The Best Online Loans
Today you have a variety of financial tools presented by traditional banks and mostly by online loan companies. Due to such development, a lending process is becoming more beneficial with better interest rates available and milder criteria of being qualified. Mind that you always have more options if your score is excellent, but there are also loans appropriate for borrowers with a bad credit. Read further to learn about advantages of these companies, options they offer for example debt consolidation loans and understand what option can be helpful in your particular situation.
Best Good Credit Loans
The peer-to-peer lender Prosper is considered the top online loan company with liberal determining criteria of your creditworthiness. A minimal credit score you need for applying for its loans is 640. But some other factors are also taken into consideration. The available loan amount is between $2,000 and $35,000 with APRs lying in a range (5.99% - 35.97%). The repayment period can be chosen between 3- and 5-year plans.
The only larger and less strict with credit scores than Prosper is Lending Club. You can use up to $40,000 having a score from 600. However, mind that the other criteria are a bit stricter. The difference of APRs is at the maximum limit with a number of 35.96%. The repayment plan also offers 3- and 5-year periods, while the most creditworthy clients can get 2-year loans.
The bank Wells Fargo is a great option for these with solid credit. The loan amount ranges from $3,000 to $100,000 with APRs of 6.25% to 19.75%. Choose your repayment term from a year to 60 months. However, this bank has no online application program for these who are not its clients already.
Best Bad Credit Loans
If your credit score is about 600, you can still find a good financial source for your short-term needs. Perform offers such clients APRs of (7.12% to 28.09%), but just in 37 states. The other disadvantage is that the application process can take up to 2 weeks. There are also some fees you need to cover to use this option. But this lender still offers the best place to get a loan with low rates.
The other option for a score of 600 is Vouch. This lender requires you to have someone who can “vouch” for your qualification for a loan. You can use from $500 to $15,000 with APRs ranging at (7.35% - 29.99%). Another possibility for borrowers is Avant. It can offer you a credit ranging ($1,000 - $35,000) with APRs of 9.95% to 36%. This option is available for clients with scores from 580. So, this is a great choice for those who need quick cash but can’t apply for secured loans.
As you can see, the world of online lending can offer you a good range of different financial tools. Depending on your personal financial conditions you can choose a loan to satisfy your monetary needs right now!