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Auto Loan, Reviews

LightStream Auto Loan Review

Monday, November 6, 2017

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Gretchen Lindow Gretchen Lindow

LightStream Auto Loan Review
Updated February 13, 2018

Automobile shopping can be stressful. Besides trying to find just the right car for you or your family, there is the additional stress of finding the right price, the right financing, as well as factoring a monthly payment into your budget.

But with more online-only banks offering auto loans at extremely competitive interest rates, the auto loan game is changing. Today, your best bet is to obtain financing before setting foot in a dealership so you have a budget to stick to and you know exactly what your monthly payment will be.

The Offer

LightStream offers both secured and unsecured auto loans from $5,000 - $100,000 and rates as low as 3.09%. LightStream can get money in your account in as little as one day in some cases, and always with no fees whatsoever.

How To Apply

You can complete your LightStream auto loan application online, but you must 1) acknowledge receipt of LightStream’s Statement on the Use of Electronic Records, 2) agree to receive electronic records, and 3) agree to use electronic signature to sign your loan documents.

In order to apply, you will need:

  • The purpose, term and amount of desired loan
  • Your name
  • Your address
  • Phone number
  • Social Security number
  • Employment information
  • Annual income
  • Total amount of assets and equity in your home

During business hours, LightStream will email you regarding your application. If you are approved, you will be able to then go online, electronically sign your loan agreement, provide any additional information, as well as choose your funding and due dates. The funds will be transferred to your bank account on the funding date that you chose, on the same day in some cases.

To qualify, you must have either excellent or good credit. LightStream lists the following as criteria for excellent credit:

  • Five or more years of significant credit history.
  • A credit history with a variety of account types such as major credit cards (for example, Visa, MasterCard, Amex), installment debt (vehicle loans) and mortgage debt if applicable.
  • An excellent payment history with no delinquencies or other problems repaying debt obligations.
  • A proven ability to save evidenced by some or all of the following; liquid assets (stocks, bonds, bank deposits, etc.), cash down payments on real estate, retirement savings, and little, if any, revolving credit card debt.
  • Stable and sufficient income and assets to easily repay current debt obligations and any new loan with LightStream.

Good credit is essentially the same criteria as excellent credit, as seen above, but with fewer than 5 years of credit history.

Satisfaction Guarantee

LightStream does not provide any phone customer support for loans. Instead, it offers email support in an effort to keep costs low. Because the lack of phone support is unorthodox, it offers a $100 guarantee within 30 days if you aren’t satisfied with your loan experience. If you are not satisfied and wish to claim the $100 guarantee, you must contact customer service within 30 days of your loan and fill out a questionnaire.

The Fine Print

Your APR will be based on creditworthiness, loan amount, and loan term, as seen in the chart below for an auto-loan on a new car:

Loan Term(months)

Loan Amount

24-36

37-48

49-60

61-72

73-84

$5,000 to $9,999

3.49% - 5.99%

4.34% - 6.59%

4.54% - 6.79%

5.44% - 7.69%

N/A

$10,000to $24,999

3.09% - 5.69%

3.19% - 5.94%

3.19% - 5.94%

4.04% - 6.79%

N/A

$25,000 to $49,999

3.09% - 5.69%

3.19% - 5.94%

3.19% - 5.94%

4.04% - 6.79%

4.64% - 7.39%

$50,000 to $100,000

3.09% - 5.69%

3.19% - 5.94%

3.19% - 5.94%

3.84% - 6.59%

4.54% - 7.29%

Rates as of February 13, 2018 – New Auto Purchase

Rates in the chart above are shown inclusive of a 0.50% AutoPay Discount. If you choose not to enroll in AutoPay, your rate will reflect a 0.50% increase. AutoPay payments will come directly out of your bank account. Otherwise, you can choose to pay by invoice, which must be returned by mail. You cannot make payments at a SunTrust Bank branch.

LightStream does not charge any closing or disbursement fees. It also does not charge fees for prepayment. You can prepay principal on your loan by logging into your online account.

Pros

  • Rates as low as 3.09%
  • Can borrow $5,000 - $100,000
  • You can borrow for a new or used car
  • Terms from 24 to 84 months
  • No prepayment penalties
  • No closing or disbursement fees
  • Secured and unsecured loans

Cons

  • APRs as high as 7.94%
  • APR will increase 0.50% if you don’t enroll in AutoPay
  • Excellent or good credit required for financing
LightStream

APPLY NOW Secured

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How It Stacks Up

If a low APR is your priority, consider looking into an auto loan from Capital One. It offers APRs from 3.89% and terms of 36 to 72 months on new vehicles.  There is no origination fee, but it only offers loans of $4,000 - $40,000, with the option to get pre approval online before shopping.

Capital One

APPLY NOW Secured

on Capital One’s secure website

New England Federal Credit Union is another option for an auto loan with used auto loan rates as low as 2.30% and terms from 12 to 96 months on new vehicles and 84 months on used cars. NEFCU can loan up to $70,000 with no origination fee, but there is no option for pre approval.

NEFCU

APPLY NOW 

LightStream offers a fairly straightforward auto loan experience whether you’re buying a new or used auto with low rates, long terms, and no fees for closing, disbursement, or prepayment. As with any loan, make sure that you are getting the lowest rate possible, as even one percentage lower can save you thousands of dollars in interest.

Finally, make sure that you can afford the monthly payment. Auto loan terms are getting longer, and you do not want to have an auto loan payment that is more than you can afford for 6+ years.

Find other auto loan options here.

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Gretchen Lindow
Gretchen Lindow |

Gretchen Lindow is a writer at MagnifyMoney. You can email Gretchen at gretchen@magnifymoney.com

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Best of, Personal Loans

22 Options for a Home Improvement Loan

Friday, November 3, 2017

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Gretchen Lindow Gretchen Lindow

ChexSystems Big

Updated November 03, 2017

Are you ready to make some improvements to your home? Are you looking for financing options that offer more flexibility and better rates than you would get putting home improvements on a credit card?

Below, you will find an extensive list of lenders willing to finance home improvements. If you are interested in comparing terms for more loan providers all in one place, check out our comparison tool.

Besides more competitive interest rates, longer terms and higher loan amounts, financing home improvements with an installment loan gives you more flexibility. Most contractors will not accept credit cards, and being able to write a check for a contractor’s bill gives you a larger pool of contractors to choose from. It also provides an opportunity to get financing if you have not yet built enough equity in your home to qualify for a home equity line of credit. A home improvement installment loan is also an unsecured loan and your home will not be used as collateral as it would in a home equity loan or home equity line of credit.

Are You Ready To Apply?

Before you start comparing loans, it is wise to make sure that you are prepared for the loan application process, that your debt-to-income ratio is in good shape, and that you have the proper documentation prepared.

While lending requirements vary by bank, most will require the following things:

  • Proof of Income: Lenders want to know that you income is enough to not only meet your current obligation, but to potentially meet the obligation of a new loan as well.
  • Low Debt-to-Income ratio: Lenders typically want you to have less than 40% DTI.
  • A Decent Credit Score: credit score requirements vary by lender, as you will see below, but excellent or good credit scores will be eligible for the best rates and the offers with no origination fees. It is wise to have a good idea of your credit score before you start applying and comparing offers.

Why A Home Improvement Loan?

Interest Rates: Financing home improvements through a loan rather than a credit card gives you access to interest rates that are often much lower than credit cards. The list below will show that if you have excellent credit, you could see home improvement loan rates as low as 4% with no origination fee.

Easy Application: Online lenders have the easiest loan applications around. The initial application will only do a “soft pull” on your credit, which will not affect your credit score, and will allow you to see your rate.

Shorter Terms: Credit cards, because of their high interest rates and the ability to pay on them for 10 years or more, leave you in debt longer. By choosing a home improvement loan with a term of 36 to 60 months, you not only lower the interest you are paying, you will have the loan paid off in a shorter amount of time, which of course saves you money.

The Ability to Shop Around: Some lenders do a soft pull, which does not affect your credit score. This gives you the confidence to shop around without harming your score. If you’re interested in providers that do a hard pull, be sure to do all your shopping in a 30-day window in order to minimize the impact on your credit score.

Where to Get Your Home Improvement Loan

If you have excellent credit, it is worth applying for the best offers in home improvement loans. Better rates and terms will save you money in the long run.

Here are the top three offers:

  • Lightstream*: A great online option for those with excellent credit. It can finance $5,000 to $100,000. Your rate will depend upon the term and the amount of the loan, and is 0.50% higher if you do not enroll in autopay. To qualify, you’ll need good credit, as well as enough income to meet your current obligations and the loan.
LightStream
APR

3.09%
To
14.24%

Credit Req.

660

Minimum Credit Score

Terms

24 to 144

months

Fees

No origination fee

LEARN MORE Secured

on LendingTree’s secure website

Advertiser Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More

Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.09% APR with a term of 3 years would result in 36 monthly payments of $291.21.

*referral link

  • Earnest*: Earnest offers home improvement loans from $5,000 up to $75,000. It offers No origination fee and terms from 36 to 60 months. Earnest does a Hard Pull to determine your rate. The minimum credit score needed to apply is 660.
Earnest
APR

5.49%
To
18.24%

Credit Req.

660

Minimum Credit Score

Terms

36 to 60

months

Fees

No origination fee

LEARN MORE Secured

on LendingTree’s secure website

Instead of offering credit-based loans, Earnest has taken a very nontraditional approach using a merit-based system.... Read More

*referral link

  • SoFi*: Fixed rates for loans start at 6.58% and variable rates start at 5.83%. There is No origination fee and SoFi will finance $5,000 up to $100,000.
SoFi
APR

6.58%
To
14.87%

Credit Req.

680

Minimum Credit Score

Terms

36 to 84

months

Fees

No origination fee

APPLY NOW Secured

on SoFi’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More

Fixed rates from 6.58% APR to 14.87% APR (with AutoPay). Variable rates from 6.275% APR to 12.575% APR (with AutoPay). SoFi rate ranges are current as of July 16, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.275% APR assumes current 1-month LIBOR rate of 2.10% plus 4.175% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Terms and Conditions Apply.

Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.

SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK, OK, and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, KS, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, OK, TX, VA, WY, or for residents of IL for loans greater than $40,000.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

*referral link

Other Options (in alphabetical order)

  • Avant*: Offers access to loans from $2,000 up to $35,000 which could be deposited as soon as the next business day. Rates vary from 9.95% to 35.99%. Not available in Colorado, Iowa, West Virginia, and Vermont. Avant branded credit products are issued by WebBank, member FDIC.
  • Best Egg: Rates range from 5.99% to 29.99% and it has an origination fee of 0.99% - 5.99%. It offers loans from $2,000 up to $35,000 for 36 or 60 months, and the minimum credit score need to apply is 660.
  • Discover: Discover offers home improvement loans with no origination fee. Its rates vary from 6.99% to 24.99% APR and it offers loans of up to $35,000 for 36 to 84 months. You could receive the funds in as little as 1 day, but you must have at least a 660 credit score to apply.
  • Freedomplus*: Freedomplus offers home improvement loans up to $35,000 with terms from 24 to 60 months. Its rates vary from 4.99% to 29.99% and there is an origination fee of 0.00% - 5.00%. In order to apply, your credit score must be 700 or greater.
  • Karrot: Karrot offers loans to applicants with a minimum credit score of 660. Loan APRs range from 6.44% to 29.27% and origination fees vary from 1.05% - 4.75%. It offers terms up to 60 months and you must have a credit score of at least 660 to apply.
  • LendingClub*: With rates ranging from 6.16% to 35.89% and a minimum credit score needed of 600, LendingClub is an excellent option for those with lower credit scores. It offers loans up to $40,000 but is not available in West Virginia or Iowa.
  • Loan Depot: Loan Depot offers loans of up to $35,000 with rates ranging from 6.17% to 29.00% and origination fees of 1.00% - 5.00%. It offers 36 or 60 month terms and you must have a credit score of at least 640 to apply.
  • OneMain*: OneMain’s APRs range from 16.05% to 35.99% on loans of up to $30,000. You must have a credit score of at least 550 to apply for a OneMain home improvement loan.
  • Peerform: Peerform offers loans up to $25,000 for 36 or 60 months with rates from 5.99% to 29.99%. Its origination fee varies from 1.00% - 5.00%.
  • PenFed Credit Union: While there is no origination fee for a home improvement loan from PenFed Credit Union, you must have a credit score of at least 700 to apply and be a member of the credit union. It offers a 6.49% APR, and loans from  $500 to $25,000 for 60 months.
  • Prosper: Prosper’s rates vary from 6.95% to 35.99%
    on loans of up to $40,000. The origination fee ranges from 2.41% - 5.00% and you need a credit score of at least 640 to apply.
  • Santander: Santander offers loans of up to $35,000 with rates ranging from 6.99% to 16.99% and terms from 24 to 60 months. There is no origination fee, but you must have a credit score of at least 680 to apply.
  • Upstart*: Upstart offers loans of up to $50,000 with rates of 8.85% to 29.99% for 36 to 60 months. The minimum credit score needed to apply is 640 and the origination fee varies from 0.00% - 8.00% upfront.
  • USAA: Home improvement loans from USAA have no origination fee on loans of up to $20,000. It offers terms of from 12 to 84 months and rates range from 8.99% to 10.99%. You must have a credit score of at least 700 to qualify for a loan from USAA and be eligible through a military affiliation.

When shopping around for a home improvement loan, make sure that you not only compare the APR you have been offered, but the origination fee as well. Additionally, be sure the compare all of the factors at the same term. As with any loan, regardless of the bank’s determination of your eligibility, make sure that the loan works with your budget and comfort level.

* We’ll receive a referral fee if you click on offers with this symbol. This does not impact our rankings or recommendations You can learn more about how our site is financed here.

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Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Gretchen Lindow
Gretchen Lindow |

Gretchen Lindow is a writer at MagnifyMoney. You can email Gretchen at gretchen@magnifymoney.com

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Pay Down My Debt

6 Personal Loans for 600 to 700 Credit Scores

Wednesday, November 1, 2017

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Gretchen Lindow Gretchen Lindow

7 Personal Loans for 600 to 700 Credit Scores

Updated November 01, 2017

If you have a less-than-perfect credit and want to pay off credit card debt, fund home improvement projects, or pay for unexpected expenses, then finding a lender that will consider your credit might seem like an uphill battle.

Refinancing high-interest debt with a personal loan can quickly cut down the amount of interest you’re paying, which effectively allows you to pay it off in less time. You particularly want to avoid payday and title loan lenders at all costs.

Many personal loan companies approve people with scores as low as 600. The best way to shop for a loan is to apply with as many lenders as possible who perform a soft credit pull (which doesn’t harm your credit score). With our first recommendation, LendingTree, you can apply for a loan with multiple lenders (including all of those on our list below) with one application form and no negative impact to your score.

Note: If you have a credit score less than 600, struggling to make monthly debt payments and would like to explore your options to reduce your debt by up to 50%, then please click our option below to customize a personal debt relief plan.

Custom Debt Relief Plan

1. LendingTree

With LendingTree, you only need to fill out one short online form. A soft credit pull will be performed – so your credit score will not be harmed. LendingTree has a panel of dozens of lenders who will then compete for your business. You may be able to see how much you can borrow and the interest rate. This is a great place to start – especially for people with credit scores below 700. (Note: MagnifyMoney is owned by LendingTree)

LendingTree
APR

5.99%
To
35.99%

Credit Req.

Minimum 500 FICO

Minimum Credit Score

Terms

24 to 60

months

Fees

Varies

LEARN MORE Secured

on LendingTree’s secure website

LendingTree is our parent company.... Read More

2. LendingClub

LendingClub offers loans of up to $40,000, for individuals with a minimum credit score of 600. Its APR ranges from 6.16% to 35.89%. LendingClub also uses a soft credit pull to determine your rate, which will not affect your credit.

The Fine Print

In order to qualify for a LendingClub personal loan you must:

  • Not have more than 5 hard credit inquiries in the last 5 months
  • Have at least two active credit accounts open
  • Have a credit history of at least 36 months
  • Debt-to-income ratio of less than 40%
  • Be able to verify employment and income

Once you have met the minimum criteria, LendingClub uses its own scoring system to determine what amount you can borrow as well as your rate.

You can borrow money for 36 or 60 months, but it does charge up-front (origination) fees ranging 1.00% - 6.00% depending on credit worthiness, which come out of the loan amount.

Pros

  • Can see your rate with a soft credit pull
  • Will consider applicants with credit scores as low as 600
  • Offers very competitive interest rates for people with scores below 700
  • The application process only take a few minutes

Cons

  • Missed payments or items in collections will result in your application being rejected
  • Loan processing could take a week or more
  • APR can be as high as 35.89%
  • It does charge origination fees (1.00% - 6.00%)
  • Is not available in Iowa or West Virginia

LendingClub will approve people with credit scores as low as 600. If approved, the interest rates offered can be very competitive and the online application process is easy. This is good first stop for anyone with a score of 600 or higher to find the best deal.

Lending Club
APR

6.16%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Fees

1.00% - 6.00%

LEARN MORE 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

3. Marcus by Goldman Sachs®

Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. With APRs ranging from 6.99% to 24.99% they offer one of the best personal loan options that is available from a traditional lender. While Goldman Sachs Bank USA has been around for over a century, Marcus is a completely online, streamlined experience that lets you complete your application and submit all of the needed documents from your computer.

The Fine Print

There are no specific credit requirements to qualify for a personal loan through Marcus by Goldman Sachs®, though, the company does target those with “prime” credit, which usually includes those with a FICO score higher than 660. While the credit requirements are lower than many other lenders, you will more than likely be rejected if you have missed payments recently or have any other negative marks on your credit report.

Applicants must be over 18 (19 in Alabama and Nebraska, 21 in Mississippi and Puerto Rico) and have a valid U.S. bank account. You are also required to have a Social Security or Individual Tax I.D. Number.

Terms currently range from 36 to 72 months and there is No origination fee. They also will only do a soft pull on your credit if you want to compare your loan options, which won’t affect your credit score. Additional perks of getting a personal loan through Marcus are no late fees (if you miss a payment, your loan will be extended and more interest will be added) and the ability to defer payments after you have made on time payments for a full year.

Pros

  • No origination fee
  • No late fees
  • Ability to defer payments after a year of on time payments
  • Wide range of repayment terms available between 36 to 72 months
  • Can see rates with a Soft Pull

Cons

  • Currently not available in Maryland
  • Rates up to 24.99% APR
  • No clear qualification information
  • Late payments will accumulate more interest, resulting in a larger final payment.

Marcus is a great option if you have good credit and want to get a personal loan that has a lower rate. It is also a great option for those that want to work with a traditional lender.

Marcus by Goldman Sachs®
APR

6.99%
To
24.99%

Credit Req.

Varies

Minimum Credit Score

Terms

36 to 72

months

Fees

No origination fee

LEARN MORE Secured

on LendingTree’s secure website

Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More

4. BestEgg

BestEgg offers personal loans up to $35,000 for people with credit scores as low as 660. APRs range from 5.99% to 29.99%. You can check your rate without hurting your credit score, and BestEgg has an excellent application process (that can result in funding your loan very quickly).

The Fine Print

BestEgg does charge an origination fee, which can be between 0.99% - 5.99%. However, there is no prepayment penalty, and you can pay off your loan early without penalty.

Pros

  • Can see your rate with a Soft Pull
  • Will consider applicants with credit scores as low as 660
  • Offers very competitive interest rates
  • Fast application process and fast funding

Cons

  • APR can be as high as 29.99%
  • It does charge origination fees

BestEgg offers competitive rates and a quick online process to get your loan. It is an excellent option for people with less than perfect scores.

BestEgg
APR

5.99%
To
29.99%

Credit Req.

660

Minimum Credit Score

Terms

36 or 60

months

Fees

0.99% - 5.99%

LEARN MORE Secured

on LendingTree’s secure website

People looking for a process that is fast and straightforward can’t go wrong when applying through Best Egg for a personal loan. ... Read More

5. Avant

Avant offers access to loans from $2,000 to $35,000. There is no prepayment fee. It is possible to get your loan as soon as the next business day. Although every case is unique, we have seen Avant accept people with credit scores as low as 580 be approved.

The Fine Print

APRs range from 9.95% to 35.99%. The Avant platform does charge an up-front origination fee of Up to 4.75%, which is lower than most of the competition.

Checking your Loan Options through Avant only requires a Soft Pullto see your rate, which does not affect your credit score, and there are no prepayment fees.

A personal loan through Avant received an “A” from MagnifyMoney’s Transparency Score.

Pros

  • Approved people with lower credit scores
  • “A” Transparency Score
  • Can see your Loan Options with a Soft Pull
  • Fixed terms, fixed interest rate, no prepayment fees

Cons

  • Interest rates as high as 35.99%
  • Charges an origination fee
  • Not available in Colorado, Iowa, West Virginia, and Vermont

Avant is a good option for people with less than perfect credit. You can check your Loan Options without hurting your score and it has an “A” transparency score.

Avant
APR

9.95%
To
35.99%

Credit Req.

Varies

Minimum Credit Score

Terms

24 to 60

months

Fees

Up to 4.75%

LEARN MORE Secured

on LendingTree’s secure website

Avant branded credit products are issued by WebBank, member FDIC.

Avant has helped over 600,000 customers by providing access to over $3.5 billion in personal loans. Whether you need to improve your home, make a major purchase, or consolidate your debts into one simple monthly payment, Avant may be able to provide you access to the funds you need as soon as next business day! ‡

For Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

6. OneMain

OneMain offers loans up to $30,000 for individuals with credit scores starting at 600. It offers terms of up to 60 months and APR ranges from 16.05% to 35.99%.

The Fine Print

In order to be accepted for a OneMain Loan, you must live near a OneMain branch, as a face-to-face meeting is required to finalize the loan. OneMain personal loans are not available in Alaska, Arkansas, Connecticut, Massachusetts, Nevada, Rhode Island, Vermont, or Washington D.C.

In order to qualify you must have:

  • Verifiable, steady income
  • No bankruptcy filings, ever
  • Be at least 18 years of age
  • Have at least some established credit history
  • Credit score of at least 600

If, at any time during the application process, OneMain becomes aware that you intend to use the personal loan for gambling, your loan application will be cancelled. OneMain personal loans cannot be used for business expenses or tuition.

Pros

  • Credit score as low as 600
  • Fixed Rates
  • No Prepayment penalty
  • Fixed terms

Convenient location, at OneMain branches

Cons

  • APR ranges from 16.05% to 35.99%
  • Loans cannot be used for business expenses or tuition
  • See potential rate with a Hard Pull
  • Personal loans only available up to $30,000
  • Loans not available in Alaska, Arkansas, Connecticut, Massachusetts, Nevada, Rhode Island, Vermont, or Washington D.C.
  • You must visit a OneMain branch to complete the loan.

The OneMain personal loan caters to people with low credit scores, or who would prefer to complete the personal loan application process at a branch, rather than online.

OneMain Financial
APR

16.05%
To
35.99%

Credit Req.

Varies

Minimum Credit Score

Terms

24 to 60

months

Fees

Varies

APPLY NOW Secured

on OneMain Financial’s secure website

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

7. Freedomplus

Freedomplus offers loans ranging from $7,500 to $35,000 that can be used for everything from debt consolidation, to unexpected expenses. APR ranges from 4.99% to 29.99%.

Its biggest selling point is the same-day approval and availability of funds within 48 hours, a lifesaver in some circumstances.

The Fine Print

In order to qualify for a Freedomplus loan, you must:

  • Be 18 years or older
  • Be a legal US resident
  • Have a valid ID
  • Minimum credit score of 700
  • At least $25,000 in verifiable income
  • No bankruptcies in the last two years

Freedomplus charges origination fees ranging from 0.00% - 5.00%, which is deducted from the loan amount before you receive the funds. There are no prepayment penalties.

The Freedomplus personal loan scores a “B” Transparency score because its fee structure and much of the fine print is unclear or not covered by the final contract.

You can prequalify with a Soft Pull, which does not affect your credit score. However, Freedomplus requires a phone screening with each applicant before the loan is approved.

Pros

  • Will approve credit scores as low as 700
  • The phone screening may improve your chances of being approved for the loan
  • Same-day approval and funds within 48 hours
  • No prepayment penalty
  • Can prequalify with a Soft Pull

Cons

  • APR ranges from 4.99% to 29.99%
  • The fee structure is not readily available for review
  • Origination fee of 0.00% - 5.00% applies

The Freedomplus personal loan is a good option for you if you have less than perfect credit, and need access to funds quickly, without visiting a physical branch.

FreedomPlus
APR

4.99%
To
29.99%

Credit Req.

700

Minimum Credit Score

Terms

24 to 60

months

Fees

0.00% - 5.00%

APPLY NOW Secured

on FreedomPlus’s secure website

With a personalized application process that includes a phone interview, FreedomPlus gives people with below average credit a shot at getting approved for a personal loan.... Read More

8. Prosper

The Prosper personal loan process is a little different than a traditional lender. It is not a bank, but rather a peer-to-peer lender. Once you have applied, and checked loan terms and rates, you create a loan “listing” that then appears on in the Prosper marketplace.

From these listings, peers (investors) choose which loans they would like to finance. When your loan listing is financed, the money is transferred to your bank account.

Prosper offers loans from $2,000 to $40,000, and APR ranges from 6.95% to 35.99%. It offers loans terms of either 36 or 60 months. Your APR is determined during the application process, and is based on a credit rating score created by Prosper. Your score is then shown with your loan listing to give potential lenders an idea of your creditworthiness.

The Fine Print

Your loan listing will remain active for 14 days. After 14 days, your loan must be at least 70% funded to receive the funds. If you are not 70% funded within 14 days, you must reapply to have your loan re-listed.

Origination fees range from 2.41% - 5.00% and are based on your Prosper score. In order to qualify, you must:

  • Have a bank account
  • Have a social security number
  • No more than 7 inquiries on your credit in the last six months
  • A verifiable, steady income
  • A credit-to-debt ratio of less than 50%
  • At least three open accounts, such as checking, savings, and credit card.
  • No bankruptcies in the last year

A returned payment may result in a $15 fee, and late payments past 15 days are charged a 5% fee, with a minimum of $15.

Prosper’s overall fine print is very clear is its fees are quite minimal, so it scores it an “A” Transparency Score. Also, you can check your Prosper rate with a soft credit pull, which will not affect your credit score.

Pros

  • Minimum credit score of 640
  • Can see your rate with a Soft Pull
  • No prepayment penalties
  • Paying off a Prosper loan can reduce your APR on future Prosper loans

Cons

  • Only 14 days to secure financing from peer lenders
  • Origination fee of 2.41% - 5.00% applies
  • APR varies from 6.95%– 35.99%

Prosper is a flexible alternative with a low-end APR that beats a credit card.

Prosper
APR

6.95%
To
35.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60

months

Fees

2.41% - 5.00%

LEARN MORE Secured

on LendingTree’s secure website

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Prosper is a peer-to-peer lending platform that offers a quick and convenient way to get personal loans with fixed and low interest rates. ... Read More

For example, a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.

Shop Around to Find the Best Deal

If you have made past credit mistakes, or have very little credit, there are personal loans out there for you. Many of these lenders offer rates much lower than what you would be paying on a credit card, shaving month and hundred or thousands of dollars off of your debt.

Don’t give up on a personal loan just because of your credit – there are options out there for you. It never hurts to shop around and look for the best rates available, especially if the lender does a soft credit pull to show you your options.

*We’ll receive a referral fee if you click on offers with this symbol. This does not impact our rankings or recommendations. You can learn more about how our site is financed here.

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Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Gretchen Lindow
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Gretchen Lindow is a writer at MagnifyMoney. You can email Gretchen at gretchen@magnifymoney.com

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Auto Loan, Reviews

Review: Chase Auto Loan for New and Used Cars

Wednesday, June 1, 2016

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Gretchen Lindow Gretchen Lindow

Car_lg

Online auto loans are quickly becoming the most stress-free and uncomplicated way to finance a new car or refinance a loan you already have. With streamlined approaches to loan approval and the ability to walk into a dealership knowing your exact budget and interest rate with loan preapproval, car shopping is becoming easier on your wallet and your time.

The Offer

The information related to Chase Auto Loans has been collected by MagnifyMoney and has not been reviewed or provided by the bank.

Auto loans from Chase range from 48 to 72 months and interest rates can vary by state, but APRs can be as low as 1.99%.

New car: 1.99%
Used Car: 2.09%
Refinance: 2.16%

Chase can loan $7,500 - $100,000 and provides APR discounts up to 0.50% for Chase checking account customers.

How To Apply

An application for a Chase auto loan can be made online or at a local branch, even if you don’t know which vehicle you want to purchase yet. If you don’t know what car you want to purchase, fill out what information you can. Chase will collect vehicle information later.

In order to apply you will need to provide your:

  • Name
  • Social Security Number
  • Address
  • Date of Birth
  • Phone Number
  • Email Address
  • Employment & Income information
  • Loan Amount and Term
  • Vehicle information (make, model, year, current mileage, VIN)

The Fine Print

At the time of this article, APRs are as low as 1.99% and are based upon creditworthiness.

Chase offers APR discounts up to 0.50% for being a Chase customer and enrolling in automatic payments. If you have a personal Chase checking account your APR will be discounted 0.25%. You will receive an additional 0.25% APR reduction if you enroll in automatic payments and continue to have your monthly auto loan payments automatically deducted from your Chase checking account.

Chase also requires the following Loan-to-Value ratios with an excellent credit history.

  • 80% for new vehicles
  • 95% for used vehicles

Chase offers loans for new and used autos, but with a few restrictions. Used cars cannot be more than 5 years older than the current model year and have no more than 75,000 miles. The vehicle cannot have been sold for scrap or declared a total loss. Vehicle cannot be used for commercial purposes, such as a limousine or taxicab.

Pros

  • Loans from $7,500 - $100,000
  • Finances new and used autos
  • APRs as low as 1.99% (before Chase customer rate discount)
  • Terms from 48 to 72 months
  • APR discounts up to 0.50%

Cons

  • Lowest term is 48 months
  • Rates vary by zip code
  • No online pre approval

How It Stacks Up

[Disclosure: LendingTree is the parent company of MagnifyMoney.]On LendingTree, there are hundreds of lenders who are ready to compete for your business. You simply fill out a short online form and can see real interest rates and approval information at once. Keep in mind, some lenders will do a hard pull on your credit and that this is normal within the auto lending space. Multiple hard pulls only count as one pull, so it is smart to have all your hard pulls done at once, which LendingTree can do for you.

LendingTree

LEARN MORE  

LightStream, a division of SunTrust Bank, provides a competitive option with APRs starting at 3.09%, with autopay, terms ranging from 24 to 84 months, and financing of $5,000 - $100,000.

LightStream

APPLY NOW Secured

on LightStream’s secure website

If you’re a member of the military, or have a family member who is, consider Navy Federal Credit Union for shorter terms and lower APRs. Its APRs start at 2.59%, and terms can be as short as 12 months or as long as 96 months. Navy Federal Credit Union can finance $250 - $500,000.

Navy Federal Credit Union

APPLY NOW 

Shop Around First

Online auto loans are becoming increasingly competitive, which is good for you, the consumer. The best way to ensure you get the best rate for your next auto purchase is to shop around for your best rate in the 30 days prior to car shopping. Don’t worry about your credit score as you shop around, because all inquiries within a 30-day period count as one.

Then when you get to the dealership, negotiate the price of your car before letting the dealership know that you have already been approved for financing. Then, once a price agreement has been reached, show the dealership your financing and ask them to beat it.

Often, the manufacturer offers 0% financing, which you may be eligible for. If that is the case, you just negotiated a great deal on a new car and saved hundreds or thousands in interest.

Compare Your Auto Loan Options Here

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Gretchen Lindow
Gretchen Lindow |

Gretchen Lindow is a writer at MagnifyMoney. You can email Gretchen at gretchen@magnifymoney.com

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Earning Cashback, Reviews

Review: Citizens Bank Cash Back Plus World MasterCard

Friday, November 20, 2015

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Gretchen Lindow Gretchen Lindow

Review: Citizens Bank Cash Back Plus

The Citizens Bank Cash Back Plus® World Mastercard® offers 1.5% cash back on everyday purchases plus the chance to earn up to 1.8% total cash back with its Purchase and Relationship Bonuses. The card places no limits on the amount of cash back you can earn, no rotating categories to keep track of or activate, and no annual fee.

How To Apply

You can apply for the Citizens Bank Cash Back Plus® World Mastercard® either online or by calling customer service at 1-800-684-2222 Monday through Friday from 7 am to 1 am EST, or Saturday and Sunday from 7 am to midnight EST.

Be prepared with the following information:

  • Personal: You name, address, phone number, Social Security number, and birth date
  • Employment: Place of employment and length of employment
  • Income: Current income, plus any mortgage payments

The application should take about 10 minutes to complete. After your application is submitted, a confirmation page will appear on your screen. Once you application has been processed, Citizens Bank will contact you will approval or denial.

Perks

The Citizens Bank Cash Back Plus® World Mastercard® boasts a simple cash back rate, but in reality, it’s not quite that simple.

The good news is that you will never earn less than 1.5% cash back on everyday purchases – it’s the opportunities to earn more than 1.5% back that get complicated.

You will receive a 10% Purchase Bonus on your earned cash back rewards when you make at least one purchase every month for 6 consecutive months or more. Your first Purchase Bonus will be credited on the seventh month, assuming you meet the criteria. As long as you continue to make one purchase each consecutive month, you can continue to receive the bonus, which will be credited monthly on the previous month’s cash back rewards.

This card also offers a 10% Relationship Bonus on your earned cash back rewards and Purchase Bonus when you choose to have them deposited directly into your Citizens Bank personal checking, savings, or money market account.

Taking advantage of both of these bonuses on top of the existing 1.5% cash back would net you 1.8% in cash back rewards.

For the first 15 billing cycles after opening the Citizens Bank Cash Back Plus® World Mastercard®, you will receive an introductory 0% APR on balance transfers.

There are no foreign transaction fees, no penalty APRs for late payments, and Zero Liability Protection against unauthorized purchases. This card also offers Extended Warranty Protection, which doubles the manufacturer’s original warranty up to 2 years, and 120 day of price protection.

The Fine Print

Cash back rewards or bonuses, such as the Purchase Bonus and Relationship Bonus can only be redeemed in increments of $25. They can only be direct deposited into a Citizens Bank personal checking, savings, or money market account or given as a Credit Card Statement Credit. You cannot deposit the rewards to an account outside of Citizens Bank or receive your rewards by mail.

The introductory 0% balance transfer APR is only valid for the first 15 billing cycles after the account is opened. After that, the variable APR jumps to 14.99%, 18.99%, or 22.99%, based on your creditworthiness. You will not know your non-balance transfer APR until you apply.

If you choose to complete a balance transfer with this card, you will be charged either a fee of either $10 or 3%, whichever is greater.

There is no introductory period for purchases with the Citizens Bank Cash Back Plus® World Mastercard®. The APR for purchases will be 14.99%, 18.99%, or 22.99% based on creditworthiness, and starting as soon as the account is opened. You will not know your APR until you apply.

The APR for cash advances is 23.49% variable. A Cash advance will also be charged the greater of a $10 fee or 3% of the transaction, whichever is greater.

If you make your payment late, you could be charged a fee of up to $38, but there are no fees for returned payments or going over your credit limit. This card also does not charge a penalty APR for late payments.

Pros

  • Up to 1.8% cash back on everyday purchases
  • Additional 0.03% cash back bonuses can be earned
  • No limit to the amount of cash back you can earn
  • No annual fee
  • No penalty APR for late payments
  • 0% introductory APR for 15 billing cycles on balance transfers
  • No foreign transaction fees
  • Zero liability protection against unauthorized purchases
  • 120 day price protection
  • Extended Warranty protection, Trip Cancellation Insurance, and Trip Interruption Insurance

Cons

  • 14.99%, 18.99%, or 22.99% variable APR for everyday purchases based on creditworthiness
  • Will not know your rate until you apply
  • Purchase and Relationship Bonuses can be complicated to earn
  • Only two ways to receive your cash back rewards: direct deposit into a qualifying Citizens Bank account, or as a Credit Card Statement Credit
  • Up to $38 late payment fee
  • $10 or 3% fee for balance transfers, whichever is greater
  • APR after 0% balance transfer period is 14.99%, 18.99%, or 22.99% variable, based on creditworthiness
  • 23.49% variable APR for cash advances, plus a $10 or 3% fee, whichever is greater
Citizens Bank Cash Back Plus® World Mastercard®

APPLY NOW 

How It Stacks Up

The Citi® Double Cash Card – 18 month BT offer earns cash back twice on every purchase with a $0* annual fee and no rotating categories. You Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay. The APR can range from 15.24% - 25.24%* (Variable), but as long as you can make your payments on time you can earn more cash back than with the Citizens Bank Cash Back Plus.

Citi® Double Cash Card – 18 month BT offer

APPLY NOW Secured

on Citibank’s secure website

The PNC CashBuilder® Visa® card offers 1.75% cash back and charges no annual fee. However, the terms of this card can be quite complicated. If you do not have a qualifying PNC Checking account, then you have to spend $4,000 or more per month to receive 1.75% cash back, but if you do have a qualifying PNC Checking account, then you have to spend $2,000 – $3,999.99 to earn 1.50% cash back, or spend up to $1,999.99 to earn 1.25% cash back all in the prior billing cycle.  Even though the terms are complicated, if you are a current PNC customer and spend $4,000 or more on a credit card each month, the cash back could be worth it.

PNC CashBuilder® Visa® Card

APPLY NOW 

The Citizens Bank Cash Back Plus® World Mastercard® offers a decent 1.5% cash back rate with very few complications. With a little effort and planning, you could earn up to 1.8% cash back, which is decent. If you have good credit, then you should explore higher earning cards first, but regardless, this card offers a good cash back rate and simple terms.

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Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Gretchen Lindow
Gretchen Lindow |

Gretchen Lindow is a writer at MagnifyMoney. You can email Gretchen at gretchen@magnifymoney.com

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Best Travel Credit Cards With No Annual Fee

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Earning Cashback, Reviews

Review: The Upromise MasterCard by Sallie Mae

Wednesday, November 18, 2015

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Gretchen Lindow Gretchen Lindow

MagnifyMoney Review

The Upromise Mastercard by Sallie Mae is no longer available. 

The Upromise MasterCard by Sallie Mae gives you a creative way to earn cash back for college with every purchase. With this card you earn 5% back on eligible online purchases – including travel – when you shop through Upromise.com, and on eligible Upromise restaurants. The card will also earn 2% cash back on eligible in-store department store purchases, movie theaters, and 1% back on all other purchases.

Shop through Upromise.com with this card and you could earn 10% in cash back rewards: 5% for shopping through Upromise and up to 5% for using the Upromise MasterCard. It has no annual fee, offers the ability to earn a $50 cash back bonus, and places no limits on the amount of cash back you can earn.

How To Apply

You can apply for the Upromise card online. You should be prepared with the following information:

  • Personal Information: Name, address, phone number, email address, birth date, Social Security number, mother’s maiden name
  • Employment & Finances: Occupation and income

The application will only take a few minutes, and depending on your credit, you could receive instant approval. If you don’t receive instant approval, you will be contact in a few days with your approval decision.

How The Upromise Card Can Help You Save For College

This card offers a creative way to save for college, whether you currently are in college, paying off student loans, or saving for your children’s college. The earnings can be used to pay down eligible student loans, pay for college courses, or help friends and family save for their college education.

When you join Upromise.com, you open a Upromise account and your cash back earnings will be automatically deposited into your this account. Your Upromise.com account will not earn interest, but you can transfer your earnings to an interest-bearing savings account or an existing student loan to help meet your goals. You can also request periodic checks to invest the earnings on your own.

While Upromise was created to help parents, grandparents, and even current students save for college and pay down student loans, you don’t have to use your earned cash back for college. It is your money, and you can request a check to use your earnings however you would like.

Opening the Upromise MasterCard and using it in conjunction with your Upromise.com account boosts your cash back rewards.

Perks

When you open the Upromise MasterCard, you will have the ability to earn a $50 bonus as long as you use your card to make one purchase within the first 90 days of account opening.

You’ll have $0 fraud liability on unauthorized purchases, your complimentary FICO score, no rotating reward categories, and no annual fee.

Determining the exact percentage of cash back rewards you’ll earn when using this card can be a little tricky, but the ability to earn up to 10% back towards college makes it worthwhile.

10% – When you shop through Upromise.com and use the Upromise MasterCard to shop online (including travel) you will earn 5% back for shopping through Upromise, and 5% back for using your Upromise MasterCard, for a total of 10%

2% – Eligible in-store department store purchase and eligible movie theater purchase using your Upromise MasterCard

1% – All other purchases

The Fine Print

Besides the rewards being complicated to understand, there are few other fees and gotchas you should know about.

In order to earn the $50 cash back bonus, you have to use the card to make a purchase or complete cash advance or a balance transfer within 90 days of account opening. We don’t advise using a cash advance as a means to earn $50, because the interest on a cash advance is 25.49% at time of writing. You will also be charged a fee of $10 or 5% (whichever is greater) for a cash advance. Just make a purchase and pay it off on time so you won’t be charged interest.

 

Pros

  • Up to 10% cash back for college
  • Earn a $50 cash back bonus
  • No annual fee
  • No limit to the rewards you can earn
  • Free FICO score
  • $0 fraud liability for unauthorized purchases
  • No rotating rewards categories
  • 0% APR on balance transfers for 15 billing cycles

Cons

  • Rewards are complicated to earn

 

How It Stacks Up

No other cards come close to 10% in cash back rewards, but there are others that have simpler terms.

Citi® Double Cash Card – 18 month BT offer

One of those cards is the Citi® Double Cash Card – 18 month BT offer. With a $0* annual fee and 2% cash back (Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay), the Citi® Double Cash Card – 18 month BT offer is an easy to use cash back rewards card. There are no rotating categories, but the APR is high, currently 15.24% - 25.24%* (Variable) so make sure you can pay your bill on time.

Citi® Double Cash Card – 18 month BT offer

APPLY NOW Secured

on Citibank’s secure website

Not Simple, But Offers Good Rewards

The Upromise MasterCard by Sallie Mae is not a simple card to understand. But where the terms are complicated, the card makes up for it with the ability to earn up to 10% cash back on online purchases when you shop through Upromise.com.

If you don’t shop online a whole lot, you would be better off choosing a simpler, 2% cash back card. But if you do a lot of online shopping, then the 10% in rewards makes the Upromise MasterCard worth looking into.

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Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Gretchen Lindow
Gretchen Lindow |

Gretchen Lindow is a writer at MagnifyMoney. You can email Gretchen at gretchen@magnifymoney.com

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2 Credit Cards Charging 0% Interest until 2019

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Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

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Best Travel Credit Cards With No Annual Fee

This Cash Back Number May Surprise You

This Cash Back Number May Surprise You

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Auto Loan, Reviews

Review: Wells Fargo Auto Loan

Wednesday, October 7, 2015

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Gretchen Lindow Gretchen Lindow

Wells Fargo Auto Loan

Updated November 16, 2015

Shopping for a new (or new to you) car can be an all-consuming process. Between reviewing your budget and determining what payment you can afford, obtaining financing at the absolute best rate, and then actually shopping for the car your family needs, you can be looking at a stressful process.

Online banks and credit unions are quickly becoming the most competitive when it comes to auto financing, but big banks like Wells Fargo is still looking for your business.

The Offer

Wells Fargo auto loan provides flexible financing for new and used vehicles, as well as lease buyouts. Its rates range from 3.88% to 10.51%, and it loans up to $100,000. Auto loan terms with Wells Fargo start at 12 months and top out at 72 months, but it does not allow online approval.

How To Apply

In order to apply for a Wells Fargo auto loan, you should be prepared with the following information:

  • Personal Information: Your Social Security number, address, any previous addresses, mortgage amount and information or rent payments.
  • Income Information: Your gross income, current and previous employment history, employment status.
  • Current Vehicle Information: The VIN, year, make, model, and mileage of the car.

To make sure you have all of the necessary information, use Wells Fargo’s Loan Application Checklist

The actual online application is fairly simple, and you will receive an answer as well as your rate in 5 to 10 minutes. If you do not wish to complete your application online, you can visit a Wells Fargo branch and discuss your application there with an Auto Finance Specialist.

If you are approved for the loan, you will receive your funds within a few days.

The Fine Print

Auto loan rates with Wells Fargo depend on creditworthiness, type of purchase (new or used), term, and the amount financed. The following are the starting APRs for different types of purchase:

  • Refinance: 4.62%
  • New Purchase From Dealer: 3.88%
  • Used Purchase From Dealer: 4.14%
  • Used Purchase From a Private Party: 6.84%
  • Lease Buyout: 4.34%

The starting APRs listed above assume a loan amount greater than $22,000 and that is less than 85% of the car’s value. This means that if you have the credit history to qualify for the starting rates, you may have to have a down payment.

You can choose to finance 100% of the vehicle, and not need to provide a down payment, but your rate will be higher.

The starting APRs also include a 0.25% relationship discount. To qualify for the relationship discount, you must maintain a qualifying Wells Fargo consumer checking account and make automatic payments from a Wells Fargo deposit account. You can only receive one relationship discount per loan, and auto loans where the dealer is the lender to not qualify. If you choose to cancel automatic payments or your qualifying checking account, your relationship discount will be cancelled.

Auto loans from Wells Fargo come with a $99 origination fee, which is financed with the loan and reflected in the APR. There is no need to pay this fee out of pocket.

The minimum loan amount Wells Fargo will finance is $5,000. Wells Fargo has the ability to finance up to $100,000 for an auto loan, but the maximum amount you are approved for will be determined when you apply. Terms for new vehicles are as long as 72 months, but for vehicles 7 years or older, the maximum term is 48 months.

Wells Fargo finances most vehicles with the exception of commercial vehicles, salvage vehicles, or conversion vans. Titles cannot be registered to a business.

Also worth noting is that Wells Fargo does not finance auto loans in Louisiana.

Pros

  • Rates From 3.88%
  • Terms of 12 to 72 months
  • Loans from $5,000 to $100,000
  • 25% Relationship Discount
  • Online application approval or denial in 5 to 10 minutes

Cons

  • Rates max out at 10.51%
  • $99 Origination Fee
  • No online pre-approval
  • Not available in Louisiana
  • No commercial or salvage vehicles
  • No conversion vans
  • 48 months maximum term for vehicles 7 years and older
  • Rate is unknown until you apply

Wells Fargo Bank

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Other Auto Loan Options

Wells Fargo’s rates are easily beat by many other auto loan lenders, regardless of whether you’re buying new, used, or refinancing.

LightStream

LightStream offers similar loan terms, 24 to 84 months, and will finance $5,000 - $100,000 with rates starting at 3.09% with autopay. Unlike Wells Fargo, LightStream charges no origination fees.

LightStream

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PenFed

For a less complicated loan experience with lower rates and fewer fees, you could also consider PenFed Credit Union. You have to become a member, but anyone can gain membership in PenFed Credit Union with a one-time donation to a PenFed selected charity. It offers rates from 2.49% to 4.24%, terms from 36 to 84 months, and will loan $500 - $100,000. It charges no origination fee, but does not provide the option for online pre-approval.

PenFed Credit Union

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A Good Option in Select Cases

Wells Fargo may be a good option for an auto loan if you prefer to buy used from a private party, need a lease buyout, or already have a relationship with the bank. However, in most cases you will be better off looking elsewhere. Between the high interest rates, complicated terms, fees that few other lenders charge, and no ability to get pre-approval online, an auto loan from Wells Fargo may be more trouble than it’s worth.

Find other auto loan options here.

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Gretchen Lindow
Gretchen Lindow |

Gretchen Lindow is a writer at MagnifyMoney. You can email Gretchen at gretchen@magnifymoney.com

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Auto Loan, Reviews

Review: Bank of America Auto Loan

Friday, October 2, 2015

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Gretchen Lindow Gretchen Lindow

Bank of America Auto Loan

Shopping for a new or used car has become a complicated experience. There are so many makes and models to choose from, so many dealers to purchase from, and a range of prices that makes it hard to see if whether or not you’re getting the best deal.

It can be overwhelming, to say the least.

That overwhelming feeling can lead so questionable financial decisions, such as spending more than you can afford, paying too much for the car you choose, and spending hundreds or thousands more in interest than necessary because you didn’t shop around for the best rate.

The Offer

A Bank of America auto loan will provide 12 to 60 months with APRs starting at 3.69%. There is no origination fee, but Bank of America does not provide online pre-approval for new or used auto loans. You can, however, be pre-approved for a new dealer purchase by applying at a Bank of America branch.

APR discounts

Bank of America provides several APR discounts to its existing customers as well as Preferred Rewards Customers.

Current Bank of America personal checking account holders receive a 0.15% APR discount on their auto loans or auto refinances.

Bank of America also offers an APR discount of 0.25% to 0.50% on auto loans when you enroll in Preferred Rewards at the time of application. There are no fees to participate in Preferred Rewards, but you must have a Bank of America personal checking account and a 3-month average combined balance of $20,000 in your Bank of America accounts and/or Merrill Lynch investment accounts.

Car Buying Basics

The first thing you should do when considering a new or used car purchase is to take hard look at your budget. Consider all of your current debt payments – these should not exceed 50% of your income. Factor in the payment for your new car, and make sure that it will not stretch your budget too thin.

Then, shop around online for your best rate on an auto loan during a 30-day period. Doing all of your rate shopping within 30 days will result in minimal impact because all inquiries within a 30-day period are treated as a single inquiry.

Once you have secured financing and determined the budget for your vehicle, use a site like TrueCar or Kelly Blue Book to help you determine the best price for the car you want to buy by comparing what other people actually paid for the same model.

How To Apply

In order to apply for an auto loan from Bank of America, you must be at least 18 years of age (19 in Alabama or Nebraska). You should also be prepared with the following:

  • Your address, phone number, email address, and Social Security number
  • Employment and income verification
  • Information on the vehicle you wish to purchase, such as the make, model, mileage, and the VIN

In most cases, you will receive approval or denial within 60 seconds of submitting your application with all of the required information online. However, some applicants will require a more detailed review. If you do not receive a decision within 60 seconds you will be contacted by email when the decision regarding your loan is ready.

In some cases, you could receive your funds in as little as 24 hours.

After you apply and are approved for the loan, you have 30 days from the date of the original loan request to use it without being required to re-apply.

The Fine Print

The 3.69% starting APR is only valid in certain states. Go here to check yours. The 3.69% APR assumes an excellent credit history and that you are purchasing a new vehicle from a dealership. Other types of purchases have the following minimum APRs:

  • Dealer New: 3.69% APR
  • Dealer Used: 3.89% APR
  • Refinance: 3.89% APR

Your actual APR may be higher depending upon your creditworthiness, as well as the state in which you reside.

In order to finance a used vehicle through Bank of America, it must be not be older than 10 calendar years, have no more than 125,000 miles, and not be used for commercial purposes. It also cannot have a salvage title.

Bank of America does not finance auto purchases from independent dealers that carry several different brands of vehicles. The general exceptions to this rule are CarMax, Hertz Car Sales, Enterprise Car Sales and other found using this dealer locator tool.

In same cases, if the applicant is not deemed creditworthy enough, Bank of America will require a down payment or minimum loan to value ratio. These are determined on case-by-case basis and will not be known until you apply.

Pros

  • Rates starting at 3.69% APR
  • Terms of 12 to 60 months
  • 60 second online approval, in some cases
  • Funds in as little as 24 hours
  • Will finance private party sales and lease buyouts
  • No origination fee
  • No prepayment penalties
  • Up to 0.50% APR discount when you enroll in Preferred Rewards
  • 15% discount for having a Bank of America Checking account

Cons

  • Exact APR is not known until you apply
  • Down payment may be required for certain applicants
  • Will not finance purchases from independent dealers
  • Used cars must be less than 10 years old and have less than 125,000 miles
  • No online pre-approval
Bank of America

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How It Stacks Up

LendingTree

If you want to explore your options, there are hundreds of lenders on LendingTree ready to compete for your business. LendingTree is the parent company of MagnifyMoney. You simply have to fill out a short online form and upon completion, you may see real interest rates and approval information instantly. While the online form is only a soft pull on your credit, meaning your score won’t be impacted, if you choose to move forward with a lender, lenders will likely do a hard pull on your credit.  Note that since multiple hard pulls only count as one pull, it is smart to have all your hard pulls done at once.

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LightStream

LightStream can beat Bank of America’s starting APR and is far less complex. Its APRs start at 3.09% with autopay, it will finance vehicles from $5,000 - $100,000. Its terms vary from 24 to 84 months, which allows for longer terms than Bank of America.

LightStream

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PenFed

If you like great rates, but a more personalized experience than a big bank provides, then consider PenFed. PenFed is a credit union, but anyone can join with a one-time donation to an eligible charitable donation. It has APRs ranging from 2.49% to 4.24%, terms of 36 to 84 months, and will finance $500 - $100,000. It has no origination fee, but does not provide online pre approval.

PenFed Credit Union

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Shop Around First

When purchasing a new or used car, the two most important factors are making sure you don’t spend more on a vehicle than you can afford, and getting the best rate possible. Before setting foot on a dealership, shop around for your best auto loan rate so you can have one aspect of car shopping taken care of up front.

Compare Auto Loan Offers Here.

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Gretchen Lindow
Gretchen Lindow |

Gretchen Lindow is a writer at MagnifyMoney. You can email Gretchen at gretchen@magnifymoney.com

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Auto Loan, Reviews

Review: NEFCU Auto Loan for New and Used Cars

Wednesday, September 30, 2015

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Gretchen Lindow Gretchen Lindow

Car_lg (1)

Shopping for a new or used car can be a stressful experience – but it does not have to be.

In order to make an educated and simplified decision it is best to walk into the dealership with low interest financing already preapproved. Knowing that you already have financing taken care of, negotiate the price of your car and then show the dealership your financing offer.

Chances are the dealership will try to beat your financing by offering you 0% financing through the manufacturer – which could save you thousands of dollars in interest over the life of the loan.   If you are offered 0% financing, take it and feel good about your savings. If not, you already shopped around for the lowest rate and you can continue on with your vehicle purchase.

The Offer

NEFCU finances auto loans up to $70,000 with no origination fee and rates ranging from 2.30% to 14.59%. You can choose terms of 12 to 96 months, but NEFCU does not offer online preapproval.

Membership Requirements

Because NEFCU is a credit union, you must be a member in order to apply for an auto loan. You are eligible for NEFCU if you:

  • Live in Nassau and/or Suffolk Counties
  • Work in Nassau and/or Suffolk Counties
  • Worship in Nassau and/or Suffolk Counties
  • Attend school in Nassau and/or Suffolk Counties
  • Regularly conduct business in Nassau and/or Suffolk Counties
  • Family Sponsorship – An existing NEFCU member can sponsor in an immediate family member (mother/father, brother/sister, child, grandparent or grandchild) or any household member
  • Membership is not open to individuals who live, work, worship, attend school and do business exclusively in East Hampton, Southampton and Shelter Island.
  • You can contact NEFCU at: 516.561.0030 or at 800.99.NEFCU outside LI/NYC or send an email to info@myNEFCU.org.

How To Apply

Applying for a NEFCU auto loan online requires the same information that an auto loan application at a physical bank would require, you will just be providing the information online. In order to apply, you should have the following information ready:

  • Contact Information: Your address, phone number, Social Security number, email address
  • Personal References: Required in some cases. NEFCU will request them if necessary.
  • Financial/Employment Information: Your employer, gross income and expenses, and monthly debt payments.
  • Vehicle Information: Make, model, year, mileage and VIN of the auto you plan to purchase.

NEFCU allows you to apply for an auto loan online, at a NEFCU branch or by calling their call center. It does not provide online preapproval, but you can obtain preapproval at a branch before shopping.

Coupon Offer

NEFCU offers a $300 coupon valid at select dealers on your new or used auto. You can apply online, at a branch or by telephone by calling 1-800-99-NEFCU. Your rate will be determined by creditworthiness, loan amount, year of the vehicle, and loan term, as per the rate chart.

Everything Automotive Service

NEFCU’s Everything Automotive service allows you to shop for new and used autos, compare different makes and models, take a virtual test drive and schedule in person test drive with different dealerships. Everything Automotive also offers discounted GAP insurance, auto insurance, and extended auto warranties.

This service is accessible only to NEFCU members who apply for auto financing.

The Fine Print

Interest rates on new and used auto loans through NEFCU are based upon vehicle year and loan term, as seen on the rate chart here. The rates shown on the chart are subject to credit approval, and those who do not qualify may be offered a higher interest rate. You will not know your rate until you apply.

Not all borrowers will qualify for an 8-year loan term, and you are required to have and maintain a credit score of 670 or higher in order to qualify for the rates shown in the rate chart.

Used auto loans through NEFCU must not be older than 9 years, but there are no mileage restrictions. There are no restrictions on vehicle make or model, but NEFCU will not finance a purchase of a used auto from a private party seller.

The minimum loan amount for a 6-year term is $15,000, for a 7-year term is $25,000, and $30,000 for an 8-year term. Only new vehicles are eligible for an 8-year loan term, and are eligible for a 100% loan to value ratio.

Pros

  • Rates starting at 2.30%, based on creditworthiness
  • Loans up to $70,000
  • Can apply online, at a branch, or by phone
  • $300 off of your auto purchase at select dealers
  • No prepayment penalties
  • Discounted auto insurance, GAP insurance, and extended warranties through NEFCU
  • No make or mileage restrictions for used auto loans

Cons

  • Rates as high as 14.59%, based on creditworthiness
  • No online preapproval
  • Do not know your rate until you apply
  • Must be a NEFCU member to apply
  • Rate chart can be complicated
  • Minimum $30,000 new auto loan to qualify for 8-year loan term
  • Required to have an maintain a 670 credit score for 8-year loan term
  • Used autos must be 9 years old or newer
NEFCU

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How It Stacks Up

Looking for a lower APR? Capital One’s APRs start at 3.89%, and it will finance up to $40,000. Even though its maximum loan amount is lower than NEFCU’s, it offers online preapproval, loan terms of 36 to 72 months, and no origination fee. With rates topping out at 9.88% for new car loans, NEFCU’s interest rates can be fairly steep, but Capital One is a good alternative.

Capital One

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If you’re looking for the personalized experience of a credit union, but are not eligible to join NEFCU, then consider PenFed Credit Union. Anyone can join PenFed Credit Union with a contribution to one of two designated charitable organizations. Its rates range from 2.49% to 4.24% and it will finance loans up to $100,000. PenFed does not allow you to obtain online preapproval, but it charges no origination fee and offers terms of 36 to 84 months.

PenFed Credit Union

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Check a Variety of Lenders for Your Auto Loan

Credit Unions are now financing more auto loans than traditional banks because of their more personalized customer experience, more competitive rates, and focus on the customer. When shopping for your auto loan, consider shopping credit unions such as NEFCU for a more flexible, lower interest auto loan.

Compare other auto loans here. 

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Gretchen Lindow
Gretchen Lindow |

Gretchen Lindow is a writer at MagnifyMoney. You can email Gretchen at gretchen@magnifymoney.com

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