kayak may be your first stop to compare airfares. But where do you go when you are in the market to refinance your student loans, find student loans or get a personal loan?

If you want to compare rates side-by-side as easily as you would compare flight or hotel prices, Credible is the place to go. Credible is a San Francisco venture-funded company that helps borrowers with student loans to get prequalified refinancing rates from different lenders without harming their credit. And since it began, Credible has expanded to compare not only student loan rates but also personal loan rates, and even credit cards.

But before comparing loan rates what else do you need to know about Credible? We look under the hood in this Credible review.

Credible Spotlight

Why Choose Credible?

Credible allows you to compare rates side-by-side, and it doesn’t hurt your credit score to view pre-qualified rates.

Imagine for a moment how you would shop around for the best loan rates if you had to compare rates without the help of a loan comparison search engine.

The likelihood is you would need to apply to a bunch of lenders and wait to hear back to learn if you were approved. And with each application, your credit score would probably suffer because hard credit checks would be performed by the lenders.

By using Credible, you get to compare rates side-by-side to save you the hassle of individually checking the rates of each lender.

Plus, you also get some other benefits:

1. Credible partners with the top credit bureaus, Experian, Equifax, and TransUnion, so it can pull a soft credit check that doesn’t hurt your credit score.
2. You are pre-qualified for the rates displayed so it saves you time going through multiple approval processes with different lenders.

How Credible Works

Credible compares rates for student loans, refinanced student loans, and personal loans, and displays prequalified – not estimated – rates to borrowers.

Credible is a marketplace that connects borrowers to lenders in three primary areas:

1. Student loans
2. Refinanced student loans
3. Personal loans

It also features a credit card comparison search engine to help users find the best cash back, travel, balance transfer, low interest, zero percent, secured, and student cards.

STUDENT LOANS

Credible lets you compare rates on fixed and variable student loans relating to over 2,200 schools.

A primary reason to use Credible when comparing student loan rates is you receive actual rates not estimated rates.

The process is free and Credible ensures you won’t get hit with origination fees or prepayment penalties.

Some other highlights include:

A sample of student loan issuers along with their rates and loan terms is listed below.

Source: Credible

REFINANCED LOANS

As long as you have at least $5,000 in student loan debt and you are a U.S. citizen, you may be eligible for a refinanced student loan via Credible.

Credible claims that the average user saves approximately $18,668 when refinancing through its partner lenders.

Federal loans, private loans, and Parent PLUS loans are all eligible for comparison rate shopping.

To get started, all you need to do is fill out a quick form specifying your school and field of study. Then you will be shown rates you prequalify for from various lenders which you can select.

You can then import your loan information, answer a few questions about yourself and receive your finalized offer in as soon as 1 day.

Source: Credible

PERSONAL LOANS

Personal loans are available from between $1,000 to $50,000 and can be used for a variety of purposes, including consolidating existing debt, renovating a home, financing a major purchase, or even starting a business.

Credible shows you the rates that you pre-qualify for, however you are not obliged to follow through and actually take out a loan. And your credit score won’t be hurt by using Credible to check personal loan rates.

Note that while origination fees are not charged on student loans they may be charged on personal loans. For example, we found origination fees as high as 8% from Upstart.

Within about 2 minutes of starting the process, we were shown two loan offers for the maximum $50,000 we applied for based on a self-selected credit score of 750+.

Eighteen other loan options were shown featuring a combination of different loan amounts and term lengths.

In general, we found that the lower the loan amount, the higher the origination fees, which ranged from 4.87% → 8.00% in our sample set.

Source: Credible

Compare Rates At Credible

What Lenders Partner With Credible?

Credible partners with a wide selection of partners but doesn’t feature all marketplace lenders.

As good as Credible is at simplifying the process of rate shopping for student loans, refinancing student loans, and personal loans, it has one obvious drawback – it doesn’t partner with all lenders.

During our Credible review, we noted a wide selection of lenders but also some notable exceptions in the form SoFi and CommonBond, which rank among the best student loan refinancing companies.

CREDIBLE PARTNERS

What Interest Rates Can You Expect?

Interest rates for student loans, student loan refinancing, and personal loans start at the rates below:

Note: Credible does not charge its own fees on top of any charged by lenders. When you sign up for a loan with one of its partners, Credible makes money by earning a kickback from lenders when referring you as a customer.

Get Student Loan Rates at Credible

Credible Review: Pros and Cons

Credible allows borrowers to compare rates for student loans, student loan refis, and personal loans, but its marketplace does not feature all lenders in the marketplace.

Credible Review Summary

If you are concerned that you are paying too much interest on your student loans, or you are in the market for a new student loan, Credible is an excellent first stop to begin rate shopping. You can compare pre-qualified rates at no cost and with no hit to your credit score.

The process from start to finish is quick, and funding can take place in as fast as one day. If any issues crop up along the way, Credible is known for providing excellent support every day of the week and earns top marks from TrustPilot and the Better Business Bureau.

The biggest drawback is that Credible does not feature all lenders in the marketplace. Notable exceptions are SoFi and CommonBond, but overall Credible is a great first stop when you want to compare rates and can save you a lot of time and hassle that would otherwise be spent shopping around for the best lending rates.

Compare Rates At Credible

The article Compare Student Loan Rates Free At Credible (Review) – Save $$$ was originally posted on Investormint

Prosper is a marketplace that connects borrowers in need of capital with lenders, also known as investors, who are seeking a return on their money.

Ideal borrowers for Prosper personal loans have:

• High annual incomes – the average borrower earns over $88,000
• Good credit scores – Prosper borrowers average credit score is 710

Prosper loans are best for customers who want to:

• Find an alternative to high-interest rate credit card debt
• Consolidate debt, make home improvements, or finance a life event
• Need money fast to pay for an expensive purchase, pay for a wedding, or new baby

The minimum loan amount starts at $2,000 while the max loan amount is $40,000. Funding timelines are fast – you can receive money in as soon as 1 day and up to 3 days.

Prosper Marketplace Loans

Prosper Personal Loan Review

Prosper ranks among the best personal loan options for good credit borrowers, and it’s one of the most popular lenders. Since 2005, Prosper has loaned over $13 billion to nearly one million people.

Its “twist” on lending is that it connects borrowers with lenders. Unlike SoFi personal loans, which are issued by SoFi directly, Prosper loan money comes from lenders on its marketplace.

Prosper Loan Eligibility

Like SoFi, you will need to have a good credit history to qualify for a loan. A minimum FICO credit score of 640 is required. However, the average credit score for a borrower is 710.

You will also need to have a minimum of 2 years of credit history, though the average borrower has established over a decade of credit history.

Beyond credit score and history, Prosper evaluates hundreds of other factors to make a risk assessment. For example, a  borrower with a debt-to-income near 50% may be viewed as high risk.

The interest rate you pay will be affected by your perceived risk level. Risk ratings range from AA (lowest risk) to HR (highest risk) as follows:

If you have a letter grade of AA, you will generally pay the lowest APR rate and lowest origination fee while a HR designation will result in a high origination fee and high APR.

Prosper Loan Approval Factors

Prosper states that any bankruptcies in the prior 6 months may disqualify loan approval.

Some of the factors that affect loan approval include:

• Past borrowing history
• Income
• Credit score
• Bankruptcies
• Debt levels
• Debt-to-income ratios
• # of credit bureau inquires (fewer than 7 in past 7 months is recommended)
• Declined for a loan in prior 4 months due to delinquency
• Returned payments on a previous loan
• Previous loans charged off

Here are the minimum borrower requirements at a glance:

Prosper Lending Fees

Prosper hidden fees and prepayment penalties fees do not exist, however you should pay attention to other lending fees.

A number of costs fall under the umbrella of Prosper service fees including:

• Origination fees that range from 2.4% → 5% depending on the risk category Prosper assigns to you
• Late payment penalty fees of $15 are charged when you fail to make a full payment within 15 days of the due date

Prosper Repayment Time

Repayment terms span anywhere from 3 → 5 years on average.

Check Prosper Rates

Prosper Loans Rates & Facts

Prosper Fees

While Prosper will not charge you a penalty fee for paying off your loan balance early, you will be hit with fees if you pay late, via check, or have insufficient funds.

The primary costs are from interest rate payments and origination fees.

Check Prosper Rates

How Prosper Lending Works

Borrowers can quickly receive rate quotes and, upon approval, receive money within 3 business days.

The step-by-step process is easy to follow:

1. Click the “Check Your Rate” button – you will be guided through a series of questions, starting with where you live and how much you wish to borrow
2. Receive offers after setting up your account – checking your rate will not affect your credit score
3. Proceed with formal application – once you select a rate
4. Enter basic information – social security number, income, and so on is needed during application process
5. Submit proof of income – pay stubs and tax forms are usually sufficient and should match the online figures you entered
6. Enter your bank information – submit your routing number and bank account number where funds will be sent

From start to finish, it takes between 1 to 3 days to receive your monies.

Check Prosper Rates

Prosper Loan Example

Debt consolidation is a common reason for borrowers to select Prosper.

For a borrower with say $10,000 of credit card debt who chooses a Prosper loan, we will assume a 3.5% origination fee applies.

That means 3.5% of the $10,000, or $350, is deducted before the monies are transferred to the borrower’s bank account.

So, the borrower receives $9,650.

If you expect you will need the full proceeds that you apply for then it is best to account for this deduction due to origination fees.

Prosper Investing Review

Prosper investing is an attractive alternative to the savings rates offered by traditional bank savings accounts.

Compared to stock market investing, it also offers the potential for passive income without worrying about whether there will be a stock market crash.

Investors can diversify away from the stock market and real estate asset classes by investing in high-income professionals with above average credit scores.

Prosper Investing Returns

The average annual return of 7.41% earned by Prosper lenders knocks the socks off the yields offered by conventional savings accounts during the period shown from January, 2011 to December, 2016.

Over 83% of active investors on the Prosper platform reported returns that met or exceeded their expectations, and it’s no surprise why when you discover that the average borrower has an income of over $88,000.

How Prosper Investing Works

Investors are compensated based on the risk levels they take.

When you loan money to a Prosper borrower who falls into a high risk category, you can expect to earn higher returns. And vice versa, lower risk borrowers translate to lower returns for investors.

A doctor looking to consolidate debt may present lower risk than a self-employed individual starting a business for example.

Depending on your risk tolerance and financial goals, you can choose borrowers who match your preferences as follows:

1. Browse loans based on creditworthiness – FICO score, risk rating and term length
2. Choose who you invest in – borrowers identities are kept anonymous but the general profile, such as high-income dentist looking to consolidate debt may be revealed
3. Select Auto-invest – if you don’t feel comfortable investing in a single person, you can build a target portfolio that spreads your money across many borrowers

You can start investing with as little as $25 if you wish.

Prosper Investing Requirements

Prosper Review: Pros and Cons

Prosper Marketplace Review Summary

Prosper is an early pioneer of peer-to-peer lending and has grown to become one of the pre-eminent marketplace platforms.

It offers compelling advantages to both borrowers and lenders.

For Borrowers

• Fast funding timeline – as soon as 1 → 3 days
• Pay lower interest rates – by consolidating debt it may be possible to pay less than credit card rates
• Flexible use of funds – whether you need money for a wedding, home improvement, car purchase, or even to start a new business
• Check rates free – your credit score won’t take a hit when you compare rates and try out the Prosper platform

For Investors

• High-income borrowers – like doctors, dentists, and lawyers feature as borrowers
• Above average credit borrowers – reduces risk of loan default
• Diversify money – by spreading your capital across many borrowers as part of loan notes
• Proprietary rating system – so you can quickly screen for borrowers that match your preferences
• Passive income – when you set up your account on auto-pilot using Auto-Invest tool

The bottom line is Prosper deserves your consideration whether a borrower or a investor.

Check Prosper Rates

Prosper Disclaimer

For example, a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR.

You would receive $9,759 and make 36 scheduled monthly payments of $301.10.

A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64.

Origination fees vary between 2.41%-5%. APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers.

Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions.

Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.

The article Borrow Up To $40,000 In As Fast As 1 Day With Prosper Personal Loans was originally posted on Investormint

Student loan debt can be a drag on your finances but you are not alone because it’s an anchor that weighs down around 40 million other Americans too.

If you could pay lower interest rates on your student loans, the savings could add up to more than a pretty penny over the long term and that’s where Earnest comes into play.

Earnest student loan refinancing is well worth exploring if you believe your are paying too much in student loan interest costs because the rate you pay and your approval are based not solely on your current financial situation but also on your future earnings power.

But interest rates are just one thing to consider when choosing a student loan refi. In this Earnest loans review, you will find out how much you can borrow, loan terms, and tips on boosting your chances of loan approval.

Earnest Student Loan Refinancing:
Snapshot View

EARNEST SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 4.5 out of 5 stars	Best Feature: Low rates Loan Terms: 5 → 20 years Loan Amounts: $5,000 → $500,000 Get Started via Earnest secure site

Why Opt For Student Loan Refinancing?

A student loan refi is designed for borrowers who want to switch out an existing higher rate student loan with a lower rate loan.

Good Credit Borrowers

If you are a good credit borrower and already have a federal student loan, you may be lumped into a category of borrowers paying higher rates relative to your theoretical risk level.

After all, if you have a history of paying your bills on time, growing your bank balances monthly, and generally showing financial responsibility, why should you be penalized by paying the same rate as someone who pays late and spends more than they earn.

Good Earning Potential

Where Earnest wins brownie points is by serving customers who have a history of demonstrating financial responsibility and have good career earnings potential.

When To Avoid Student Loan Refinancing

With that said, if you expect to use federal student loan benefits, like income-based repayment plans, an Earnest loan may not be the right choice for you.

By switching a federal student loan to a loan from a private lender, like Earnest or CommonBond, you lose those federal loan perks.

If you are not employed or don’t have an offer of employment, you may need to rely on the federal safety net of an income-based repayment plan. Then it might be best to simply stand pat and stick with your existing student loan.

Apply To Earnest

Earnest Loans At A Glance

Earnest claims that clients who refinance save on average $30,939 based on a principal balance of $75,000.

Beyond student loan refis, Earnest offers personal loans, which can be used for a wide variety of purposes, including:

• Credit card consolidation
• Moving loans
• Home improvement loans
• Wedding loans
• Engagement ring loans
• Vacation loans

Apply To Earnest

Earnest Fees: Student Loan Refinancing

Earnest does not charge any origination, prepayment penalty, or late fees.

Earnest Eligibility Criteria:
Student Loan Refis

To qualify for an Earnest student loan refinancing, you will need to have good credit.

Minimum Credit Score

If you are not sure whether you meet the minimum credit score of 650, check out your rate with MyFICO^®.

Good Financial Standing

Earnest requires you to be in good financial standing to be eligible for a loan refi. And that means you are current with rent or mortgage payments, your student loan accounts are in good standing, and you don’t have a bankruptcy on your credit report.

Other factors that affect eligibility include having any accounts in collection as well as your history of on-time payments over the past 6 months.

Employment Status

To qualify for loan refinancing, you will need consistent income, be employed or have an offer letter of employment that begins within the next 6 months.

Accredited School

Like CommonBond and SoFi, Earnest requires that existing student loan debt stems from paying for a Title IV accredited school.

Personal Information

You must be at least 18 years old to qualify and be a U.S. citizen or Permanent Resident.

You must also be enrolled less than half-time or be set to complete your degree at the end of the semester.

Apply To Earnest

Do I Qualify For An Earnest Loan?

Beyond the eligibility criteria above, factors that affect Earnest loan approvals include:

• Having sufficient savings to cover at least 2 months of living expenses
• Showing a history of increasing bank balances
• Carrying low levels of credit card debt and personal loans
• Having a low number of late, overdraft, or insufficient fund fees

Things To Know

Earnest does not issue loan refinancing in the following states:

• Alabama
• Delaware
• Kentucky
• Nevada
• Rhode Island

Other lenders like CommonBond may be a better fit if you live in any of these states or have Sallie Mae loans, which Earnest will not refi.

Earnest Repayment Plans

You might be wondering what happens if you are struggling to keep up with your student loan repayments.

Earnest provides a variety of repayment options. For example, if you are running late on a payment you can move back the date by up to 7 days.

Postpone Payments

Active military personnel and Peace Corps personnel may be eligible to defer payments for up to 3 years but keep in mind that interest continues to accrue during this time.

Omit Payments

If you are struggling to keep up with payments, you may elect a repayment option whereby you omit one payment per year (when paying monthly).

The obligation doesn’t disappear, however, but is instead amortized across your remaining payments.

Forbearance Options

If you lose your job or receive a pay cut or suffer some other involuntary loss of income, Earnest permits you to choose a forbearance option for up to three months in any twelve month period.

You may qualify for forbearance also if necessary living costs, such as child care or medical bills, increase dramatically.

Other costs may qualify so if you do find yourself having to pay more out of the blue for necessities, contact Earnest to explore your repayment options.

Apply To Earnest

Earnest Loans: Pros and Cons

Fill Out A Earnest Student Loan Application

Earnest Loans Review Summary

Whether you already have a student loan or you are a parent with a PLUS loan looking to refinance, Earnest is among the new crop of private lenders, like SoFi and CommonBond, who offer highly competitive interest rates.

Even if you are simply looking to consolidate credit card debt or pay for upcoming home improvements, Earnest personal loans may be an option as long as you have good credit.

Provided you have a history of demonstrating financial responsibility, you stand a good chance of receiving approval from Earnest, who won’t ding you with as many fees as many traditional student lenders.

While Earnest gets top ratings in almost every category, it does not issue loans in every state so check above to see if your state is excluded. Another “blot on the Earnest copybook” is its lack of support for Sallie Mae loans. Lastly, no co-signer support is available so you will need to qualify on your own financial merits.

Once you are approved, you will be eligible for generous repayment options and a top notch customer experience that lets you modify payment amounts online and even select specific payment amounts to meet your financial needs.

Get Started With Earnest

The article Earnest Review – Student Loan Refinancing was originally posted on Investormint

If you own cryptocurrencies, chances are you expect prices to rise over time. But Bitcoin, Ether, and other digital coins are notoriously volatile, so what do you do if you need cash and don’t want to sell your cryptocoins?

Enter BlockFi, a company that lets you borrow against cryptocurrencies you already own. Unlike a bank or traditional lender who would probably shudder at the thought of lending hard cash against your digital coins, BlockFi has based its entire business around that idea.

But before borrowing against your cryptocurrencies to pay for a new boat, vacation, or wedding, you need to know how BlockFi loans work, how much you need to qualify and what lending requirements are imposed.

BlockFi Loans: Spotlight

BLOCKFI SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 5 out of 5 stars	Origination Fees: 1% Typical APR: 10% → 13% Loan Amounts: $15,000+ Get Started via BlockFi secure site

Why Choose BlockFi Crypto Loans?

BlockFi founder, Zac Prince, hit bingo when he realized that a lot of people owning cryptocurrencies want to hold onto their digital coins but also need cash from time to time to finance various purchases.

Before BlockFi, cryptocurrency holders would have been forced to either sell their coins in order to raise cash or apply for a traditional loan that may require other assets to serve as collateral.

The problem with selling coins is two-fold:

1. Individuals who purchased digital coins long ago may be subject to large capital gains taxes if they were to dump their holdings; and
2. Individuals who wanted to hold on to their coins in the hopes of higher future prices would miss out on those gains by selling.

Unlike traditional banks, BlockFi allows owners of Bitcoin and Ether to use their digital coins as collateral so they don’t miss out on upside gains or get hit with tax bills unnecessarily.

Apply For A BlockFi Loan

How BlockFi Cryptocurrency
Loans Work

The most important thing to know about BlockFi loans is that they are secured loans, meaning your cryptocurrencies serve as collateral.

This means if you stop paying your loan, BlockFi has the right to keep your digital coins.

It’s similar to a traditional bank using a property as collateral on a mortgage. If the borrower stopped paying off the loan, the bank would repossess the house.

Obviously that’s an outcome you as the borrower and BlockFi as the lender wish to avoid. To help sidestep such as negative event, BlockFi puts in place risk measures to lower the chances of default.

How BlockFi Loans Work

To qualify for a BlockFi loan, you will need to first own either Bitcoin [BTC] or Ether [ETH].

Assuming you pass the qualification criteria, which we’ll highlight below, you may borrow up to 35% of the total value of your cryptocurrencies.

Due to the volatility of digital coins in general, BlockFi has determined this percentage gives borrowers enough breathing room before a so-called trigger event.

What If My Cryptocurrencies Fall In Price?

Perhaps the easiest way to explain a trigger event is to share an example of a cryptocurrency holder who takes out a loan against say $100,000 worth of Bitcoin.

Because BlockFi loan-to-value ratios are limited to 35%, the borrower could be eligible for a maximum loan amount of $35,000.

But what if the value of Bitcoin drops by 50% thereafter and is worth just $50,000?

At that point, the loan proceeds of $35,000 are equal to 70% of the value of the collateral (because $35,000 divided by $50,000 is equal to 70%), which is the threshold at which a trigger event takes place.

When BlockFi notifies borrowers a trigger event has taken place, it means they must contribute more collateral (borrowers have 72 hours to post more collateral).

While this may seem like a cause for nail-biting, the likelihood is you probably aren’t a nervous nelly if you own cryptocurrencies in the first place as they tend to be volatile.

The bottom line is you’ve got some decent cushion room because the trigger event is only issued when the value of the coins drops by 50% or more.

Is BlockFi Secure?

When you apply for a BlockFi loan, your cryptoassets are held in storage by Gemini, a licensed custodian and depositary trust.

As a third party storage provider, Gemini is responsible for safeguarding deposits. It also incurs the legal liability and insurance requirements.

So far, Gemini has demonstrated a perfect track record of securing assets with no customer fund losses on record.

For heightened safety, most cryptoassets are held in cold storage offline, so, even if hackers were successful online, most assets would be inaccessible.

Typically cold storage means assets are held in bank vaults at different locations.

Apply For A BlockFi Loan

BlockFi Loans Eligibility Criteria

The nice thing about applying for a BlockFi loan is it won’t hurt your credit score.

Unlike a loan from a traditional lender which typically hurts a borrower’s FICO® credit score when a hard check is performed, a BlockFi loan is issued with no credit check.

The reason BlockFi can sidestep this standard lending requirement is cryptoassets are transferred to Gemini and held as collateral before loan proceeds are issued so the risk to BlockFi is mitigated.

And while you can side-step the usual credit check requirements, you will still need to have a financial history without bankruptcies or asset liens to qualify.

Standard requirements like personal details and social security information will be required too.

And a minimum amount of cryptocurrency assets may be demanded also.

How The BlockFi Loan
Process Works

Six steps are involved in the BlockFi loan process.

1. Apply for a loan and receive a decision within 24 hours
2. Review your loan terms and agreement, and sign the loan agreement
3. Transfer your digital coins (collateral) to a 3rd party wallet
4. The loan proceeds are transferred to your bank account the same day
5. Each month you make interest payments on the loan
6. At the end of the loan term, pay off the principal or refinance

Pay special attention to the structure of BlockFi loans, which require you to pay only interest until the very last payment.

That means your monthly payments may seem fairly low compared to a principal plus interest loan but equally it requires you to make a large payment at the end of the loan term.

So, let’s say you borrowed $35,000 based on collateral of $100,000. Each month you would pay only the interest but at the end of the loan period you would be required to repay the full $35,000.

If you’ve gone out and bought a boat in the meantime, you’ll need to find that cash from somewhere to make that final balloon payment.

A silver lining may be that if your cryptocurrency assets have risen between the time you borrow and the time you pay off your loan then you get to enjoy the spoils (and the cash in the meantime)!

BlockFi At A Glance

Apply For A BlockFi Loan

How BlockFi Got Started

The spark of inspiration behind BlockFi came when founder Zac Prince was applying for a traditional bank loan.

Having invested some money in cryptocurrencies, he figured why not include those digital coins as assets that could serve as collateral for his loan application.

But to his surprise, the bank attributed no value whatsoever to his cryptoassets.

Zac realized other borrowers were probably encountering the same hurdles from traditional lenders and BlockFi was soon born.

It didn’t take long for BlockFi to get on the radars of some serious investors.

SoFi, the billion dollar student lending company, invested in BlockFi as did famed cryptocurrency investor, Mike Novogratz, via his company Galaxy, and a host of other venture firms.

In its first year, BlockFi raised over $56 million in equity and debt capital.

BlockFi Review: Pros and Cons

Apply For A BlockFi Loan

BlockFi Review Summary

For cryptocurrency owners who need cash but don’t want to sell their Bitcoin or Ethereum, BlockFi offers an innovative lending solution.

You don’t have to sell your digital coins and pay capital gains taxes or miss out on the upside if prices rise as you would have been forced to do previously.

The application and approval times are lightning fast compared to traditional lenders, who most likely wouldn’t even categorize your cryptocurrencies as assets anyway.

And your credit score won’t be dinged either because no hard credit checks are performed.

Bitcoin and Ether holders will need to own at least $15,000 to get started and can only borrow up to 35% of that amount, however we believe that percentage is reasonable given how volatile digital coins have been historically.

You will be charged an origination fee – which counts against BlockFi in our view – but the silver lining is you only need to make interest payments until the final loan payment is due at which time principal also must be paid back.

The bottom line is if you own cryptocurrencies, don’t want to sell them, but need cash, BlockFi offers an attractive lending solution that is hard to overlook.

Apply For A BlockFi Loan

The article BlockFi Review – Borrow Against Your Cryptocurrency was originally posted on Investormint

OppLoans Review: If your credit score is average or below average and you are struggling to find an online personal loan provider who won’t sting you with the high rates typical of payday lenders, OppLoans is well worth checking out.

Unlike many predatory lenders who take advantage of people in need, OppLoans is highly customer-focused and has earned an A+ rating from the Better Business Bureau.

And considering it has served over 100,000 customers, Opploans reviews are astonishingly good overall. Not only is it due to the company’s personal touch, but its rates tend to be more reasonable than payday lenders and processing times are fast.

But before getting started with OppLoans, what else do you need to know?

OppLoans Personal Loans: Spotlight

OPPLOANS SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 5 out of 5 stars	Origination Fees: 0% → 3% Typical APR: 99% → 199% Loan Amounts: $1,000 → $4,000 Get Started via OppLoans secure site

Why Choose OppLoans
Personal Loans?

It can be difficult to get approved for a personal loan from a bank or credit union in a hurry.

Yet when your car suffers from a fender bender, bills pile up, rent payments are due, medical bills arrive, or you simply need a better rate to pay off debt, fast access to capital is a must.

It is at these times or simply when you are looking to make a big purchase when OppLoans personal loans could be the financial crutch you need to get fast access to cash.

The rates at OppLoans are not cheap but they are much more competitive than many alternative lenders.

Compared to title loans, payday loans, and bank overdraft charges, OppLoans is a more affordable alternative.

The key reasons to choose OppLoans include:

• You need money fast, as soon as 24 hours
• You want a lower interest rate than a payday lender charges
• You value personalized customer support

APPLY FOR A PERSONAL LOAN FROM OPPLOANS

OppLoans vs PayDay Loans

Unlike payday loans which are almost by design constructed to keep you in debt, OppLoans provides clear terms so that you can pay off your debt and move on.

For example, you won’t be hit with prepayment penalty fees or hidden fees that are often lurking under the surface with payday loans.

And instead of the typical 2-week terms to get rid of your payday loan, OppLoans provides terms as long as 3 years.

Not only that but you can build your credit with OppLoans, a benefit usually not afforded to you when choosing a payday lender.

The icing on the cake at OppLoans is the rates can be half what payday lenders charge, or even lower in some cases.

Plus, you don’t have to worry about deceptive billing practices because transparency is a key feature.

APPLY FOR A PERSONAL LOAN FROM OPPLOANS

Is OppLoans Right For You?

Employment: To be eligible for a personal loan from OppLoans, you will need to be employed part-time or full-time, or be self-employed or retired.

Age: You must be at least 18 years of age and earn a minimum of $18,000 per year.

Military: Both veterans and non-military civilians are welcome to apply but in either case, you must be a permanent resident or U.S. citizen and have a bank account.

Credit Score: If you credit score lies between 350 → 600 then you are a candidate for an OppLoans personal loan.

Tax Forms: Before you apply, make sure that you have proof of income via pay stubs and can provide the necessary tax forms, such as your W-2.

How OppLoans
Personal Loans Work

When you apply for an OppLoans personal loan, it will not affect your FICO credit score because a soft credit check, as opposed to a hard credit check, is conducted.

You will need proof of income and recent pay stubs but once you’ve jumped through the paperwork hoops, the timeline to funding can be as fast as 24 hours.

At that time, an origination fee of up to 3% may be charged. It is deducted from your loan amount before your money is deposited.

If you need $3,000 yet discover that a 3% origination fee will be applied to your borrowings, make sure to ask your customer representative for a slightly higher amount so you get the cash you need into your hand net of the fee.

Although no prepayment or penalty fees are applied, you will be hit with late fees of up to $10 when you don’t pay your bills on time.

It is very much in your interests however to make timely payments because they will be reported to the major credit bureaus: Equifax, Experian, and Transunion.

By paying off your debt regularly and on-time, you get a chance to build up your credit score, so down the line you may be eligible for lower interest rates.

APPLY FOR A PERSONAL LOAN FROM OPPLOANS

OppLoans Interest Rates & Fees

OppLoans personal loans won’t penalize you with prepayment penalty fees or hidden fees but you may be charged an origination fee up to 3% of the loan amount and late fees of up to $10.

OppLoans Review:
How Does It Compare?

Compared to other personal loan providers who also serve borrowers in need of fast cash, OppLoans ranks among the best.

For example, Mobiloans is an alternative for borrowers who are confident they can pay back loans in a hurry. But failure to pay money back triggers expensive penalty fees. Plus, billing cycles are twice monthly.

On the other end of the spectrum is SoFi, which lends to super prime borrowers with excellent credit scores. SoFi personal loans usually have lower interest rates but you must typically be a high income-earner to qualify.

If you have time on your hands, a bank or credit union may offer you more favorable rates than OppLoans.

OppLoans Review:
Pros and Cons

APPLY FOR A PERSONAL LOAN FROM OPPLOANS

OppLoans Review Summary

OppLoans serves borrowers with credit scores of 600 and under who are employed and earn at least $18,000 per year. Loans of up to $4,000 are issued in as fast as 24 hours.

If you are struggling to pay for a car repair, medical bills, rent payments, or simply need to consolidate debt to a lower rate, OppLoans is a compelling alternative to a payday lender.

The interest rates charged tend to be less than half of what payday lenders charge and the repayment term lengths are much more generous, as long as 36 months.

Keep in mind when you apply that an origination fee of up to 3% may be deducted before you get your money, so factor it into the amount when applying.

The bottom line is if your credit score is less than perfect and you need access to cash fast, OppLoans has earned a reputation as a trusted and transparent lender with top notch customer support.

APPLY FOR A PERSONAL LOAN FROM OPPLOANS

The article OppLoans Review – An Alternative To PayDay Loans was originally posted on Investormint

Chase personal loans are not available to any borrowers, no matter how good their credit rating.

So which lenders do issue personal loans? Wells Fargo, TD Bank, Citigroup, PNC Financial Services Group, and SunTrust Banks are among the many big name banks but in this review we show you the best Chase alternatives.

We compare personal loan providers to help you figure out which lenders offer the best personal loans?

Chase Personal Loans Alternative:
Prosper

If you struggled to get approved for a personal loan from a bank or credit union, or even if you simply want another financing route, Prosper is a peer-to-peer platform that connects borrowers with lenders.

You can borrow anywhere from $2,000 to $35,000 in 1 → 3 business days from the time you are approved.

The big idea behind Prosper is to provide borrowers with lower interest rate loans that last 3 → 5 years.

Depending on your risk category, you will be charged an origination fee that ranges from 1% → 5%.

As long as your credit score is north of 640 and you have a debt-to-income ratio less than 50% with no bankruptcies in the previous 6 months, you may be eligible for a Prosper loan.

SoFi Personal Loans

SoFi is best known as a student lender but it also issues personal loans.

If you have good credit and a history of paying your bills on time, SoFi personal loans may be a good option.

Unlike some other personal loan providers, SoFi won’t hit you with an origination fee.

You can borrow anywhere from $5,000 to $100,000 for anywhere from 3 → 7 years.

Both fixed rate and variable rate loans are available and funding timelines can be as fast as 7 days.

Prepayment fees won’t apply but late payment fees may hurt you. However, they are the lower of $5 or 4% of the due amount.

Unlike some other lenders, co-signer support is not provided and limited approvals are issued – you will need stellar credit and good financial history to qualify for a SoFi personal loan.

Chase Personal Loans Alternative:
Peerform

Like Prosper, Peerform is a peer-to-peer platform that connects borrowers with lenders.

If you don’t have the stellar credit needed to get a SoFi personal loan, Peerform loans are worth checking out.

You can borrow as much as $25,000 for loan durations of up to 3 years.

Usually it takes anywhere from 3 → 14 days to receive funding.

APR rates tend to be higher at Peerform than at SoFi, which is no surprise because less creditworthy borrowers are eligible for loan approvals at Peerform.

Origination fees apply to loan issuances too, and range from 1% → 5%.

Bank Personal Loans

If you prefer to stick with a more traditional funding route, personal loans are available from Wells Fargo and Citibank.

Like SoFi, you may be eligible to borrow up to $100,000 for a personal loan.

It’s hard for big name banks to beat SoFi on rates, but you will likely still need a good credit score or better to qualify for a personal loan from them.

> Related: Chime Bank – The Online Bank

Credit Union Personal Loans

Credit unions tend to be more lenient when it comes to eligibility requirements.

Even if you have bad credit, you may still qualify for a personal loan from your local credit union.

However, the amount you can borrow will usually be limited compared to a bank or online lender.

Expect your local credit union to cap your loan amount below the limits imposed by brand name banks unless special circumstances apply.

> Build Your Credit With RentTrack

Is A Personal Loan Right For You?

To qualify for a personal loan, you often but not always need a decent credit rating.

If you are not sure what your credit score is, MyFICO has a bunch of great resources.

A personal loan may be a good option for you if you need money to pay for a personal event like a wedding.

Personal loans can also be a good alternative to racking up credit card debt. For example, you may wish to consolidate debt from a few credit cards into a single personal loan that offers a better rate.

Another possibility is to choose a 0% Balance Transfer credit card.

If you have medical expenses or dental costs, like a root canal, that are not fully covered by health insurance then a personal loan may be a smart choice too.

Looking for the best personal loans? Did you stumble on any great personal loan providers we missed? Let us know in the comments below.

>> OneMain Financial Review: Personal Loans

>> Mariner Finance Personal Loans Review

>> Check Out iLoan Personal Loans

The article Chase Personal Loans: Low Interest, Online, Bad Credit Alternatives was originally posted on Investormint