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Commonbond Student Loans Review: Every Student Borrower’s Guide

Commonbond is worth considering if you are looking for a lending company that caters to financing a specialized degree. That said, this Commonbond student loan review will provide you the essential information you need to know.

Commonbond student loans review

According to a report published at Forbes online, as of 2019, student loan debt in the United States has been the highest ever recorder.

The latest student loan debt statistics show that there are a total of 45 million borrowers in the country as of 2019 who collectively owe more than $1.5 trillion in student loan debt.

Based on the current number, student loan debt has become the second-highest consumer debt category in the country — following mortgage debt, and higher compared to credit cards and auto loans.

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Furthermore, experts believe that the number will continue to rise in the years to come particularly this year with the recent crisis the world is facing. With people losing jobs, losing means to earn, the more likely that they will resort to getting loans.

Now, there are a lot of lending companies out there providing various student loan options. However, there are only a few that cater to specialized degrees such as a medical, dental, or MBA degree. Let’s be realistic, these degrees need a lot of money to get done.

Commonbond, a private lender that underwrites and originates all of its loans, is one of the few lending companies that provide student loan borrowers with the option to borrow money particularly to pursue a specialized degree.

If you are looking for one, you should check out what Commonbond has to offer, and see for yourself if it’s worth dealing with or not.

To help you assess, we are going to share with you essential information about Commonbond student loans for your reference.

In this Commonbond student loans review, we are going to particularly answer the following most commonly asked question about the lending company:

  • Who is Commonbond?
  • What are the student loans offered by Commonbond?
  • What do borrowers need to know about Commonbond student loans?
  • Who qualifies for a Commonbond student loan?
  • How to apply for a Commonbond student loan?
  • What are the pros and cons of Commonbond student loans?

Before moving on to our Commonbond student loans review, we thought you’d like to learn more about getting a student loan. In the video below by The Financial Diet, you will find everything you need to know about student loans. Check it out by clicking the play button.

WHO IS COMMONBOND?

Commonbond was launched in 2013 and is currently headquartered in New York, New York.

Commonbond was built as a private lending company dedicated to providing student loans and refinancing. Although it primarily targeted MBA students when it started, over the years, the company has expanded its products and services including other loan programs for undergraduate, graduate, and medical and dental school.

The company provides loans not only to individuals but also through businesses that want to help employees fund their children’s higher education.

While there are a lot of lending companies out there providing student loans, what makes Commonbond unique is that it is the first financial company that committed to a one-for-one model of business. This means, for every degree fully funded through the company, Commonbond, in return, will fund the education expenses of a needy student in a developing nation.

Furthermore, Commonbond has a partnership with a nonprofit organization called, Pencils of Promise wherein they provide schools, teachers, and technology to thousands of students in Ghana.

It’s probably safe to say that borrowing money from Commonbond, and allowing the company to help you fulfill your degree means being able to help as well to a needy student from somewhere in the world.

It’s like ripples of goodness spreading all throughout the world, one student at a time, right?

WHAT ARE THE STUDENT LOANS OFFERED BY COMMONBOND?

As mentioned, Commonbond does not only offer specialized education student loan options but more.

In particular, Commonbond student loan options are as follows:

  • Undergraduate Student Loans
  • Graduate Student Loans
  • MBA Loans
  • Dental School Loans
  • Medical School Loans

Here’s a quick glance on what you can expect from each of the student loan options, as well as how each varies from one another:

Now, let us talk about each of these loans to have a better understanding —

Undergraduate Student Loans

Of all the student loan options offered by Commonbond, the undergraduate student loans have the most flexible payment plans, as well as loan terms. More so, Commonbond automatically includes the Money Mentor into this account. Money Mentor refers to the financial advisor assigned to every student loan borrower. 

Graduate Student Loans

Similar to undergraduate student loans, graduate student loan borrowers may experience the same kind of flexibility. Borrowers may also opt to receive a free Money Mentor.

MBA Loans

Unlike other MBA loans offered by other lending companies, Commmonbond does not require a co-signer for their MBA loan if you are enrolled in one of the company’s in-network partner schools (there are about 30 of them).

Apart from the loan, Commonbond also offers one-of-a-kind perks to its business school borrowers like summer career development series, an internship program, as well as trips to Ghana.

Dental School Loans

Anyone who is a DMD or DDS student attending any dental school in the country is qualified for dental school loans offered by Commonbond, which comes with a six-month grace period, as well as the option for residency deferment.

Medical School Loans

Wherever you are in the U.S., as long as you are a medical student from one Commonbond’s 59 partner medical schools across the country, you automatically qualify for this type of student loan. Unlike the previous one though, the company does not offer deferment in residency. However, Commonbond lets you pay a monthly payment for as low as $100.

WHAT DO BORROWERS NEED TO KNOW ABOUT COMMONBOND STUDENT LOANS?

Now that you already know who Commonbond is, what it does, and the different student loan options it provides, this time around in our Commonbond student loans review, we are going to share with you the other very important details a borrower must know before sending a student loan application to Commonbond.

In particular, we are going to talk about the following:

  • Loan Amount
  • Interest Rates
  • Loan Terms
  • Loan Fees
  • Loan Discount
  • Rewards
  • Repayment Options
  • Forbearance/Discharge Options
  • Student Loan Refinancing
  • Disbursement of Funds
  • Customer Service

Loan Amount

The first thing that we thought you should know is the amount of money that you can borrow from the company. With Commonbond, student loan borrowers can avail of up to $500,000 lifetime borrowing limit. If you look at the amount, it definitely is enough or more to fund specialized education like dental, medical, as well as an MBA degree.

Interest Rates

The rates vary depending on the type of student loan you will apply for. For your reference, see below table:

Degree Fixed APR Variable APR
Undergraduate 5.45% to 9.74% 1.43% to 7.41%
Graduate 5.40% to 9.74% 1.33% to 7.41%
MBA 5.37% to 7.2% 3.15% to 4.87%
Medical 5.56% to 6.76% 3.46% to 4.64%
Dental 5.33% to 6.98% 3.23% to 4.87%

Furthermore, Commonbond offers refinancing option as well, which charges flexible loan rate options that range from 5.45% – 9.74% (fixed), 1.44% – 7.42% (variable), and 4.25% to 6.10% (hybrid). As with hybrid loans, the rate is fixed for the first half of the term, and then it automatically switches to a variable rate for the last half of the term.

Loan Terms

Borrowers of Commonbond student loans can select from flexible loan terms ranging from five- to 20-year terms depending on the loan type. See below list for your reference:

  • Undergraduate and Graduate Loans: 5, 10, or 15 years
  • MBA Loan: 10 or 15 years
  • Dental and Medical School loans: 10, 15, or 20 years

The lending company, as mentioned, also offers different repayment options to fit the borrower’s budget. It is also important to note that payment starts 30 to 60 days after the disbursement of funds.

Loan Fees

Unlike other lending companies that offer student loan options, Commonbond does not charge application fees or prepayment penalties on any of the loan it offers. However, Commonbond charges a late payment fee, which amounts to 5% of the unpaid amount of the payment due or $10, whichever is less. The company also charges a $5 fee for any returned checks.

Loan Discount

You may be wondering why there is such a thing as a loan discount on our list, but that is because Commonbond offers it. Yes, for real!

All loans made via Commonbond are qualified for a 0.25% interest rate reduction (which is reflected in Commonbond’s advertised rates) when borrowers enroll in auto-draft payments.

Rewards

Apart from discounts, Commonbond also has a rewards program.

The lending company has a referral program wherein you, the borrower can earn $200 every time someone goes through a successful student loan or refinancing application using your referral link.

Repayment Options

One thing we like about Commonbond is that it offers a variety of repayment options. To be exact, Commonbond offers four in-school repayment options that are valid through a loan’s six-month grace period.

Here are the different options:

  • Full – This refers to paying a full monthly payment of a student loan, principal, as well as interest, which starts while you’re in school.
  • Interest-only – This allows borrowers to pay only the interest that accrues. This is available to undergraduate, graduate, as well as MBA students only.
  • Fixed – This option allows borrowers to make low fixed payments every month while the borrower is still in school. Fixed payments amount to $25 per month for both undergraduate and graduate students, and $100 per month for those taking up dental or medical school. Unfortunately, there is no fixed option available for MBA students.
  • Deferred – This refers to the postponement of payments until the end of the borrower’s grace period. Only by the will, all interest will be capitalized.

Forbearance/Discharge Options

Another reason to like about Commonbond student loans is the fact that it does of forbearance and discharge options.

If in case the borrower goes through financial hardship or medical impairment, the borrower can put his or her loan payments on pause for three months at a time for up to 12 months over the life of the loan.

In the event of death or total and permanent disability, a borrower’s loan will be canceled and will not be passed on to anyone else.

Student Loan Refinancing

Commonbond offers refinancing options, too, as we have mentioned earlier. The lending company refinances federal, private, Parent PLUS, as well as previously consolidated loans without charging application, origination, or prepayment fees.

The company offers refinancing of up to $500,000 worth with repayment terms of as short as five years or as long as 20 years.

Similar to regular student loan types offered by the company, its refinancing option also includes a 0.25% discount for enrolling in auto-draft. Refinanced loans are also qualified for up to 24 months of forbearance.

Furthermore, the company’s refinancing services are also open to international students with any major U.S. visa who graduated from a university in the country.

Disbursement of Funds

Once Commonbond confirms your enrollment, the loaned amount will be automatically disbursed directly to your school. Usually, confirmation can take between five days to three weeks.

In case you borrowed more than required for official expenses like tuition, board, and room, your school will be the one to send a refund check.

Customer Service

If you need more information about its products and services, or if you have any questions we were not able to provide an answer on, you may contact Commonbond via phone or live chat from Monday through Friday from 9 am to 8 pm EST.

You may also access them through live chat on their website or email. A response is usually provided within less than 24 hours.

WHO QUALIFIES FOR A COMMONBOND STUDENT LOAN?

Of course, this Commonbond student loans review will not be complete if we will not provide you information regarding who qualifies for a student loan at Commonbond, and who does not.

The lending company provides loans of at least $2,000 up to as much as $500,000 — or up to the cost of attendance as determined by the borrower’s school’s financial aid office. The cost typically includes tuition and fees, room and board, transportation, books, and supplies as well as other personal expenses.

Now, the important question is, who qualifies for a Commonbond student loan?

To qualify for a Commonbond private student loan, you must be able to meet the following requirements:

  • Must be a U.S. citizen or a permanent resident card holder
  • Must be currently enrolled at least half-time at a qualified school
  • Must have a minimum credit score of 660

Furthermore, the lending company also looks closely at an applicant’s free cash flow. This means Commonbond looks into how much disposable income you have after you have paid your monthly debt obligations.

HOW TO APPLY FOR A COMMONBOND STUDENT LOAN?

Commonbond’s application process is pretty simple and easy. The company uses an online application, and every approved application is valid for one school year.

When applying for a student loan, make sure to keep the following handy:

  • Your school information
  • Social Security Number
  • The amount of money requested
  • Expected financial aid
  • Your financial information, which includes your income, as well as your rent or mortgage payments

WHAT ARE THE PROS AND CONS OF COMMONBONS STUDENT LOANS?

We are almost done with our Commonbond student loans review. This review will not be complete, however, we are not going to provide you with the pros and cons of Commonbond student loans.

Here they go —

PROS

  • Minimal Fees and Charges – Apart from late payment charges and check return fees, Commonbonds has no other fees or charges. It does not have an application or origination fee, as well as a prepayment penalty, which means you can pay off the loan any time prior to the maturity of the loan without having to worry about getting charged.
  • Access to Money Mentor – Commonbond offers free mentoring to borrowers. It’s basically a text messaging service that offers borrowers counseling on various topics like getting more money while in school, budgeting, as well as about finding internship opportunities.
  • Simple Co-Signer Release – Unlike other lenders, borrowers only need 24 consecutive months of payments after graduation to be able to apply to drop their co-signers.
  • Forbearance of 24 Months – As compared to other lenders, Commonbond offers forbearance of 24 months, which is definitely way longer than other lenders out there.
  • Online Preapproval – Commonbond offers an online preapproval process that won’t affect your credit score.

CONS

  • Higher Repayment Amounts – Although not all, higher repayment amounts are particularly evident with an in-school, fixed-payment option for dental and medical school students, which amounts to $100 per month.
  • No Medical School Residency Deferment – After their six-month grace period, even as residents, medical students are required to start payment of at least $100 per month.
  • Requires Co-Signer for Undergraduate and Graduate Loans – Commonbond requires a co-signer for student applicants for undergraduate and graduate loans. Otherwise, the loan will not be approved.
  • Loans Not Available in Mississippi and Nevada – While it Commonbond student loans are available to most states, it is not in Mississippi and Nevada.

FINAL THOUGHTS ON COMMONBOND STUDENT LOANS REVIEW

As student loans continue to rise in the country, we’d like to think of it in a positive way. That means a lot of students today are doing their best to finish school – whether it be getting an undergraduate degree, a graduate degree, or a specialized degree.

While there are a lot of options out there, we thought Commonbond student loans do offer one of the best deals – especially when it comes to specialized loans.

So, how do you find Commonbond now after learning all the information we shared?

Well, we do hope that this Commonbond student loans review helped answer some very important questions about the company’s products and services and that it will help you come up with a decision real soon.

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5 Lenders That Offer The Best Personal Loans For Fair Credit

Good news! There are companies that provide personal loans for fair credit. That means you have a greater chance of borrowing money regardless of how less-attractive your credit standing is.

personal loans for fair credit

While there are a lot of lending companies that cater particularly to borrowers with good or excellent credit scores, there are also some that cater to those with fair credit. Thus, giving hope to those who have less-attractive credit standing.

Personal loans are one of the easiest, needless to say, most accessible types of loans.  Unlike auto loans or home loans, which have a very specific use, personal loans can be used for almost anything and everything. You can use it to purchase home appliances, for home renovations, travel expenses, debt consolidation, and more.

That said, it is not surprising that a lot of people apply for a personal loan. In fact, in a report published by the Chamber of Commerce, the United States has a total outstanding personal debt amounting to $143 billion.

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Furthermore, there are 21.1 million outstanding personal loans. For these personal loans, the average interest rates vary from 10% to 28% depending on the borrower’s credit score. Of course, the ones with higher credit are able to enjoy lower interest rates as compared to those with fair credit.

Yes, while there are lending companies offering personal loans for fair credit, it is also important to manage your expectations. As a general rule, people with a high credit score get lower interest rates, while those with fair or poor credit scores get higher interest rates.

But, do not lose hope just yet as there are lending companies that offer some of the lowest interest rates and the best loan terms for borrowers with fair credit. It’s just about finding them – thus, the need to shop around and compare deals from different lenders.

Having said that, as the title implies, we are going to share with you some of the companies that offer personal loans for fair credit. Needless to say, these are the ones with the best rates and terms possible.

But before we head to our list, allow us to share with you first a couple of very important information — particularly answering the following commonly asked questions:

  • How does a credit stack up?
  • How to get a personal loan with fair credit?
  • How much will it cost?
  • How to qualify for fair credit loans?

HOW DOES A CREDIT STACK UP?

First and foremost, let’s talk about how does your credit stack up.

While there are people who know about their credit score or credit standing, there are some who don’t. If you are one of them, the best thing to do is to take steps to find out your credit score. By doing so, you get to determine where you exactly stand — poor, fair, good, or excellent. Knowing where you stand will make your life easier as you can easily filter your search for personal loan lenders.

Each level of credit has a broad range of scores in it. For your reference, see below table of credit rating with the corresponding score range and average APR:

Credit Rating Credit Score Range Average Personal Loan APR
Poor 300 – 629 28.2%
Fair 630 – 689 21.3%
Good 690 – 719 15.0%
Excellent 720 – 850 9.8%

If you have no credit score yet or you belong under the poor or fair category and you want to take advantage of the perks enjoyed by those with good or excellent credit scores, the good news is, there are plenty of ways to help improve your credit score in a short time.

One of the best examples we can think of how you can build good credit is by paying loans in a timely manner. As mentioned, there are a few more ways, and it’s just about knowing which ones are accessible or doable for you.

HOW TO GET A PERSONAL LOAN WITH FAIR CREDIT?

Having a fair credit is quite challenging when applying for a personal loan as compared to those with good or excellent credit. Most likely, people with fair credit will have trouble getting a personal loan because personal loans are usually unsecured, which means no collateral required. Thus, the risk is greater.

So, to compensate for the risk involved, lenders charge a high-interest rate just in case the borrower does default.

So, with the challenges involved, how does one with fair credit get a personal loan?

Here are some tips to help you out —

Fix whatever you can.

First and foremost, pull your free credit reports. Check the reports thoroughly and make sure all transactions or items indicated are legit. Should there be suspicious items on the reports, make sure to immediately settle them.

Dispute the items and try to get them removed. By removing incorrect information from your credit reports can make a big difference to your credit score in just a matter of days.

In addition, if you have existing debts, make sure to pay them right away — if possible. Also, as much as you can, get your debt utilization ration below 30%. These actions will surely increase your credit score quickly.

Shop around and compare deals.

As we have said, there are a lot of lenders that offer personal loans for fair credit and in any credit for that matter. Shopping around before settling for a single lender is key to get the best rates and terms possible.

While it is sometimes tempting to just give in to payday loans, keep in mind that it might, in the end, put you into trouble if you get into something just to be able to get funds but only realizing in the end that you cannot afford to repay the loan/

At least, compare rates and terms of three different lenders.

If you want to learn more about how you can borrow money having bad or fair credit, check the video below by Money.Co.UK:

Check the interest rates and fees.

Interest rates and fees vary depending on the lender. Some may charge interest rates that are as high as 36%, while others may be lower.

Meanwhile, while some do not charge certain fees like origination or prepayment, others do.

So, when applying for a loan or when looking around for a lender, make sure to take these into consideration to help determine if you can afford all the fees and charges involving the loan.

HOW MUCH WILL IT COST?

In relation to the last thing tip we gave, it is important that as a borrower, you know how much the loan will cost you.

Again, knowing the fees, rates, and other charges involved will help you make an informed decision, which basically means, choosing the most ideal personal loan option for you.

Generally speaking, companies that offer personal loans to borrowers with fair credit charges a high interest rate. Depending on the lender, it could be around 20%.

Also, another factor that may affect your total payable amount is the term length. The longer your term is the higher your payment will be as compared to shorter loan terms, and the more likely you are to save money. Although of course, when you opt for a shorter-term that means paying a higher monthly payment.

HOW TO QUALIFY FOR FAIR CREDIT LOANS?

Now, let us talk about the things you need to qualify for personal loans for fair credit.

  • Credit Score – Although some lenders look at other factors to determine your qualification for a loan, most lenders consider a borrower’s credit score as a key consideration for approval of a personal loan or any type of loan for that matter. So, make sure to work on building your credit. Remember, having good credit allows you to take advantage of lower interest rates.
  • Co-Signer or Joint Applicant – Again, depending on the lender, some allow co-signers or joint applicant. Keep in mind, though, that when the option to have a co-signer or a joint application, that person has to have a good credit score to be able to avail better rates and terms.
  • Prequalification – Going through a prequalification process helps determine if you will qualify for a personal loan or not prior to the application proper. Going through this, you also get to see rates and terms you are likely to receive. This, for us, is ideal to help save time and effort.

COMPANIES THAT OFFER PERSONAL LOANS FOR FAIR CREDIT

As we have said earlier, there are many choices around. In fact, too many that in can get a little overwhelming to choose for some borrowers. So, to help you trim down your options, we are going to provide you with some of the companies that offer the best personal loans for fair credit. Our list includes the following:

  • Avant
  • Lending Club
  • One Main Financial
  • Prosper
  • Peerform
  • Upgrade
  • Upstart
BANK APR RANGE LOAN AMOUNTS
Avant 9.95% – 35.99% $2,000 – $35,000
Lending Club 10.68% – 35.89% $1,000 – $40,000
One Main Financial 18% – 35.99% $1,500 – $20,000
Prosper 7.99% – 35.99% $2,000 – $40,000
Upstart 8.13% – 35.99%. $1,000 – $50,000

AVANT

When it comes to lending platforms, Avant has definitely one of the best in the industry. It offers access to loans such as personal loans to borrowers with poor to fair credit — basically, the ones that banks usually turn down.

With Avant, there are no minimum credit or income required — which makes it ideal for anyone especially those with less-attractive credit scores.

To apply for a personal loan, all you have to do is visit the company website. Once your loan application is approved, the company disburses your funds in as soon as the next business day.

Avant offers personal loans that range between $2,000 and $35,000. Repayment terms vary from 24 up to 60 months.

Although there are a lot of good things to like about Avant, they do have downsides as well, which includes fees and charges. Its annual percentage rate, for example, ranges from 9.95% to 35.99%. The lending company also charges an upfront administrative fee of up to 4.75%. The fee may be deducted from your loan to avoid paying it out of the pocket.

LENDING CLUB

There are a lot of peer-to-peer lenders out there, but Lending Club is one of the best in the industry. Peer-to-peer lending refers to the process of borrowing money from individual investors instead of a financial institution.

Lending Club offers a variety of personal loans, auto refinancing, business loans, and lines of credit, as well as patient solutions, which is ideal for paying off pricey medical as well as dental procedures.

To qualify for a personal loan from Lending Club, you must have at least 600 credit score. Although based on records, most of its borrowers have credit scores closer to 700.

Unlike Avant, Lending Club may not be the best option if you need funds immediately. That is because you will have to wait until your loan is funded by the company’s network of peer lenders. The whole process may take up to two weeks.

With Lending Club, loan amounts range between $1,000 and $40,000 depending, of course, on your qualifications.

Repayment of the loan may be done over a three or five-year term. Meanwhile, the APR ranges from 10.68% to 35.89% depending also on your creditworthiness.

In addition, Lending Club charges an origination fee that falls between 1% and 6% of your loan amount.

Once approved, and funds are available, it may be received in as soon as four days.

ONE MAIN FINANCIAL

OneMain Financial is an ideal choice if you need a quick source of cash especially if you have a poor or fair credit score.

OneMain offers personal loans that can be used for various reasons like home improvements, travel, wedding costs, debt consolidation, as well as other personal expenses.

While a lot of OneMain Financial’s customers opt to apply online, those who prefer a face-to-face or traditional loan application process may do so by visiting one of the company’s brick-and-mortar branches (there are over 1,600 of them) located nationwide.

OneMain Financial does not have a minimum credit requirement, thus, making it one of the best choices if you have not-so-pleasing credit.

The company offers personal loans amounting from $1,500 up to $20,000. However, it is important to note that larger loan amounts require a first lien of a qualified motor vehicle.

When it comes to interest rates, OneMain charges rates that could go as low as 18% and as high as 35.99%. Like the previous companies on our list, OneMain Financial also charges origination fee that ranges from 1% up to 10% of the loan amount or a flat fee ranging from $25 to $400. This depends on your state laws.

PROSPER

Prosper is a peer-to-peer company that is ideal for those who cannot get a personal loan from traditional banks, at the same time, do not want to deal with high-interest rates, which are usually offered by payday loans and credit cards.

What’s nice about Prosper is that they look beyond what your credit score is. To qualify for a personal loan, you must, instead, make sure to meet certain requirements like having a debt-to-income ratio that is below 50%, must have at least five credit inquiries over the past six months, must have at least three open trades on your credit report, and lastly, you should have no bankruptcies on file.

Prosper provides personal loans that range from $2,000 up to $40,000. Meanwhile, when it comes to loan terms, they offer three or five years.

Prosper charges APR ranging from 7.99% up to 35.99%. Like the rest, Prosper also charges a one-time origination fee that ranges from 2.41% up to 5%. The fee, though, is already included in your APR.

Once your personal loan application is approved, funds are disbursed in as soon as the same day you apply, or within one business day.

UPSTART

Upstart is an online lender that was founded in 2012 by former Google executives. It is tagged as the first lending platform that uses artificial intelligence to automate the whole lending process.

Since it was launched in the market, Upstart boasts originating $3.2 billion worth in loans, and that 60% of which have been automated.

Unlike most lenders that use FICO score when approving personal loan applications, Upstart uses an advanced technology that does not only rely on a borrower’s credit score to quantify risk.

Although it uses such technology, Upstart still requires at least 580 Vantage or FICO credit scores in most states.

Upstart offers loan amounts that range from $1,000 up to $50,000. Meanwhile, they offer loan terms of either three or five years.

With regard to APRs, it ranges from 8.13% to 35.99%. In addition, Upstart also charges an origination fee ranging from 1% up to 8% of the loan amount.

Once approved, your money is disbursed within one business day.

FINAL THOUGHTS ON PERSONAL LOANS FOR FAIR CREDIT

Let’s face it, having poor to fair credit poses a lot of challenges among borrowers. More often than not, banks will decline personal loan approvals.

Good thing though as there are other options available – that includes online lending companies or marketplaces. More and more lending companies now are opening their doors to borrowers with a less-pleasing credit score.

But of course, as we have mentioned early on, borrowers must manage their expectations. With fair credit, you must expect that lending companies will charge you with higher interest rates as compared to those with good or excellent credit scores.

The key, however, to finding the best lending company to deal with is to find the ones that offer the best personal loans for fair credit and compare to determine which among them is the most ideal based on your preference and capacity to pay.

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5 Online Platforms That Offers Emergency Loans For The Unemployed

You need cash but you lost your job? Don’t worry, there are a lot of lending companies offering emergency loans for unemployed out there. It’s just about the one that fits your personal preference, particularly, your ability to repay.

emergency loans for unemployed

Let’s face it, sometimes we are put in unexpected situations in life like losing a job. When you thought everything’s fine, suddenly, things happen, and the next thing you know, you’re out.

One perfect example if the current pandemic the world is facing. A lot of businesses are shutting down because they can no longer afford to operate, which means people losing their jobs and left hanging — not knowing yet where to find a new job, or if they could ever find one based on their skills.

According to the Bureau of Labor Statistics (BLS) of the United States Department of Labor, the unemployment rate increased in 29 states and the District of Columbia in March 2020. Yes, that was the peak of the effect of the current pandemic in the country.

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On a national level, BLS reports that the unemployment rate rose from 3.5 percent in February to 4.4 percent in March.

Furthermore, according to the BLS report, among all the states, the largest unemployment rate in March was in Nevada (+2.7 percentage points) and Colorado (+2.0 points). In addition, the report says that the “rates rose over the month by at least a full percentage point in 19 other states. Alaska had the largest jobless rate decrease from February (−0.2 percentage point).”

However, the good thing is, as of June 2020, the numbers are slowly going down. According to the most recent report by BLS, the unemployment rate declined to 11.1 percent. This was believed to be caused by the resumption of economic activity that had been abridged in the months of March and April because of the coronavirus (COVID-19) pandemic.

Though the unemployment rate is decreasing, the fact remains that there still are people who lost jobs – unexpectedly. Some, if not most of them were not prepared and have no savings at all to help them get through until they find a new job.

Are you one of them?

If you are, here’s a little good news for you. There are companies that offer emergency loans for unemployed. Yes, even if you do not have a job yet, you can loan some cash to help you and your family get through the difficult times. In fact, we are sharing with you some of them so you could check them out.

But first, here is some important information we thought you might be interested rather you need to know before heading to any lending company to apply for an emergency loan:

  • What do lenders look for?
  • How to qualify for an emergency loan for unemployed?
  • What to consider before getting a loan while unemployed?

WHAT DO LENDERS LOOK FOR?

As mentioned earlier, even if you are currently unemployed, there are lending companies that offer emergency loans to people like you.

However, your approval will depend on how you can prove to the lender that you can repay the loan. Of course, at the end of the day, the money is lent and not given for free.

Thus, it is only safe that some, if not most lenders will look into the following details:

  • Credit Score
  • Strong Credit History
  • Regular Income

Let’s discuss each item further —

Credit Score

Similar to any type of loan, lenders set a minimum credit score requirement when it comes to emergency loans for unemployed.

The best loan offers, of course, go to borrowers with a high or excellent credit score. Meanwhile, borrowers with less-attractive or poor credit score may still have a chance, but expect to be charged a higher interest rate.

If you are not that familiar with how one comes with a good credit score, well, credit scores are calculated using data from the borrower’s credit reports, which means, if your credit history is not tarnished, then most likely you’ll have a good credit score.

To be sure, before applying for an emergency loan, make sure to take a look at your credit score first. Make sure it’s good enough to get approval from lenders.

Strong Credit History

To be able to have a strong credit history, a borrower must have a pattern of timely payments on his or her credit report, as well as few or no late or missed payments, and that he or she can assure lending companies that he or she knows how to properly manage the debt responsibly.

Generally speaking, lending companies prefer borrowers with credit reports that have no negative events like foreclosures or bankruptcy.

Regular Income

Surely, you are unemployed. However, there are other ways where you can get regular income from. It could be a side hustle or a business. Whatever your source of income is, lenders will take that into consideration to give them the confidence to approve your loan.

Of course, lenders need to make sure that you have the capacity to pay off the loan. They will look into how reliable and how sufficient your income is to cover your monthly expenses, plus your monthly loan payments.

HOW TO QUALIFY FOR AN EMERGENCY LOAN FOR UNEMPLOYED?

Since you are currently unemployed that means you may not have proof of employment. In this case, the lending company will look into your financial records to verify your other sources of income.

While unemployment benefits can represent a portion of your income, realistically speaking, they are temporary in nature, which means you should not rely on them alone.

With that said, some lenders may consider looking into other forms of income like:

  • Alimony or child support
  • Disability income
  • Income from your spouse or partner (if the spouse is a cosigner on the loan)
  • Government annuity payments
  • Pension funds or other retirement benefit payments
  • Public assistance
  • Regular proceeds from a trust
  • Recurring interest or dividend payments
  • Rental property income
  • Savings
  • Social Security benefit payments
  • Veterans Affairs benefits

Apart from providing proof of income, a borrower may also qualify for emergency loans for unemployed individuals by showing evidence that he or she has access to a significant supply of funds like as follows:

  • A pending employment offer or contract for freelance work
  • An upcoming inheritance
  • The pending sale of securities, real estate, or other investment property

Again, to be sure, always ask the lending company you are eyeing for as every lender has different sets of requirements. Better to ask first to avoid wasting time and effort, right?

WHAT TO CONSIDER BEFORE GETTING A LOAN WHILE UNEMPLOYED?

So, now you already know what lending companies look for from an emergency loan applicant, as well as how you can qualify for a loan. This time around, we are going to share with some of the things you, the borrower, has to consider before applying for an emergency loan while unemployed.

All these actually apply to anyone who is looking into borrowing money – whether you are employed or unemployed. So, here they are –

  • Your ability to pay off the loan. First and foremost, be honest with yourself. Make sure you have the capacity to pay off the loan. Otherwise, you are just putting yourself in a serious problem in the future.
  • The amount of money you will borrow. Make sure to borrow only what you need. Do not over-borrow money just because you want lots of cash on hand. Again, it’s about being responsible and knowing your limits.
  • The rates and terms. These two are very important. Make sure to look into it before signing any loan offer. This, in fact, has to be one of the major bases of your decision. You have to make sure the rates and terms are on point to what you can afford.
  • Your co-signer. Some lending companies may require or allow a co-signer especially for emergency loans for unemployed. If that is the case, you have to have someone in mind – if married, your spouse automatically becomes your co-signer (provided he/she has a good credit score). If single, it could be your parents, siblings, or friends. Regardless of who your co-signer is, he or she has to have good or excellent credit scores.

WHERE TO APPLY FOR EMERGENCY LOANS FOR UNEMPLOYED?

So, we’ve arrived at the most important thing – where to apply for an emergency loan?

Before heading on to our list, though, here’s one from Loans for All. Here you will find some of the loan options for unemployed. Check the video out by clicking the play button below:

As we have said earlier, there are a lot of options out there. But of course, of all the options, there will always be a few good ones, right?

Having said that, here are some of the lending companies that provide the best emergency loans for unemployed:

  • LendUp
  • Bad Credit Loans
  • CashUSA.com
  • Credible
  • PersonalLoans.com
BANK INTEREST RATES LOAN AMOUNT RANGE
LendUp Varies depending on the state $100-$300
Bad Credit Loans 4.99% to 35.99% depending on the lender $500-$5,000
CashUSA.com 5.99% to 35.99% interest rate depending on the lender $500-$10,000
Credible Starts at 4.99%. $1,000-$100,000
PersonalLoans.com 5.99% to 35.99%. $1,000-$35,000

LENDUP

Founded in 2012, LendUp is a smart alternative to payday loans. It helps consumers break the cycle of sky-high-interest loans.

Through the company’s dynamic personal loans and unique “points” system, LendUp boasts of helping their customers save more than $200 million in interest and fees, at the same time, improving their way of living.

Unlike most lending companies, LendUp is one of the few that focuses on providing personal loans to borrowers with poor credit. Thus, making it an ideal choice for unemployed individuals with not so pleasing credit record.

Furthermore, LendUp is also an ideal choice if you need money as soon as possible. Once approved, the company disburses funds as soon as the next business day.

By the way, loan application may be done 24/7 through its website. The decision is also provided instantly.

When it comes to interest rates, it varies depending on where the borrower is from. However, 664.04% for a 14-day term is common.

Meanwhile, loan amounts range from $100-$300. LendUp may charge borrowers with a CAB fee, which amounts to $25 per $100 for single payment loans. The fee is rolled into the total loan amount taken out.

BAD CREDIT LOANS

As the name implies, Bad Credit Loans is designed to be an online source for people who have bad credit. The company provides various types of loans, which include personal loans, business loans, auto loans, as well as student loans, mortgages, and debt consolidation loans.

Bad Credit Loans does have an easy and simple application process. All you need to do is go online and visit the company website.

What’s particularly nice about Bad Credit Loans is that it allows borrowers to apply to multiple lenders using a single application.

Since it caters to people with bad credit, obviously, it does not require a minimum credit score. However, it is important to note that each lender determines its own interest rate for loans. Don’t worry though as you will be given time to review the rates and terms before signing any paperwork.

While every lender determined the rate, Bad Credit Loans states that interest rates may range from as low as 4.99% up to 35.99%. Loan amounts range from at least $500 up to $5,000.

Though Bad Credit Loans is free to use, some lenders may charge a fee in your loan terms.

CASHUSA.COM

Headquartered in Las Vegas, Nevada, CashUSA.com is an online marketplace for lending companies.

As stated on its website, CashUSA.com is “one of America’s most trusted resources for cash loans”. The company uses a large network of reliable lenders from which borrowers can submit a request for a personal loan or emergency loan.

Since it is an all-online, customers may submit a request for a personal loan through its website and expect a response soonest.

Once a lender approves a loan request, and all paperwork is done, the funds are immediately disbursed in as soon as the next business day.

CashUSA.com is another ideal platform for borrowers with bad credit history. More so, it is ideal for unemployed people as it only requires borrowers to show at least $1,000 of monthly income from other sources of funds.

Don’t worry as the amount does not have to be an employment paycheck, which means it could be from a side hustle, a business, or any other legit forms of fund sources.

Just like the previous one, what CashUSA.com does is it matches borrowers to its network of lenders.

With CashUSA.com, people can borrow as low as $500 up to as much as $10,000. Loan terms available range from 3 up to 72 months at 5.99% to 35.99% interest rate depending on the lender.

The funds you borrow from the CashUSA.com network of lenders may be used for almost any purpose.

CREDIBLE

Credible promises to “bring simplicity, choice, and unbiased support to all of life’s important financial decisions”.

The company allows customers to compare customized loan offers from various vetted lenders, giving its customers the power as well as the confidence to improve their financial future.

At Credible, you can enjoy using its services for free, compare options without having to worry about your credit score, shop with confidence knowing the information you share will not be shared without your permission, and that while it’s online, and it uses encryption and SSL technology to keep all data safe and secured.

To apply for a loan, all you need to do is fill in the application online on the Credible website. Once done with the application process, you will then be given various loan options based on the information you shared.

Credible provides up to 13 different lenders to choose from — all are tailored to your needs.

When it comes to the interest rate, it varies from one lender to another. However, it usually starts at 4.99%.

Meanwhile, loan amounts can go as low as $1,000 up to as high as $100,000. Thus, making Credible an ideal choice for those who need a large amount of money. But again, this depends on the lender.

Furthermore, credit score requirements will also depend on the lender.

Credible is free for anyone to use, however, just like other marketplaces, lenders may charge their own fees.

In terms of fees like origination or application fees, most of Credible’s partner does not charge these fees.

PERSONALLOANS.COM

Based on its website, PersonalLoans.com “provides an easy and convenient way for consumers to be connected with a personal loan through its network of lenders and lending partners.”

Since it is an online lending service company, customers are assured of an easy, convenient, and simple process.

Through Personalloans.com, you can be connected to its large lender network. Needless to say, the online company is available for customers across all 50 states.

PersonalLoans.com is ideal for borrowers who need to borrow a larger amount of money. You can borrow money from as low as $1,000 up to $35,000.

To qualify, especially for unemployed borrowers, you will need to show at least $2,000 gross income from other sources of funds. Once your loan application is approved, you can receive funding for as soon as one business day.

Just like CashUSA, PersonalLoans.com accepts all credit types. It also offers installment payments from 3 up to 72 months.

Meanwhile, interest rates vary from as low as 5.99% up to 35.99%.

FINAL THOUGHTS ON EMERGENCY LOANS FOR UNEMPLOYED

Times may be difficult for some especially those who lose their jobs, whether it be because of the pandemic or something else, the good thing is, there are other means to be able to make ends meet while you are looking for a new job, a new source of living.

Through companies and marketplaces that offer options on emergency loans for unemployed, people can at least have that sense of hope.

Are you looking for a lending company to apply for an emergency loan?

Keep in mind that while you may be desperate to get a loan, it’s always best to shop around first for the best emergency loans for unemployed before signing any loan documents. That way, you can be at peace knowing you signed for something that you can afford to repay.

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Investment Apps and Websites

5 Companies That Offer The Best Fast Business Loans

While there are a lot of options out there, it is always ideal to choose one from among lending companies that offer the best fast business loans. Choosing the best means of getting the best rates and terms, and other exciting perks, too.

best fast business loans

In the Economic Bulletin published online by the United States Small Business Administration – Office of Advocacy, it says, “Small businesses show strength in self-employment increases, proprietors’ income gains, job creation advances and births staying above deaths. Loan delinquency rates remain low, but small business loan demand is waning.”

This basically means that more and more small businesses are coming to life, providing jobs to the jobless, at the same time, helping the economy. According to the report, small firms or businesses have “accounted for 8.7 million net new private-sector jobs since 2005, or 62 percent of the total“.

Meanwhile, both larger “larger small firms (with 20-499 employees) and the larger large firms (with 1,000 or more employees) have been the main drivers of growth.”

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However, regardless of how small or big a business is, there is a chance that in one way or another, it may face financial challenges. And while some may get through it and succeed, others may fail.

While there are a lot of factors affecting a business’s failure, there are two most common reasons cited by experts. One has something to do with cash flow issues, and two have something to do with starting off with too little money.

As you can see, both have something to do with finances. Like in any business, no matter how small or big your firm maybe, ideally, you must have enough or more to cover all expense issues now and in the future. Otherwise, you may just face the worse.

Now, the good thing though is — reviving, rather, keeping a business up and running is not a hopeless case.

Thank goodness as in this day and age, businessmen have more options before they even file for bankruptcy or something like that.

One option is to apply for a business loan, which is tremendous. It definitely helps a lot to keep any business running and to ensure there is enough cash to keep it going.

Now, while there are countless business loan providers out there, particularly fast business loans, it is important to note that some loans are way different from fast small business loans. They do not only differ in terms of rates and repayment terms but that they also vary in terms of requirements set.

The thing about fast business loans is that it injects the cash you need into your small business to be able to overcome any financial challenges or in some cases, for expansion purposes.

Now, having said all that, today, we are going to share with you some of the companies that offer the best fast business loans. Remember, like in any other types of loan, shopping around and comparing rates and terms and features is important to be able to land with the best deal possible.

But before we head on to our list of best fast business loans provides, here’s a quick review on some important points that a borrower must know about fast or quick business loans:

  • What is a fast business loan?
  • How does fast business loans work?
  • What are the different types of business loans?
  • When to apply for a business loan?

WHAT IS A FAST BUSINESS LOAN?

True to what it’s called, a fast business loan is a type of loan that is readily available to any business person who needs cash to keep his or her business running. The loan may also be acquired for those who are just setting up a business — for their expenses and other business needs.

In addition, a fast business loan may also be used to expand a business, to renovate or buy replacements of equipment, or may also be used to float payroll for a month.

Whatever the reason is, a fast business loan is ideal for any business that needs quick funding. Contrary to a traditional loan, fast business loans can still offer you extra time and flexible terms to pay the loaned money back.

HOW DOES FAST BUSINESS LOANS WORK?

Now, borrowers need to learn a few more important things before acquiring a fast business loan. This has something to do with the following factors:

  • APR
  • Terms
  • Types of Loans

APR

Similar to other loan types, a fast business loan does have two different kinds of APRs as well. One is fixed-rate, and the other is variable-rate.

While it is tempting to go with the lowest APR, which at first glance goes to fixed-rate, eventually, you’ll realize it may just cost you more. Compared to variable-rate, a fixed-rate, though may look like it’s lower, is fixed and won’t change. It does provide stability and peace of mind, but again, the risk is that you may end up paying more if the market changes.

Meanwhile, a variable-rate APR does change as the market changes. It may go low or high depending on the season.

So, in the end, it’s a matter of choosing between being at risk or being at peace.

Terms

Before committing to any fast business loan, it is important to learn and understand first the terms set by your loan provider.

When it comes to loan terms, the general rule applies — the longer the term is, the smaller your monthly payments will be, but that means paying off more. Meanwhile, when you choose a shorter-term that means paying high monthly fees but saving up a few bucks.

Types of Loans

Again, similar to any other loans, fast business loans come it two types — secured and unsecured loans.

On one hand, a secured loan requires some form of collateral, and the rate is usually lower.

On the other hand, an unsecured loan refers to a type of loan that does not require collateral. However, the APR is usually higher to help compensate for the loss should the borrower fail to pay off the loan.

Meanwhile, if you want to learn about how to particularly get a small business loan, we found this very informative video by Alex Berman. Here, Alex shares a lot of insightful and helpful tips on how to ensure approval of a small business loan.

WHAT ARE THE DIFFERENT TYPES OF BUSINESS LOANS?

Another important information that we thought every borrower must know before they even deal with a fast business loan is learning about the different types of business loans.

Yes, a while ago we mentioned about secured and unsecured loans, but business loans can be further defined as any of the following:

  • Working Capital Loans
  • Equipment Financing Loan
  • Invoice Factoring Loans

Now, let’s know more about each of these —

Working Capital Loans

As the name implies, this particular type of business loan refers to the amount of money need to cover the everyday operating expenses of a business. This type of business loan can help businesses when it needs an extra boost in overall cash flow.

Furthermore, working capital loans are not meant for growing or improvements of a business, but rather for a business’s sustainability. This type of loan adds new capital to help maintain the daily operations especially when cash is very tight.

Of the three types of business loans, this is the most common one that most businesses use today.

Equipment Financing Loan

A business is not a business without proper equipment. Thus, it is important to invest in them, right?

An equipment financing loan exists to help provide a quick financial boost that businessmen need to jumpstart their businesses. This loan can be used, obviously, for purchasing equipment a business needs.

Invoice Factoring Loans

While this is not ideal for all business types, an invoice factoring loan is beneficial for companies that need immediate cash while their invoices are yet to be paid.

Unfortunately, in some instances, customers are unable to pay immediately, which may keep business hanging if it does not have funds. In this case, this particular type of business loan may be helpful.

WHEN TO APPLY FOR A BUSINESS LOAN?

Generally, a fast business loan is a popular way to help sustain business operations when the money is tight, or in some cases, it is used to acquire new equipment or use the loan for business growth opportunities.

BEST FAST BUSINESS LOANS PROVIDERS

So, now that you already know some of the most important details when it comes to fast business loans, it’s time for the real deal.

Below is our list of companies that provide the best fast business loans in the country today:

  • Fundation
  • Fundbox
  • Kabbage
  • OnDeck
  • SmartBiz
Bank APR Range Loan Amount Minimum Credit Score
Fundation 8%–30% $20,000–$50,000 620
Fundbox 10.10 – 79.80% Up to $100,000 500
Kabbage 24%–99% $2,000–$250,000 560
OnDeck 9%–99% $5,000–$50,000 600
SmartBiz 4.75%–7% $3,000–$5,000,000 650

FUNDATION

As stated on their website, Fundation is a digital financial solutions provider that aligns its capabilities with those of its partners to be able to serve small and medium sized (SMB) business community.

The company’s mission is to help “empower small business economy by enabling banks, B2B vendors and suppliers and the other critical institutions that SMBs rely on.”

Headquartered in Reston, Virginia, Fundation is ideal for both budding and established businesses with fair or better credit scores that need a fast funding solution. Furthermore, it is more than ideal for those with an excellent credit score as they may be qualified for the lowest rate possible.

At Fundation, the credit requirements vary depending on the amount of loan. To be specific, for loans below $75,000, borrowers need a credit score of 620. AS with loans amounting to more than $75,000, the credit score requirements are up to 640.

Apart from the credit score requirements, you must also have a minimum of $200,000 in annual sales and at least three employees on the payroll to qualify. Furthermore, your record must not have late payments in the year before prior to your loan application or any bankruptcies, as well as foreclosures.

FUNDBOX

Fundbox is a fintech company that offers business lines of credit. The company was founded in 2013 and is based in San Francisco, California.

Fundbox is ideal for businesses that need to fill quickly a cash-flow gap as the company fund loans in as fast as the next business day upon approval of the business loan.

To qualify for a Fundbox fast business loan, the borrower must have a minimum credit score of 500. Yes, you read it right. It does require low credit as compared to other online lenders out there.

Furthermore, the company requires a minimum annual revenue of $50,000 and at least three months of invoicing history. Supported accounting software or business checking account is also required.

Unlike other online lenders, Fundbox does not require a personal guarantee for business lines of credit amounting to below $50,000, which means the borrower is not personally responsible for repayment in case the business fails to pay off the loan. Collateral is not required as well.

KABBAGE

Kabbage, Inc. or simply Kabbage is another popular online financial technology company that was founded in 2008 and is headquartered in Atlanta, Giorgia. The fintech company provides direct funding to small businesses as well as consumers through the use of an automated lending platform.

On its website, the company states that small businesses, in particular, choose Kabbage as it provides “tools to simplify the day-to-day cash flow concerns that every small business experiences.”

Apart from providing funding through a quick, easy, and convenient application process, the company also provides simple repayment terms, which makes it even more attractive to business loan borrowers.

One thing we noticed about Kabbage, and perhaps one of the things that set the company apart from other online lenders out there is that it does not require much paperwork or documentation, which is precisely one of the reasons also why the process is fast.

Now, to qualify for a Kabbage fast business loan, a borrower must be in the business for at least a year and must have at least $50,000 annual revenue.

Kabbage provides fast business loan amounting up to $250,000, and a revolving line of credit. It’s best for entrepreneurs who need serious funding for their businesses.

ONDECK

Launched in 2015 in Canada, OnDeck aims to “solve a major issue facing small businesses: efficient access to capital” by using “cutting-edge technology to evaluate businesses based on their actual performance, not solely business owners’ personal credit scores“.

Currently headquartered in New York, OnDeck is a well-known global online small business lending company.

What we particularly about the services provided by OnDeck is that it helps pair a borrower up to the right business loan or line of credit. So, if you are someone who’s not that sure whether to apply for a business loan or a line of credit, OnDeck will definitely help you figure out.

Being a veteran lender with experience in more than 700 industries, it is not surprising that the company is one of the best fast business loans provider in the country today.

To qualify for an OnDeck business loan or line of credit, the borrower must meet certain requirements like at least three years in business operation, a minimum of $250,000 in annual revenue, and must have an active business bank account.

Interested borrowers may apply online or over the phone. The company provides as much as $100,000 in a revolving line of credit. Funding is provided as fast as within 24-hours since the submission of the loan application.

OnDeck services all states across the country except South Dakota.

SMARTBIZ

Founded in 2009, SmartBiz is an online company that provides a service that has made the world of Small Business Administration (SBA) lending easier.

While it does not directly issue loans to borrowers, the company, through the use of technology, helps borrowers find the right lender in its network of preferred SBA bank lenders.

SmartBiz helps borrowers determine whether he or she is eligible for business from among its network in just a couple of minutes, which means, borrowers, get to save time and effort trying to do everything themselves.

Over the years, SmartBiz has become more popularly known for real estate needs. In fact, an SBA 7(a) loan from SmartBiz carries up to an 85% approval rate, needless to say, it comes with impressive APR rates, as well.

With regard to small business loan requirements, they’re quite stringent as compared to other lenders. The company requires a clean financial record and a FICO SBSS LiquidCredit score requirement of 150 that is in addition to traditional credit reporting.

Although it has a ton of hoops to get a business loan through SmartBiz, the high approval rate plus flexible terms makes it worth it.

FINAL THOUGHTS ON BEST FAST BUSINESS LOANS

When you open a business – whether it be small or big – you can really barely say if it’s going to succeed or not until it’s up and running. That means you have no idea as well when you can possibly earn back your investment.

Now, as businesses operate on a day-to-day basis, expenses pile up. While there are some who are able to make ends meet, some business owners may get into financial difficulty along the process.

When that happens, good thing is that businesses have an option to get a fast business loan.

By getting a business loan, it helps fill in whatever financial gap there is to help a business thrive. But take note also that business loans may also be used to expand a business if you think it’s time. You can also use it to buy equipment if need be.

Now, while there are a lot of lenders out there to choose from, as we have said earlier, choosing the ones that offer the best fast business loans is key to get the best rates and terms possible. After all, you would surely want to keep your expense (a loan is partly an expense, by the way) at the minimum, right?

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Investment Apps and Websites

7 Best Refinance Mortgage Companies

Every borrower knows that refinancing a mortgage will help lower the loan cost, and helps save him or her thousands of dollars. However, it is important to consider dealing only with the best refinance mortgage companies to ensure you get the best rates possible.

best refinance mortgage companies in the country today

In a recent report published by Forbes online, it says that low mortgage interest rates continue to rise in refinance activity regardless of the crisis people are going through right now because of the coronavirus pandemic.

In fact, according to Forbes, the surge resulted in a record-breaking loan volume for lenders between March to May.

In the same report, it says that “the refinance share of mortgage activity continued to rise, accounting for 65% of closed loans in April, up from 55% in March and 51% in February.”

Refinancing a mortgage is one of the best decisions any borrower can make especially when stuck in a crisis. By refinancing the loan, the borrower gets to save a few bucks, which can be used for other essential things.

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But just like when you are just starting to find a lender when you were eyeing that house you’re in now, it is also important that you look around, shop around for the best refinance mortgage companies. That way, you get to find the best deals possible (rates and terms in particular) – the one that’ll fit your personal preference and of course, your budget.

So, having said that, we are going to share with you some of the best refinance mortgage companies in the country today.

But first, here are some important information we thought a borrower must know first before you even seal a deal with a refinance mortgage company:

  • What is a mortgage refinance?
  • Why refinance your mortgage?
  • When to refinance a mortgage?
  • How to find the best refinance mortgage company?

WHAT IS A MORTGAGE REFINANCE?

Before we even talk about the different outstanding refinance mortgage companies out there, we thought it’s important that as a borrower, you fully understand first what your getting yourself into.

So, first and foremost let’s define what a mortgage refinance actually means.

Similar to any type of loan refinancing, when we say mortgage refinance, it basically refers to getting into a new mortgage to replace your current home loan.

By refinancing a mortgage, a borrower gets to first, lower the cost he or she pays on a monthly-to-month basis, and that he or she gets to save thousands of dollars on his or her pocket.

When getting into a mortgage refinance, it is important to only deal with banks or any financial institutions or lending companies that offer a lower cost to what you are currently paying. Otherwise, refinancing will be useless.

Yes, the very reason why you refinance a loan is to be able to first, save money, and then, second, to shorten the term length.

WHY REFINANCE YOUR MORTGAGE?

Now, why do you need to refinance your mortgage? Why not stick to the original loan?

Well, there is totally nothing wrong if you’d rather choose to just stick with the original mortgage. Refinancing is just an option for those who want to lessen the cost they are paying, at the same time, enjoy flexible term length.

To give you a more thorough explanation on why borrowers consider refinancing their mortgage, here are some of the common benefits that refinancing mortgage provides:

  • Lower Mortage Rate – We kept saying this already. But realistically speaking, it is the primary reason why people get into refinancing loans whether it be for a home loan, personal loan, etc. Getting a lower mortgage rate results in smaller monthly payments, which is really beneficial as you get to save a few bucks, right?
  • Shortened Loan Term – By refinancing, you can shorten a loan term from a 30-year term to 15 or 20 years. While there is a chance that shortening the term might increase your monthly payment, it can definitely help decrease the overall interest you pay over the lifespan of your loan.
  • Getting Rid of Mortgage Insurance – Generally, when buying a home with a 20% down payment or less, you will be required to pay for mortgage insurance. However, by refinancing the mortgage, you get to stop paying private mortgage insurance. Needless to say, it is the only way to get rid of FHA mortgage insurance.
  • Get into Equity – Through a cash-out refinance, you get to borrow more than what your current loan balance is, and then, you can take out the cash difference, which is usually used to pay for home improvements.
  • Replace Adjustable-Rate Mortgage (ARM) with Fixed-Rate Loan – Instead of enduring the uncertainty of annual interest-rate adjustments with an ARM, you may instead consider refinancing with a fixed-rate loan. That way you free yourself from worries of the rate rising to a certain extent.

WHEN TO REFINANCE YOUR MORTGAGE?

Generally speaking, a borrower may refinance a mortgage as often as he or she can — as long as it makes financial sense, of course.

However, there are refinance mortgage companies or lenders that require “seasoning” between refinances, which means the lender requires the borrower to have the loan for a particular number of months before refinancing again. So, to be sure, ask your preferred lender.

If you want to learn more about when to refinance your mortgage, check out the very informative video below by The Dave Ramsey Show:

HOW TO FIND THE BEST REFINANCE MORTGAGE COMPANY?

There are certain things that borrowers need to work on in order to find the best refinance mortgage company. Don’t worry, these are basic things. In fact, you probably have gone through the same when you were looking for a lending company to help finance your dream home.

Anyway, here are some of the things that you need to take into consideration when finding the best refinance mortgage companies (which is tantamount to finding the best refinance rates ever):

  • Build an impressive credit score. This one’s pretty obvious — needless to say, very generic. If you want to get good interest rates, you better have an outstanding credit score.
  • Shop and compare mortgage refinance rates. As much as possible, shop around. Do not just settle for one lending company. Remember, there are so many options out there. You’ll never know which one offers the best rates and terms if you will not shop and compare.
  • Buy points. Some homeowners may not be aware that they can actually buy points to help lower their interest rates. This basically means you pay the lender upfront for a lower rate over the course of the mortgage. Please note that one point is equivalent to 1 percent of the loan amount.
  • Choose the best loan term. Generally speaking, the shorter the loan term is, the higher the monthly payment will be. But that means a lower interest rate. Meanwhile, the longer the term is, the lesser you pay monthly, but the total amount may just be the same, if not even higher than what you are actually paying now. So, choose wisely.
  • Go for a fixed interest rate. To be honest, the value for borrowers slash homeowners is at a fixed rate as with variable or adjustable-rate mortgage (ARM), the interest rate changes.

BEST REFINANCE MORTGAGE COMPANIES

Now that you already know what refinancing a mortgage is all about, the reasons why you should consider refinancing a mortgage, when you should consider refinancing, and the factors that affect in finding the best refinance mortgage companies in town, it’s time to share with you our list of some of the industry’s best refinance mortgage companies.

These are —

  • American Federal Mortgage
  • Bank of America
  • Chase
  • Raymond James Bank
  • Rocket Mortgage
  • Santander Bank
  • Third Federal Savings and Loan
Bank Annual Percentage Rate (APR) Loan Terms Minimum Credit Score
American Federal Mortgage varies Not stated but offers various flexible loan terms 580
Bank of America 3.75% Up to 30 years 600
Chase varies Up to 30 years 620
Raymond James Bank 4.303% Up to 30 years 580
Rocket Mortgage Varies Up to 30 years 580
Santander Bank 4.303% Up to 30 years 580
Third Federal Savings and Loan 3.02% Up to 30 years varies

AMERICAN FEDERAL MORTGAGE

There are a couple of noticeable things about the American Federal Mortgage.

First, unlike other mortgage companies, the American Federal Mortgage application process is quick and easy. Borrowers may submit a mortgage refinance application online, and receive feedback within 24 hours.

Pretty quick? Well, that is made possible by the use of computerized underwriting. This step helps streamline the loan approval process.

In addition, another unique feature of American Federal Mortgage has something to do with its corporate incentive program. If the company you work for is a member of this program, you may take advantage of a mortgage discount. On top of that, you won’t be charged for application or origination fees, plus the appraisal fee is refundable.

So, better check now if your company is a member so you get to enjoy these perks.

By the way, American Federal Mortgage is one of the largest privately-held mortgage bankers in the country and is headquartered in Chester, New Jersey.

BANK OF AMERICA

Bank of America is one of the largest banks in the country. Needless to say, it’s been around for years. It’s a trusted and reputable financial institution — you can never go wrong of.

The bank offers various products and services, which include mortgage refinance.

Bank of America provides three mortgages refinance options for approved loans. The options include 15-year fixed, 30-year fixed, and 5/1 adjustable-rate mortgages. All these come with some of the most competitive rates in the industry.

Of all the options available, Bank of America’s 15-year fixed-rate mortgage is the most competitive.

In addition to the options available for mortgage refinancing, the bank also offers a cash-out refinance option to borrowers who have sufficient equity. All qualified homeowners with equity may get the chance to refinance as well as borrow more to pay off other existing debts. Keep in mind, though, that it may also mean a larger loan.

While the cash-out refinance is a good option for those who are trying to get rid of high interest, it may be a little risky for the others.

By the way, Bank of America lends money of up to $5,000,000. Thus, making it ideal for borrowers or homeowners who need to loan a big amount of money.

CHASE

As stated on its website, Chase is the country’s “consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with $2.6 trillion in assets and operations worldwide.”

When it comes to reputation and credibility, Chase definitely has it.

Generally, Chase offers a wide variety of outstanding products and services. So, it’s not surprising that their mortgage refinance option is included in this list.

Chase Bank does offer several mortgage options, which include adjustable-rate mortgages. Borrowers may choose from 5/1, 7/1 and 10/1 ARMs.

Unfortunately, Chase is not all-digital based, which means borrowers may need to visit the nearest branch to be able to apply for a mortgage refinancing.

It is important to note though that while home-lending advisors are not available in every state, the bank originates home loans across all 50 states.

RAYMOND JAMES BANK

Although headquartered in St. Petersburg, Florida, Raymond James Bank serves the whole country when it comes to their mortgage and mortgage refinancing products and services.

Raymond James Bank has a reputation for taking an all-inclusive, client-focused approach to finance. Furthermore, the bank also takes pride in its dedication to providing customers with personalized solutions to their financial needs.

When it comes to the lending process, Raymond James Bank provides borrowers with a great deal of variety in terms of mortgage types. The bank offers government-backed fixed mortgages with 30-year terms, 15-year fixed-rate and 30-year fixed-rate mortgages, as well as a great selection of ARM mortgages with terms ranging from 5/1 to 15/1.

ROCKET MORTGAGE

Rocket Mortgage is a product of Quicken Loans, the country’s largest mortgage lender. Rocket Mortgage was designed to streamline the mortgage, or mortgage refinances, as well as process and shorten the time from initial application to closing of the loan.

According to Realtor Magazine and the National Association of Realtors, closing on a refinance usually runs for about 48 days. However, Rocket Mortgage is usually able to push closing through more quickly than its competitors because of its association with Quicken Loans.

Unlike other refinance mortgage companies, Rocket Mortgage offers a fast and easy pre-qualification process. In fact, so quick that it could only last for up to 10 minutes.

Meanwhile, verification of income, employment, as well as other important personal information is done over the phone. A loan specialist will be the one to conduct it. The process is usually completed within the same day of application.

Once approved, loaned funds are disbursed in about 10 to 35 days. The length of time depends on the timeline for the appraisal process as well as the completion of other requirements.

SANTANDER BANK

Santander Bank is the best choice when it comes to low 30-year fixed APR.

Santander Bank, one of the largest retail and commercial banks in the country today, offers a variety of mortgages for homeowners who wish to refinance. The bank’s mortgage refinances products include fixed-rate, adjustable-rate, and special mortgages.

For fixed-rate mortgages, they come in 15- or 30-year terms. Its 30-year term comes with one of the lowest in this category — which is precisely why we said it’s one of the best options for 30-year fixed APR.

Meanwhile, ARM mortgages are available on 5/1, 7/1, or 10/1 terms. Similar to its fixed-rate option, ARM mortgages do have lower initial rates that stay as it is for the first 5, 7, or 10 years of the mortgage. Then, the rates adjust annually.

Apart from the above-mentioned, Santander also offers special mortgages like government-backed FHA and VA mortgages.

Unlike other lenders, Santander Bank does not charge any origination fees. However, it does offer a point’s buy-down system, which allows borrowers or homeowners to buy one point for 1% of their loans. Each point-bought can help reduce the interest rate by 0.08% to 0.25%.

THIRD FEDERAL SAVINGS AND LOAN

If you are looking at getting a 10-year fixed-rate loan, then Third Federal Savings and Loan may just be the right choice for you.

Third Federal Savings and Loan has become a top pick among borrowers because it offers one of the lowest 10-year fixed-rate refinance rates in the country. At the moment, it starts at 3.02% APR.

When it comes to requirements, Third Federal Savings and Loan is known to be less strict particularly for private mortgage insurance, which is usually required unless the buyer can put down a 20% down payment.

With Third Federal Savings and Loan, the company only requires PMI if you have a down payment of 15% or less.

Similar to other lenders out there, borrowers need to keep in mind that there are closing costs to consider. However, the cost can be as little as $295 only for all smart ARM as well as 10-year fixed-rate loans. Also, all of the loan costs bundled into one convenient feed.

In addition, while most lenders offer a 30-day rate lock, Third Federal offers a 60-day rate lock.

When it comes to reputation and credibility, Third Federal Savings and Loan has maintained a 5-star Bauer rating for 25 years.

Unfortunately, though, Third Federal Savings and Loan is only available across 25 states and the District of Columbia.

FINAL THOUGHTS ON BEST REFINANCE MORTGAGE COMPANIES

Refinancing a mortgage is definitely a must-do if you want to either lessen the cost you pay on a month-to-month basis, or you want to speed up the loan terms.

Good thing is, there are a lot of financial institutions out there that offer refinancing for home loans, which means, borrowers, do have a lot of options to choose from.

However, as we have said, if you are looking at refinancing a home loan or any loans for that matter, make sure to shop around first before settling for one. By doing so, you get to choose the best deals possible.

Are considering refinancing anytime soon?

Remember to only choose among the best refinance mortgage companies out there to ensure you got the best rates and terms based on your personal capacity to pay.

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9 Best Mortgage Lenders In The Country Today

The most ideal way to be able to find the right mortgage loan partner is to shop among the best mortgage lenders out there. By doing so, you are assured you get the best deals possible — the one that’s exactly what you need and can afford.

best mortgage lenders

Mortgage debt is the largest form of debt among consumers in the United States according to a report from Statista. As of 2019, the outstanding mortgage debt in the country was estimated at $16.01 trillion, and the number is expected to rise this year and the years to come.

Real talk – people want to eventually own their own home, and one of the best ways to attain that goal in as soon as possible is through a mortgage.

To be blunt, there is totally nothing wrong with that! In fact, it’s a good way to stay inspired and to keep working hard – knowing that you need to have enough money to pay for a mortgage loan, and eventually, pay it off so you can finally say, you own that home.

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Now, when it comes to how to get a mortgage loan, there are actually a lot of options out there.

There are so many lending companies, banking institutions that offer really good rates when it comes to a mortgage loan. Of course, there are several factors to take into consideration, but as long as you qualify, then getting a loan should not be a problem.

When it comes to choosing a “partner” though, for your dream home, it is important that you do not settle immediately to one lender.

As much as possible, you go shop around for the best mortgage lenders so you get to compare deals and come up with an informed decision.

Now, to help you come up with a list of lending companies to check out (because admittedly, it could be hard and overwhelming, at the same time, knowing there are so many choose from out there), we are going to give you our list of best mortgage lenders to date.

But before that, we are going to share with you some important information first about the mortgage – particularly the following:

  • What is a mortgage?
  • What are the major types of mortgages?
  • How to find the best mortgage lenders?

WHAT IS A MORTGAGE?

Before we even talk about the best mortgage lenders, we thought it’s important for borrowers to fully understand first what mortgage is all about.

A mortgage is a type of loan that a borrower can get from a financial institution or lending company. The money is specifically intended for purchasing a home.

Similar to other forms of loans, mortgage comes with an interest. When a borrower gets into a mortgage with a lending company, it’s tantamount to a promise that you are going to repay the amount of money you borrowed plus the accrued interest.

Unlike personal loans, a mortgage does have collateral. In fact, the house you buy using a mortgage automatically becomes the collateral. This means that if in case you fail to pay off the mortgage, the lending company has all the right to foreclose the property.

It is important to note that the loan does not become a mortgage up until it is attached as a lien to the property. Thus, the importance of paying the loan on time and according to the terms you agreed to.

WHAT ARE THE MAJOR TYPES OF MORTGAGES?

One thing’s for sure, not all mortgage products are equal to one another. While some have more stringent guidelines, others are not.

While there are lenders that might require a 20% down payment, others may require as little as 3% of the property’s purchase price.

Now, before you even seal a deal with a mortgage lender, it is also important that you are aware of the different types of mortgages available.

So, to give you an idea, below are some of the major types of mortgages available in the market today:

Conventional Mortgages

This refers to a loan that is not backed by the federal government but by Fannie Mae or Freddie Mac, two government-sponsored enterprises that buy and sell most conventional mortgages in the country.

To qualify for this type of mortgage, the borrower has to have a good credit history; stable employment, as well as income histories; and must have the ability to make at least a 3% down payment.

However, to be able to avoid the need for private mortgage insurance (PMI), generally, borrowers need to make a 20% down payment for the property.

Conforming Mortgage Loans

This type of mortgage loan is bound by the maximum loan limits that were set by the federal government. The limits depend on the geographical area.

Nonconforming Mortgage Loans

This type of mortgage loan cannot be sold or bought by Fannie Mae and Freddie Mac because of the loan amount or underwriting guidelines set. The most common type of non-conforming loans though is what they call “jumbo” loans, which is referred to as it is because of the loan amount usually exceeding conforming loan limits.

Government-Insured FHA Loans

This type of mortgage is ideal for low-to-moderate-income buyers purchasing a house for the first time who can’t qualify for a conventional loan. This type of loan is insured by the Federal Housing Administration.

Government-Insured VA Loans

This one’s specific to qualified military service members, veterans, and their spouses. For this type of loan, the U.S. Department of Veterans Affairs guarantees homebuyer loans.

Furthermore, borrowers are allowed to finance 100% of the mortgage with no down payment required.

Government-Insured USDA Loans

For this type of mortgage loan, the U.S. Department of Agriculture guarantees loans to help make homeownership possible for low-income buyers in the country’s rural areas.

This is ideal for homebuyers who cannot qualify for conventional loans, and have low income, and does not have enough money to pay for a down payment.

HOW TO FIND THE BEST MORTGAGE LENDERS?

Now that you already know what a mortgage is and what the major types of mortgage loans are, this time around, we’ll share a few important tips on how to find the best mortgage lenders in town.

Tip 1: Build a strong credit. Before you even start sending mortgage loan applications, make sure you check your finances and fix whatever needs to be fixed. Strong credit is the key to the best rates and terms possible.

Tip 2: Slim down your budget. Do not aim for a high-priced property if you do not have the right income for it. Narrow your budget to ensure you are able to pay off the loan without any problem.

Tip 3: Know your options. There are several types of mortgages. Make sure you are well-aware of them and that you know which one fits you.

Tip 4: Compare among lenders. As mentioned, do not settle with one lender immediately. Make sure to take time to shop around and compare.

Meanwhile, sharing with you a very informative video by Homebuyer’s School wherein they share tips on how to choose the best mortgage lender:

BEST MORTGAGE LENDERS IN THE COUNTRY

As the last tip say, compare lenders.

At this point, we are sharing with you some of the best mortgage lenders in the country today. Of course, there are so many options available. There are a lot of them. However, trimming down your options and focusing on the best ones is the key to get into the right deal possible.

So, here are the companies that we thought you should check out (we arrange the list alphabetically):

  • Bank of America
  • Chase
  • Citi Mortgage
  • Guaranteed Rate
  • New American Funding
  • Quicken Loans
  • Rocket Mortgage
  • SoFi
  • Suntrust
BANK MINIMUM DOWN PAYMENT BEST POSSIBLE RATE
Bank of America 5% 3.750%
Chase 3% 3.625%
Citi Mortgage 3% 3.125%
Guaranteed Rate 3% 3.750%
New American Funding 3% 3.500%
Quicken Loans 3% 3.99% (4.247% APR)
Rocket Mortgage 3% 4.56%
SoFi 10% 3.274%
Suntrust 3% 3.75% (3.8898% APR)

BANK OF AMERICA

Apart from offering a wide range of retail banking, the bank also offers various types of mortgages, which include adjustable as well as fixed rate mortgages, jumbo loans, VA, FHA, and the ““Affordable Loan Solution” mortgage”. The latter refers to a program that was launched in 2016 to specifically help low-income buyers to get to buy their first home.

When it comes to credibility, Bank of America has it being one of the biggest financial institutions in the country. Needless to say, they’ve been around the banking industry for a long time now.

As with the reach and availability, the bank has several branches across all 50 states, which makes it very accessible to borrowers. In addition, they have mortgage lenders who are available to walk you through the whole loan process.

Although Bank of American is a giant, you may still find a number of bad reviews on the internet. So, to make sure, it would be better if you do your own research and also consider talking to a lender at the bank to know more about their products and services, especially about a mortgage.

CHASE

Chase is another well-known bank in the country. When it comes to mortgages though, the bank has a major presence in this industry.

Apart from the fact that it has in-person mortgage experts in 30 states across the U.S. who are available to guide you through the loan process, Chase comes out on top of the lowest rate on fixed-rate mortgages as compared to other big lenders.

The bank practically offers any type of mortgage like adjustable-rate, FHA, VA, HARP, jumbo, and of course, fixed-rate.

Like Bank of America, Chase does have a special program called “DreaMaker Mortgage,” which is a mortgage grant that provides $3,000 assistance for either down payment or closing costs. More so, it does not have income limits, and that it provides down payment options for as low as 3%, which could be from gifted funds.

CITI MORTGAGE

Citi Mortgage is related to Citibank, which is one of the country’s largest banks. With that, it’s no wonder why they are able to provide mortgage options to almost anyone who qualifies.

Citi Mortgage is ideal for borrowers who opt for either an FHA or VA loan. But generally, the institution offers a diverse set of loan products as well as terms and relationship discounts, which actually make it a top pick especially among first-time homebuyers.

One thing that Citi Mortgage must be proud of, apart from their outstanding products and services, is the fact that they do have high customer satisfaction ratings.

GUARANTEED RATE

Guaranteed Rate is ideal for borrowers who have at least 620 credit score, solid credit history, and stable income but do not have enough money for a down payment.

This lending company offers various mortgages including FHA, VA, USDA, as well as various adjustable-rate mortgages and jumbo mortgages for purchase or refinance. They also offer cash out.

Although it has 170 physical offices across 50 states, Guaranteed Rate allows an online application, which makes the process easier.

NEW AMERICAN FUNDING

As compared to other larger mortgage lenders, New American Funding is family-owned. However, over the years, it has grown to be one of the top 30 lenders in the United States.

New American Funding offers various types of mortgages including home equity, reverse mortgages, jumbo, fixed, adjustable, HELOCs, FHA, VA, USDA, as well as refinance and purchase.

Unlike most lending companies, New American Funding uses manual underwriting to evaluate a borrower’s creditworthiness. By doing so, they get to evaluate the borrower’s finances in a more comprehensive manner.

Although that is the case, the company offers the online application, as well as rate quotes, document upload, and loan tracking. A pre-qualification process may also be done online, but make sure to follow up on the prequalification letter.

What’s nice about the company is that they offer competitive rates and that they also have first-time home-buyer programs, which obviously is something first-time homeowners can take advantage of.

New American Funding also works with both state and local agencies to be able to help buyers with regards to payment assistance.

QUICKEN LOANS

One thing that probably sets Quicken Loans apart from other lenders in our list is that it provides an easily accessible online application that automatically verifies a borrower’s income as well as employment. They also have mortgage advisors if you need one.

When it comes to loan terms, the lending company offers a wide selection of terms that range from five up to 30 years.

For borrowers who require an FHA-backed loan or products by Fannie Mae and Freddie Mac, you can easily walk away with a mortgage for a very low down payment of three percent.

Unfortunately, the company does not offer HELOCs (Home Equity Lines of Credit) or home equity loans. So, if you are looking at that, you better check other mortgage lenders instead.

Meanwhile, Quicken Loans only looks at a borrower’s credit score and debt-to-income ratio to qualify. Needless to say, the process is fairly straightforward. Often, the company provides an answer regarding the approval or non-approval of your loan application in just a matter of minutes.

ROCKET MORTGAGE

If you are looking for either conventional or government-backed mortgages, then Rocket Mortgages is one of the best options around. The company offers various loan types including purchase, refinance loans, jumbo loans, adjustable-rate loans, as well as fixed loans, VA loans, FHA loans, and USDA loans.

Just like Quicken Loans, Rocket Mortgage does not offer home equity loans or HELOCs as well.

Unlike other mortgage lenders, Quicken Loans is a self-service, online, mobile-friendly mortgage company. The company lets you know about the amount you qualify for in just a few minutes.

Although they promote online mortgage loan applications, they do have available lenders in case you have questions.

SOFI

SoFi is a leading online mortgage lender, which adds up to its credibility. It specializes in jumbo loans for borrowers who have a good income but does not have enough savings for a down payment.

SoFi offers a lot of perks — they do not charge an origination fee, no prepayment penalty fees, and to top it all, you can loan up to $3 million on either primary or secondary homes with a 10% down payment.

However, all these perks are only available for borrowers with excellent credit history and solid employment. Borrowers need to have a high range of income and must purchase or refinance a home in a state where SoFi is licensed to originate loans.

As with the whole application process, it could take as long as 30 days. But it’s going to be worth it anyway as long as you know you hit all the qualifications set by the company.

SoFi also offers a pre-approval process that won’t affect your credit.

SUNTRUST

SunTrust has a wide range of online mortgages with competitive interest rates.

You can opt for a 30-year or 15-year fixed loans, and 5-, 7-, and 10-year ARMs (adjustable rate mortgages), as well as jumbo loans.

For borrowers who do not have a standard 20% down payment or good credit history, do not worry as this lending company also provides other mortgage options like FHA, VA, and USDA Loans.

Furthermore, SunTrust also offers affordable loan programs, which they call as “Agency Affordable Financing,” which is made possible through Fannie Mae and Freddie Mac.

This particular program is ideal for homebuyers who can only pay a 3% to 5% down payment.

FINAL THOUGHTS ON BEST MORTGAGE LENDERS

You see, there are so many mortgage lenders out there. Needless to say, there are a lot of best mortgage lenders competing with one another, offering the best possible deals among borrowers.

While it may get a little overwhelming choosing one among a sea of options, it is, for sure, worth it and satisfying in the end.

So, have you decided which mortgage lender to deal with yet?

Keep in mind that choosing one among the best mortgage lenders is the best thing to do. That way you are assured of getting only the best deals and terms, needless to say, you get to enjoy a few other exciting perks.

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Personify Financial Personal Loans Review: Is It The Right Lender For You?

In this Personify Financial personal loans review, we’ll share with you why this lending company is a good option among people with less-than-stellar credit.

Personify Financial Personal Loans Review

Online lending companies have become popular over recent years. In fact, the online lending companies have grown and have become one of the go-to places of people in need of money. Well, we thought the popularity is because it’s easier and more convenient to apply for loans with them. Needless to say, funds are easily provided (most online lenders send funds in as soon as within the day of a loan application).

In an article published by CNBC online, it says that according to TransUnion, the unsecured personal loan market hit an all-time high in 2018, “surging 17 percent year over year to $138 billion“.

With the increase, experts believe that one of the major factors that affected it is the existence of digital-first financial technology (fintech) companies.

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Based on the report, in 2018 alone, “fintech companies issued 38 percent of all U.S. personal loans“. Meanwhile, traditional bank’s share was down to 28 percent, as credit unions are also down to 21 percent.

You see, digital technology has indeed changed even the way people borrow money. Well, for sure you, too, will agree that digital or online lending companies have really made loaning money easier and more accessible.

The online lending industry is growing, and experts believe it will continue to grow in the coming years. With so many options around, sometimes it can get a little intimidating and overwhelming to choose one.

Now, among the many options available, Personify Financial is one of them.

Having said that, we are going to do a Personify Financial personal loans review, which we hope will serve as your guide as you make a decision as to where to borrow money from when the need arises.

To be guided, we are going to tackle the following:

  • Who is Personify Financial?
  • Why choose Personify Financial?
  • What do you need to know about Personify Financial personal loans?
  • Who qualifies for a Personify Financial personal loan?
  • How to apply for a Personify Financial personal loan?
  • What are the pros and cons of Personify Financial?

Before we head onto with our review, here’s a quick personal loan 101 first by MoneyCoach in case you need to refresh your memory:

WHO IS PERSONIFY FINANCIAL?

Before anything else, borrowers need to know at least a little about the lending company they are eyeing for. Getting to know who Personify Financial, for this matter, is important to know how credible the company is especially since they work entirely online.

As a borrower, you also need to ensure that you are dealing with a legit and credible company to avoid wasting time and effort.

Having said that, here are a few things you need to know about Personify Financial —

Personify Financial is an online lender known for specializing in smaller loans. The company aims to provide financial assistance to borrowers who have a poor credit history. But of course, that means getting charged for up to a triple-digit APR.

Personify Financial offers personal loans with no collateral requirements to eligible borrowers. Thus, it makes it even more ideal for people who badly need cash but do not have collateral to serve as a loan guarantee.

The company’s personal loans are offered by Applied Data Finance, LLC, which is a direct lender that was founded in 2015 and based in San Diego, California.

To date, Personify Financial is available in 26 states across the United States of America. However, the company is headquartered in Dallas, Texas.

WHY CHOOSE PERSONIFY FINANCIAL?

On their website, Personify Financial claims that they are “different,” and here are some of the reasons they provided:

  • The company ensures borrowers of a simple and fast online loan application process. With people now being on-the-go, and busy with a lot of things, Personify wants to ensure that you only need a little of your time to be able to finish the whole loan application process. Since it’s online, you can do it anywhere and anytime you want.
  • Although the process was made easier and quicker, rest assured that the company does complicated calculations as well as comparisons to see if they can help borrowers with the amount of money they need.
  • The company is not only open for high-credit customers, but also to those who have a less-enticing credit score. So, if you are someone who’s in need of funds but does not have a good credit score, Personify may just be the right partner for you.
  • Personify guarantees borrowers that while other lenders may consider just a few pieces of information, Personify does look at many and make sure that they get to see the borrower’s whole financial story.
  • Personify Financial uses powerful technology to be able to provide outstanding service to customers.
  • Unlike other online lenders, borrowers are assured that with Personify Financial they get to deal with real people and not loan-bots.

Apart from the above-mentioned characteristics that make Personify Financial different from other online lenders, here are a few more why you should choose the company over many others:

  • It provides fast access to cash. Depending on the case of your application, you can get your money in as quickly as within 1 business day.
  • Borrowers with a credit score of as low as 560 can apply for a loan. Yes, Personify is a good option among borrowers with poor credit. But of course, expect a high-interest rate in return (which is not surprising because it’s a general rule in the lending industry).
  • No prepayment fee, which means if a borrower wants to pay off the loan earlier than the maturity date, he or she may do so without having to worry about getting charged with a prepayment fee.

WHAT DO YOU NEED TO KNOW ABOUT PERSONIFY FINANCIAL PERSONAL LOANS?

So, now that you already know what Personify Financial is all about, and consider rather choose them over other online lenders, it’s time to look into the different factors of a Personify Financial personal loan.

At this point in our Personify Financial personal loans review, we are going to specifically give you detailed information regarding the following aspects of a personal loan:

  • Loan Amounts
  • Uses
  • Interest Rates
  • Loan Terms
  • Funding
  • Fees
  • Prequalification
  • Availability
  • Customer Service

All of the above-mentioned are very important in your decision-making. Thus, make sure to take note of the information provided.

Loan Amounts

Before anything else, it is important that you already know in mind how much money you need. That way, it’s easy to forego of choices on your list by the amount of loan they offer alone.

Now, for Personify Financial personal loans, the company can lend money of as low as $1,000 up to $10,000 max.

However, it is important to note that loan amounts vary from one state to another. Thus, it is important to check on that, too.

Uses

Personify Financial personal loans can be used pretty much for anything like home improvements, special purchases, weddings, or other similar life events, debt consolidation, medical expenses, unexpected expenses, and other similar purposes.

Interest Rates

Another important factor that you need to consider when borrowing money from lending companies is the annual percentage rate or APR they charge.

At Personify Financial, the company offers a personal loan product that ranges from 35% APR up to 199% APR. The APR, though, will depend on several factors like the borrower’s credit score, as well as his or her area of residence.

Now, although technically, Personify Financial is not a payday loan, the interest rate can still get that high as compared to other online lenders. Again, certain factors have something to do with that. Keep in mind also that the personal loans they offer are unsecured loans, which means the company does not require collateral as a guarantee.

Loan Terms

To ensure that you are able to pay off the loan, make sure to also look into the repayment terms that a lending company offers.

At Personify Financial, personal loans have terms that range from 12 up to 36 months.

The good thing about longer terms is that borrowers have more time to pay off with less monthly payment. However, this may mean a higher interest rate as well.

Meanwhile, paying it off sooner means lower interest. So, make sure to think about that as well.

Funding

Once approved of a Personify Financial personal loan, disbursement of money is done within one to two business days.

Fees

Personify Financial does not charge both application and prepayment fees. However, it does charge origination and late fees.

For the origination fee, the charge depends on the state. It ranges from 0% up to 5% of the loan amount. What Personify does is that they automatically deduct the fee from the loan about before disbursing the money to the borrower.

With that, borrowers must ensure that the fee is taken into account when deciding how much they will borrow from the company.

As with late payments, it is not clearly stated how much the company charges, but they do.

To avoid getting charged for late fees, make sure to always have enough money in your account.

Prequalification

Unlike other online lending companies, Personify Financial allows borrowers to apply for prequalification. They may complete a soft credit inquiry, which basically means the borrower’s credit score will not be affected.

If the borrower prequalifies, he or she will be able to see the estimated loan rate as well as loan terms that he or she might be approved for.

Availability

Currently, Personify Financial is available in 26 states in the US. These are as follows:

Alaska, Alabama, Arizona, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, Nebraska, New Mexico, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah, Washington

Customer Service

If you have questions regarding Personify Financial personal loans, you may reach them at 1 (888) 578-9546.

You may also send them an email through their website, and through mailing at PO Box 208417, Dallas, Texas 75320-8417.

WHO QUALIFIES FOR A PERSONIFY FINANCIAL PERSONAL LOAN?

In this Personify Financial personal loans review, we are also going to tackle the qualifications the company has when it comes to those applying for a personal loan.

Knowing the qualifications set by the company is important so borrowers can self-assess. By doing so, he or she gets to save time and effort, too.

As mentioned earlier, Personify Financial is open to personal loan borrowers with a credit score of at least 560 up to 750.

Apart from the credit score, the company also look into the following qualifications:

  • The loan applicant must be at least 18 years old or the state minimum (whichever is higher)
  • Must be at least a permanent resident or green card holder

Furthermore, personal loan applicants must be able to provide the following documentation:

  • An active and valid personal checking account
  • Recent pay stubs
  • Proof of citizenship or residence permit

You see, that’s all they need to assess your personal loan application. True to their promise of an easy and quick personal loan application process.

HOW TO APPLY FOR A PERSONIFY FINANCIAL PERSONAL LOAN?

As mentioned earlier, Personify Financial does have a prequalification process, which can be done in just a few minutes.

To do the prequalification process, all you have to do is head on to the company website, and then, hit the “Get Started Now” button. You will then automatically be directed to the prequalification page wherein you will be asked to enter the following information:

  • Name
  • Email Address
  • Postal Address

If you pre-qualify and decide to pursue a personal loan application at Personify Financial, here are the steps to follow:

1. Fill out the online application form.

You will be asked to provide information like your name and address, your phone number, date of birth, as well as your Social Security number. You will also be asked to indicate the amount of money you will borrow, the purpose of the loan, as well as your monthly post-tax income, and your source of income.

Furthermore, you will also be asked to provide details about your employer and how often you get your income.

2. Allow Personify Financial to get in touch with you and pull your credit reports.

Personify Financial will ask your consent if they can contact you and pull your credit report to first, validate your identification, and to check your credit history and see what the company can offer you in terms of the loan amount, etc.

3. Personify Financial will conduct a hard credit check.

In relation to the above, once you have given consent, the company will proceed to do a hard credit check, which can adversely impact your credit score.

4. Wait for a reply from Personify Financial regarding the status of your personal loan application.

According to Personify, they will send a same-day response regarding your qualification, as we well as the amount of money you can borrow, and the loan terms.

5. If the loan is approved, receive your funds within 24 to 48 hours.

One thing that Personify promises is that once your loan application is approved, the disbursement of funds will be automatically processed so you get the money within one business day or up to two business days.

WHAT ARE THE PROS AND CONS OF PERSONIFY FINANCIAL?

Of course, this Personify Financial personal loans review will not be complete without sharing with you the pros and cons of dealing with this lending company.

This list will definitely help every borrower come up with an informed decision as you can compare it to other online lending companies out there.

PROS

  • Personify Financial makes a good option for people with a poor credit score. While other lending companies rely on the borrower’s credit score when making decisions on a personal loan application, Personify does not grant loans based on it alone. Thus, making it an option for people with not so good credit or no credit at all.
  • It does offer a loan prequalification. A prequalification helps a lot for borrowers to have an idea about the possibility of getting approved for a personal loan. The good thing about the prequalification process is that it only does a soft credit check, which means it won’t affect a borrower’s credit score.
  • It does not charge a prepayment fee. Unlike other online lending companies, Personify Financial lets borrowers pay off the loan as soon as they can without having to worry about getting charged with a prepayment fee.
  • It helps borrowers build credit. Personify Financial reports every payment made to the credit bureaus, which makes it ideal for those who want to build a good credit score.
  • Funding is disbursed within one to two business days. This may not be unique to Personify, but this makes it one of the lending companies borrowers can go to if they need cash immediately.

CONS

  • The annual percentage rate could go as high as 199%. Unfortunately, for those with bad credit, your interest rate could go as high as 199%. But the actual rate does not rely on that alone, as factors like the amount of loan, terms, and location are also considered.
  • Borrowers have no other means to apply but online. This should not be an issue at all, to be honest, unless of course, you have problems with internet access.
  • The company charges origination and late fees. Origination fee can go as low as 0% up to 5% depending on the state you’re in. Meanwhile, late payments are also charged.
  • Personify Financial is only available in 26 states. Unfortunately, the availability of Personify is limited. Makes sure to check the list we provided earlier to know where it operates.

FINAL THOUGHTS ON PERSONIFY FINANCIAL PERSONAL LOANS REVIEW

Personify Financial has definitely had everything that borrowers can expect from an online lending company.

Now, with all the information we provided, do you think Personify is the right online lending company for you?

To end this Personify Financial personal loans review, we have to say that with all the information we gathered, this lending company is definitely a good option especially for borrowers who are either problematic or need to work on their credit.

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Investment Apps and Websites

LightStream Personal Loans Review: The Best Online Lender For You

This LightStream personal loans review will provide you not just essential information about the company, but also why you should consider borrowing money from it. With competitive rates, this online lending company is a must-see among borrowers.

LightStream Personal Loans Review

According to U.S. News, personal loans are loans that are “taken out for a short period of time, usually between two and five years“. Unlike credit cards or lines of credit, personal loan’s duration is fixed and does not fluctuate.

Furthermore, the report says that a lot of personal loan amounts vary between $1,000 and $100,000 — which basically depends on the borrower’s need as well as credit-worthiness. Needless to say, every bank does have its own limitations on how much and how long a personal loan can be.

Meanwhile, in a report published by Statista, it says that in 2019, “the consumer credit outstanding in the U.S. amounted to approximately 4.11 trillion U.S. dollars”. The numbers are not surprising at all though given the many demands of living now.

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With the current situation of the country, it won’t be surprising if the numbers go up even more by the end of the year.

Now, we all know that personal loans are the most accessible types of loans. Most of the time, these are unsecured loans, which means borrowers need not have collateral to be able to loan money from a lender.

Having said that, it is no wonder why personal loans have become one of the most in-demand type loans. Needless to say, why there are a lot of online lenders providing this type of service.

Speaking of lenders, there are quite a lot of them to choose from. Apart from traditional banks and credit unions, with technology and the internet, more and more online lenders are opening up their doors to borrowers.

One of the online lenders out there is LightStream, which, obviously, is our focus in this review.

So, to help you learn more about the company, and know more about its personal loan services, we are going to do this LightStream personal loans review.

For your reference, we are going to specifically tackle the following:

  • What is LightStream?
  • What are the different types of personal loans offered by LightStream?
  • What do you need to know about LightStream personal loans?
  • Who qualifies for a LightStream personal loan?
  • How to apply for a LightStream personal loan?
  • What are the pros and cons of a LightStream personal loan?

WHAT IS LIGHTSTREAM?

LightStream is the online lending arm of Truist, a bank created by the SunTrust Bank/BB&T merger.

The lending company offers personal loans for up to $100,000 and can be intended practically for anything such as credit card consolidation, home renovations, medical bills, auto refinancing, travel, and more.

LightStream is ideal for consumers with good credit. The company believes that people with good or excellent credit have “earned the right to a simple loan process and excellent rates“. Furthermore, qualified consumers get to take advantage of highly competitive, fixed-rate financing through an easy, fast, and virtually paperless loan process.

In their website, LightStream states that the company has delivered “a revolutionary loan experience that allows customers to focus on their purchase, rather than on their financing“.

Potential borrowers may apply conveniently using their computer or mobile devices and can expect their funds on the same day of approval.

LightStream is very confident with their loan process that the company provides a $100 guarantee.

Before we move on to our own LightStream personal loans review, here’s a quick one by Honest Finance that you may want to check. This gives you more idea about LightStream and its pros and cons.

WHAT ARE THE DIFFERENT TYPES OF PERSONAL LOANS OFFERED BY LIGHTSTREAM?

LightStream offers diversified personal loans. It offers a one of a kind lending solution that lets customers with strong credit loan money for purchases that either has been previously required collateral or that fall under those with few or no loan options.

For your reference, a LightStream can ve used for the following purposes as stated on their website:

  • Car Loans & Refinance Loans
  • Home Improvement Loans
  • Pool Loans
  • Timeshare Financing & Vacation Ownership Loans
  • Boat Loans & Aircraft Financing
  • Fractional Loans
  • IVF Financing
  • Jewelry Financing
  • Medical & Dental Financing
  • Adoption Financing
  • PreK-12 Education Loans
  • Horse Loans
  • and a lot more!

As we have mentioned earlier, you can basically use a LightStream personal loan for anything and everything you can think of. So, that a loan is already a good indication that this is something you can take into consideration if you badly need funds for whatever reason.

WHAT DO YOU NEED TO KNOW ABOUT LIGHTSTREAM PERSONAL LOANS?

Knowing that you can use the money loaned for anything is not enough.

As a borrower, you also need to take into account other very important factors, which include:

  • Loan Features
  • Loan Amounts
  • Interest Rates
  • Loan Terms
  • Fees
  • Refinancing
  • Funding
  • Customer Service

Thus, at this point in our LightStream personal loans review, we are going to share with you more detailed information about each aspect of the company’s personal loan services.

Loan Features

To be honest, upon looking at what LightStream personal loans have to offer, we definitely could say how the company uniquely made it.

There are so many things to like about the service they provide, which include the following features:

  • Wide range of loan amounts
  • Low APRs
  • Long repayment terms
  • Online application
  • Joint application
  • Autopay discount
  • Loan experience guarantee
  • Availability

As we always say, as borrowers, it is important to shop around before sealing any deal so you can compare not just rates but other factors as well. In this case, you can compare features that lending companies offer on a certain product or service.

By shopping around, you get to eventually settle with the best option possible.

Loan Amounts

Another important thing to consider when shopping for a lending company is the loan amount options.

Of course, you sure should have a specific amount in mind — that way, it’s easier for you to choose a lender.

With LightStream, the company offers a wide variety of loan amount options. They can lend as little as $5,000 and at most, consumers can borrow $100,000.

To be fair, they probably are one of the lending companies that lend money up to that extent, which is good. Needless to say, it makes them suitable both for consumers who need just enough and those who need much.

Interest Rates

The annual percentage rate or APR is probably one of the most important factors that every borrower should look into when selecting a lending company.

Ideally, you borrow from a company that charges the lowest APR possible.

LightStream is definitely competitive when it comes to this aspect. The lending company’s fixed interest rates vary from 3.49% to 19.99% with autopay. As for those without autopay, you can expect to be charged 0.50 points more.

As a standard rule when it comes to APRs, the higher your credit score is, the most likely you are to be charged with a lower interest rate. As with those with not so good credit, expect to be charged more.

Loan Terms

Once you have already figured the loan amount and the rates, another factor to look into is the repayment terms available.

You have to ensure that the company provides you with options depending on your capacity to pay.

With LightStream, the company requires a minimum of two years loan period. However, you can repay the loan for up to 12 years. Fair enough, right?

Please take note though that choosing a long repayment term means lower monthly repayment amount, but bigger interest rate. Meanwhile, the shorter the payment terms is, the lower the interest rate will be.

Fees

Another important thing that borrowers must check when looking for a lender (be it a bank, a credit union, or an online lender like LightStream) are the fees that come with the loan.

While a lot of lenders charge borrowers with a list of fees, LightStrea does not charge anything.

Yes. The lending company does not charge origination, prepayment, or late fees. The only possible charge you need to pay is an added 0.5% if you do not choose to autopay. Other than that, you do not have to worry about anything.

Refinancing

Another thing to like about LightStream is that the company offers a variety of refinancing options, which include loans for automobiles, boats, RVs, aircraft, and motorcycles, as well as timeshares.

In your application, you can choose the best refinancing option depending on your needs.

Funding

Since LightStream is an online lending company, it is quite expected that the application process is quick, as well as the funding.

As mentioned earlier, with LightStream, expect to receive funds as soon as the same day you get an approval of your loan application. The funds will be deposited into your bank account.

Customer Service

Although LightStream is not rated by the Better Business Bureau (BBB), its parent company, which is the Truist, does have an A+ rating. The highest possible rate a company can have.

In 2019 alone, the Consumer Financial Protection Bureau got 25 personal loan-related complaints about SunTrust Bank (which is now called Truist), with a timely response for all.

Furthermore, another unique feature of LightStream is that the company offers a loan experience guarantee, which means, if you are not satisfied with your loan experience with the company, you can contact them through different channels, and receive a questionnaire about improving services. You will get $100 from LightStream once they receive the completed questionnaire within 30 days of loan issuance.

Availability

LightStream is available for customers across all 50 states. While Truist brands do have physical locations, LightStream is only available online.

WHO QUALIFIES FOR A LIGHTSTREAM PERSONAL LOAN?

Now that you already what LightStream is all about, the personal loan options it offers, and the different essential details about their personal loan services, it’s time to evaluate your qualification.

At this point in our LightStream personal loans review, we are going to look into who particularly qualifies for a loan.

Generally speaking, LightStream does not have a lot of hard requirements. However, as we have mentioned a couple of times now, the company particularly caters to borrowers with good or excellent credit.

Now, to help you self-assess your eligibility for a LightStream personal loan, here are some of the things that the company looks for when making a decision (as to who gets approved or denied):

  • Credit score must be at least 660
  • Must have several years of credit history (based on LightStream, excellent credit borrowers have at least five)
  • Must have multiple account types within your credit history (This includes car loan, mortgage, credit cards, as well as other installment loans.)
  • Evidence of the borrower’s ability to save money like investments as well as retirement savings
  • Must have a strong payment history with very few or no delinquencies at all
  • Must have enough money to pay off existing debts, as well as the supposed LightStream personal loan
  • The maximum debt-to-income ratio varies depending on the borrower’s existing assets as well as the reason behind the loan

Furthermore, personal loans with LightStream must have a purpose. LightStream, though, has a few acceptable uses to choose from. This includes the following:

  • Credit card or other debt consolidation
  • Boat, RV, or aircraft purchase or refinance
  • Car purchases (This includes buying a new or used vehicle from a dealer or private party, lease buyouts, or refinancing.)
  • Home improvement (such as remodels, pool installation, or solar panel installation)
  • Pre-K to 12th-grade education loans
  • Timeshare purchase
  • Motorcycle purchase or refinancing
  • Medical expenses
  • Adoption expenses
  • Wedding expenses

HOW TO APPLY FOR A LIGHTSTREAM PERSONAL LOAN?

LightStream’s personal loan application process is quick and straightforward just like how most online lending companies are.

However, to ensure your personal loan application process will be seamless, you have to get a few documents in order.

During the application, you will have to provide the following information:

  • Personal Information – Just like any other lending company, you will be asked to provide personal information such as your complete name, address, contact information, as well as your social security number. You will also be asked to provide your citizenship.
  • Co-Applicant Information – LightStream offers an individual as well as joint applications. In the latter’s case, you will be asked to share upfront if you have another person on the loan apart from you, and then provide his or her information as you process the loan application.
  • Loan Information – Borrowers will of course need to provide how much money they intend to borrow, the desired loan terms, as well as the purpose of the loan.
  • Work and Employment Information – Similar to other lending companies, LightStream wants to ensure that borrowers have the capacity to repay the loan in a timely manner. Thus, the company will ask borrowers to provide work and employment information such as work status, annual income, as well as other means of earning money apart from the regular job. The company will also require borrowers to provide monthly home costs as well as details whether or not the borrower has checking, savings, and/or retirement accounts.

Please note that all the information stated above is equally important for LightStream to be able to process your loan application.

Moving on, once you have submitted all the details required, the company will immediately review your application, conduct a hard credit pull, and then, decide on the status of your application.

If approved, you will be asked to sign a loan agreement, and then set up your funding date and payment information. All of these will be done online.

The disbursement of funds to your account can happen as soon as the day you applied for the loan — provided, of course, that the application is verified and approved before 2:30 in the afternoon (EST) on a business day.

WHAT ARE THE PROS AND CONS OF A LIGHTSTREAM PERSONAL LOAN?

We are almost done with our LightStream personal loans review. Now, to complete this review, we are now going to share with you the pros and cons of a LightStream personal loan.

Hopefully, this completes the details you need to be able to arrive at a decision – whether to apply for a personal loan at LightStream or not.

PROS

  • It charges low rates for borrowers with good or excellent credit.
  • LightStream provides a quick and easy application process with less hard requirements.
  • A decision is provided as quickly as the same day of the loan application.
  • The lending company does not charge fees except for a possible 0.5% more for those who will not enroll for autopay.
  • LightStream offers a wide range of loan amounts, as well as long loan terms.
  • The company offers a rate discount for borrowers who will enroll in autopay.
  • The company provides more than 30 different loan uses.
  • LightStream allows co-signers for the loan.
  • You can borrow money to as much as $100,000 — making it ideal for large loans.

CONS

  • The minimum loan amount is quite high at $5,000.
  • It is only applicable to customers with good or excellent credit.
  • The lending company does not offer a pre-approval process.
  • LightStream requires several years of credit history.

FINAL THOUGHTS ON LIGHTSTREAM PERSONAL LOANS REVIEW

There are a lot of lending companies that offer personal loans out there. With so many around, it could get a little overwhelming for borrowers to choose the right one. Needless to say, the lending industry is quite competitive, too.

LightStream is one of the options available, and we’re glad to say that it is one of the best when it comes to online lending especially for customers with good or excellent credit. It provides a lot of amazing features that benefit borrowers.

So, have you decided yet if you will choose LightStream over other online lending companies out there?

If we are to say, based on the information we provided in this LightStream personal loans review, we highly recommend dealing with this lending company. It surely has one of the best offerings in the industry.

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Investment Apps and Websites

Spotloan Review: The Best Short-Term Lender For You

This Spotloan review will give you a few reasons why this lender is one of the best options when it comes to short-term loans. Needless to say, one of the few ones that offer amazing deals.

Spotloan review What borrowers need to know

Ideally, short-term loans should be our last resort. However, there comes a time when unexpected circumstances happen and you’ll need extra cash. Thus, you are left with no choice but to borrow from lending companies (unless of course, you have family or friends who are willing to help).

Guess what? There is totally nothing wrong with that! In fact, a lot of people resort to payday loans or short-term loans in order to get by especially when finances are too tight.

Pay-day loans or short-term loans are not your usual loans. Meaning, unlike other types of loans, this one charges quite a high-interest rate. In fact, according to an article published by CNBC, it says that there are short-term loans that cost over 20 times more in interest as compared to an average credit card.

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However, no matter how high the interest may get, still, it has been found that every one in 10 American people get into short-term loans.

According to a report by Forbes online, there are as many as 12 million Americans who take a payday loan every year.

Furthermore, the report says that according to the Center for Financial Services Innovation, borrowers usually earn roughly $30,000 a year and that 58% of them are, unfortunately, having difficulty in meeting basic monthly expenses. Thus, they give into borrowing money from lending companies.

Now, there are a lot of lending companies out there. In fact, there are too many options in can get a little overwhelming sometimes.

But, as we always say, we highly recommend rather encourage borrowers to always shop around first, compare rates and terms, as well as fees and charges before you even seal a deal with a particular lender.

It pays off to shop around and compare. By doing so, you get to find the best deals possible.

Anyway, while there are a lot of options, one of, probably, the best choices out there is Spotloan. Based on feedback from borrowers, there is so much potential here. Needless to say, they’ve got really competitive rates when it comes to payday loans.

So, to learn more about this lending company, we are doing this Spotloan review. We are going to look into every detail that every borrower has to know especially when it comes to payday or short-term loans.

For reference, we are going to specifically tackle the following:

  • What is Spotloan?
  • Why choose Spotloan?
  • What do you need to know about Spotloan short-term loans?
  • Who qualifies for a Spotloan short-term loan?
  • How to apply for a short-term loan at Spotloan?
  • What are the pros and cons of Spotloan?

Before we proceed, here’s a video by eHowFinance about what short-term loans are and its pros and cons:

WHAT IS SPOTLOAN?

Launched in 2012, Spotloan portrays itself as a payday loan alternative (but in reality, they are a short-term loan provider). The company provides quick cash to borrowers, but unlike payday loans, it provides more manageable repayment terms.

Spotloan promises borrowers a savings of up to 50% as compared to traditional payday lenders out there.

Spotloan is a company owned by BlueChip Financial, which is an Indian Tribe-backed entity. Thus, it does not abide by state regulations contrary to other payday or short-term lenders. The company, instead, operates under local Tribe laws.

As a direct lender, though, borrowers only deals with Spotloan, which is why it does not match you with any third-party provider.

Since Spotloan is a short-term lender, similar to most short-term lenders, borrowers should expect to end up paying a high annual percentage rate. Although it is generally competitive when it comes to APR, the company does have a maximum APR of 490%. But this should not be a problem if you have good or excellent credit. Most likely, you will get better rates.

The thing we personally like about Spotloan is that it revolutionizes the emergency loan market by utilizing FinTech technology.

As mentioned, the company provides loans directly to borrowers through a desktop or mobile devices. Furthermore, the company does underwriting loans in just a couple of seconds without the need for applicants to fill out a lengthy application (which is usually the case when dealing with traditional lenders).

The company is proud to say that there are over half a million people who have used Spotloan already as of to date.

WHY CHOOSE SPOTLOAN?

Now that you already know what and who Spotloan is, this time around, we’ll look into why a borrower should choose Spotloan over other short-term loan lenders out there.

There are three major things that Spotloan takes pride of — perhaps what makes them stand out from the rest.

Spotloan provides you with…

  • Loans You Control
  • Payments You Can Manage
  • Savings

Based on their website, this is how each of the above-mentioned items where defined:

Loans You Control

Loans at Spotloans are tailor-made to fit every borrower’s needs. You get to pick your loan amount, as well as the duration of the loan.

Furthermore, you are free to choose either make regularly scheduled payments or pay the loan earlier than scheduled. Whatever you choose, Spotloan promises to work with you to ensure you are and your loan is on track.

Payments You Can Manage

Spotloan is an installment loan. Thus, every regularly scheduled payment definitely helps lower down the cost of your loan so you can kiss the payday loan balloon payment goodbye.

Savings

As mentioned earlier, Spotloan promises that you can save up to 50% as compared to a typical online payday loan.

Now, apart from the above-mentioned, Spotloan also promises borrowers to get the following perks:

  • A better rate on your next loan with us after completing your first loan with Spotloan
  • Highly trained customer service agents to help you every step of the way
  • The freedom to pay off your Spotloan at any time with absolutely no prepayment penalty
  • The flexibility to pause your payments (as long as your account is in good standing)

WHAT DO YOU NEED TO KNOW ABOUT SPOTLOAN SHORT-TERM LOANS?

At this point in our Spotloan review, we are going to talk about all the other essential information every borrower needs to know when it comes to applying for a Spotloan short-term loan.

If we are going to base our thoughts on the information we have shared with you above, we have to say that Spotloan does really have the potential of the best short-term loan provider. Its promises are on-point, and basically what every borrower wants to know.

But, before we even conclude anything, it is also important to be fully aware of the following:

  • Loan Amount
  • Interest Rate
  • Loan Terms
  • Funding
  • Fees
  • Payment Options
  • Customer Service

So, let’s look into each of these items now —

Loan Amount

One thing we noticed with Spotloan is that, unlike other short-term loan lenders, the company’s loan structure is very straightforward.

At Spotloan, they lend money at a minimum of $300 up to $800. While this may seem like a small amount compared to what other lenders offer, we thought it’s actually a good thing that the company is engaged in sensible lending.

If you need a larger amount, well, you can absolutely apply for a long-term loan instead. Makes sense now, right?

By borrowing a long-term loan, you get to borrow a large amount, at the same time, the interest rates will definitely be cheaper.

Interest Rate

One of the major factors to look into when getting a loan (whether it is short-term or long-term) is the interest rate or the annual percentage rate (APR).

To be upfront, Spotloan may have higher APR compared to other lenders out there.

Depending on the terms, your APR could be as high as 490%. We know what you are thinking, that’s quite high! But also look into it that the actual APR would still depend on your credit score, which means, if you have a high credit score, then you’d definitely have a better APR.

Meanwhile, if you have poor or no credit at all, you better look for another lender instead.

Loan Terms

Since this one’s a short-term loan, it’s quite reasonable that the repayment terms are not that long as well. With Spotloan, borrowers do have the option of paying off the loan in 3 to 8 months.

Do not worry about trying to figure out how long to pay off the loan as the platform helps you determine how long you should take the loan out for depending on how much you can afford to pay back.

By the way, keep in mind also that the longer you pay for the loan, the higher the interest rate would be. So, yeah, ideally, you pay it off early.

Funding

Since Spotloan processes loan application online, and as mentioned earlier, they can grant approval of a lot spot on, the successful loan application can get their loaned money within the same day of approval or up to two business days after approval of the loan.

Fees

So, here’s the good news — Spotloan does not charge any fees (such as origination fee, prepayment fee, annual fee, etc.) except for the APR.

We thought it’s a wise move for Spotloan as a lot of its competitors charge origination fees, which can cost up to 5% of the loan amount.

Payment Options

Spotloan offers a number of options when it comes to paying the loan back.

You may choose from any of the following choices:

  • Automatic Debit – This is the easiest way to repay the loan. You basically have to set up an automatic debit from your checking account, and then let Spotloan automatically debit your payments every two weeks until the loan is repaid in full.
  • Money Order – With money order, you have to ensure that the money is received by the lender before the scheduled repayment date.
  • Check – Another option to pay off the loan is by issuing a check. You just have to mail it to Spotloan, but make sure it does get into the company before the repayment date.

Customer Service

For any questions or clarifications, and to know more about what other products do Spotloan offer, you may contact them through the following channels:

Phone: (888) 681-6811

Email: help@spotloan.com

Mail: Spotloan, P.O. Box 720, Belcourt, ND 58316

The customer service team at Spotloan is only available to assist you during the following office hours (Central Time):

Monday-Friday: 07:00 – 20:00

Saturday-Sunday: 09:00 – 18:00

WHO QUALIFIES FOR A SPOTLOAN SHORT-TERM LOAN?

Next to our Spotloan review is knowing who qualifies for a short-term loan.

As a borrower, it is important to check this one out before you even apply for a loan. Apart from the fact that you can do a self-assessment whether or not you qualify for the loan, ultimately, you do get to save a lot of time and effort.

Now, with Spotloan, it is important to note that it only operates in selected states in the country. Spotloan is available in 38 states, as well as in the District of Columbia.

For your reference, below is where Spotloan operates:

Alabama, Alaska, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming

Moving on, if you reside in the above-mentioned states or if you are from the District of Columbia, then you may now check the other requirements to qualify for a Spotloan short-term loan.

Generally speaking, Spotloan does have a minimum requirement as compared to other lenders. The company requires borrowers of short-term loan to:

  • Be at least 18 years old
  • Have a regular source of income
  • Have a checking or savings account
  • Have a phone number and email address

In addition, borrowers must also:

  • Be a US citizen or permanent US resident
  • Hold a valid social security number

Spotloan is considered a bad credit lender, which means they do not have a minimum credit score requirement. But again, having bad credit means you have to be ready to be charged for a high-interest rate.

HOW TO APPLY FOR A SPOTLOAN SHORT-TERM LOAN?

So you already know what the company requires when it comes to borrowers of short-term loans. This time around, we’ll share with you the process of the loan application.

To apply for a Spotloan short-term loan, all you have to do is go to their online platform — their website. Then, fill out the online application.

Again, make sure you are at least 18 years old, you have verifiable employment, as well as another source of income, a bank account, phone number, and an email address.

Furthermore, you will need the following information to be able to complete the loan application process:

  • Full name
  • Address
  • Date of birth
  • Social Security number
  • Length of time at residence
  • Phone number
  • Email address
  • Employer name/address
  • Proof of income
  • Bank account details

All approved loan applicants who agreed to the loan terms can receive their loaned money as soon as within the same day up to two business days after sending the loan application.

WHAT ARE THE PROS AND CONS OF SPOTLOAN?

This Spotloan review, just like the previous reviews we did, will not be complete without our list of pros and cons. These details will, hopefully, help you as you make an informed decision.

Here’s what we found —

PROS

  • The company has a sensible short-term loan offering of as low as $300 up to $800.
  • It is ideal for borrowers with poor or bad or no credit at all.
  • The company has a fast funding time — allowing borrowers to receive funds either on the same day of their application or up to two business days.
  • Your loan application will not have an impact on your credit report
  • The company provides multiple ways to repay the loan.
  • It does not charge any fee (including prepayment fees) except for the APR.
  • Spotloan is a trusted service provider with a high rating on Truspilot, and has earned many excellent five-star ratings.
  • It has few requirements to apply for a short-term loan.
  • Borrowers can choose their preferred repayment terms.
  • It allows borrowers to pause payments if for some reason they are unable to make a payment — provided the borrower’s account is in good standing.

CONS

  • It is only available in selected states in the country.
  • The interest rate could go as high as 490%, way higher as compared to other lending companies.

FINAL THOUGHTS ON SPOTLOAN REVIEW

Technically, short-term or payday loans should be any borrower’s last resort. As much as possible, if you can find a family or a friend who can lend you the amount you need, do look for one.

Short-term or payday loans are both known to charge high-interest rates — now you know why it should be the last option in mind.

But, if all else fails, and you are left with no other choice but to get a short-term loan, there are a lot of options out there. Just manage your expectation as most of them do have high-interest rates including Spotloan.

While Spotloan does have a high-interest rate compared to other short-term lenders, it makes up when it comes to perks and features.

So, if you are going to ask us if we are to recommend getting a short-term loan at Spotloan, we got to say that based on the information we provided in this Spotloan review plus the many other consumers reviews, it is a yes.

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Fifth Third Bank Personal Loans Review: Is It The Right Lender For You?

This Fifth Third Bank personal loans review will provide you essential information about the bank and how to get a personal loan from it. Who knows, after this, you might just realize you’ve already found the most ideal lending company for you.

Fifth Third Bank Personal Loans Review

In 2018, according to data published by Debt.org (America’s Debt Help Organization), American household debt hit a record of $13.21 trillion. This debt was shared by about 300 million people in the country.

Meanwhile, in a report by CNBC online, it says that US personal loans per se increased to a record of $138 billion. The article states that fintech companies may have helped boost the increase in number. Of course, traditional banks and lending companies do share a lot as well.

The number of debts especially personal loans is expected to continue rising. Well, given the current situation in the country and all around the globe, it wouldn’t be surprising if, by the end of the year, the number of personal loans will hit another record.

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Now, as the demand for loans increases, so are the number of lenders. In fact, there are so many financial institutions and lending companies (both online and traditional) out there that as a borrower, it could get a little overwhelming to choose one.

One of the options in a sea of lenders is the Fifth Third Bank, and as we have said earlier, this Fifth Third Bank personal loans review will specifically provide every potential borrower all the essential information they need to be able to come up with an informed decision.

Particularly, we are going to tackle the following:

  • Who is Fifth Third Bank?
  • Why consider getting a personal loan at Fifth Third Bank?
  • What kind of personal loans does Fifth Third Bank offer?
  • What do you need to know about Fifth Third Bank personal loans?
  • Who qualifies for a Fifth Third Bank personal loan?
  • How to apply for a Fifth Third Bank personal loan?
  • What are the pros and cons of Firth Bank personal loans?

WHO IS FIFTH THIRD BANK?

Fifth Third Bank is the primary subsidiary of Fifth Third Bancorp, a diversified bank holding company in the United States. Fifth Third Bancorp, which was founded in 1858 is one of America’s Top-20 largest bank holding companies.

Although headquartered in Cincinnati, Ohio, Fifth Third Bank, which is classified as a community bank, is serving individuals, businesses, as well as communities in 10 states, through more than 1,200 full-service locations.

Similar to other community banks out there, Fifth Third Bank is committed to improving the lives of people living in local communities where they operate. They make it possible by offering financial products that fit every budget and lifestyle.

Fifth Third Bank offers both online and mobile banking services that provide access to banking accounts, view bank transactions, and deposit checks to name a few.

Meanwhile, when it comes to the products and services they offer, like any typical bank, Fifth Third Bank offers savings and checking accounts, loans, and more.

Today, though, as the title implies, we are specifically focusing on its personal loan products.

First Third Bank is an accredited business with the Better Business Bureau for years. Currently, it has an A+ BBB rating, which is the best rate possible.

Unfortunately, though, the bank’s customer reviews on the BBB website are less pleasing. On average, customers award it the minimum one star out of a possible five.

Before moving on, if you want to know more about how to hit an approval of your personal loan application, you may want to check this very informative video by Ajith Sharma. Check this out by clicking the play button below:

WHY CONSIDER GETTING A PERSONAL LOAN AT FIFTH THIRD BANK?

It is every borrower’s responsibility to see to it that the lender they are eyeing for meets their personal requirements. In the same way that banks also look into every borrower’s eligibility for a particular product or service.

Now, before we even talk about who qualifies for a personal loan at Fifth Third Bank, why consider Fifth Third Bank in the first place?

While we can share a number of reasons, allow us to focus on the following instead:

  1. It provides funding in near-instantly by allowing borrowers to access borrowed money within one business day.
  2. Unlike other lending companies, the bank does not charge origination or prepayment fees.
  3. It has quite reasonable and competitive annual percentage rates (APRs) that range between 6.99% and 19.24% depending on the state.
  4. The bank made it to the J.D. Power 2019 Personal Loan Satisfaction Study.
  5. It is present in over 1,000 branches across 10 states (Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee, and West Virginia).

As we continue discussing, you will certainly know more about Fifth Third Bank and its personal loan services. More so, the more you get to learn about this bank and its personal loan options, the more you are likely to consider getting a loan from it.

WHAT KIND OF PERSONAL LOANS DOES FIFTH THIRD BANK OFFER?

Clients of Fifth Third Bank have to options for personal loans. These are Signature Loans and Secured Loans.

To learn more about the two, here’s a quick definition we got from Fifth Third Bank website:

Signature Loan

This type of loan is a simple and convenient way of getting money you need. The loan can be processed online, or through a mobile device.

By applying for a Signature Loan, you get to enjoy an instant decision to the status of your loan application, as well as the ability to access your funds within the next business day.

However, it is important to note that Signature Loan is exclusive for Fifth Third customers with an eligible checking or savings account only.

Features:

  • Loan amounts from $2,000-$25,000
  • Terms available: 12 – 60 months
  • Annual Percentage Rates range from 6.99% to 15.24%
  • No closing costs, prepayment or annual fee
  • Ability to select first payment date up to 45 days out

Secured Loan

By applying for a secured loan, you get to borrow you need now while letting your asset grow.

Similar to Signature Loan, this type of personal loan is available exclusively for Fifth Third customers with an eligible checking or savings account only.

Features:

  • Loan amounts from $2,000-$500,000
  • Between 50% to 100% of the collateral
  • Terms available: 12-60 months
  • Annual Percentage Rates range from 5.14% to 8.64%
  • No closing costs, prepayment or annual fee

WHAT DO YOU NEED TO KNOW ABOUT FIFTH THIRD BANK PERSONAL LOANS?

Now, at this point in our Fifth Third Bank personal loan review, will discuss in detail. We are going to look into every single aspect that is vital for any borrower to come up with a decision – whether to apply for a personal loan at Fifth Third Bank or look for another financial or lending institution.

Some of the key details we are going to look into are as follows:

  • Loan Amount
  • Interest Rate
  • Loan Terms
  • Fees
  • Collateral
  • Funding
  • Deferment
  • Prequalifying Option
  • Co-Signers
  • Customer Service

Loan Amount

As mentioned, Fifth Third Bank has two types of personal loans to choose from – the Signature Loan and the Secured Loan.

For Signature Loan, the minimum loanable amount is $2,000, while the maximum amount you can borrow is $25,000.

Meanwhile, for those opting for a Secured Loan instead, you can borrow as low as $2,000 up to $500,000.

Interest Rate

Just the same, the annual percentage rate also varies depending on the type of personal loan you are applying for.

For Signature Loans, the APR ranges between 6.99% and 15.24%. As for Secured Loan, APR varies ranges 5.14% to 8.64%.

As mentioned earlier, the interest rate will depend on certain factors, particularly the state where you are from or are applying from. So, to be sure, make it a point to inquire in the nearest Fifth Third Bank or you may reach them at their phone number (which we will be provided later on).

Loan Terms

When it comes to loan terms or repayment terms, borrowers of either Signature Loan or Secured Loan do have the same options to choose from.

Either way, the loan terms available are 12, 24, 36, 48, or 60 months.

The same rules apply at Fifth Third Bank. The longer the terms is, they lower the monthly payments will be. However, that results to paying more interest.

Meanwhile, opting for shorter-term loans means higher monthly payment, but ultimately, it will save you money in the long run.

Thus, make sure to strike a balance between the two.

Fees

Another important thing that a borrower needs to look into before settling for a lender is to make sure he or she is fully aware of the fees. Unfortunately, there are lenders that do not explicitly inform borrowers of fees and charges.

Fortunately, Fifth Third Bank is very transparent when it comes to fees and charges. The bank does not charge closing costs, prepayment penalties, as well as annual fees.

While it is unclear how much or if the bank charges for insufficient funding, when it comes to late payments, they do charge a certain price, but that is only when you fail to pay after a 10-day grace period. Actual charge is not disclosed.

Collateral

For Secured Loans, clients who are planning to borrow between $2,000 and $500,000, Fifth Third bank requires at least 50% collateral.

Funding

As mentioned earlier, Fifth Third Bank provides an easy and accessible loan processing. In fact, borrowers can have access to funds within the next business day.

Yes, that is how fast they can process loan applications – provided of course that you are eligible and are able to provide all the information they need to process your loan application and make a decision.

Deferment

Another important feature that a borrower (especially those with a tight budget during the time of the loan) must look into is if the lender offers deferment.

Luckily, Fifth Third Bank offers a deferment option for Signature Loans. The borrower is given an option to defer the first payment date for up to 45 days. However, it is important to note that interest will still accrue.

Prequalifying Option

Unlike other financial institutions or lending companies, Fifth Third Bank does not have a prequalifying option, which means you have to apply instead of getting an upfront quote.

The thing about applications is that it can affect your credit score.

If you want to have an idea though, you can check the bank’s signature loan monthly payment calculator, which is available on their website.

Co-Signers

While some lenders do allow co-signers, Fifth Third Bank does not specify a policy on co-signers. We assume, however, that should the bank allow it, the co-signer has to have an eligible existing account with the bank.

Customer Service

If you have questions, clarifications, or you know more about the bank’s products and services particularly its personal loan options, Fifth Third Bank can be contacted by sending an email, calling over the phone, or by setting an appointment at a branch near you.

For inquiries over the phone, you may call 1-800-972-3030 on Mondays through Fridays, 8 a.m. to 6 p.m. EST, and on Saturdays, 10 a.m. to 4 p.m. EST.

WHO QUALIFIES FOR A FIFTH THIRD BANK PERSONAL LOAN?

There are no upfront application requirements to be able to get a personal loan from Fifth Third Bank. Anyone can apply regardless if you already bank with Fifth Third or not. Your credit score does not matter, too. But of course, as a general rule, having good credit will surely help improve your chances of getting approved for a personal loan.

Ideally, your credit score must fall above 760 to be considered excellent. Meanwhile, credit scores that are above 700 are considered good, are likely to still be granted with personal loan approval.

Similar to most if not all lenders, when applying for a loan, you need to provide personal information like your existing assets and debts (if any). At the same time, provide verifiable income history. This information is vital for the bank to come up with a lending decision.

Although the bank allows the processing of loan applications online or via mobile, borrowers may also opt to apply personally in any Fifth Third Bank branch near them.

When you apply for a personal loan — whether it be Signature Loan or Secured Loan — make sure to have all the required information with you. Not having all of them may slow down the process.

Some of the common information you’ll be asked to provide include:

  • Name
  • Address
  • Date of birth
  • Proof of identity, such as a driver’s license
  • Social Security number
  • Annual income
  • Proof of income, such as bank statements or pay stubs
  • Verification of employment

Make sure also that all the documents you have are clear, accurate, and easy to understand. The goal is to leave a few questions to the loan officer.

HOW TO APPLY FOR A FIFTH THIRD BANK PERSONAL LOAN?

Now that you already know what Fifth Third Bank is all about, its personal loan options, as well as other essential information a borrower must know, this time around, we are going to provide you with information on the loan application process.

This Fifth Third Bank personal loan review will not be complete without us sharing with you this equally important information — especially if by now you have already decided to pursue a personal loan application at Fifth Third Bank.

To apply for a personal loan, you have two options — either you go online or you visit a branch near you to process your loan application personally.

If you are opting to apply online, all you have to do is go to the Fifth Third Bank website. Then, navigate to the Personal Loans and Lines of Credit page. Choose whether you are opting for a Signature Loan or a Secured Loan, and then click “Apply Now”.

Automatically, you will be prompted to log in to your Fifth Third Bank account. You will then be asked to complete the whole loan application process and essentially, get an instant loan decision.

As we mentioned earlier, once approved, funds are deposited into your account the next business day.

Meanwhile, if you want the more traditional way, you may also do so. Just look for a Fifth Third Bank near your place, and call the branch to set an appointment.

WHAT ARE THE PROS AND CONS OF FIFTH THIRD BANK PERSONAL LOANS?

At this point in our Fifth Third Bank personal loans review, we are going to share with you some of the pros and cons that we found about the bank.

Similar to other lending companies, Fifth Third Bank does have its share of good and bad as well. After all, there is no such thing as a perfect lending company, right?

So, here are what we found —

PROS

  • It provides two options for different types of customers.
  • It has a wide range of repayment terms.
  • Providing a rate discount is possible.
  • It does not charge an origination fee, prepayment penalty, or annual fee.
  • Borrowers can apply for a personal loan either online or personally at a Fifth Third Bank branch.
  • Usually, lending decisions are given near-instantly.
  • Funds are provided within one business day.

CONS

  • The interest rates are not the lowest in the industry.
  • The bank is only available in 10 states (although it has over 1,000 branches across all those states).
  • Personal loans are only available to existing customers with an eligible Fifth Third Bank checking or savings account in good order.

FINAL THOUGHTS ON FIFTH THIRD BANK PERSONAL LOANS REVIEW

Overall, Fifth Third Bank is a promising option to get a personal loan from. It provides borrowers options on whether to go for an unsecured (Signature Loan) or secured loan.

Credibility-wise, with over 150 years of existence in the industry, the bank has definitely earned it.

So, do you think Fifth Third Bank is the right bank for you to apply for a personal loan from?

As you decide, just keep in mind all the essential information we provided in this Fifth Third Bank personal loans review. They sure are very helpful in making a decision.