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Personal Loans

Getting Loans from Someone Other than a Bank

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

Getting Loans from Other Bank

Updated October 12, 2018

Personal loans allow borrowers to have access to a fixed amount of money at a fixed interest rate, with a fixed monthly payment and you know when you’ll have completely paid off the loan. They are a great resource for someone looking to refinance debt and can’t use a balance transfer. If you need cash, personal loans are usually the best way to borrow. Personal loans tend to be much cheaper and simpler than a credit card.

How to get a personal loan?

Step 1: Check and see if you can get a loan with an Internet-only lender.

Ideally, you should start your shopping with a site like LendingTree, which lets you shop at dozens of lenders with just one simple online form (described below).

Step 2: Go to your local credit union and see if they can match or beat your P2P loan

Step 3: Take the loan with the lower interest rate

If you aren’t eligible for a P2P loan from an Internet-only lender then try your local credit union.

Internet-only lenders

The rise of technology allowed a new wave of lenders to offer an alternative to traditional bank loans. Peer-to-Peer lending (or P2P for short) allows borrowers to receive loans from “peers” often in the form of individual investors or hedge funds, endowments and pension funds.

Peer-to-peer loans are interesting because they were developed specifically for the digital environment. This makes them accessible with a few clicks on a computer and a relatively simple application process. Companies like Prosper, LendingClub and Upstart facilitate matching borrowers with investors. There is no need to visit a bank branch. The aim of P2P lending is to give a borrower lower interest rates while giving investors higher returns.

Interestingly, some big banks have acquired or built their own online lenders which are offering consumers even better rates. SunTrust has done that with the acquisition of LightStream, and Goldman Sachs Bank USA has recently invested in building Marcus.

Step 1: Shop Online for a Personal Loan (without hurting your score)

At LendingTree, you can shop for a loan at dozens of lenders with just one online form (that takes less than 5 minutes to complete). LendingTree will perform a soft credit pull (with no impact to your score), and you can get real offers – including how much you can borrow and the interest rate. We think this is one of the best places to start your personal loan shopping journey.

LendingTree
APR

As low as 3.99%

Credit Req.

Minimum 500 FICO®

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

Advertiser Disclosure

LendingTree is our parent company. LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score. LendingTree is not a lender.


A Personal Loan can offer funds relatively quickly once you qualify you could have your funds within a few days to a week. A loan can be fixed for a term and rate or variable with fluctuating amount due and rate assessed, be sure to speak with your loan officer about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. A personal loan can assist in paying off high-interest rate balances with one fixed term payment, so it is important that you try to obtain a fixed term and rate if your goal is to reduce your debt. Some lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. Ask your loan officer for details.

As of 28-Feb-2019, LendingTree Personal Loan consumers were seeing match rates as low as 3.99% (3.99% APR) on a $10,000 loan amount for a term of three (3) years. Rates and APRs were based on a self-identified credit score of 700 or higher, zero down payment, origination fees of $0 to $100 (depending on loan amount and term selected).

Opploans

Pro:

  • Opploans doesn’t just take into account your credit score when reviewing your loan application, allowing for people with lower scores to possibly be considered if they otherwise demonstrate financial responsibility.
  • There are no prepayment penalties.
  • Applying for a loan through Opploans will not affect your FICO credit score
  • No collateral is needed to get a loan and your on-time payments can help to build your credit score.

Con:

  • Opploans’s personal loans have an APR that ranges from 59.00% to 199.00%, which is much higher than many other lenders.
  • The maximum loan amount is $4,000.
  • Opploans doesn’t operate in every state and is not available to active duty service members or dependents of members of the military.
APR

59.00%
To
199.00%

Credit Req.

Varies

Minimum Credit Score

Terms

9 to 24

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

 

LendingClub

Pro

  • Their interest rates are most likely lower than other loans with an APR range of 6.95% to 35.89%.
  • You can find out your interest rate without a hard inquiry on your credit score. Prosper uses a “soft pull” so there will be no point reductions on your credit score, nor an inquiry left on your report for finding out the interest rate.
  • There is no pre-payment penalty(fine if you pay off the loan early), but they won’t refund your loan fee.

Con:

  • You must have a high credit score (600 or higher) to be eligible to get a personal loan from LendingClub.
  • You probably won’t be accepted if you have a history of missed payments.
  • There is an upfront fee, but your APR will include the fee. Be sure to compare the APR and not just the interest rate when you’re shopping around.
APR

6.95%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.... Read More

Upstart

People with minimal credit history can turn to Upstart for an opportunity to be eligible for a personal loan.

Upstart evaluates where you went to school, your area of study, your grades and employment history to determine your eligibility for a loan and your interest rate.

APR

7.69%
To
35.99%

Credit Req.

620

Minimum Credit Score

Terms

36 & 60

months

Origination Fee

0.00% - 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upstart is an online lender created by ex-Googlers.... Read More

Step 2: Credit Unions

Credit unions are not-for-profit organizations that offer alternatives to traditional banks. They have more of an emphasis on serving their community than worrying about a corporation’s bottom line. Unlike banks, credit union members own the credit unions.

Credit unions do offer loans, but first you must become a member of the credit union. Some credit unions are closed. But others (like PenFed) will let you join if you make a $15 donation to a charity.

Pros

  • Loans from a credit union usually have lower interest rates than a bank, and possibly the lowest you can find.

Cons

  • You will need to join a credit union, and may not qualify for a loan so you could be out the cost to join.

PenFed offers an APR starting at 6.49% with no upfront fee for a term of 36 to 60 months. However, you will need to have a 700+ credit score to be competitive for this personal loan.

Non-bank lenders

OneMain is a non-bank lender owned by Citigroup. You will have to physically visit a branch to get approved. But, the process usually takes less than 30 minutes. Borrowers with high credit scores should first explore the P2P space and credit unions before turning to OneMain, because it will be a more expensive form of borrowing.

Pros:

  • If having face-to-face contact is important to you, then you can visit physical branches.
  • OneMain will approve people with credit scores as low as 550, so it is possible to get a loan when other reject you. Although expensive, OneMain will be much less expensive than payday loans or title loans.

Cons:

  • You have to visit a branch, even if you’re preapproved online. If you don’t have a branch near you, this could be a serious hassle.
  • There will be a hard inquiry on your credit report
  • Likely higher interests rates (APRs) than a loan from P2P lenders like Prosper or LendingClub
  • A few complex terms and conditions

Warning:

  • Don’t bother with the insurance products they’ll try to sell you.
APR

16.05%
To
35.99%

Credit Req.

Varies

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

If you have a credit score below 600, OneMain Financial is one of the few lenders that you can use to get a personal loan.... Read More


Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

Step 3: Take the Lowest Interest Rate

Personal loans can be valuable tools to help pay down debt, reduce interest rates and save you hundreds to thousands of dollars. But remember; don’t rush into a personal loan just because it seems like a good deal. Take the time to do your research, shop around and ensure your getting the absolute best interest rate you can. Even the difference of .01 can make a difference in the long run.

Read where to find the best personal loan rates online here.

promo-personalloan-wide

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at [email protected]

TAGS:

Get A Pre-Approved Personal Loan

$

Won’t impact your credit score

Advertiser Disclosure

Earning Cashback

How to Earn and Receive Cashback with Discover

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

How to Earn and Receive Cashback with Discover

Discover has a wide range of credit card options, including student cards, travel cards, secured cards, and cashback cards. When it comes to its cashback card, Discover offers some special features for cardholders looking to cash in on rewards.

For starters, the Discover it® Cash Back card has a $0 annual fee, earn 5% cash back in select, rotating categories up to the quarterly maximum, and 1% unlimited cash back automatically on all other purchases. The 5% is limited to $1500 spending per quarter, 1% after that. Activation is required. Cardholders can also redeem their cash back at any time.

If you have the Discover it® Cash Back card in your wallet, the Discover website is the one-stop shop for managing your credit card and checking on your cash back and redeeming it.

In this article, we’ll touch on:

  • How to earn cash back with your Discover it® card
  • Navigating the Discovercard.com portal
  • How to redeem your cash back

How to Earn Cash Back with Discover

It’s easy to earn cash back with your Discover it® Cash Back, which can make it a top contender when choosing which card you’ll use to make everyday purchases.

In order to take advantage of the 5% cashback offer year-round, you’ll need to spend in certain rotating categories throughout the year.

  • January – March 2019 – Grocery Stores
  • April – June 2019 – Gas Stations, Uber and Lyft
  • July – September 2019 – Restaurants and PayPal
  • October – December 2019 – Amazon.com, Target, and Walmart.com

With Discover’s 5% cash back, there’s a spending cap of $1,500 each quarter, meaning you can earn a maximum of $75 in cash back each quarter or $300 per year. Activation is required.

However, you can also earn 1% unlimited cash back automatically on all other purchases, and there’s no cap on how much you can spend or how much cash back you can receive, so if you want to maximize cashback rewards, you could possibly earn more than $300 per year.

Don’t Forget …

Discover cardholders have to “opt in” each quarter to start receiving 5% cash back when spending in the rotating spending categories. This is important to remember and easy to do by simply following the prompts in Discover’s reminder email or logging on to your account.

Cash back also doesn’t expire as long as your account is in good standing, so you can stack up your rewards over time if you forget.

New customers may receive special offers like cashback matching, which is when Discover it® matches all the cash back you earn dollar for dollar at the end of your first year. The double cash back will be applied to your account balance after the end of the twelfth billing cycle.

How to Access Cash Back Rewards

When you start earning cash back with your Discover it® card, you can check your available Cashback Bonus right on Discover’s online portal, which is called the Account Center.

Go to Discover.com and type in your login information. Make sure the drop-down menu below the password field says “credit card” so you can access your online account for your Discover it credit card.

discover cash back 1

After you log in, you should see a screen similar to the one shown below. Below you can see the Cashback Bonus available is clearly displayed on this first page along with information about the current quarter’s spending categories and a link to the Cashback Bonus calendar, which provides more information about each 5% cashback spending category.

discover cash back 2

You can click on the button underneath your cashback rewards summary to see a more detailed page, which should look similar to the one below.

Here, you can learn more about earning cash back and redeeming your Cashback Bonus.

discover cash back 3

 

Options for Redemption

Discover it® cardholders can redeem their Cashback Bonus at any time, and you have a variety of options to choose from.

  • Statement credit
  • Amazon.com purchases
  • Gift cards and eCertificates
  • Donation
  • Cash deposit to your bank account

Transferring cash back to your bank

To redeem your cashback rewards for cash, you’ll have to click on the “Redeem For Cash” button after scrolling down to view your redemption options for your credit card account on Discover’s Account Center portal.

When you see a screen similar to the one shown below, enter the amount of cash back you’d like to redeem and click the option that says “Direct deposit to your bank account” if you want to receive the cash instead of applying it to your credit card balance.

Your checking account that you use to pay your credit card bill each month should already be connected to your Discover it®.

account, so you can select it from the drop-down menu below. For the time being, Discover, won’t let you add another account to transfer your Cashback Bonus to.

discover cash bank 7

When you’ve selected the amount you’d like to redeem and the account you’d like to transfer it to, click “Continue” and approve and confirm the transaction.

After you redeem your Cashback Bonus, the time it takes to receive your reward can vary based on the redemption method you chose.

  • Partner gift cards will be mailed to your billing address within 10 business days
  • Electronic deposits will appear in your bank account within 72 hours
  • Account credits will post to your account within 2 business days

Final Word

The Discover it® Cash Back card is a great option for people who like to earn cashback, thanks to its 5% cashback rewards and no annual fee, and it also provides a flexible range of redemption options.

Whether you want to apply your Cashback Bonus to your current balance, use it to shop online or at your favorite department store, or deposit the cash straight to your checking account so you can spend it however you please, you can do all of that and more.

The Account Center portal is also very user friendly and easy to navigate when trying to redeem cash back.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at [email protected]

TAGS:

Advertiser Disclosure

Credit Cards

How to Make a Payment on Your Citi Costco Credit Card

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Citi Costco Card

Confused about how to set up online payments for your Citi Costco credit card? You may be on a wrong, and confusing, landing page when trying to set up your online profile.

Here’s a step-by-step guide to setting up your new Citi Costco card account:

If you’re Googling the term “Pay my Citi credit card”, or something similar, you could be inclined to click on the link for “Citibank®: Online Bill Payment”.

Screen Shot 2016-07-18 at 1.43.43 PM

This is NOT the right page. This will take you to Citi’s option to sign up for Online Bill Payment or eBills. This is a separate service and not actually where you sign up to pay your Citi credit card online.

Screen-Shot-2016-07-18-at-1.38.00-PM

Here’s what the right landing page looks like:

Click the button that says “REGISTER”. You’ll be prompted to enter your card info and set up your account.

Screen-Shot-2016-07-18-at-5.40.13-PM

 

Next: Set up your payment account

Once you’ve registered, click ahead to your account page. There, you can set up a payment account from the options on the left.

Screen Shot 2016-07-18 at 1.52.52 PM

From there, it’s easy to link a checking or savings account to the account in order make your payment.

Screen Shot 2016-07-18 at 1.52.57 PM

Now you’re ready to pay off your credit card!

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at [email protected]

TAGS: ,