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Investment Apps and Websites

How To Use A Line Of Credit And Make The Most Out Of It

Learning how to use a line of credit will allow you to take advantage of it to its full potential. Needless to say, knowing how to use it properly will protect you from making regretful decisions in the future.

how to use a line of credit

In a report published by Experian, it says that “consumer debt in the U.S. has grown 19% since 2009 to its current record high of $14.1 trillion.” Furthermore, it says that while debt in aggregate increased, the same happened to the totals in almost every debt category — with some doubling even.

Based on the same report, mortgage loans remain to be on top of the list with an all-time high record of $9.6 trillion. Next on the list are auto loans, student loans (which doubled in number), as well as credit card debt, and home equity lines of credit (which is a type of line of credit) with balances total to $420 billion. Following on the list are personal loans and retail credit card debt.

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Although compared to other debt types, the report says that “HELOCs have increased by at least double-digit percentages in the past decade.

There could be a lot of reasons or factors to consider for the increase, but one thing’s for sure, more and more people are getting lines of credit. We thought, perhaps one of the reasons why is the fact that a line of credit has a lower interest as compared to credit cards, which is its major competitor as they function almost the same. Another reason could be the flexibility, as well as the fact that like personal loans, you can basically use it for almost anything.

While there are so many reasons to like about lines of credit, we highly recommend that before you even get into one, you better learn and understand how it actually works, and how to effectively use it.

As borrowers, it is our responsibility (we owe it to ourselves, anyway) to be knowledgeable about things (in this case, about lines of credit) before we even get into it — After all, the last thing we want is to get into trouble or to regret our decisions, right?

So, if you want to know more about the line of credit and how to use a line of credit, then this one’s for you.

In particular, we are going to share with you some of the most asked questions regarding lines of credit, which include the following:

  • What is a personal line of credit?
  • How does a line of credit work?
  • What are the different types of lines of credit?
  • How to use a line of credit?
  • How to apply for a line of credit?
  • Where to get a line of credit?

WHAT IS A LINE OF CREDIT?

A line of credit or simply a line of credit refers to a type of loan that is similar to a credit card in the sense that a borrower has a specific loan amount of money that is comparable to a credit card limit. That money can be used for any purpose, as needed.

Similar to personal loans, generally, lines of credit are unsecured, which means a borrower does not need collateral to get one. However, just like any other unsecured loans, most likely a borrower must have at least 700 credit scores plus a good history of repaying debts to ensure approval.

Just like personal loans and credit cards, a line of credit can be used for almost anything like home renovations, vacation, purchasing expensive furniture, as well as paying for medical bills and educational fees.

While you can spend your line of credit for almost anything you want, it is important to note that you must not exceed the approved line of credit or you might just be in trouble paying the loan off.

A line of credit, like any other type of loan, does have its share of highs and lows. It has its own set of risks, which could really end up costing a good amount of money if not handled well. Meanwhile, one of the major good things about it is that borrowers do not get charged for any unused amount.

HOW DOES A LINE OF CREDIT WORK?

Now that you already know what a line of credit is all about, let’s talk about how it actually works.

Unlike a typical loan or other types of loans, a line of credit gives borrowers access to a set amount of money that they can borrow or use when the need arises. What is good about is that you do not pay any interest until the borrower actually uses the money.

Lines of credit are available both for personal and business use, which makes it also a good choice among business owners when they need some financial backup.

With regards to personal lines of credit though, they are usually unsecured. As mentioned earlier, unsecured loans mean collateral is not needed to ensure the approval of the loan. However, having a good or excellent credit score is required.

Depending on the lending company, some lines of credit come with fees like annual fees, and there are limitations set when it comes to the amount of money you can borrow.

Once you have qualified for a line of credit, what happens is that you will have a set time frame, which is also known as “draw period”. During this time, you can draw money from the account. The draw period can last up to several years depending on the lender.

Again, depending on the lending company or financial institution, you may be issued with special checks or a card to use, or the company may transfer the money you need to your checking account once you are ready to borrow money. It’s best to check with your desired lending company first before getting one.

Moreover, as mentioned, you won’t be charged for any interest until you actually borrow money from your line of credit. Once you did, the interest will begin to accrue, and you will then have to pay at least the minimum payments required. Once you pay, the amount will be added back to your line of credit.

However, once your draw period ends, you will have to enter the repayment period, which means you will have a set time to repay the remaining balance.

While making payment at a minimum looks like a good option, please know that you actually are paying more by doing so. Thus, we highly recommend paying off what you need to pay off in time to avoid wasting money.

WHAT ARE THE DIFFERENT TYPES OF LINES OF CREDIT?

Before we even talk about how to use a line of credit, another important thing that you should know is the different types of lines of credit.

Yes, there are a few of them, which include:

  • Personal Lines of Credit
  • Business Lines of Credit
  • Home Equity Line of Credit (HELOC)

Now, allow us to tell you more about each type —

Personal Lines of Credit

Personal lines of credit basically allow any individual borrowers to use the money for any personal expenses like big purchases, home repairs, vacation, medical bills, weddings, and other significant life events, and others. A personal line of credit may also be used to consolidate higher-interest debts.

If you want to learn how to use a personal line of credit per se, here’s a very informative video by MonkeySee:

Business Lines of Credit

Obviously, this type of line of credit is designed for businesses. A business line of credit can be useful to get a business off the ground. This can be used to fund business-related expenses like paying vendors, payroll, paying tax bills, as well as in purchasing inventory.

A line of credit may also be helpful for those businesses that are just starting out as it can be used to create a more consistent cash flow, which can cover unexpected expenses.

Home Equity Line of Credit (HELOC)

HELOC is actually a popular type of line of credit especially for those whose home is worth more than their mortgage.

Unlike personal lines of credit though, HELOC is secured. Your home automatically becomes collateral. Since it is a secured loan, the line of credit is usually higher, and the interest rates lower. Also, borrowers may also gain tax benefits if HELOC is used to fund home improvements.

HOW TO USE A LINE OF CREDIT?

While we can run down a long list of how to use a line of credit, we’d rather provide you with some of the most significant tips on how you can make the most out of this type of financing.

First, plan ahead of time. As part of the planning process, you must see to it that the money you will get from a line of credit will only be used for significant purchases. Do not get a line of credit for small purchases. It’s not worth it. Instead of a line of credit, better use your savings for small purchases.

Second, shop and compare. We thought this one’s a very important tip. When opting to use a line of credit for certain expenses, make sure to shop around first and compare before settling for a specific lender. Doing so will allow you to choose the best deal possible.

Third, know and understand the terms of the agreement. When we say terms of the agreement, this includes knowing and understanding draw periods, when you have access to the money, as well as making interest-only payments.

Lastly, make early payments as much as possible. By making early payments, you get to cut down on future interest payments. But of course, ideally, you pay off whatever amount you used as soon as you can. That way, you can save a couple of bucks as compared to just paying the interest or the minimum amount required.

HOW TO APPLY FOR A LINE OF CREDIT?

Similar to other types of loans, to be able to get a line of credit, you have to look for a lending company or financial institution that fits best your requirements, and then, apply.

As usual, prior to giving approval for a line of credit, the lending company will assess and examine your creditworthiness. Generally, this will be based on your credit history, as well as your income.

Just like in any other type of loan, proving your creditworthiness is the most crucial part, but if you do have a really good record, plus you have a stable job with a good income, then, this should not bother you at all.

As soon as the lender gets to assess that you are worthy of a line of credit approval, then, funds will immediately be released (the number of days that will take before you receive the funds will depend on the lender).

Meanwhile, while preparing your application for a line of credit, consider taking the following steps to ensure approval of your loan application:

  • Review your credit report with all major credit bureaus through AnnualCreditReport.com.
  • Make sure to complete and/or update your financial record including your taxes, mortgage payments, etc. Also, make sure you have all your licenses as well as permits, and if you are registered correctly with both the local and federal governments.
  • Compare rates and other important loan details among lenders to ensure you get the best rate possible.

WHERE TO GET A LINE OF CREDIT?

At this point, you already know what a line of credit is, how it works, what you need to get approved of it, and of course, how to use a line of credit.

The next thing you need is where to actually apply for a line of credit.

One thing’s for sure – there are a lot of options out there. There are a lot of lenders providing a line of credit options.

Today, though, we are going to provide you with some of the industry’s best. This includes:

  • Wells Fargo
  • SunTrust
  • Bank of America
  • OnDeck
  • Navy Federal

Wells Fargo

Wells Fargo is one of the most popular banks in the country. Yes, it does offer lines of credit along with its other loan products.

At Wells Fargo, the bank provides lines of credit amounting from $3,000 up to $100,000, which makes it ideal for borrowers who need more line of credit.

When it comes to rates, the bank has very competitive rates that range from 9.50% up to 21% APR. Based on the record, at least 15% of the bank’s approved applicants qualify for the lowest rate available.

While the bank does not charge a balance transfer fee or cash advance fee, it does charge borrowers with a $25 annual fee.

If interested, you may apply online and get a reply soonest.

SunTrust

SunTrust is also a very popular financial institution in the country, and yes, they do offer a revolving line of credit, too.

At SunTrust, they provide a line of credit that amounts up to $250,000, and can even go as high as $500,000 for Private Wealth Management clients.

The lending company does not require collateral, and it does not charge application or annual fees as well.

However, the borrower must meet the minimum asset requirements, which amounts to at least $100,000.

Furthermore, SunTrust gives a 0.25% interest rate discount to those who pay through automatic deduction from a SunTrust account.

Similar to Wells Fargo, interested applicants may apply for a line of credit online, too. Expect that a decision is made within just a few minutes.

Bank of America

Bank of America is actually the best choice when it comes to HELOCs. The bank offers a low and very competitive home equity line of credit plus it provides several other benefits to borrowers.

The bank offers a special intro APR at only 1.74% for the first 12 months. Eventually, the rate increases to 3.65%, which still is very competitive.

Furthermore, Bank of America does not charge application, annual and closing fees, or any other additional costs as if a borrower wants to convert a variable-rate balance to a fixed-rate loan.

Also included among the perks it provides is that once an initial withdrawal is made when you open your account, you will automatically get a 0.10% discount for every $10,000 withdrawn.

OnDeck

OnDeck line of credit is ideal for small businesses. The lending company charges APR that starts from 10.99%, and borrowers can apply for a line of credit that could go as high as $100,000.

Such amount is very flexible and could cover various small business financing needs, which include bridging short-term cash flow setbacks, as well as financing growth opportunities.

Furthermore, what’s nice about OnDeck’s line of credit is that it does not charge any fees. More so, the company’s online application process may be done in as fast as 10 minutes.

Navy Federal

One thing we like about Navy Federal Credit Union is the fact that it allows HELOC borrowers to borrow money up to 95% of their property’s equity with a 20-year draw period, and a 20-year repayment period.

Navy Federal, similar to other lending companies in our list, does not charge any origination, application, annual, or inactivity fees as well.

Another thing to like about Navy Federal HELOC is that it offers a 0.25% rate reduction for borrowers who opt for automatic payments. Furthermore, the credit union will also handle most of the closing costs, which include settlement, notary fees, as well as a title search.

FINAL THOUGHTS ON HOW TO USE A LINE OF CREDIT

When it comes to financing needs, there is no such thing as one size fits all. That is why there are a lot of options available out there.

Line of credit, in particular, though is a good option if a borrower is going through challenging times – struggling in paying off bills, as well as a short-term dip in income. It is also ideal for those who have small businesses and need funds to help keep it going, to finance improvements, or even to start anew.

The line of credit is very flexible compared to other types of loans. It can be used for almost any purpose. Needless to say, it only accrues interest for the amount used.

Is it the right one for you? Well, if your needs fall under what we have discussed, then, the answer could be a yes.

Just keep in mind the tips we share on how to use a line of credit and you will surely be guided to ensure you do not use this type of loan for the wrong reasons.

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Investment Apps and Websites

PersonalLoans.com Review: Your Guide To A Seamless Online Loan Transaction

The best personal loan is the one that offers financial certainty by having fixed rates, repayment timetable, as well as fixed monthly payments. With this PersonalLoans.com review, we are going to share with you important information on how this online loan marketplace helps you find the best personal loan option possible.

PersonalLoans.com review

In an article published by The Washington Post online, it says that as of the end of 2019, there are more than 20 million Americans who have taken out personal loans. Based on the said report, according to Equifax, personal loans in the United States are up to more than 10% of how it was a year before.

Apparently, experts were surprised by the increase in the number of Americans taking on so much personal loan debt in spite of the fact that at that time, the country’s “economy looks healthy and paychecks are growing for many workers”.

In the same article, it says that according to Experian, the average personal loan balance is $16,259, which is almost similar to that of credit card debt.

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While there are a lot of factors to consider, one of the things that experts see as a major reason for the surge is the increasing number of financial technology or FinTech companies out there. FinTech companies operate mostly, if not entirely online, which makes loan transactions easier and more convenient.

Another factor for the rise of personal loans is the fact that this type of loan is unsecured, and can be used for almost any purpose.

Based on the current personal loan trend, experts believe that the number of personal loans will continue to increase this year and the years to come. Well, if we may say, given also the current situation in the country and in the world (in general), most likely, more people will rely on personal loans to get through.

Now, as mentioned, there are a lot of online lending companies out there. But apart from that, there are also a lot of online loan marketplaces that connect borrowers to the right lenders, making things even more convenient for consumers.

One of the online loan marketplaces is PersonalLoans.com. For sure, in one way or another, you have already heard of it or perhaps even encountered it online while you were searching for online lenders.

There is so much to learn about when it comes to online loan marketplaces, in this case, though, there is a lot to learn about PersonalLoans.com – particularly, how you can fully take advantage of the services it offers.

With that said, in this PersonalLoans.com review, we are going to provide you answers to some of the most commonly asked questions about this online loan marketplace.

Specifically, we are providing you answers to the following questions:

  • What is PersonalLoans.com?
  • How does PersonalLoans.com work?
  • Why use PersonalLoans.com?
  • What do borrowers need to know about PersonalLoans.com’s personal loans?
  • Who qualifies for a personal loan at PersonalLoans.com?
  • How to apply for a personal loan via PersonalLoans.com?
  • What are the pros and cons of using PersonalLoans.com?

WHAT IS PERSONALLOANS.COM?

First and foremost, let’s know more about the company itself — PersonalLoans.com.

Launched in 2017 and based in Roosevelt, Utah, PersonalLoans.com is an online lending portal that connects borrowers to the right lending company. Yes, PersonalLoans.com is not a direct lender rather an online loan marketplace that borrowers can take advantage of especially if they want to save time and energy from doing the search themselves.

PersonalLoans.com offers consumers with various services, which include peer-to-peer, bank, as well as installment loans.

Similar to other personal loans out there, personal loans offered by the company can be used for anything. Borrowers can use it for major purchases, medical procedures, home improvement, taxes to vacations, as well as debt consolidation, and many more.

PersonalLoans.com does have a wide range of participating lenders. This allows them to provide a lender for every type of customer.

Through this online lending portal, borrowers can get personal loans of up to $35,000 over a term of 6 years maximum without having to leave your home or exert too much time searching where to get a loan from. Needless to say, PersonalLoans.com may be able to help you get funding in as soon as one business day.

As we go through this PersonalLoans.com review, you will learn more about how it actually works, and how you, as a borrower, can take full advantage of this online lending platform.

HOW DOES PERSONALLOANS.COM WORK?

As mentioned, PersonalLoans.com is not a direct lender. It is an online loan marketplace. It acts as a middle-man between the borrower and lenders.

Being an online loan marketplace is actually an advantage since PersonalLoans.com can give borrowers the ability to get loan quotations from different financial institutions or lending companies with just a single application.

Once you have already submitted an application, participating lending companies will then pull your credit report, and depending on your credit type, lenders may accommodate loans for credit scores ranging between fair to excellent. Borrowers with poor credit history, however, may still try as there might be other lenders that could accommodate your loan application.

When it comes to determining which lenders and loan programs will work best for a borrower, PesonalLoans.com uses a particular algorithm. By using such an algorithm, choices are narrowed down to those who offer programs that will fit based on the borrower’s loan request or requirements.

While disbursement of funds will depend on the lender, PersonalLoans.com may provide funding for as soon as one business day.

WHY USE PERSONALLOANS.COM?

With so many options out there — direct lenders included — why use PersonalLoans.com?

One thing we like about this online loan marketplace is that it provides a straightforward process of requesting and signing up for a loan that fits best a borrower.

Apart from that, PersonalLoans.com is completely free. You can use it without having to worry about being charged for a service fee or something similar.

Surely, lenders may charge you fees and penalties, but using PersonalLoans.com alone, you won’t. That is why we highly recommend this as a tool where borrowers can shop and compare by simply sending one application.

Furthermore, PersonalLoans.com also has other features that make it stand out from other online loan marketplaces. These features include:

  • PersonalLoans.com is a member of the Online Lenders’ Alliance (OLA), which means the company commits to fair and honest consumer practices. More so, it means that the company is required to comply with all federal laws and regulations, as well as ensure the protection of its customers from fraudulent acts, and other illegal threats online. It is also expected to deliver the best user experience possible.
  • It offers flexible terms, which is precisely one of the reasons why the company rises to the top of the lending portal ladder.
  • The company offers a variety of loan options that consumers can choose from. Borrowers can choose from peer-to-peer loans, bank loans, or installment loans.

WHAT DO BORROWERS NEED TO KNOW ABOUT PERSONALLOANS.COM’S PERSONAL LOANS?

This PersonalLoans.com review is useless if we will not tackle some of the most important loan aspects or details, which include the following:

  • Personal Loan Options
  • Loan Amounts
  • Interest Rates
  • Fees
  • Loan Terms
  • Repayment Options

Before you even head on to the PesonalLoans.com portal and apply for a personal loan, make sure to know about these details first to ensure you won’t waste time and effort. The last thing you want is to send your application only to find out that the company cannot cater to your personal loan requirements.

With that, let’s tackle these items one by one:

Personal Loan Options

While there are a lot of online loan marketplaces out there, most of them offer one loan option only. With PersonalLoans.com, the online lending portal provides borrowers three personal loan options: peer-to-peer loans, bank loans, or installment loans.

Similar to other personal loans, the ones offered by the company are unsecured loans, which means, borrowers, do not need collateral to be able to acquire a loan.

Meanwhile, just in case you want to know more about unsecured personal loans, here’s a very helpful guide from The Smart Investor:

Furthermore, these loan options may be used for various reasons (almost anything) like for home improvement, medical emergencies, vacation, wedding or any special life events, repair of a vehicle, and many more.

Loan Amounts

When looking for a personal loan lender, it is important to have a specific amount in mind already. This helps narrow down your search, or in this case, narrow down the choices.

While loan amounts vary from one lender to another, at PersonalLoans.com, they offer loans provided by the company’s network of lenders that amounts from $1,000 up to $35,000. This makes it an ideal choice for people who are looking at borrowing money within that range.

Interest Rates

Another important factor that borrowers need to consider when getting a loan is the interest rate. As much as possible, you look for a lender that offers the lowest interest rate as this helps you save a couple of hundred or thousand dollars.

At PersonalLoans.com, though, most personal loans (offered by their lenders) have an interest rate that ranges between 5.99% for borrowers with pleasing credit score and income profiles, and 35.99% for those with unattractive or low credit scores. 

Fees

As mentioned earlier, using PersonalLoans.com is free of charge. However, its network of lenders may charge various types of fees (the fees and the amount vary from one lender to another).

In most cases, lenders may charge an origination or application fee, which basically covers administrative services. This fee is usually based on a percentage of your total loan amount. Usually, though, it ranges from 1% up to as high as 8% of your loan amount.

Furthermore, some lenders may also charge late fees. While most do not charge prepayment penalties, some may also do.

Thus, it is important to check your loan documents for these charges so you won’t get surprised along the way.

Loan Terms

Again, when it comes to loan terms, it varies depending on the lender. But generally, PersonalLoans.com network of lenders offer loan terms that range from 3 months up to 6 years.

Repayment Options

As we have said, since PersonalLoans.com is just a platform used to connect borrowers and lenders, in terms of repayment options, it also differs from one lender to another.

However, to give you an idea, some lenders offer a bi-weekly repayment option, while others on a monthly basis.

WHO QUALIFIES FOR A PERSONAL LOAN AT PERSONALLOANS.COM?

At this point in our PersonalLoans.com review, we are going to provide you information about the requirements you need to meet in order to be able to avail of a personal loan from the company’s network of lenders.

While every lender does have their own set of requirements, generally speaking, lenders look for the following:

  • Must have at least 580 credit score
  • Must be a U.S. citizen or a permanent resident card holder
  • Must have stable employment (borrower could be employed, self-employed, or receiving a pension, or could have Social security or any other forms of government benefits)
  • Must earn at least $2,000 a month (could be higher depending on the loan amount a borrower is requesting, and other factors like monthly house payment, debts being paid, etc.)

In addition, to qualify for a loan through PersonalLoan.com you will also need the following requirements:

  • Must be at least 18 years old (or 19 years old depending on the state you are from)
  • Must have proof of citizenship like Social Security number or legal residency
  • Must own a checking account

HOW TO APPLY FOR A PERSONAL LOAN AT PERSONALLOANS.COM?

So, now you already know what PresonalLoans.com is all about, how it works, as well as the qualifications you need in order to be able to acquire a personal loan via this online loan marketplace.

Now, the question is how to actually apply for a personal loan via PersonalLoans.com?

To answer this question, here’s a step-by-step guide for your reference:

STEP 1: Submit a Loan Request Online

Go to the PersonalLoans.com website, and look for the online request form. The form is basically the same as any other online lending portals out there.

You will be asked to provide standard information including your name, email address, phone number, zip code, as well as your birthdate and military service status (if applicable).

You will also need to provide loan information like how much money do you need to take out for a loan, why you are requesting for a loan, and what kind of credit you have at the moment.

Furthermore, your state ID number or your driver’s license will also be asked, as well as your security number, and the type of bank account you are going to use for the loan.

STEP 2: Receive Loan Offers from Lenders

In just a few minutes, you will receive loan offers from actual lenders. That’s actually what we like about online portals. They revert quickly as compared to traditional banks.

STEP 3: Check and Review, and Accept Loan Terms

At this point, you will have to check and review the loan offers. Compare them side by side to be able to choose the best one for you.

Once you have decided, it’s time to accept terms. By the way, make sure to review thoroughly — check every single detail, and make sure you understand all of them to avoid problems in the future.

STEP 4: Receive Funds

Once you have reviewed and accepted the loan offer, the lender, through PersonalLoans.com will then disburse the approved loan amount. While the process of disbursement depends on a lender to lender basis, it could be deposited to your account in as soon as one business day.

WHAT ARE THE PROS AND CONS OF USING PERSONALLOANS.COM?

This PersonalLoans.com review, similar to other reviews we made will not be complete without our list of pros and cons of the things that we like and do not like about the company’s services.

Without anything further, here are PersonalLoans.com highs and lows:

PROS

  • It’s free. PersonalLoans.com is absolutely free. Imagine using a platform that makes searching for a lender easier without having to pay a single cent. That is simply amazing, right?
  • High Loan Amount – While loan amounts vary from one lender to another, most of the lenders within the network of PersonalLoans.com offer personal loans up to $35,000.
  • Multiple Lenders – In just one application, you get to enjoy various loan offers from the company’s network of lenders — there are a lot of them composed of banks and credit unions.
  • Soft Credit Pull – PersonalLoans.com allows you to apply using a soft credit pull, which does not affect your credit score.
  • Low-Interest Rates – This, however, is applicable only to those with excellent credit scores.

CONS

  • Not a Direct Lender – Unfortunately, PersonalLoans.com only acts as a middle-man that connects borrowers to lenders, and vice versa.
  • All-Online Application – Since the platform is only available online, this may be an issue for non-tech savvy customers.
  • Disclosure of Significant Personal Information – Since PersonalLoans.com is an online loan marketplace, you basically are sharing personal information with an unknown number of lenders, which may be a little risky.

FINAL THOUGHTS ON PERSONALLOANS.COM REVIEW

To sum it all up, PersonalLoans.com is ideal for people who want to borrow money but have no time to look for a lender by themselves. It’s perfect for people who want to save time by sending just one application form to a number of lenders.

While the company is a good fit for borrowers with decent or excellent credit scores, it may not be that ideal for those with fair or low credit records.

Do you find yourself using an online loan marketplace such as PersonalLoans.com after learning about it?

Hopefully, through the information we share in this PersonalLoans.com review, we are able to provide you a good option when it comes to getting a personal loan using online lending platforms such as PersonalLoans.com.

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Investment Apps and Websites

5 Best Payday Loan Alternatives That Offer Lower Rates

While payday loans can be very accessible especially during financial emergencies, the rates can get really overwhelming. Thus, we are going to share with you some of the best payday loan alternatives to help you get through with immediate financial needs.

best payday loan alternative

In a report published by the Economic Research of the Federal Reserve Bank of St. Louis, it says that there are as many as 12 million American people who use payday loan every year.

In the same report, it says that collectively, American borrowers spend as much as “$9 billion every year on payday loan fees“. Furthermore, it states that “On average, the fee for a payday loan is $55 for a two-week loan, and the typical $375 loan will incur $520 in fees because of repeat borrowing.

If you come to think about it, the numbers are huge! Well, it is huge! That is why it is important for borrowers to fully understand first what they are getting themselves into (in this case a payday loan) before getting into it.

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While payday loans can be very helpful especially when you badly need cash, the thing is, it hurts. Paying it off hurts.

So, with that in mind, we thought of providing several other options in lieu of a payday loan. These choices are definitely low in terms of rates and charges, which is ideal especially if it’s an emergency situation and you do not have enough resources to pay off a huge loan (huge because of charges and fees).

But, before we give you our list of some of the best payday loan alternative, we are going to share with you first a couple of important information about the payday loan so you get to fully understand why a payday loan can get a little dangerous rather scary.

In particular, we are going to give answers to the following commonly asked questions:

  • What is a payday loan?
  • How does a payday loan works?
  • How much does payday loan charges?

WHAT IS A PAYDAY LOAN?

We keep saying this every time we make reviews on banks, credit unions, and other lending companies. Borrowers, it is your responsibility to research and knows more about the products and services, as well as the companies that you are dealing with. This is to avoid regretting anything in the future.

As borrowers, we owe it to ourselves to research and know our options before we sign any loan documents. Make it a point to shop around and compare products and services, as well as the corresponding features to ensure you get to land on the best deal possible.

Now, at this point, we are going to talk about what a payday loan is all about.

According to Economic Research of the Federal Reserve Bank of St. Loius, payday loans are defined as follows:

It is a type of alternative financial service that provides fast cash to cover emergency situations or help pay a borrower’s expenses from one paycheck to the next. These unsecured loans have a short repayment period and are appropriately called “payday loans” because the duration of a loan usually matches the borrower’s payday schedule. A balloon payment—full amount of the loan plus fees—is generally due on the borrower’s next payday after the loan is made.”

Furthermore, it says that normally, payday loans amount to $500 or less. Also, it usually comes due within two to four weeks after the borrower has received the loan.

It is also important to note that the loan terms vary depending on the borrower’s pay schedule or how many times he or she received his or her income, which means, the terms could be a week, two weeks, or in some cases in a month.

With the strong presence of technology and the internet, over the years lending companies have already offered payday loans online as well, which makes it even more accessible to borrowers anytime and anywhere they may be.

By the way, as mentioned, a payday loan is an unsecured loan (like most personal loans are), which means a borrower needs not any collateral to be able to borrow money from a lending company or a financial institution.

HOW DOES A PAYDAY LOAN WORKS?

So, now you already know what a payday loan is all about. This time, let’s talk about how it actually works.

Since payday loans are unsecured loans (needless to say, they are easily accessible kind of loan), which means lending companies do not require collateral, borrowers must expect high levels of interest.

Payday loans are considered as predatory loans because of having such a reputation for charging extremely high interest as well as added fees.

Generally, payday loan providers are small credit merchants. They usually come with physical locations where borrowers can apply and at the same time, get an approval of the loan. However, with the advent of technology, some payday loan services are already available online through online lenders.

To be able to apply for a payday loan, borrowers must be able to provide paystubs or pay slips coming from their employers, which shows their current levels of income.

Normally, payday lenders base the loan principal on a percentage of the borrower’s predicted short-term income. In some cases, though, lenders also look into the borrower’s credit score, as well as his or her credit history, which means a hard credit pull will be conducted during the loan application process that could affect the borrower’s credit score.

By the way, before you even look for a payday lender, make sure that your state allows it. In the United States, as of 2020, there are 12 states already as well as the District of Columbia that have banned payday loans. The 12 states are composed of Arkansas, Arizona, Connecticut, Georgia, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, North Carolina, Vermont, and West Virginia.

HOW MUCH DOES PAYDAY LOAN CHARGES?

Borrowers, you better read this. Of all the details about payday loans, this probably is the most important of all.

We have already mentioned that payday loans charge high-interest rates or we better say extremely high-interest rates.

For your reference, payday lenders can charge up to 500% in annual percentage yield (APR). Although most states have usury laws that limit interest charges for up to approximately 35%, when it comes to payday lenders, they fall under exemptions. Thus, they get to charge more.

Payday loans are regulated and governed by individual states. However, some states outlaw payday loans of any kind, which means borrowers need to be very careful.

BEST PAYDAY LOAN ALTERNATIVES

Let’s face it. Sometimes we are caught in unexpected situations when we badly need cash but do not have enough. Thus, some of us resort to getting payday loans even if the interests are high just to be able to get through.

The thing is – there are actually a lot of other options around where you can borrow money and have the funds just when you need it.

Now, before we move on to our list of best payday loan alternatives, here’s a video of what MagnifyMoney suggests. We thought you should check this out.

Having said that, here are five best payday loan alternative borrowers must look into:

  • Credit Cards
  • Paycheck Advance
  • 401(k) Loan
  • Family and/or Friends
  • Fast Personal Loans

CREDIT CARDS

First on our list of best alternatives for a payday loan is a credit card. Compared to payday loans, credit cards have much lower interest rates and APR. Furthermore, credit cards have added flexibility, which can be very helpful among borrowers.

Usually, when you get a payday loan, if you have excess money, regardless if you still need it or not, you still have to pay for it. As with credit cards, you only pay the amount you borrow.

If in case you badly need cash, you can also avail a credit card cash advance. Although this option can be quite expensive, it definitely is much cheaper as compared to how much you are going to pay if you go for a payday loan.

In most cases, issuers charge a percentage of the advance as a fee, which is normally around 5%, with a minimum of $5 up to $10.

When opting for this option though, the key is to pay off the advance right away. Otherwise, the balance may just get out of control, which is something that you surely would not like, right?

Also, please take note that when you cash advance using your credit card, the interest would usually begin accruing right away, which is not the case when you use it for purchases or balance transfers.

PAYCHECK ADVANCE

Another possible option instead of getting a payday loan is an advance on your paycheck — that, of course, will depend on your company.

Unfortunately, not all companies offer these types of loans. While for those who do, the terms usually vary from one company to another.

To be sure, before you even think about getting a loan elsewhere, check your company first if they offer paycheck advance, and of course, make sure to check the terms as well.

As we always say, it is important to know the details to avoid any surprises. While surprises are usually exciting that is not the case when it comes to money matters, in this case, a loan.

401(K) LOAN

When everything else fails, you may also consider taking a 401(k) loan. Ideally, you should not take anything from your retirement account, but if worse comes to worst, then a 401(k) loan is a valid choice.

The thing about borrowing against your 401(k) is that it does not incur any taxes for as long as you follow all the rules. The rules include repaying the loan as scheduled or in full if you resign from your current employer.

Furthermore, 401(k) loans do not require any credit check. Also, when you pay for the loan, you pay interest back to your own account. Not bad, right?

The key when it comes to 401(k) loan is that you pay off the loan within the year. The sooner, the better so it would only have very minimal impact on your account.

The downside of this though is that your employer may not allow you to make new contributions until you are able to repay the loan, which can affect the progress of your retirement fund.

CREDIT UNIONS

Another best payday loan alternative is borrowing money from credit unions. Credit unions do usually offer lower interest rates among their members. Needless to say, they are open to both borrowers with unattractive and excellent credit scores.

However, to be able to borrow money from credit unions, you have to first and foremost, be a member of the union. Otherwise, you won’t be able to avail of any of the products and services it offers.

Now, how to qualify for a payday alternative loan?

In addition to the information we have already provided, as a borrower, you must also look into the qualifications for a payday loan alternative.

For your information, there are two types of payday alternative loans (PAL) a borrower can apply for. These are PAL I and Pal II.

To be able to qualify for PAL I, a borrower is required to join a qualified credit union. He or she must be a member of the union for at least a month before he or she can apply for a loan.

Meanwhile, for PAL II, there are no restrictions.

Now, to be sure what your credit unions offers, call or email them as soon as you can.

FAST PERSONAL LOANS

Last, but definitely not the least on our list is fast personal loans.

It is one of the best payday loan alternatives out there. It basically is much like that of a credit card. This type of loan does not require collateral, and can definitely be less expensive as compared to payday loans.

Most fast personal loan lenders have processes set up so disbursing of funds to borrowers can be done via depositing in the borrower’s account either on the same day of loan approval or the following business day.

As compared to payday loans, most fast personal loans give borrowers much longer repayment terms. Some would even last for months or years — depending on certain factors like the amount of money borrowed.

While some companies are stricter when it comes to requirements particularly credit scores, other lending companies are willing to work with borrowers that have unattractive credit.

Some of the best fast personal loan lenders are:

  • Lightstream – This lending company provides loans amounting to $5,000 up to $100,000. Thus, making it ideal for borrowers who need a large amount of money. This unsecured personal loan can be used for various reasons. However, please note that your purpose of the loan may affect the rate that the company may charge you.
  • OneMain Financial – OneMain Financial offers loans of up to $20,000. The lending company is ideal for borrowers who need same-day funding. While the company allows a larger amount of personal loans, it, however, requires collateral for that option. Generally, people who qualify for unsecured have much higher APR as compared to those with secured loans. Also, it is important to note that exact rates and limits vary depending on the borrower’s resident state, credit profile, as well as borrowing needs.
  • RISE Credit – RISE Credit is ideal for borrowers with bad credit and could hardly get a personal loan from other lenders. The downside though is that RISE charges quite high rates that span from 50% up to 299%. In addition, RISE Credit offers lower loan amounts as compared to the other options we provided. However, when it comes to repayment terms, the company offers repayment of the loan from 4 months up to 26 months (depending on the state you are in), which is desirable than those that offer repayments within just a couple of weeks.

ADDITIONAL OPTION: FAMILY AND/OR FRIENDS

If you want to avoid fees and charges, as well as huge interest rates (or if you want not to pay any interest at all), considering borrowing money from family or friends.

To be honest, your family and friends should be the first ones on your list during financial emergency situations. Why? Because most of the time, when you borrow from family or friends, they do not charge you for anything. All you need is to pay back the money in full (or depending on the terms you have agreed on).

If you looked around and found no one from among your family and friends to lend you money, then, that is the only time you check out the next possible option.

The thing about borrowing money from a family member or a friend though is that your relationship is at stake if you are unable to pay off the loan. So, unless you know in yourself that you will pay off or that you are capable of paying off the loan, then go ahead and consider this option. Otherwise, jump into the next option on your list.

FINAL THOUGHTS ON BEST PAYDAY LOAN ALTERNATIVE

Life is full of surprises, do you agree? Unfortunately, sometimes it involves money.

We are sometimes caught in situations when we badly need money to get through it, and it is during those times when we rely on lenders. We rely on companies or people who would let us borrow the money we need.

One of the popular go-to places of people in need of immediate funds is payday lenders. Yes, even if payday loans charge extremely high rates, some people would go for it thinking they have no other options left when in fact – there are other options available out there.

As mentioned above, people in need of cash as soon as possible can check out other means such as using credit cards, paycheck advance (if their company allows it), 401(k) loan, family and/or friends, and lastly, through fast personal loans.

Given the options we provided, have you already chosen a payday loan alternative where to borrow money from in case of financial emergencies?

Just keep in mind that while payday loans are tempting, you better check out other options – the best payday loan alternative to be exact.

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Investment Apps and Websites

Prosper Personal Loans Review: What You Need To Know About This P2P Lender

While there are a lot of peer-to-peer lending companies out there to choose from, finding the best can be a little challenging. Thus, this Prosper personal loans review will provide you vital information you as a borrower should check out to see if this company is the one you are looking for.

Prosper personal loans review

According to an article published by Investopedia, one of the most popular finance blogs out there, peer-to-peer lending or P2P lending allows individuals to acquire loans directly from other individuals without having to go through a financial institution to act as the middleman.

Those websites that facilitate P2P lending has greatly increased its adoption over time as an alternative financing method.

Furthermore, P2P lending, which is also known as “crowd lending” or “social lending” has been there since 2005, according to the same article. Over the years, it has grown wide, and has established a crowd of competitors, which includes companies like Lending Club, Peerform, StreetShares, Upstart, and of course, Prosper.

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Meanwhile, in a report by IBIS World entitled, “Peer-to-Peer Lending Platforms in the US Industry Trends (2014-2019),” it says that “over the five years to 2019, peer-to-peer (P2P) lending platforms have evolved from a handful of start-ups to an industry worth $2.0 billion. In particular, the P2P Lending Platforms industry has reached a mature stage of growth as leading platforms have taken their companies public, reached profitability, and formed industry associations.”

With how the P2P is right now, it seems to be the next big thing in the financial industry. That’s a wild assumption, but really, with how the industry is performing, it is not surprising to surpass other forms of lending in the future.

Now, as mentioned, there are a lot of P2P companies now. Some of them have earned popularity in the online lending industry. One of them is Prosper, which is today’s main highlight.

We believe that borrowers need to know what’s in store for them before dealing with any lending companies, in this case, a P2P lending company.

Thus, in this Prosper personal loans review, we are going to provide answers to some of the most commonly asked questions, such as the following:

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

WHO IS PROSPER?

Prosper was launched in 2005. It is a peer-to-peer lending company that allows regular individuals to invest small amounts of money to cover other people’s loans. As borrowers repay the loan, the investors get their money back with an interest.

Prosper is a leader when it comes to peer-to-peer lending. It was the first of its kind to provide a platform where individuals can borrow money from what companies or people provide.

The lending company offers personal loans for almost any reasons like home improvement, vehicles, and weddings and other important life events, maternity expenses, small businesses, as well as debt consolidation.

Since its inception, the company says it has already originated over $16 billion worth in loans to more than 980,000 individuals.

Prosper is ideal for individuals who are considered as high-risk borrowers. These are borrowers that are most likely to be declined by traditional banks and credit unions because of low or poor credit score. However, as always, high-risk borrowers must expect to pay much higher interest compared to those with good or excellent credit scores.

Furthermore, Prosper offers an easy and fast application process. Borrowers can easily find out if they qualify and get estimates on what their possible rates will be.

If you are hoping for same-day funding, though, Prosper may not be the ideal lender for you. Since it’s a P2P lending company, it means loans are paid by many investors. Thus, funding will not be disbursed immediately just like how other online lenders do it.

If you are interested to know more about Prosper, then, it’s best to continue on.

Meanwhile, if you want to know more about how to get a personal loan at Prosper, check the below video by Houston McMiller:

WHAT ARE THE DIFFERENT PERSONAL LOANS OFFERED BY PROSPER?

Generally speaking, all of Prosper loans come with a fixed interest rate — that includes their personal loan options. Since the rates are fixed, borrowers need not worry about changes in the rates like how it is for variable interest rates. The rate is basically just the same all throughout the life span of the loan.

So, if you are up for a fixed interest rate personal loan, then, perhaps Prosper is the one you are looking for after all.

WHAT DO BORROWERS NEED TO KNOW ABOUT PROSPER?

Every time we make reviews, we always make it a point to remind our readers, particularly those planning to borrow money from lending companies to always make time to know more, learn more about the company and the products and services they offer.

We also highly encourage borrowers to always shop and compare loan features to be able to get the best deal possible. As much as possible, avoid getting into a loan proposal without comparing it to other lending companies as you might just regret in the end.

When it comes to borrowing funds, being impulsive is never an option. Sometimes, if not most of the time, impulsive borrowers end up regretting where they put themselves into.

Anyway, to help you understand more what we are trying to say, at this point of our Prosper personal loans review, we are going to give you the following very important details:

  • Loan Amounts
  • Interest Rates
  • Loan Terms
  • Loan Fees
  • Disbursement of Funds
  • Personal Loan Features
  • Refinancing Options

Loan Amounts

As we always say, before you even shop around for lending companies, make sure to determine already how much you need to borrow. This way, you get to save time and energy. Instead, you just focus on lenders that have offer loan amounts that are within what you need.

By the way, just a quick tip. When determining the amount of money you will borrow, as much as possible, stick to that amount only. Do not be tempted to go overboard or — again — you might just regret it in the end.

Moving on, Prosper lets borrowers borrow amounts ranging between $2,000 and $40,000. Having said that, Proper makes an ideal choice for people who need a little large amount of money.

Please note that most personal loan lenders do not allow borrowers to borrow more than $25,000, which, again, makes Prosper a good choice for those who need more.

Interest Rates

The interest rate charged by lenders is another deciding factor. In fact, it’s one of the major factors that borrowers need to consider before signing any loan document.

Interestingly, Prosper looks into a borrower’s credit history, income, as well as other factors in assigning a borrower a particular rating (A, A, B, C, D, E, or HR). The rating is used to determine the interest rate.

Similar to other lenders out there, borrowers with excellent credit scores are eligible for lower rates — as low as 7.95%. Meanwhile, high-risk borrowers or those with low or poor credit scores may face higher interest rates — as high as 35.99%.

If you are going to compare the rates though to other banks and payday lenders, the interest rate Prosper charges to high-risk borrowers is still a good deal.

Loan Terms

Loan terms refer to how long a borrower needs to pay off the loan. It is also another important deciding factor especially if you think you cannot afford to repay the loan in the short-term.

With Prosper’s personal loans, the company offers borrowers loan term options of either three or five years. Yes, that’s definitely short compared to other lenders out there.

Loan Fees

Some borrowers usually overlook fees charged by lending companies that sometimes they are surprised to learn that they are charged for this and that. That is why we always make it a point to remind borrowers to make sure not to miss this detail.

Ideally, it would be nice to find a lender that does not or does not have that many fees.

In the case of Prosper, however, borrowers need to be reminded that the lending company has charges a few fees, which include the following:

  • Origination Fee – 2.41% to 5%
  • Late Fee – $15 or 5%, whichever is greater
  • Insufficient Funds Fee – $15

If we may say, this is most likely where Prosper fails, because to be honest, there are a lot of other lenders out there that offer no fees or very minimal fees.

However, similar to other lenders, Prosper does not charge prepayment penalties, which means you can pay your loan in full any time before the loan’s maturity date without having to worry about being charged.

Disbursement of Funds

If you are looking for a lender that disburses funds immediately or within one business day, then, Prosper may not be the one for you.

Once your personal loan application is approved, you will be asked to set up your banking details, and expect funds to be deposited in your account within a few days.

Before you even get disappointed with this, please be reminded that Prosper is a P2P lending company, which means, funds will be coming from a company or individual investors, and that the company needs to respect the time these investors need to disburse the amount being loaned.

Personal Loan Features

To give you a summary of some of the most features of Prosper personal loans, refer to the list below:

  • The company provides a prequalification option, which in any way won’t affect your credit score.
  • Prosper allows a joint application, which means borrowers can have co-signers for a loan to ensure more chances of personal loan approval.
  • The lending company offers a flexible monthly due date.
  • It does not have a prepayment penalty, which means you can pay off your loan early.
  • Prosper personal loans can be used for multiple reasons like medical expenses, debt consolidation, home improvements, weddings, and anything else you need.
  • Prosper allows you to make money through investing. If you have spare cash, you can make more money by paying for portions of other people’s loans. When borrowers pay back the loan, you will acquire your money back plus interest. The amount of interest you will earn depends on the interest rates of the loans you opted to contribute to.

Refinancing Options

Unfortunately, Prosper does not offer personal loan refinancing at the moment. So, if you are considering this in making a decision, then, Prosper may not be the right lending company for you.

WHO QUALIFIES FOR A PROSPER PERSONAL LOAN?

This Prosper personal loans review will not be complete if we are not going to share one of the most important information a borrower needs to know — qualification requirements.

To qualify for Prosper personal loans, you must be able to meet the following requirements:

  • A FICO credit score of at least 640 (average is 717)
  • A maximum debt-to-income ratio of 50%
  • Must have no bankruptcies in the year prior to the application of the loan
  • Must have seven or less credit bureau inquiries in the last six months
  • Must have at least three open trades on your credit report

In addition, although Prosper did not indicate a specific annual income requirement, based on records, the average annual income of those approved for Prosper personal loans is $89,000.

Of course, similar to other lending companies, borrowers must also be:

  • A U.S. citizen or a permanent resident holder
  • At least 18 years old (or 19 in other states)

If you fit in all of the above-mentioned requirements, then, that means you qualify for a personal loan at Prosper.

HOW TO APPLY FOR A PROSPER PERSONAL LOAN?

Initially, you have to go through the prequalification process to check if you qualify for a Prosper personal loan or not. If you do, you may now proceed in completing your online personal loan application.

Depending on the information you provided, Prosper might contact you for more information particularly on the following:

  • Employer
  • Income
  • Credit History

Please note that the added screening process could take a few days to be able to complete before an approval is made.

Since Prosper is a P2P lending company, expect that your application will go through to investors who are looking for people to invest their money into. This process is also the reason why approval can take a while at Prosper.

Furthermore, since the money that you will borrow will come from investors, there could be a chance that while Prosper may have approved your loan, but if the investors or lenders do not agree to the terms, you may end up not getting your loan.

So, yeah, it is safe to say that there is a risk involved when dealing with a P2P company.

Anyway, once approved, as mentioned earlier, you will be asked to set up a bank account where the funds will be disbursed once approved and funded.

WHAT ARE THE PROS AND CONS OF PROSPER PERSONAL LOANS?

This Prosper personal loans review will not be complete without us listing down the things to like and not to like about it.

This basically is a summary of the things that borrowers need to consider before dealing with Prosper.

So, here’s what we found —

PROS

  • Minimal Credit History Requirement – Unlike other lending companies out there, Prosper approves personal loans even to borrowers with fair or poor credit history. More so, the company needs no bankruptcies within the last year, a debt-to-income ratio that’s less than 50%, and less than five credit inquiries over the last six months prior to the loan application. In addition, you will need to prove you have a source of income to repay the loan.
  • Allows Joint Applications – While some lenders do not allow co-signers, Prosper does allow you to ask a dependable friend or relative to co-sign the loan. Make sure though that your co-signer does have a good or excellent credit history for better rates.
  • Prequalification Process – Prosper do have a prequalification process, which allows you to see what to expect in terms of rates and loan amounts. Since the process will only do a soft inquiry, it won’t absolutely affect your credit score.
  • Allows Two Loans at Once – At Prosper, once you have already paid off at least six months of your initial loan, you can already take out a second loan provided that both loans will not exceed $40,000.

CONS

  • Charges Many Fees – Unlike other lenders, Prosper charges quite a few fees, which include an origination fee, late fee, as well as insufficient funds fee.
  • Limited Repayment Terms – Prosper only offers repayment terms of either three or five years, which, compared to other lenders is quite limited.
  • High Maximum APR – The maximum APR of Prosper is 35.99%, which is quite high compared to other lending companies.

FINAL THOUGHTS ON PROSPER PERSONAL LOANS REVIEW

To sum it all up, Prosper may be an ideal choice for those who have a fair or poor credit history. However, similar to other lenders, borrowers with such kind of credit score must expect a higher interest rate that could go as high as 35.99%.

Since Prosper is a P2P lending company, which means individual or company investors are the ones funding the loans, funds are not easily disbursed. It takes time, which makes Prosper not ideal for those who need cash quickly.

Similar to other online lending companies as well as traditional lenders, Prosper has its share of pros and cons or good and bad. It’s all up to you to decide if you are up for it and what it offers, or you want to look for other options.

But, hopefully, this Prosper personal loans review was able to give clarity to some of your questions, and help you come up with a decision – whether to go for Prosper or not.

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Investment Apps and Websites

Upstart Loans Review: How It Leveled Up The Online Lending Game

One thing we can assure you — this Upstart loans review will provide you the essential information you need to be able to gauge whether it is the right online lending company for you or not.

Upstart loans review

In a 2019 report published by CNBC online, it says that personal loans in the United States increased to a record-breaking $138 billion that year. One of the reasons behind the surge, experts believe, is the advent of financial technology or more popularly known as fintech companies.

In the same report, it says that currently, fintect companies comprise 38 percent of their personal loan market, which is up from just 5 percent five years ago at the time according to data presented by TransUnion.

Well, fintech companies are known to be more convenient, easy, simple, needless to say, quick to provide cash. These factors definitely have triggered the rise of people using it to borrow money from instead of a typical financial institution like traditional banks and credit unions.

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With almost everything going online, it’s expected already that online lending companies will be a hit. Well, given the factors we mentioned a while ago, who would not give in into that, right?

Now, as mentioned, there are a lot of online lending companies out there to choose from, and the number is expected to rise more in the coming years, which makes fintech really competitive. No wonder why fintech companies have their respective ways or ideas on how to make each of them attractable to borrowers.

One of the companies that we thought has managed to play the game right and made steps ahead from other online lending companies is Upstart. Having been built by founders who were once was part of the ever famous, phenomenal, Google, well, what do you expect, right? It got to be something really good.

Are you excited to know more about Upstart?

Well, hang in there as we are going to provide you some of the most essential information every borrower needs to know. In particular, we are going to provide answers to the following questions:

  • Who is Upstart?
  • What are the different personal loans offered by Upstart?
  • What do borrowers need to know about Upstart personal loans?
  • Who qualifies for an Upstart personal loan?
  • How to apply for an Upstart personal loan?
  • What are the pros and cons of Upstart personal loans?

WHO IS UPSTART?

We always say this, first and foremost, borrowers need to make time to get to know the lending company they are eyeing for before dealing with them. It is important to research about them, get to know them, so you get to establish how credible the company is, plus the reputation they have when it comes to the business or industry they’re in.

Learning about the lending company will also help build trust and confidence on the borrowers’ part, knowing that should he or she encounters unexpected circumstance during the life span of the loan, he or she is assured that the company has programs to help them up.

Anyway, having said that, here’s a short overview of who Upstart is and what the company does:

Upstart was founded in 2012 by former Google executives. With founders having such background, it is not surprising that Upstart leveled up its game in the online lending industry.

The company provided consumers a unique experience being the first-ever online lending platform to use artificial intelligence to automate the whole lending process. Upstart goes the extra mile to offer loan products and services to a wider range of consumers.

Since the birth of the company, Upstart has already originated $3.2 billion in loans, and that 60 percent of which have been automated.

Furthermore, while other online lenders or even traditional lending companies focus on the borrower’s FICO score when approving a personal loan application, Upstart, meanwhile, uses their advanced technology to look way beyond the borrower’s credit score in quantifying the risk involved.

Based on the calculations, the company believes that lenders using a more intuitive credit model may be able to approve twice as many borrowers without having increased defaults, which is the usual concern among lenders.

As with consumers, Upstart was able to offer high-quality personal loan options that come with low rates as well as fair terms particularly to borrowers with unattractive credit.

To date, Upstart has earned mostly good reviews from its users. Well, with so much promise based on the information we provided so far, having good reviews is not surprising at all.

Now, before we continue with our Upstart loans review, here’s one from How To Get An 800 Credit Score LLC, which we thought is an informative resource you may want to check:

WHAT ARE THE DIFFERENT PERSONAL LOANS OFFERED BY UPSTART?

One feature that keeps Upstart ahead, rather set apart from its competitors is its borrowing flexibility.

According to Upstart, as advertised, their personal loans can be used for any occasion. Some of which are as follows:

  • Pay off credit cards
  • Start or expand a business
  • Pay medical bills
  • Make a large purchase
  • Relocate
  • Travel
  • Athletic training
  • Make home improvements
  • Other

In addition, borrowers can also use an Upstart personal loan to cover educational expenses (pay for college or graduate school, take a course or boot camp) as well as in paying off existing student loans. This feature, however, is not applicable in California, Connecticut, Illinois, Washington, or Washington, D.C.

WHAT DO BORROWERS NEED TO KNOW ABOUT UPSTART PERSONAL LOANS?

By now, you already know what Upstart is all about and the personal loans it offers. At this point in our Upstart loans review, we are going to look deeper into the details.

In particular, let’s get to the following one by one:

  • Loan Amounts
  • Interest Rates
  • Loan Terms
  • Loan Fees
  • Disbursement of Funds
  • Personal Loan Features
  • Refinancing Options

Loan Amounts

Before anything else, borrowers need to determine how much they actually need. Next, is to check the lending company they are eyeing for if the amount they have in mind is within the range of the lender’s loan amounts. Doing this will definitely help trim down your options, needless to say, will help save time and energy.

Anyway, for Upstart, the lending company provides personal loans to borrowers amounting from $1,000 up to $50,000.

Considering that many other lenders usually lend up to around $30,000 only, Upstart’s loan amount range is definitely ideal for people who need a larger amount of cash.

Interest Rates

When deciding where to borrow money from, another important consideration that a borrower needs to look into is the annual percentage rate for the loan. The APR varies from one lending company to another, so, it’s best to really shop around and compare.

With Upstart, the company provides fixed interest rates ranging from 8.13% up to 35.99%. Of course, as a general rule, the APR will depend on the qualification of the borrower. The more attractive your credit records are the better rates. Otherwise, the higher the rates will be charged.

Unfortunately, as of June 2020, Upstart does not offer variable rate loans to borrowers.

Loan Terms

Loan terms refer to the length of time you are required to pay off the loan. Lending companies have varying loan terms.

As for Upstart, repayment terms come in two options — three years and five years.

If you are a borrower, consider this factor as well before applying for a personal loan at Upstart. If you think you are capable to pay off the loan within the above-mentioned terms, then, go ahead and submit your loan application. Otherwise, if you think you cannot afford to repay the loan in 3 to 5 years, then consider other lenders out there.

Loan Fees

While there are a lot of good things about Upstart, as the saying goes, nothing is perfect.

When it comes to fees, this probably is where Upstart is beat by its competitors.

Getting a personal loan through Upstart may come with a few fees attached, which borrowers need to be prepared of.

The potential costs include the following:

Origination Fee – Unlike other online lending companies, Upstart charges an origination fee that ranges between 0% and 8% of the loan amount. The fee will come directly out of your loan proceeds. So, better take that into consideration when deciding the loan amount you are going to borrow.

Late Payment Fee – Upstart charges 5% of the monthly past-due balance or $15, whichever is greater. Late fee is charged to your account once you are more than 10 days past your payment due date.

ACH Return or Check Refund Fee – The company charges $15 for ACH or check returned due to insufficient funds. Take note that Upstart considers each payment attempt to be a separate transaction, which means you will be charged $15 each time your payment fails.

Paper Copies – If you prefer paper copies of your records, you will be charged a one-time fee of $10.

The good thing though is, if you wish to pay off the loan sooner than expected, you can definitely do so without being charged with a prepayment penalty.

Disbursement of Funds

Do you need the money as soon as possible?

If your answer is yes, then Upstart may be the right online lending company for you. The company is a good fit for those who need fast access to the money they borrow.

According to Upstart, 99% of the company’s approved loan applicants receive their loan proceeds as soon as one business day after accepting their loans.

For the fast funding to be possible though, borrowers need to accept their loan by 5 pm EST, except on weekends and holidays.

Meanwhile, if you plan to use the loaned amount for educational purposes, please note that there is a three business day waiting period as required by federal law.

Personal Loan Features

We figured there are three Upstart personal loan features that borrowers need to know. These are:

  • Online Application
  • Soft Initial Credit Inquiry
  • Second Loan

Online Application

Upstart is an all-online lending platform, which means there are no other ways to apply for a loan but online.

The online process, however, makes it easier for loan applicants as they can apply anywhere, anytime they want.

For borrowers who prefer loan applications done either over the phone or in-person, this may not work for you.

Soft Initial Credit Inquiry

Similar to most lenders, Upstart lets borrowers see if they prequalify for a loan, at the same time, check the possible rate through a soft credit inquiry process.

Do not worry as such a credit check will not affect your credit score. It will not appear on your credit reports at all.

Now, should you accept the rate and decide to continue on with an official application, the company will then perform a hard credit inquiry, which could potentially affect your credit score temporarily.

Second Loan

What’s nice about Upstart is that even if you already have an existing loan with them, you may still be able to acquire a second loan. However, to qualify for the second loan, you must be able to meet the following criteria:

  • The last six monthly payments you had must have been made on time.
  • You should have no more than one outstanding loan with Upstart.
  • The total of both the first and second loans should not be higher than $50,000.

Refinancing Options

As mentioned earlier, Upstart personal loans can be used for almost anything, which includes refinancing other debts.

However, Upstart specifically note that borrowers can use the loan proceeds only for the following reasons:

  • Paying off student loans
  • Paying off credit card debts

WHO QUALIFIES FOR AN UPSTART PERSONAL LOAN?

Knowing the qualifications set by Upstart is key to learn if you can apply for a personal loan is not.

Of course, this Upstart loan review will not be complete without us providing you with the right information.

To qualify for an Upstart personal loan, you must be able to meet the following requirements:

  • Must have a permanent street address in the U.S. (unless active duty military)
  • Live in a state other than West Virginia or Iowa
  • Must be at least 18 years old in most states or at least 19 in Alabama and Nebraska
  • Must have a valid email account, name, date of birth, and Social Security number
  • Must have a valid U.S. bank account
  • Must have at least 620 credit score (in most states)
  • Must earn an annual income amounting to at least $12,000
  • Must have a full-time job or offer starting in six months, a regular part-time job or another source of regular income
  • Should not have a recent bankruptcy or outstanding delinquencies

If you pass all the requirements set, then, it’s time to work on your loan application process.

HOW TO APPLY FOR AN UPSTART PERSONAL LOAN?

Once you are ready to pursue a formal personal loan application with Upstart through its online platform, all you have to do is proceed to Upstart’s online portal.

You will have to first get “pre-qualified for a loan” through their interface. This can be done after the following information is submitted:

  • Name
  • Income
  • Employment details
  • Address
  • Phone number
  • Email address

Once the system says you are prequalified, you may not decide whether you like the loan terms offered or not. Now, if you are happy with the terms, you may now proceed by completing the application process.

Additional information such as the following will be required:

  • Social Security number
  • Employment verification
  • Academic credentials
  • Bank statements

If the personal loan application is approved, you will immediately receive an instant notification verifying your new loan details. Upstart also provided an option for borrowers to have their loan funded with an automatic deposit in their bank accounts. Funds are disbursed as soon as the next business day.

WHAT ARE THE PROS AND CONS OF UPSTART PERSONAL LOANS?

This Upstart loans review will not be complete without our list of what to like and what not to like about the personal loans offered by Upstart.

Having said that, here’s what we found —

PROS

  • Borrowing Flexibility – Unlike some lenders that are restrictive when it comes to where borrowers can use the money, Upstart personal loans lets you spend your loan for almost anything.
  • No Prepayment Penalty – While some lenders charge prepayment penalties, Upstart lets you pay off the loan as soon as you can without having to worry about being charged with a prepayment penalty.
  • Fast Fund Disbursement – As stated by Upstart, 99% of their loan applicants were able to access the funds in just one business day after they have accepted their loans. However, those who are using the money for education-related expenses, as required by the federal law, funds will be disbursed after three business days.
  • Bigger Loan Amount – Upstart lets you borrow up to $50,000, which is definitely bigger as compared to other lenders out there.

CONS

  • Fees and Charges– While it does not charge prepayment penalties, Upstart comes with a lot of fees, which borrowers need to be prepared of.
  • No Secured or Co-Sign Option – Unfortunately, if you are looking at having a co-signer for the loan, Upstart does not have an option for that.
  • High Average APR for Three-Year Loan – APR for a three-year loan can go as high as 20%. The APR can in fact, equal to monthly payments of $35 per $1,000 you borrow.
  • High Maximum APR – Compared to other lenders that offer personal loans to fair credit borrowers, Upstart has a high maximum APR.

FINAL THOUGHTS ON UPSTART LOANS REVIEW

Surely, Upstart leveled up their game by being the first online lending platform to use artificial intelligence to automate the whole lending process. Needless to say, the company has definitely provided consumers a very convenient lending platform.

While there are a lot of things or features to like about Upstart personal loans, it does have its share of downsides, too, which is normal. Nothing is perfect, remember?

To end this Upstart loans review, we hope that you got all the information you need in order to come up with a final decision about getting a loan from Upstart or consider looking out elsewhere. Yes, the decision is all yours now.

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Investment Apps and Websites

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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Investment Apps and Websites

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

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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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.