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Sometimes you need a loan to tide you over. There are many websites out there for borrowing money, but we’ve rounded up five that are proven. The following are ideal for online personal loans. Check them out and start on your way to better financial health today.
SoFi stands out because they do not have as high rates as other lenders. They operate completely online, so there are no overhead operating costs. Many lenders take into account the potential borrowers who are incapable of paying back loans. Their underwriting process is simple for members and ideal for those making mobile or digital payments.
2. Upstart Loans
If you need a personal loan as small as $1,000, Upstart Loans may be the way to go. You can access up to to $50,000 with fixed interest rates. The repayment terms range from 3 to 5 years. Upstart strives to help its clients succeed with coding boot camp, courses, and personal finance loans. What sets it apart from other lenders? They do not only look at your credit score and credit history. When assessing your loan eligibility, they also take into account your work history and education.
Prosper connects good-credit borrowers with investors, also known as peer-to-peer lending, and something that they have pioneered in the personal finance arena. These type of loans may be a good fit for you if you have excellent credit scores, plus a good annual income (Prosper borrowers are known to average $89,000). They operate a risk-rating system based on data. From this, investors can compute whether or not they want to risk funding you.
4. Avent Loans
Avent is a huge online lending platform. Their target market is middle-class Americans. Using Avent for borrowing is best if you have a history of low credit scores. In the event that you suddenly have an emergency and need extra funds, they are a good solution. But only if your credit score is 580 or higher and your gross annual income is at least $20,000.
5. Lending Club
Finally, there is Lending Club, popular for online personal loans. To use them, you must have a good financial history and impeccable borrowing record. Their borrowers average around 17 years of credit history and have a relatively high income of $79,145.
Have you tried any of the above lending services for your personal financial situation? What did you think of the borrowing process, and how did it work for you? Let us know in the comments below.