Advertiser Disclosure

Personal Loans

LendingPoint Personal Loan Review

Friday, August 10, 2018

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.

Carissa Chesanek Carissa Chesanek

What is LendingPoint?

Founded in 2014, LendingPoint is an online lender based in Kennesaw, Ga., outside Atlanta. It began by offering personal loans only in Georgia, but has since expanded to 34 states and Washington D.C. LendingPoint has originated more than $500 million in loans through its website and loans made through merchants known as point-of-sale loans. The company lends to those with fair credit, borrowers with scores as low as 580 who may not be able to attain a personal loan through more traditional financial lenders.

LendingPoint personal loan highlights

  • Caters to borrowers with fair credit. LendingPoint works with borrowers who have fair credit or those the company calls “near-prime” consumers.
  • Quick decisions and distribution of funds. Borrowers may apply online, see an offer within minutes and receive money as soon as 1 to 2 business days.
  • Soft pull. LendingPoint conducts a soft pull to provide a rate quote that will not impact your credit score.
  • Refinance option. After six months of paying your personal loan on time, and once you have paid down at least 25% of the principal, you may be able to adjust your payment or get a better deal on your interest rate.
  • High rates: LendingPoint’s rates are high compared with other lenders who cater to borrowers with fair credit. Read our roundup of personal loans for those with less-than-perfect credit here.
LendingPoint
APR

15.49%
To
35.99%

Credit Req.

585

Minimum Credit Score

Terms

24 to 48

months

Fees

Fee Varies

LEARN MORE Secured

on LendingTree’s secure website

LendingPoint offers personal loans for a wide variety of reasons, including paying for home repairs, consolidating credit card debt, or to make a large purchase. Their online process can help you to quickly apply for a personal loan, get qualified, and receive funding. While their interest rates can be higher than others, they do offer fast approval and can transfer funds to your bank account in 24 hours.

LendingPoint personal loan details
 

Fees and penalties

  • Terms: 24 to 48 months
  • APR range: 15.49% to 35.99%
  • Loan amounts: $2,000 to $25,000
  • Time to funding: After the final approval, funds may be transferred in up to 1 to 2 business days, though often as soon as the next business day.
  • Hard pull/soft pull: LendingPoint conducts a soft pull when you first apply for a personal loan quote. After you review the loan offer(s) and select one, a hard pull will then be done to move forward with the final loan approval process.
  • Origination fee: The Fee Varies, depending on your state of residence and credit history.
  • Prepayment fee: None
  • Late payment fee: Varies

Many lenders are strict about how many loans you can have at one time, sometimes maxing out at one per borrower. However, LendingPoint may allow you to take out two loans at once, depending on your current loan’s standing and your overall credit history. Being able to take out another personal loan can be helpful if a new financial issue comes up, such as an unexpected home repair, where you need more funds than your current loan can’t cover.

LendingPoint’s personal loans may be used for many different financial reasons. Whether you need to pay for an upcoming home renovation, you need funds to buy a car or need help paying off a medical bill your insurance won’t cover, a personal loan with LendingPoint can help. These personal loans can also be used to help consolidate your debt and refinance your credit cards.

Eligibility requirements

  • Minimum credit score: 585
  • Minimum credit history: LendingPoint looks at your overall financial potential to help determine whether you’re a good candidate for a personal loan, but it will only consider those who can show income of at least $20,000 a year.
  • Maximum debt-to-income ratio: 35%

All borrowers must be at least 18 years old and reside in one of LendingPoint’s 34 designated states or Washington, D.C. Borrowers are encouraged to show consistent employment history for at least the past 12 months and must have a bank account.

LendingPoint does not offer loans in:

  • Colorado
  • Connecticut
  • Iowa
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Nevada
  • New York
  • North Dakota
  • Rhode Island
  • South Carolina
  • Vermont
  • West Virginia
  • Wisconsin
  • Wyoming

Applying for a personal loan from LendingPoint

To begin the application process with LendingPoint, you’ll first need to provide basic background information, such as your name, date of birth, Social Security number, and annual income. This is the pre-approval process which will generate one or more loan offers in just a few minutes.

If you choose one of the offers and agree with the terms and rates, you will then need to provide any additional information and documents LendingPoint may request, including your driver’s license, bank statements (with voided check) and proof of income. Once all documents have been received and reviewed, a final loan approval can happen in a few hours, and your funds can possibly be distributed to your bank account within the next business day.

Pros and cons of a LendingPoint personal loan

Pros:

Cons:

  • No prepayment penalty. If you decide to pay off your loan before your term is up, LendingPoint will not charge you a prepayment penalty.
  • Fast approval and funding. Many borrowers are pre-approved for a personal loan within just minutes and approved for the actual loan within hours. Borrowers can possibly receive funds in their bank account the next business day.
  • Works with borrowers with fair credit. LendingPoint provides personal loans to borrowers with fair credit.
  • Bankruptcy is not grounds for automatic disqualification. Borrowers with a discharged bankruptcy of 12 months or more can still apply for a personal loan with LendingPoint. Your credit history, income and discharged bankruptcy timeframe will all be determining factors.
  • No joint or cosigner loans. Some lenders allow you to have a cosigner with a higher credit score in order to qualify for a better personal loan rate. That is not the case with LendingPoint’s personal loans, as they are based only on your individual credit history.
  • Fluctuating payment schedule. Your monthly due date may change because LendingPoint uses a 28-day payment cycle.
  • Higher interest rates. LendingPoint may work with borrowers with fair credit, but that can mean higher interest rates when compared with other lenders.
  • Origination fee. Many lenders don’t charge an origination fee for personal loans, which is why LendingPoint’s possible charge of up to 6.00% can be off-putting.

Who’s the best fit for a LendingPoint personal loan

If you have fair credit and meet the income requirements, LendingPoint could be a good option, especially if you need funds fast. The lack of a prepayment penalty is a plus, but other lenders offer lower rates, even for those with less than ideal credit.

It’s always a good idea to search and compare personal loans before making a final decision. Shop around to find the best personal loans with a rate and term ideal for your financial needs while also keeping an eye out for any fees associated with the loans, including origination fees. LendingPoint may be the best fit for you, but you should take some time to compare with others to know for sure.

Alternative personal loan options

Peerform

Peerform
APR

5.99%
To
29.99%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Fees

1.00% - 5.00%

LEARN MORE Secured

on LendingTree’s secure website

Even with a credit score of 600, you still might be able to secure a loan through Peerform. ... Read More


Peerform offers lower fixed rates ranging from 5.99% to 29.99% with loan amounts starting at $4,000 and maxing out at $25,000; terms are between 36 or 60 months. Similar to LendingPoint, there are no prepayment penalties should you want to pay off your loan in advance, but there may be an origination fee that varies from 1.00% - 5.00%. There are other fees to consider with Peerform as well — these include late fees, unsuccessful payment fees, and check processing fees, all of which can range around $15 each.

LendingClub

LendingClub
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


While LendingPoint allows borrowers to take up to $25,000, LendingClub offers loans up to $40,000 which is good for those looking to borrow more money. However, you will likely have to wait a little longer to receive the funds — LendingClub’s earliest distribution is within 7 business days. There are no prepayment penalties, but LendingClub charges an origination fee of anywhere from 1.00% - 6.00%, and you could also be charged a check processing fee or late payment fee. Credit history, the loan amount and any other outstanding debt are some of the factors used to determine the APR, which usually ranges from 6.16% to 35.89%.

OneMain Financial

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


OneMain Financial has issued loans for more than 100 years and, similar to LendingPoint, can have money in your hands within the next business day after final approval. Loan amounts are from $1,500 to $30,000 with an APR range of 16.05% to 35.99%. Borrowers are eligible for terms of 24 to 60 months, depending on your credit and financial history and any other debts you may have. Credit score requirements vary and all personal loans have fixed rates and payments without any prepayment penalties. You may be able to get a loan offer within minutes when you apply online but will need to meet with a loan specialist in person for final approval.

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.

Carissa Chesanek
Carissa Chesanek |

Carissa Chesanek is a writer at MagnifyMoney. You can email Carissa here

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Personal Loans

Wells Fargo Personal Loan Review

Friday, August 10, 2018

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.

David Rodeck David Rodeck

What is Wells Fargo?

If you live in the United States, you’ve almost certainly heard of Wells Fargo Bank. They are the fourth largest bank in the entire country. They have roughly 5,800 branches and over 13,000 ATMs spread throughout nearly every state. For people who don’t live close to a physical location, Wells Fargo also provides 24/7 phone support for their financial services.

Wells Fargo offers personal loans to go along with its numerous other banking, loan and financial products. Just because a lender is big player in the financial space, doesn’t necessarily mean they are the best option for you. In this review, we will look at the most important features of a Wells Fargo personal loan.

Wells Fargo personal loan highlights

Securing a personal loan through Wells Fargo comes with many of the same benefits you would expect with any major financial institution. Here are a few highlights on a personal loan with Wells Fargo:

  • Loan amounts vary – They offer personal loans that range anywhere from $3,000 all the way up to $100,000.
  • No application, origination or prepayment fee – It doesn’t cost anything to apply for or set up a Wells Fargo personal loan. There is also no penalty for paying the money back ahead of schedule.
  • Fast payment – Wells Fargo typically releases payment within one business day of loan approval.
  • Wells Fargo checking account discount– Wells Fargo subtracts 0.25% off the interest rate when you set up automatic payments through a qualifying checking account with the bank.
Wells Fargo Bank
APR

6.99%
To
23.99%

Credit Req.

Varies

Minimum Credit Score

Terms

12 to 60

months

Fees

No origination fees

APPLY NOW Secured

on Wells Fargo Bank’s secure website

Wells Fargo personal loan details

Wells Fargo loan terms range from 12 to 60 months on loan amounts of $3,000 to $100,000. The APR on a personal loan can range from 6.99% to 23.99%,  (0.25% discount is applied to the interest for relationship accounts). The Wells Fargo website states funds are often distributed the next business day after approval.

What’s great about Wells Fargo personal loans is there are no origination or prepayment fees. There is a late payment fee: $39; however, there is 10-day grace period to make that payment before Wells Fargo charges a penalty.

 

Fees and penalties

  • Terms: 12 to 60 months
  • APR Range: 6.99% - 23.99%
  • Loan amounts: $3,000 - $100,000
  • Time to funding: Next business day
  • Soft-pull/hard-pull: Hard
  • Origination fee: None.
  • Prepayment fee: None.
  • Late payment fee: $39

Eligibility requirements

Like most applications for a line of credit or a loan, your credit report will show a hard pull when you apply for a personal loan with Wells Fargo. The bank does not have a minimum credit score requirement, but will consider your credit score in their decision. They also don’t have a cap on the debt-to-income requirement, but again, it will be factor into their lending decision.

Loan underwriters will also consider your income and any other banking relationship with Wells Fargo as part of their decision. If you’re a long-term Wells Fargo customer, that could improve your chances of qualifying.

Apply for personal loan with Wells Fargo

You can apply for a Wells Fargo personal loan online, by phone or at a Wells Fargo bank branch. In each case, Wells Fargo will ask for your personal information — like your name, address and Social Security number — and employment and income verification. Finally, you will need to submit your ideal loan term and amount, although you may not receive the full amount requested.

If you already have a Wells Fargo bank account, you can log in and the application will be prefilled with information that is already on your account. Once you submit the online application, the software will tell you whether you qualify, are rejected or if they need more information. Wells Fargo may request supporting documentation such as your pay stubs, driver’s license or tax returns before making a decision.

Wells Fargo often supplies funds within one business day of approval. Funds can be received in a variety of different ways, including a direct deposit into an existing Wells Fargo account, transferring the money into another bank account, cashier’s check or you can opt to have the funds go directly toward outstanding debts (if you requested the loan to consolidate your other debts).

Wells Fargo personal loan: Pros and cons

Wells Fargo has some positives — such as banking with a mega financial institution — but it also has some negatives — like their history of setting up fraudulent accounts. Loan products (with any institution) will be no different. Here are some pros and cons to taking out a personal loan with Wells Fargo:

Pros:

Cons:

  • Fast payment – Once your loan has been approved, they pay out within one business day.
  • Competitive interest rates – Wells Fargo interest rates are competitive compared with many online lenders.
  • Relationship discount – Wells Fargo takes 0.25% off your interest rate if you have a qualifying checking account with them and make automatic payments.
  • No prepayment, origination or application fees – Wells Fargo does not charge an application fee or origination fee to set up a personal loan. There are no penalties for paying off your loan early.
  • Varied loan amounts – Wells Fargo offers loans anywhere from $3,000 to $100,000. This can be useful for people looking for a large personal loan.
  • Decision could take time – Wells Fargo does not make an instant decision on all applications. They may ask you to submit additional documents before making a decision.
  • Hard credit pull – To see whether you qualify and at what rate means making a hard pull on your credit report, which can knock a few points off your score.
  • No guaranteed approval – Although Wells Fargo does not list its eligibility requirements, expect them to be tougher than with an online lender. Large national banks use a more stringent qualification process in exchange for charging lower interest rates than some online lenders.

Who’s the best fit for a Wells Fargo personal loan?

Wells Fargo personal loans are ideal for someone with a strong credit score and high income. In this case, you have a better chance of receiving an instant decision at the lowest available interest rate.

Wells Fargo incentivizes personal loan borrowers to open a checking account with them by offering a 0.25% discount on the interest rate when you set up automatic payments. Plus, Wells Fargo can deposit the loan proceeds immediately into your bank account after you’re approved.

Wells Fargo is a good fit if you want the flexibility to pay the money back earlier than expected or are looking for a large personal loan limit. Finally, if you want to meet with a banker in person to discuss your loan, Wells Fargo is one of your better options as they have roughly 5,800 branches nationwide where you can meet with a loan officer.

Alternative loan options

If you don’t meet Wells Fargo eligibility requirements, consider the following three alternatives for a personal loan:

LendingClub

LendingClub
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


LendingClub is an online lender that uses a peer-to-peer system, which means they match you with other lenders to fund your loan. You could potentially receive a lower interest rate or qualify with a lower credit score than you would with Wells Fargo, but that depends on what kind of offers you receive. You can check rates without hurting your credit score because they use a soft pull to create offers. However, the entire process takes at least seven days to fund your loan. A personal loan with Wells Fargo is a faster process if you immediately qualify.

OneMain Financial

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


OneMain Financial’s application process — from application to funding — can be completed in just one day. The downside is they charge significantly higher interest rates than Wells Fargo. You will be required to visit a OneMain Financial branch in person to complete the process as it can’t be 100% completed online.

LendingPoint

LendingPoint
APR

15.49%
To
35.99%

Credit Req.

585

Minimum Credit Score

Terms

24 to 48

months

Fees

Fee Varies

LEARN MORE Secured

on LendingTree’s secure website

LendingPoint offers personal loans for a wide variety of reasons, including paying for home repairs, consolidating credit card debt, or to make a large purchase. Their online process can help you to quickly apply for a personal loan, get qualified, and receive funding. While their interest rates can be higher than others, they do offer fast approval and can transfer funds to your bank account in 24 hours.


LendingPoint is another choice if you need money quickly and want to handle the entire process online. They are more accepting of lower credit scores and consider other factors for their lending decision, such as employment and financial history and income. Their application process is fast and you may be able to apply and receive funding within a couple of days. They do charge a loan origination fee and have higher interest rates than Wells Fargo.

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.

David Rodeck
David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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Advertiser Disclosure Comments

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Personal Loans

BofI Federal Bank Personal Loan Review

Friday, August 10, 2018

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.

Kristina Byas Kristina Byas

Who is BofI Federal Bank?

Known as the oldest online bank, BofI Federal Bank was founded in 1999 with the goal to make banking accessible to customers from anywhere at any time. Headquartered in San Diego, this branchless bank provides all the products and services offered by a traditional bank. BofI Federal Bank customers have access to checking and savings accounts, certificates of deposit (CDs), and much more — 24 hours a day, seven days a week.

Customers who find themselves in need of cash for home improvements, vehicle repairs, and any other expense, expected or unexpected, can also turn to BofI Federal Bank for personal loans. By filling out the easy online application, borrowers can take out an unsecured personal loan between $5,000 and $35,000 with an APR as low as 6.49%. Like with many lenders, when a borrower chooses BofI Federal Bank, the approved loan amount, terms and APR all depend on certain criteria, such as credit score and income.

In this review, we’ll look at the personal loan offerings from BofI Federal Bank.

BofI Federal Bank Personal Loan Highlights

  • Prequalification: No need for applicants’ credit scores to take a hit by applying — to determine if a loan with BofI Federal Bank is a likely option, potential borrowers can see if they prequalify by answering a few questions.
  • No prepayment fees: If a borrower wishes to pay off their BofI Federal Bank loan early, they will not be charged a fee or penalty for doing so.
  • Online application approval: Anyone interested in a loan with BofI Federal Bank can conveniently fill out the quick and simple online application.
  • Loan terms: BofI Federal Bank offers flexible terms for its loans, but not all term options are available for borrowers who request certain loan amounts.
BofI Federal Bank
APR

6.49%

Credit Req.

680

Minimum Credit Score

Terms

12 to 60

months

Fees

5%

APPLY NOW Secured

on BofI Federal Bank’s secure website

BofI Federal Bank personal loan details
 

Fees and penalties

  • Terms: 12 to 60 months
  • APR Range: 6.49% and up
  • Loan amounts: $5,000 to $35,000
  • Time to Funding: 2 days
  • Hard pull/soft pull: Prequalification: soft pull; application/prior to funding: hard pull
  • Origination fee: 5%
  • Prepayment fee: $0
  • Late payment fee: $15
  • Other fees: Insufficient funds fee: $25

Eligibility requirements

  • Minimum credit score: 680
  • Minimum credit history: Not specified
  • Maximum debt-to-income ratio: 45% to 50%

The basic eligibility requirements for a personal loan with BofI Federal Bank call for applicants to be U.S. residents who are at least 18 years old with verifiable income. Applicants also need a minimum credit score of 680 and a debt-to-income ratio of 45% to 50%. Although the credit history requirements are not specified by BofI, this information is used to determine if an applicant is approved for a loan.

Applying for a personal loan from BofI Federal Bank

Applying for a BofI Federal Bank personal loan is simple, and the process can be completed fairly quickly. By visiting the website, you can get the ball rolling by answering a few questions to see if you prequalify for a loan. You need to provide your income, credit history and score, employment history, basic contact information and Social Security number.

After answering these questions and a soft pull (which won’t affect your credit score), a loan offer will be provided if you prequalify. This offer can help you decide if you want to complete the application. Should you decide to apply, the information you provided will be verified.

If BofI Federal Bank offers you a loan following verification, you have the opportunity to review it before accepting. The final loan offer may differ from what you were offered after pre-qualification because of what was found during the verification process. Once you accept the offer, funds are deposited into your bank account within two days.

Pros and cons of a BofI Federal Bank personal loan

Pros:

Cons:

  • No collateral: A personal loan with BofI Federal Bank is unsecured, so it does not require collateral.
  • No prepayment fees: You won’t be charged an additional fee if you pay off your BofI Federal Bank loan early.
  • Quick application: The application process for a BofI Federal Bank personal loan is quick. You can expect to spend no more than 15 minutes on prequalification and the application.
  • Pre-qualification: You can avoid a drop in their credit score by seeing if you prequalify for a loan before applying. This is a soft pull, and it allows the bank to determine if you are likely to be approved for a loan.

  • Funding time: It can take up to two days for funds be received. This is a problem if you have expenses that need immediate attention and require instant or same-day funding.
  • Loan terms: Although BofI Federal Bank offers flexible loan terms, not all options are available depending on your loan request.
  • Origination fee: You must pay a 5% origination fee. This amount is deducted from the loan before funding.

Who’s the best fit for a BofI Federal Bank personal loan

A personal loan with BofI Federal Bank is unsecured, so while no collateral is required, there is specific criteria you must meet if you wish to secure a loan. While BofI will use multiple factors to determine if you are a good fit for a loan, you should have a credit score of at least 680 when you apply. This means if you could be approved even if you have less than perfect credit. But you likely won’t be approved if you have poor or bad credit.

In addition to the credit score requirement, another factor that could affect a person’s fit for this lender is the funding time. If you need to receive funds immediately, this is not possible and you won’t benefit from applying for a loan with this lender. However, if you don’t have an immediate need for funds, you may find a BofI Federal Bank personal loan to be a great option.

Although a personal loan with BofI Federal Bank may not be the ideal lender for all, there are alternatives that may be more suitable.

Alternative personal loan options

LendingClub

LendingClub
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


Securing a personal loan between $1,000 and $40,000 with LendingClub can be done in a matter of minutes. To ensure you are a good fit for a loan with this particular lender, you can check rates prior to filling out the application. If a loan with LendingClub seems like an option, you can review the available offers and then move forward with the application by verifying the information you provided. If you’re approved after the review of the application, funds will be deposited into your account within seven days. When comparing this lender to BofI Federal Bank, the prequalification and application processes are similar, but you may be able to take out a personal loan with a lower APR and a lower origination fee.

Marcus by Goldman Sachs®

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


If you have at least fair credit, you have the option to apply for a personal loan with Marcus by Goldman Sachs®. When choosing this specific lender, you have access to between $3,500 and $40,000, more than what’s on offer from BofI Federal Bank. In addition to access to higher funds, Marcus by Goldman Sachs offers loan terms from 36 to 72 months, giving you plenty of time to pay back your loan. Should you choose to pay the loan off early, there are no prepayment fees that will be tacked onto your final payment, making this loan ideal if you want to avoid paying extra fees.

Upgrade

Upgrade
APR

6.87%
To
35.97%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Fees

1.00% - 6.00%

LEARN MORE Secured

on LendingTree’s secure website

Loans made through Upgrade feature APRs of 6.87%-35.97%. All loans have a 1% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay. For example, a $10,000 loan with a 36 month term and a 17.97% APR (which includes a 5% origination fee) has a required monthly payment of $343.28. Upgrade is available in all states except: Connecticut, Colorado, Iowa, Massachusetts, Vermont, West Virginia.


Upgrade is an alternative if you have fair credit and need between $1,000 and $50,000. Before applying, you can use the pre-qualification process to determine your chances of being approved for a loan without taking a hit to your credit score. Following pre-qualification, the application can be filled out. If approved for a loan, it can take up to four days for funds to be received. There is an origination fee, so take this into consideration before you begin the process of securing a loan with Upgrade.

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.

Kristina Byas
Kristina Byas |

Kristina Byas is a writer at MagnifyMoney. You can email Kristina here

TAGS:

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$

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Advertiser Disclosure

Personal Loans

Avant Personal Loan Review

Friday, August 10, 2018

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.

Brynne Conroy Brynne Conroy

Who is Avant?

Originally launched under the name AvantCredit, Avant is an online lender that was founded in 2012 in Chicago. The company launched its first loan in February 2013 and has issued over $1 billion in loans to 600,000 borrowers.

Avant primarily issues loans that can be used for debt consolidation, emergency expenses or home improvement costs. It’s unique in that it is willing to work with borrowers who have poor credit.

Over the past several years, the company has been awarded much industry recognition, including being listed as No. 6 on Forbes’ “America’s Most Promising Companies” list in 2015, and No. 5 on PitchBook’s list of fastest companies to reach a $2 billion valuation in 2017.

Avant personal loan highlights

  • Low minimum credit score requirement. With a minimum credit score requirement of 580, Avant is more likely to accept your application. Remember though that when your credit score is lower, you’re more likely to end up at the higher end of the interest rate range. The average Avant borrower has a credit score between 600-700.
  • Administrative fee. Avant does charge an administrative fee of up to Up to 4.75% just to take out your loan. This fee will be subtracted from your total loan amount, so be sure to factor it in when calculating how much you need to borrow.
  • Quick funding. You could have money in your bank account as soon as the day after you apply.
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

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.

Avant personal loan details
 

Fees and penalties

  • Terms: 24 to 60 months
  • APR Range: 9.95%-35.99%
  • Loan amounts: $2,000-$35,000
  • Time to funding: As soon as the next business day.
  • Hard pull/soft pull: A Soft Pull will be done initially to provide you with potential loan options. After you select your rate, a hard pull will be done on your credit as you officially apply.
  • Origination fee: Administrative fee of Up to 4.75%
  • Prepayment fee: None
  • Late payment fee: $25 if your payment is 10+ days late
  • Other fees: $15 fee if your payment is returned

You can qualify for an Avant personal loan if you’re self-employed. Instead of providing your W-2 paperwork as proof of income, you will have to provide two years of full tax returns so Avant can verify how much money you bring in per year.

Eligibility requirements

  • Minimum credit score: 580
  • Minimum credit history: Avant judges each application on a variety of different credit criteria, though the average borrower has a credit score between 600-700.

You must have a checking or savings account in order to qualify for a loan with Avant. This account must allow you to do automatic payments. This account must be a personal account; Avant cannot currently lend to you if you’re using a business account.

Applying for a personal loan from Avant

Definitely take advantage of Avant’s Soft Pull option, where you can get a sense of your loan options before you officially apply and let them perform a hard credit inquiry. When you apply for a loan with Avant, you will want to come armed with some basic information like your name, address and Social Security number. If you’re someone’s employee, you’ll want to know where your pay stubs are from the past 30 days. If you’re self-employed, expect to be asked for your tax returns from the past two years.

Regardless of if you’re a W-2 or 1099 worker, you will have to provide your bank account information, including routing number and account number. Sometimes, Avant can use this information alone to verify your income, saving you the hassle of scanning in your taxes or pay stubs. You won’t know until you apply, though.

After you apply, you’ll be offered a rate. If you accept, Avant will do a hard pull on your credit, confirming the final details. If you are approved, you could see money in your account as soon as the next day.

Pros and cons of an Avant personal loan

Pros:

Cons:

  • Competitive interest rates for lower credit scores. Among lenders that extend credit to those with lower credit scores, Avant’s interest rates are about average. Keep in mind that if your credit score is low, though, you’re more likely to fall into the higher end of the interest rate range anyway.
  • Fast access to your money. You may be able to get your loan disbursed as soon as the next day.
  • No prepayment penalty. You can pay off your Avant personal loan early — saving you interest — without incurring a fee for prepayment.
  • Better options for higher credit scores. If you do have a higher credit score, Avant’s starting rates of 9.95% pale in comparison with lenders who target borrowers with a better credit history.
  • Origination fee. While Avant’s origination fee is lower than some of their competitors, the fact that they have a fee at all is still a negative. If you have poor credit, however, it can be tricky to find a lender that doesn’t charge such a fee.
  • You have to link up your bank account. Linking your bank account is a pretty standard way to pay your bills, and most marketplace lenders will prefer you do it this way. But if you’re uncomfortable linking your checking or savings to Avant for automatic payments, this could be a negative as it is required to qualify for one of their personal loans.

Who’s the best fit for an Avant personal loan

Among lenders who issue personal loans in this credit score range, Avant’s starting interest rates are near average. If you have a lower credit score, you should make Avant one of the companies you look at first, along with credit unions that allow you to apply online.

However, if you have a good or great credit score, you’ll likely be able to get a better interest rate elsewhere. Whichever category you fall into, you should be sure to shop around before you commit.

Alternative personal loan options

Lending Club

LendingClub
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

Marcus by Goldman Sachs®

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

If your budget is stretched thin, the fact that Marcus by Goldman Sachs® offers 36 to 72 month terms which may be exciting news for you as it generally means lower monthly payments. Just remember that when you stretch a loan out over a longer period of time, you end up paying more in interest over the life of your loan — even if you’re paying less per month.

Earnest

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

Earnest is a better option if you have a higher credit score. Their interest rate range is lower, and there is No origination fee or administrative fees. The minimum credit score requirement of 660 is significantly higher than Avant’s minimum of 580, though.

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.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

TAGS:

1
plloan

Personal Loans AD

Get A Pre-Approved Personal Loan

$

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Best Travel Credit Cards With No Annual Fee

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

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

2 Credit Cards Charging 0% Interest until 2019

2 Credit Cards Charging 0% Interest until 2019

Advertiser Disclosure Comments

Advertiser Disclosure

Personal Loans

MoneyLion Personal Loan Review

Thursday, August 9, 2018

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.

Taylor Gordon Taylor Gordon

What is MoneyLion?

Founded in 2013, MoneyLion is an app that has a variety of features that help consumers manage their finances. This app offers free credit score monitoring, overall financial health tracking and personal loans. The New York-based company has 2 million users and has originated 200,000 loans.

There are three personal loan products for borrowers to consider: the MoneyLion loan for borrowers with fair credit or better; the BetterCash loan for borrowers with “less than stellar” credit; and MoneyLion Plus, which offers a set 5.99% APR in exchange for a monthly membership fee.

In this post, we’ll dive into the loans that are available through MoneyLion.

MoneyLion personal loan highlights

  • Interest rates are high: The interest rate range on the MoneyLion loan is from 30% to 99.00% APR, but it may even be higher for the BetterCash loan. This is a huge amount of interest to pay on a loan; we’ll cover some loan alternatives that may be more affordable below.
  • Quick funding: You can get a decision on whether or not you’re approved within 24 hours, and can receive funding within 24 hours of getting approved. It may be an even faster turnaround for the Plus program where members aren’t required to re-apply — however, see below for some of Plus’ downsides.
  • Flexible loan terms: Loan terms range from 6 to 36 months. The short-term loans resemble a payday loan product and could get you stuck in a debt trap so be careful. A payday loan is a small sum of money you borrow at a high cost, and you pay the loan back on payday. In this case, you can borrow as little as $300, loan payments are bi-weekly, and interest may be high.
  • Loans for bad and good credit: MoneyLion personal loans can be given to people on both ends of the credit spectrum.
MoneyLion
APR

5.99%
To
99.00%

Credit Req.

Varies

Minimum Credit Score

Terms

6 to 36

months

Fees

None

APPLY NOW Secured

on MoneyLion’s secure website

MoneyLion personal loan details
 

Fees and penalties

  • Terms: 6 to 36 months
  • APR Range: 5.99% - 99.00% APR
  • Loan amounts: $300 to $35,000
  • Time for Funding: Up to one business day
  • Hard pull/soft pull: MoneyLion and BetterCash loans do a soft pull to check rates and a hard pull to complete the application. The MoneyLion Plus does a soft pull for the membership application and no additional inquiry for the loan.
  • Origination fee: None
  • Prepayment fee: None
  • Late payment fee: $25 to $37.50

MoneyLion product details

Personal loans are just one aspect of MoneyLion. Collectively, MoneyLion is a personal finance platform with several products many of which are free after you sign up for an account. MoneyLion partners with TransUnion for free credit monitoring. Credit monitoring for users comes with a credit score simulator and scores updated each month.

MoneyLion also offers financial tracking for users where you can view your assets and debts all in one platform. Users can connect bank accounts, investment accounts, and credit card accounts to the financial tracking dashboard to review their overall financial standing.

There’s a rewards program that gives points for using different MoneyLion features, and these points can be redeemed for restaurant and retail gift cards. Downloading the app and signing up for an account gets you 100 rewards points right off the bat. You can also receive points for taking out a MoneyLion loan, enrolling in credit monitoring, making on-time loan payments, and more.

Again, each of the benefits above are free, but there’s an additional paid product called MoneyLion Plus that comes with a few extra perks.

MoneyLion Plus

The MoneyLion Plus membership costs $79 per month, made up of two payments.

One payment of $29 is the membership fee. The remaining $50 is a payment that goes into an investment account for you managed by MoneyLion.

Here are the features you get with MoneyLion Plus:

  • MoneyLion invests your $50 into an investment fund.
  • Loans of $500 at 5.99% APR, even if you have fair credit
  • $1 cashback into your investment account whenever you log into MoneyLion; log into your account daily each month and you could earn enough to cover the $29 monthly fee
  • Other bonus cashback rewards

Eligibility requirements

  • Minimum credit score: Varies
  • Minimum credit history: Less-than-stellar credit is acceptable for the BetterCash loan. Fair credit or better is required for the MoneyLion loan product.
  • Maximum debt-to-income ratio: Varies

There are a few loan products to review here with slightly different terms and eligibility requirements. The payment schedule for MoneyLion loans match your employer paycheck. If you get paid bi-weekly, your loan payment will also be bi-weekly.

For each loan, you have to sign up to become a user of MoneyLion first.

  • MoneyLion: Allows people with fair to good credit to borrow $1,000 to $35,000. The MoneyLion loan is marketed as an installment loan solution for planned purchases or major emergencies.
  • BetterCash: Those with less-than-stellar credit may borrow between $300 and $10,000 for 6 to 24 months. The BetterCash loan is for unexpected small expenses that pop up and need a quick payment. To be blunt, this product is comparable to a payday loan. Payday loans are meant to keep you afloat from one paycheck to another. Be careful with this type of loan — it can turn into a debt trap because you’re constantly relying on debt to put out financial fires.
  • MoneyLion Plus – As we mentioned above, you may borrow $500 for 5.99% APR, but it’s only available if you sign up for the $79 per month MoneyLion Plus account.

Think twice about signing up for the MoneyLion Plus account for the sole purpose of getting access to these $500 emergency loans. It may not be constructive to pay $79 per month, even if $50 is going into an investment account. That $79 would probably serve you better deposited into a liquid emergency fund savings account you can use when emergencies arise. It can take up to seven business days to withdraw cash from the investment account when you need it.

Eligibility requirements

MoneyLion and BetterCash loans are available in the following states: Alabama, California, Delaware, Georgia, Hawaii, Idaho, Illinois, Mississippi, Missouri, New Mexico, North Dakota, Ohio, Rhode Island, South Carolina, Texas, Utah, and Wisconsin. MoneyLion Plus is available in all states, except Indiana, Iowa, Montana, Nebraska, Nevada, Vermont and Washington.

You also need to meet these conditions:

  • Be of legal age in your state
  • Pass an identity check
  • Have verifiable income and employment
  • Provide a valid checking account with at least 45 days of history
  • Have income direct deposited into the checking account

Applying for a personal loan from MoneyLion

Here’s how to apply for a MoneyLion loan product:

Join MoneyLion. You have to sign up for MoneyLion at no initial charge if you’re not already a member to apply for a loan. Returning members can go into the MoneyLion dashboard and click “new loan.”

Complete the application. You can complete the application online. You will need a Social Security number, email address, home address, phone number, date of birth, and verifiable bank information to apply.

Loan decision. The decision on whether or not to fund your loan can happen within 24 hours. More information may be requested from underwriting before you’re approved.

Funding. If approved, funding can happen within one business day. The money is deposited directly into your bank account.

Pros and cons of a MoneyLion personal loan

Pros:

Cons:

  • Quick loans. MoneyLion can get you approved for a loan within 24 hours and can fund your loan within 24 hours of the approval.
  • Products for both good and bad credit. You can qualify for the MoneyLion loan with fair or good credit, and qualify for the BetterCash loan with less-than-perfect credit.
  • Soft pulls. You can prequalify for a loan with just a soft inquiry that won’t affect your credit score.
  • Free credit scores. Of all the extra MoneyLion perks, the free credit score monitoring may be the best feature. It’s free and you get monthly updates. Having this tool can help you build credit and prevent fraud.
  • Expensive loans. An APR of 30% to 99.00% is astronomical, and MoneyLion products may even surpass this rate range into the triple digits. You could find yourself in a never-ending cycle of debt if you use this loan to pay bills. The MoneyLion Plus product with 5.99% APR is touted as the affordable loan. But to get access to this loan, you’ll need to pay $79 monthly for MoneyLion Plus membership — $29 for membership costs and $50 in required investment contributions. If you’re already strapped for cash, $79 monthly could be cumbersome. You can search for other affordable loan products in our roundup here that don’t require a membership.
  • Limited availability. MoneyLion products aren’t available in all states. Refer to the list of states above before applying.
  • Beware of MoneyLion Plus. Only consider the MoneyLion Plus product if you’ll be logging into the account daily, and if you won’t need the cash you’re investing for emergencies. You earn $1 in cashback to your investment account for each day you log in, so this could cancel out the $29 monthly fee. Otherwise, $29 per month ($348 annually) is an extremely high price to pay for membership access to a $500 installment loan and investment product. You can invest with other companies that could manage your account for cheaper. We have a list of robo-advisors in our roundup here.

Who’s the best fit for a MoneyLion personal loan?

Cost is the biggest disadvantage of this loan. The interest rate range can go from 30% to 99.00% APR or even higher depending on the product (unless you invest in MoneyLion Plus). Sure, you can qualify for a BetterCash loan with less-than-perfect credit, but you could be paying on it for quite some time if you get a three-digit interest rate.

The MoneyLion products may be ones to consider when you’ve exhausted all other options. The best way to use a MoneyLion loan is to borrow fast when you need a quick buck and make early payments to pay it off; there are no prepayment fees. Repaying your loan fast before the entire term can help you avoid paying a mountain of interest.

High-interest loans like this can lead to a debt cycle where you borrow money, another emergency comes along, and you struggle to keep up. Building up an emergency fund can help you avoid having to fall back on this type of last-minute debt vehicle.

Having bad credit doesn’t mean you have to fall victim to obscenely high-interest rates. Check out our list of other personal loans for various credit profiles.

Alternative personal loan options

Upgrade

Upgrade
APR

6.87%
To
35.97%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Fees

1.00% - 6.00%

LEARN MORE Secured

on LendingTree’s secure website

Loans made through Upgrade feature APRs of 6.87%-35.97%. All loans have a 1% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay. For example, a $10,000 loan with a 36 month term and a 17.97% APR (which includes a 5% origination fee) has a required monthly payment of $343.28. Upgrade is available in all states except: Connecticut, Colorado, Iowa, Massachusetts, Vermont, West Virginia.


Upgrade lets you borrow between $1,000 to $50,000. You can check rates with a soft inquiry. After you’re approved for a loan, you can get access to funding within a day. There are no prepayment penalty fees, but there is an origination fee to consider. This loan is another one for borrowers with less-than-stellar credit that may be more affordable than MoneyLion.

SoFi

SoFi
APR

7.08%
To
15.37%

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 7.08% APR to 15.37% APR (with AutoPay). Variable rates from 5.81% APR to 14.11% APR (with AutoPay). SoFi rate ranges are current as of August 10, 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 5.81% APR assumes current 1-month LIBOR rate of 2.07% 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. 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 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, 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, TX, VA, WY, or for residents of IL for loans greater than $40,000.

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)


SoFi has loans from $5,000 to $100,000 — if you need to borrow a large sum, this is one of the lenders that offers the most money, and there are also long loan terms that give you a decent amount of time to repay debt. SoFi doesn’t have a credit score minimum, but there are no fees and competitive interest rates (especially when using autopay), which is a sign that the loan is geared toward people with decent credit.

Marcus by Goldman Sachs®

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


Marcus by Goldman Sachs® is a personal loan that also has no origination fees, and does not require a hard inquiry to check rates. You can borrow up to $40,000 with longer loan terms than what MoneyLion has available. Marcus is another loan that doesn’t have a minimum credit score requirement, but would likely be best for borrowers with good credit or better because of the favorable terms. With that said, this is probably going to be a much more affordable option than MoneyLion. If your credit is in the high 600’s or better, consider this loan. More than 80% of borrowers last year had a credit score of at least 660, according to Goldman Sachs’ most recent annual report.

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.

Taylor Gordon
Taylor Gordon |

Taylor Gordon is a writer at MagnifyMoney. You can email Taylor here

TAGS: , ,

1
plloan

Personal Loans AD

Get A Pre-Approved Personal Loan

$

Won’t impact your credit score

Recommended by

This Cash Back Number May Surprise You

This Cash Back Number May Surprise You

Best Travel Credit Cards With No Annual Fee

Best Travel Credit Cards With No Annual Fee

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

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

2 Credit Cards Charging 0% Interest until 2019

2 Credit Cards Charging 0% Interest until 2019

Advertiser Disclosure Comments

Advertiser Disclosure

Personal Loans

Regional Finance Personal Loan Review

Wednesday, August 8, 2018

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.

Kristina Byas Kristina Byas

What is Regional Finance?

Regional Finance is headquartered in Greer, S.C. It operates in nine states and has a total of 340 branches.

As is the case with most personal loans, Regional Finance loans can be used for whatever the borrower wants, though the lender’s website lists debt consolidation, home repairs, household expenses, vacations and weddings as potential reasons to apply for a loan. Regional Finance only offers secured loans — meaning you have to put up collateral to get the funds — and it issues them in relatively modest amounts.

In this review, we will focus on Regional Financial personal loans.

Regional Finance personal loan highlights

  • Online account management: By signing up for an online account, you can manage payments and more for your Regional Finance personal loans.
  • Flexible payment options: Regional Finance offers flexible payment options, so you can make you monthly payments by mail, phone, online or at your local branch.
  • Collateral required: To secure a loan with Regional Finance, collateral is required and it must be insured.
  • Application process and closing completed at branch: To complete the application process, close the loan and receive funds, borrowers must visit a Regional Finance location in person.
Regional Finance
APR

10.00%
To
99.00%

Credit Req.

Varies

Minimum Credit Score

Terms

6 to 84

months

Fees

0.00% - 7.00%

APPLY NOW Secured

on Regional Finance’s secure website

Regional Finance personal loan details
 

Fees and penalties

  • Terms: 6 to 84 months
  • APR range: 10.00%-99.00%, varies by state
  • Loan amounts: $500 to $12,000, but varies based on state
  • Time to funding: Same day as approval
  • Hard pull/soft pull: Soft Pull when prequalifying; hard pull when applying
  • Origination fee: 0.00% - 7.00%
  • Prepayment fee: None
  • Late payment fee: $5-$24.50

In the event that you are unable to make timely payments on your loan, Regional Finance offers payment protection plans. Not only is this helpful in cases of involuntary unemployment, borrowers who become disabled will also be able to benefit from it. Since the plans are based on the loan amounts, not every borrower is eligible.

Eligibility requirements

  • Minimum credit score: Varies
  • Minimum credit history: Not specified
  • Maximum debt-to-income ratio: Not specified

Eligibility to apply for a Regional Finance personal loan is based on a few different requirements, including age, residency and employment. Applicants will need to be at least 18 years old, have verifiable income and live in one of the nine states the company operates in:

  • Alabama
  • Georgia
  • North Carolina
  • New Mexico
  • Oklahoma
  • South Carolina
  • Tennessee
  • Texas
  • Virginia

Be aware that the state you live in can affect your eligibility as well as the minimum and maximum amount of money you can borrow from this lender. For example, a borrower who resides in North Carolina can only access between $700 and $7,500.

Applying for a personal loan from Regional Finance

To secure a loan from Regional Finance, you can use the website to see if you prequalify prior to filling out an application. The lender says the process will take no more than five minutes, and you will need to provide your contact information, Social Security number and requested loan amount. Once you’ve submitted this information, applicants can contact the lender or wait for a representative to reach out, which can take up to 48 hours.

If you’re eligible for a loan, you will be required to visit a Regional Finance branch to apply for a loan. To complete the application, the lender will need to verify the information provided, so applicants need to bring identification, proof of residence and proof of income. The best documents to bring would be utility bills, check stubs and/or tax returns. The lender will review the application and documents before making a decision. Upon approval of the loan, you will be given your funds via check.

Pros and cons of a Regional Finance personal loan

Pros:

Cons:

  • Payment protection plans: With the payment protection plans offered by Regional Finance, certain circumstances, such as loss of employment or disability, will relieve borrowers of their monthly payment obligations.
  • Payment date changes: In extreme circumstances, if you need to change your payment due date, you can contact Regional Finance to speak to a specialist.
  • Fast funding: Once approved for a Regional Finance personal loan, you can receive funds the same day.
  • Prequalification: The loan application will require a hard pull, but prequalification allows you to determine your chances of being approved for a Regional Finance loan without affecting your credit.
  • Collateral: Securing a loan with Regional Finance requires applicants to have insured collateral, such as vehicles or TVs.
  • Application process and closing completed at branch: To complete the application process, close a loan and receive funds from Regional Finance, borrowers have to visit a branch.
  • Loan amount: At Regional Finance, loan amounts vary from state to state. This means that depending on where you live, you may not have access to the amount of funds you need. Regional Finance also only offers a maximum loan amount of $12,000, so borrowers requiring more would need to look elsewhere.

Who’s the best fit for a Regional Finance personal loan

When attempting to determine if this lender is the right one, you will want to consider your credit score because it can affect the terms, the APR and more. For example, if you have poor credit, you may be approved for a loan, but chances are you will not be able to acquire a loan with a low APR and may not receive an offer for the amount of money you requested. However, if you have good to excellent credit, Regional Finance may be a better fit because you’ll likely have a low APR and be able to secure a loan in the amount you requested.

Anyone in need of funds quickly may find Regional Finance to be the perfect option for a lender. Once you prequalify online, it is possible for you to receive your funds in a reasonable amount of time. Depending on when you speak to a Regional Finance representative and visit your local branch to complete the application process and close the loan, you could have a check in your hands in less than 24 hours.

Alternative personal loan options

LendingClub

LendingClub offers loans between $1,000 and $40,000 with term options of 36 or 60 months, and the APR range is 6.16% to 35.89%. Prior to filling out an application, you can check rates, but applying will impact your credit score. The process can take seven days, maybe more, so this is something potential borrowers want to consider before applying. LendingClub loans have no prepayment fees but they do have origination fees. LendingClub also offers National Disaster Support, which means they will not contact you about payment, report to the credit bureaus or charge a late fee for a minimum of 30 days if you have been affected by a natural disaster.

LendingClub
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

SoFi

For those who wish to borrow more than $12,000, SoFi can be considered an alternative to a loan with Regional Finance. This particular lender gives people access to loans ranging from $5,000 to $100,000. With fairly reasonable APRs from 7.08% to 15.37%, and terms ranging from 36 to 84 months, you have plenty of time to back your loan, regardless of its size. What many may really find appealing about SoFi as a lender is the APR discount people are eligible to receive for signing up for automatic payments, but also the unemployment protection, which allows you to go up to 12 months without making payments should you lose your job and are unable to make the required monthly payments.

SoFi
APR

7.08%
To
15.37%

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 7.08% APR to 15.37% APR (with AutoPay). Variable rates from 5.81% APR to 14.11% APR (with AutoPay). SoFi rate ranges are current as of August 10, 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 5.81% APR assumes current 1-month LIBOR rate of 2.07% 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. 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 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, 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, TX, VA, WY, or for residents of IL for loans greater than $40,000.

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)

Marcus by Goldman Sachs®

When choosing Marcus by Goldman Sachs® as your lender, you have the option to borrow between $3,500 and $40,000. There is the possibility of receiving a loan with a low APR of $3,500 to $40,000, but rates go as high as 24.99%. Terms range from 36 to 72 months, and there are no prepayment fees or late fees.

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

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.

Kristina Byas
Kristina Byas |

Kristina Byas is a writer at MagnifyMoney. You can email Kristina here

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Personal Loans

LoanMart Personal Loan Review

Wednesday, August 8, 2018

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.

Dan Rafter Dan Rafter

Van Nuys, Calif.-based LoanMart has originated car title loans since 2002. But if you want a loan without using your car as collateral, the company also offers unsecured personal loans.

Few consumers, though, will be able to qualify for a personal loan from LoanMart: The company only provides personal loans to residents of the state of California. Live elsewhere? If you want to take out a loan from this company, you’ll have to turn to a car title loan.

LoanMart personal loan highlights

  • High interest rates: The company’s website says that the APR on personal loans ranges from 60.00%–165.00%.
  • Fast application process: LoanMart says that the application process should take about five minutes to complete.
  • Quick funding: The company says that it can often provide funds within 24 hours.
  • Small loans: The most you can borrow is $3,100.
LoanMart
APR

60.00%
To
165.00%

Credit Req.

No minimum credit score

Minimum Credit Score

Terms

18 to 30

months

Fees

$75

APPLY NOW Secured

on LoanMart’s secure website

LoanMart personal loan details
 

Fees and penalties

  • Terms: 18 to 30 months
  • APR range: 60%-165%
  • Loan limits: $1,500 to $3,100
  • Time to funding: LoanMart says it can provide funds as quickly as 24 hours after approving a borrower's application.
  • Hard pull/soft pull: Going through prequalification doesn't impact consumers' credit scores. Going a step further and completing a full application, however, will. LoanMart will check your credit, resulting in a hard inquiry.
  • Origination fee: $75
  • Prepayment penalty: None
  • Late payment fee: $10, but you can avoid it by signing up for automatic payments. If you’re paying using this method, your APR may be reduced.
  • Other fees: None

LoanMart doesn’t disclose much information about its fees on its site. The company says it will disclose all fees clearly when presenting a loan offer to borrowers. Be sure to study your loan paperwork closely to make sure that you aren’t surprised by any fees.

You can change your mind — if you act fast: You’ve signed the paperwork to take out a personal loan from LoanMart. You’ve received your money, too. But the interest rate attached to your loan doesn’t look so good anymore. Fortunately, you can cancel your loan at no charge. You will have to submit a cancellation request within five days of getting your loan and return any funding you did receive.

Eligibility requirements

Minimum credit score: LoanMart does not list any minimum credit scores or debt-to-income ratios on its site. It does say that it will pull the credit of applicants and that approval is subject to the company’s credit standards. The loans, however, are designed for people with less than perfect credit.
Minimum credit history: Bankruptcies will be viewed negatively, as will a history of late payments.
Maximum debt-to-income ratio: LoanMart does not list a minimum DTI ratio, but it does exclude student loans and medical debt from its calculations.

LoanMart personal loans are only available to residents of California and you must have a bank account to receive funds from LoanMart.

Applying for a LoanMart personal loan

The easiest way to apply for a LoanMart personal loan is online or by speaking with a representative at 1-888-393-5924. By clicking on the “Get Prequalified” button, you’ll bring up a link to a brief application form. The form asks for basic information such as your name, address, cell phone and email. The form also asks how long you’ve lived at your address, your gross monthly income, years you’ve worked at your job and your requested loan amount. You’ll have to provide your birth date and Social Security number, too.

LoanMart will then do what is known as a “soft pull” on your credit. This will not hurt your credit score. But if you do prequalify for a personal loan and you decide to proceed, LoanMart will then run a hard pull of your credit. This could bring your credit score down slightly.

Prequalifying for a LoanMart loan doesn’t mean that you’ve officially qualified for a final loan. LoanMart can still reject your application even if it tentatively prequalified you for a loan. It all depends on what the company finds when it checks your credit and verifies your income.

If LoanMart gives you a final approval, it will deposit your money into your bank account through an ACH transfer. You could see your funds as soon as 24 hours after LoanMart approves your loan.

Pros and cons of a LoanMart personal loan

Pros:

Cons:

  • Unsecured: Because you do not put up any collateral for this loan, you won’t lose your house or car should you fall behind on your monthly payments. If you do choose to take out an auto title loan with LoanMart — which is available to residents outside the state of California — be aware that if you do fall behind on payments, you could lose your vehicle.
  • Fast payments: Once your loan is approved, your funds will be deposited into your bank account quickly.
  • No prepayment penalty: The earlier you pay off your loan, the less interest you’ll pay on it.
  • High interest rates: If you don’t pay your loan off early and instead carry it to full term, you could pay an exorbitant amount in interest.
  • Limited availability: LoanMart only offers personal loans to borrowers living in California. You can apply for a title loan from LoanMart but remember, you’ll be putting your car up as collateral. LoanMart could take your vehicle if you can’t make your monthly payments.
  • Not the best reputation: LoanMart has experienced legal problems in the past. In 2013, Wheels Financial LLC — which does business as LoanMart — settled a case with the California Department of Business Oversight in which the company was accused of violating the state laws governing finance lenders. The department said that Wheels Financial filed a false report, compensated unlicensed employees for soliciting or accepting loan applications from borrowers, performed unlicensed brokering in Illinois and failed to properly maintain its books.

Who’s the best fit for a LoanMart personal loan?

If you live in California and you need quick cash but don’t want to risk losing your car or home, you might consider an unsecured personal loan from LoanMart. Just be careful: If you can’t pay off the money you borrow early, you will pay a lot in interest.

A better choice might be to shop around with other online or brick-and-mortar lenders. Even if you don’t have a strong credit score, you might be able to find a lender that is willing to loan you money at a lower interest rate.

Alternatives to a LoanMart personal loan

Prosper

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

Advertiser Disclosure

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.

Prosper is a peer-to-peer lender, meaning loans are funded through individual investors. You may still be eligible for a loan through Prosper even if you have a debt-to-income ratio of up to 50%, which is higher than many other lenders. Your interest rate and origination fee will vary depending on the strength of your credit. Like LoanMart, Prosper also doesn’t charge prepayment penalties, so you can pay off your loan early without facing any additional charges.

LendingClub

LendingClub
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

LendingClub is another online lender, one that offers personal loans up to $40,000. Your APR will vary depending on your credit rating, how big of a loan you want and how much money you already owe to other creditors. It also does not charge prepayment penalties.

Upgrade

Upgrade
APR

6.87%
To
35.97%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Fees

1.00% - 6.00%

LEARN MORE Secured

on LendingTree’s secure website

Loans made through Upgrade feature APRs of 6.87%-35.97%. All loans have a 1% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay. For example, a $10,000 loan with a 36 month term and a 17.97% APR (which includes a 5% origination fee) has a required monthly payment of $343.28. Upgrade is available in all states except: Connecticut, Colorado, Iowa, Massachusetts, Vermont, West Virginia.

Online lender Upgrade provides personal loans of up $50,000 and also charges no prepayment penalties. You can pay back your loan in 36 or 60 months. If you want to qualify for the lowest APR, you will have to sign up for autopay, which means Upgrade will automatically withdraw your monthly payment from your bank account. If you are approved for a loan, Upgrade will send funds to your bank account through ACH deposit within one business day.

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.

Dan Rafter
Dan Rafter |

Dan Rafter is a writer at MagnifyMoney. You can email Dan here

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Personal Loans

LoanMe Personal Loan Review

Tuesday, August 7, 2018

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.

Dan Rafter Dan Rafter

What is LoanMe?

If you live in one of nine U.S. states and you need a quick infusion of cash, you might consider working with the company LoanMe, based in Anaheim, Calif. This lender provides personal loans in amounts from $2,600 to $100,000 to residents of Arizona, California, Delaware, Idaho, Kentucky, Missouri, New Mexico, South Carolina and Utah.

LoanMe, which has been in business since 2013, promises to provide your funds quickly if you are approved — and deposit your funds in your bank account in as little as three to four hours.

There is, however, a catch — you’ll have to pay high interest rates. The company charges rates that can run as high as 185% in some states for sub-prime loans. In addition, the fees can go up to 33% of your loan amount, depending on where you live, how strong your credit is and whether you own a home.

LoanMe personal loan highlights

  • Quick lending. LoanMe claims applying for a loan through its website is a quick process that takes about five minutes to complete. If you are approved for a loan, LoanMe might be able to deposit your funds in your bank account in as few as three to four hours.
  • No prepayment penalties. You won’t face any penalties if you pay off your LoanMe personal loan before the end of its term. That’s good, because LoanMe charges high interest rates and you’ll want to pay your loan off as quickly as possible.
  • You’ll pay more if your credit score is low. LoanMe charges different interest rates and fees depending on borrowers’ credit scores. If your score is low — anything under 645, according to LoanMe — you can expect to pay far higher loan fees and interest rates.
  • You can change your mind in California. LoanMe does provide its “No Worry Guarantee” to California residents. If you decide within seven days that you no longer want a loan through the company and return the full loan amount, LoanMe will waive all interest and fees, no questions asked. This protection is available only to residents in California.
LoanMe
APR

16.88%
To
35.16%

Credit Req.

Varies

Minimum Credit Score

Terms

180

months

Fees

$500

APPLY NOW Secured

on LoanMe’s secure website

LoanMe personal loan details
 

Fees and penalties

  • Terms: 180 months for prime loans and 84 months for non-prime borrowers
  • APR Range: 16.88% to 35.16% for prime loans and 97.32% to 184.36% for non-prime
  • Loan amounts: $2,600 to $100,000
  • Time to funding: Three to four hours after approval
  • Soft-pull/hard-pull: If you pre-qualify it will not affect your credit score. Once you are pre-qualified, LoanMe will check your credit, which means you’ll have an inquiry on your credit reports.
  • Origination fee: Loan fees vary by credit score and state, typically ranging from 17% to 33%. In some states, LoanMe charges flat fees of up to $500.
  • Prepayment fee: LoanMe does not charge fees for paying off your loan early.
  • Late payment fee: $15 if you pay 15 days or more after your due date.

Taking out a loan with LoanMe is far from inexpensive. That’s because the company charges such high interest rates and origination fees.

For example, say you live in California and you have a FICO score of 720 or higher and you own a home. Your fee will be 17% of your loan amount and your maximum APR will be 13.33% for a loan term of 180 months. If you live in California, your FICO score is 645 to 719 and you are not a homeowner, your fee will be 33% of your loan and your interest rate will be 22.9% — for a maximum APR of 35.16% for a loan with a 180-month term.

Loans get especially expensive if your credit score is under 645. LoanMe says that if you live in California and you borrow $10,600, your loan fee will be 33%, your interest rate will be 74% and your maximum APR will be 97.86% for a loan with an 84-month term.

Fortunately, LoanMe doesn’t charge prepayment penalties. If you take out a loan with the company, it makes financial sense to pay it off as quickly as you can to save on interest.

Applying for a personal loan from LoanMe

Applying for a personal loan from LoanMe is a simple process. You can call a customer service representative at 844-956-2663 or you can apply directly online by clicking the “Get Pre-Qualified” button on the home page.

If you apply online, LoanMe will request your name, address, phone number, email address and monthly income. The form will also ask if you are a homeowner and if you are currently or ever have been enrolled in a credit counseling or a debt-settlement program.

With this basic information, LoanMe will pre-qualify you for a loan. If you agree to move forward, the company will pull your credit and verify your income to see if you can afford the monthly payments.

To qualify for a loan, you’ll need to submit a bank statement and proof of income. You must also be at least 18 with a valid form of identification. Once you are approved, LoanMe can fund you in three to four hours by making direct deposit in your checking account.

Pros and cons of a LoanMe personal loan

Every financial product comes with pros and cons. Review and consider those associated with a LoanMe product:

Pros:

Cons:

  • Quick funding. If you’re approved, you can expect the money to be in your bank account in as few as three to four hours.
  • Lower credit scores. Even if your credit score is low, you can qualify for a LoanMe personal loan. The company does loan money to borrowers with credit scores under 645.
  • Fixed payments. Because LoanMe offers personal loans with fixed interest rates, you know exactly what you must pay each month.
  • HIgh interest rates. Borrowing money here isn’t cheap. LoanMe charges interest rates as high as 184.36% for sub-prime borrowers with lower credit scores.
  • High origination fees. LoanMe charges origination fees that can be as high as 33% of your loan amount.
  • Applying can hurt your credit score. After you pre-qualify for a loan, LoanMe will check your credit. That will result in an inquiry on your credit reports, which could lower your credit score. This inquiry will remain on your credit report even if LoanMe ultimately rejects your application.

Who is the best fit for a LoanMe personal loan?

Because of high interest rates and fees business owners should use loans from this company as a last resort. If you take out a personal loan with LoanMe and carry it to full term, you will end up paying far too much in interest.

LoanMe gives this example: Say you live in California and your FICO score is 560. If you were approved a loan for $10,600, you’d get an interest rate of 74% and an origination fee of $2,500 for an APR of 97.32%. You’d receive $8,100 into your bank account — your original loan amount minus the $2,500 origination fee — and be required to make 84 monthly payments of $657.98 each. This means that if you take the full 84 months to pay back the loan, it would cost you more than $55,270 in total.

Clearly, the best fit for a LoanMe personal loan is a business that needs a quick infusion of emergency cash but that will be able to pay back the loan as quickly as possible to avoid interest charges. If you can’t pay back what you borrowed quickly you’re probably better off searching for an alternative.

Alternative personal loan options

Upgrade

Online lender Upgrade offers personal loans for up to $50,000 with a far lower APR range of 6.87% to 35.97%. The lender does not charge prepayment penalties. If you want the lowest APR, you will have to sign up for autopay. If you do, Upgrade will automatically withdraw your monthly payment from your bank account. Upgrade can send funds to your bank account via an ACH deposit within one business day.

You can repay your Upgrade personal loan in terms that range from 36 or 60months. The loans do come with an origination fee of 1.00% - 6.00% of the loan amount and you’ll pay a late fee of up to $10 if you fail to make your full payment within 15 calendar days of your due date.

Upgrade
APR

6.87%
To
35.97%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Fees

1.00% - 6.00%

LEARN MORE Secured

on LendingTree’s secure website

Loans made through Upgrade feature APRs of 6.87%-35.97%. All loans have a 1% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay. For example, a $10,000 loan with a 36 month term and a 17.97% APR (which includes a 5% origination fee) has a required monthly payment of $343.28. Upgrade is available in all states except: Connecticut, Colorado, Iowa, Massachusetts, Vermont, West Virginia.

Avant

Avant offers personal loans from $2,000 to $35,000. You can apply online and sign your contract online, too. If you are approved, Avant can deposit your funds into your bank account on the next business day. Avant APRs range from 9.95% to 35.99% and loan terms range from 24 to 60 months. Avant does charge an administrative fee, which ranges up to 4.75%.

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.

Marcus by Goldman Sachs®

Marcus by Goldman Sachs® is a good alternative if you need a personal loan because the company does not charge fees for its personal loans. Its APRs are reasonable, too, ranging from 6.99% to 24.99%. The fine print, however, it spells out that only the most creditworthy borrowers qualify for the lowest rates — and that rates will usually be higher with longer-term loans. Loan terms range from 36 to 72 months and you can borrow up to $40,000.

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

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.

Dan Rafter
Dan Rafter |

Dan Rafter is a writer at MagnifyMoney. You can email Dan here

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Advertiser Disclosure Comments

Advertiser Disclosure

Personal Loans

Mariner Finance Personal Loan Review

Monday, August 6, 2018

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.

Jackson Wise Jackson Wise

What is Mariner Finance?

Mariner Finance is a consumer finance company based in Baltimore that offers home, auto and personal loans. Its personal loans can be secured or unsecured, and are tailored to debt consolidation, home improvements, weddings, vacations and unexpected expenses.

Mariner Finance was founded in 2002 and has more than 450 branches across 22 states. They have a few subsidiary companies: Pioneer Credit Company, Security Financial Services, Sunbelt Credit and Patriot Loans.

Mariner Finance personal loan highlights

  • No prepayment fees: Mariner Finance does not charge any fees for paying your loan off before the end of the term.
  • Cosigners allowed: Mariner Finance allows cosigners on its personal loans. Your cosigner does not need to be a family member.
  • No minimum credit score: Mariner Finance does not have a minimum credit score needed to apply for a loan.
  • Only operates in 22 states: Mariner Finance offerings are limited to the 22 states it operates within.
Mariner Finance
APR

36.00%

Credit Req.

No minimum credit score

Minimum Credit Score

Terms

12 to 60

months

Fees

Varies

APPLY NOW Secured

on Mariner Finance’s secure website

Mariner Finance personal loan details
 

Fees and penalties

  • Terms: 12 to 60 months
  • APR range: Up to 36.00%
  • Loan amounts: $1,000-$25,000. Loans less than $1,500 or greater than $7,000 must be funded through a branch. Loans between $1,500-$7,000 can be funded online.
  • Time to funding: For loans completed online, funding can be expected within two business days after the verification process. If applying at a branch, you will receive your check after completing the loan documentation step.
  • Hard pull/soft pull: Soft Pull to apply. There will be a hard pull if you decide to fund your loan through Mariner Finance.
  • Origination fee: Varies
  • Prepayment fee: None
  • Late payment fee: Varies
  • Other fees: Varies

In addition to accepting cosigners, Mariner Finance accepts applicants who have filed for bankruptcy, subject to certain underwriting requirements. Mariner reports to two of the three credit bureaus: TransUnion and Equifax.

Mariner Finance has created an educational online personal finance course, MoneySKILL, alongside the American Financial Services Association (AFSA). While you don’t need to hold a loan with Mariner Finance to take part, the free educational resource features a curriculum that covers everything from budgeting, to borrowing, to identity theft.

Eligibility requirements:

  • Minimum credit score: Varies
  • Minimum credit history: Varies
  • Maximum debt-to-income ratio: Varies

To take out a personal loan with Mariner Finance you need to live in one of the 22 states it operates in:

  • Alabama
  • Delaware
  • Florida
  • Georgia
  • Indiana
  • Illinois
  • Kentucky
  • Louisiana
  • Maryland
  • Mississippi
  • Missouri
  • New Jersey
  • New York
  • North Carolina
  • Ohio
  • Pennsylvania
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Wisconsin

Depending on the loan amount you’re requesting, you may need to visit a physical branch to complete the loan. Mariner Finance requires loan applicants to verify their identity, residence and income before funding loans. If you’re self-employed, you can still take out a personal loan, but you’ll need to provide bank statements and your most recent tax return to prove income.

Applying for a personal loan from Mariner Financeial

The application process is relatively simple and painless. To begin, visit either Mariner Finance or one of its subsidiaries’ websites. On the top right of the page, you can click the “Apply” button, where you’ll be taken to a page that specifies how large a loan you’d like to take out. Once you’ve specified the loan amount, click “Continue.” If you have any offer code, which Mariner Finance sends out to pre-qualified customers, you’ll click the “I have an offer code” link.

On the next page, you’ll need to provide Mariner Finance with your personal information. You’ll be asked to provide:

  • Name
  • Address
  • Date of birth
  • Email
  • Phone number
  • Citizenship status (U.S. citizen, permanent resident, foreign resident)
  • Social Security number
  • Personal pretaxed annual income
  • Household income (pretax)
  • Employment status
  • Employer phone number
  • How long you’ve worked for your employer
  • Whether you rent, own your home and/or have a mortgage
  • Monthly rent or mortgage payment
  • The loan purpose

Once you fill out the info, create login credentials and sign the disclosures and privacy box, your application will be submitted. You should hear from Mariner Finance within the same business day about the status of your application. When you hear back, if you decide to move forward with the offer, you’ll have to submit certain documents to verify the information you provided in your application. This includes:

  • A valid driver’s license or passport
  • Your Social Security card
  • Proof of residence
  • Proof of income
  • A recent tax return or bank statement if you’re self-employed

You may need to go into a physical branch to submit these documents.

Once information is verified, Mariner Finance will conduct a hard pull on your credit before the funding the loan. If approved, your funds will be deposited either into the bank account provided during the application process if applied for online, or via check if your loan was closed at a physical branch. Loans that are completed online typically take two business days before funds are deposited your account. For loans closed at a physical branch, you’ll receive funds after Mariner Finance has completed the loan document process.

Pros and cons of a Mariner Finance personal loan

Pros:

Cons:

  • No prepayment penalty: Mariner does not charge any prepayment fees for paying off your loan early. They also have a 15-day guarantee that allows you to cancel and return your loan without any charges.
  • No minimum credit score to apply: Mariner Finance accepts personal loan applications no matter what your credit score may be.
  • Cosigners allowed: Mariner Finance accepts cosigners on the personal loans it funds, which can help you secure a loan or a better rate if your cosigner has better credit than you do. Your cosigner does not have to be family either.
  • Credit reporting: For those looking to build their credit score with a personal loan, Mariner Finance may not be the best option. It only reports to two of the three credit bureaus, TransUnion and Equifax. Ideally, a lender reports to all three.
  • Limited accessibility: Mariner Finance operates within 22 states. You can’t get a loan from Mariner Finance if you don’t live in one of those states. - Shop around and compare loan options here.
  • May have to visit a branch: Depending on the amount of the personal loan, you may be required to go into a branch to complete the loan application and verification processes.

Who’s the best fit for a Mariner Finance personal loan?

A personal loan from Mariner Finance may be a good fit for you if your credit score is below average and you live in one of the 22 states where Mariner Finance issues loans. And if you value in-person customer service when dealing with financial matters, you may like that Mariner Finance has more than 450 branches. If you live outside of the states listed, you can still shop around to find the lowest rates here.

Alternative personal loan options

Marcus by Goldman Sachs®

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


Marcus by Goldman Sachs® advertises absolutely no fees on personal loans. It funds personal loans up to $40,000, with terms ranging from 36 to 72 months and APRs ranging from 6.99%–24.99%. Personal loans from Marcus are available to anyone older than 18 who has a U.S. bank account and a Social Security number or taxpayer identification number, with a few exceptions: Maryland residents are currently not eligible, and the minimum age is 19 in Alabama and Nebraska, 21 in Mississippi and Puerto Rico.

SoFi

SoFi
APR

7.08%
To
15.37%

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 7.08% APR to 15.37% APR (with AutoPay). Variable rates from 5.81% APR to 14.11% APR (with AutoPay). SoFi rate ranges are current as of August 10, 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 5.81% APR assumes current 1-month LIBOR rate of 2.07% 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. 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 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, 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, TX, VA, WY, or for residents of IL for loans greater than $40,000.

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)


SoFi offers personal loans ranging from $5,000–$100,000 and terms between 36 to 84 months. Its personal loans have no fees and come with unemployment protection, which can help defer payments in case you lose your job while paying off your loan. Anyone who lives within the U.S. is eligible for a personal loan from Sofi.

LightStream

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.


The SunTrust Bank-owned lender LightStream offers personal loans ranging from $5,000–$100,000, with loan terms anywhere from 24 to 144 months (2-12 years). Its personal loans come with no fees or prepayment penalties; however there is a hard pull on your credit. In some cases, LightStream will offer to beat out a competitor on the personal loan APR by 0.10%.

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.

Jackson Wise
Jackson Wise |

Jackson Wise is a writer at MagnifyMoney. You can email Jackson here

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Personal Loans

Best Debt Consolidation Loans

Wednesday, August 1, 2018

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.

Erin Millard Erin Millard

Best Debt Consolidation Personal Loans

Updated August 01, 2018

Are you stuck under an overwhelming pile of consumer debt? Do you feel like it might be impossible to get out? Fortunately, there are tools that can help you get out of debt faster.

Debt consolidation loans could be a good answer. With a debt consolidation loan, you would use the loan proceeds to pay off credit card debt, medical debt or any other form of debt. You would then have a loan at a fixed interest rate and a fixed term.

Note: If you have a credit score less than 640, 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

Debt consolidation provides three benefits:

  1. Make payments simple: If you owe a lot of lenders and are having a tough time keeping track of all the payments, then consolidating will make your life easier. You’ll only owe one lender and have to keep track of one due date. There’s less of a chance of anything falling through the tracks.
  2. Lower your interest rate: This is where you have to run the numbers to see if debt consolidation makes sense for you. What’s the average interest rate you’re paying on your debt? If it’s quite high (which is likely if you have a lot of consumer debt), you may benefit from consolidating under better terms. Just remember to only use a personal loan if the interest rate is lower than the one you are already paying.
  3. Improve your credit score: If your credit cards are currently maxed out, your credit score will suffer. When you pay off your credit card debt with a personal loan, you will often receive a boost to your credit score, so long as you don’t start using your cards again. LendingClub did a study and determined that there is an average score increase of 21 points within three months for people who use loans to eliminate credit card debt.

If you think debt consolidation makes sense for your situation, we have a list of the best debt consolidation loans you can use to refinance your consumer debt. Read on for our recommendations.

Personal Loans to Consolidate Credit Card Debt

Start Shopping Here – LendingTree

At LendingTree, you can make dozens of personal loan companies compete for your business with a single online form. When you fill out the form, LendingTree will do a soft credit pull – which means your score will not be negatively impacted. Dozens of lenders will compete and you may be matched with lenders who want your business. You may be able to compare and save in just a few minutes. We recommend starting here. You can always apply directly to other lenders – but many of the lenders we recommend already participate in the LendingTree personal loan application tool. (Note: LendingTree owns MagnifyMoney)

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

Below are some leading lenders you could also consider:

SoFi – Excellent, Good Credit Required

You can borrow between $5,000 and $100,000, which is the most out of the personal loans recommended here. The fixed APR ranges from 7.08% to 15.37% if enrolled in autopay. You can choose a term of 36 to 84 months. Variable interest rates range from 5.83% – 14.37% APR. Although SoFi does not use FICO, you need to be “prime” or “super-prime” to qualify. That means you must be current on all of your obligations and must never have filed for bankruptcy. There is No origination fee or prepayment penalty associated with a personal loan from SoFi.

SoFi
APR

7.08%
To
15.37%

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 7.08% APR to 15.37% APR (with AutoPay). Variable rates from 5.81% APR to 14.11% APR (with AutoPay). SoFi rate ranges are current as of August 10, 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 5.81% APR assumes current 1-month LIBOR rate of 2.07% 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. 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 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, 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, TX, VA, WY, or for residents of IL for loans greater than $40,000.

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)

Some of the leading lenders for people with less than perfect credit include:

LendingClub – Minimum FICO of 600

This is a peer-to-peer platform, which means individual investors are contributing to your loan. You can borrow between $1,000 to $40,000
with LendingClub, and its APR ranges from 6.16% – 35.89%, depending on the type of loan grade you’re eligible for. Be aware there are origination fees (ranging from 1.00% - 6.00%) associated with this personal loan, but there are no prepayment penalties. You can borrow on terms 36 or 60 months. The minimum credit score needed is 600. LendingClub is not available in Iowa or West Virginia.

LendingClub
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

Prosper – Minimum FICO of 640

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

Prosper is a flexible alternative with a low-end APR that usually 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

Advertiser Disclosure

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.

[Check out other Personal Loans on Our Comparison Table Here]

A Loan or a Credit Card to Consolidate Debt?

Personal loans can be an excellent way to consolidate your debt. Personal loans are best when you have a lot of debt or your credit score isn’t perfect. However, if you have a smaller amount of debt and a great credit score, you can get rates as low as 0% with a balance transfer. If you do have a good credit score, you should apply for a 0% interest balance transfer credit card.

Wait: I Have Student Loan Debt

If you’re thinking about refinancing or consolidating your student loans, there are a couple of things to know.

First, what’s the difference between refinancing and consolidating?

  • Private Loan Consolidation: This involves combining all your loans into one loan so you only owe one lender and have to make one simple payment.
  • Federal Loan Consolidation (Direct Consolidation Loan): Only have Federal student loans? You can combine them through a Direct Consolidation Loan with the government. According to studentaid.ed.gov, “The fixed rate is based on the weighted average of the interest rates on the loans being consolidated.” This doesn’t save you much money, but your payments will be more manageable. For a complete list of Federal loans that can be consolidated, check here.
  • Refinancing: This is when you apply to a completely new lender for new terms – you’ll have a new loan, and your new lender will pay off your old loan.

The difference isn’t all that big – when you consolidate private (or private and Federal) student loans, you’re essentially going through the refinancing process.

If you currently have Federal loans, you need to be aware refinancing or consolidating means giving up certain benefits that come with federal student loans.

That means income based repayment, deferment, forgiveness, and forbearance options disappear. A few of these benefits are forfeited even with the Direct Consolidation Loan. These benefits could get you through an otherwise rough time, so make sure refinancing makes sense beforehand.

If you do have federal student loans, and you’re thinking of refinancing or consolidating, first see if you’re eligible for deferment or forbearance. There’s no reason to go through the process of having your credit checked if you can lessen your student loan burden another way.

If you have private student loans, you can also check with your lender to see if it offers payment assistance. Many lenders are making improvements to their student loan refinance programs and including forbearance and deferment options.

Also, once you consolidate or refinance your student loans, there’s no going back. This applies to the Direct Consolidation Loan as well.

Okay, still think refinancing or consolidating is right for you? You can shop for the best lender to refinance your student loans here.

Shopping Around is a Must When Consolidating or Refinancing

The goal of refinancing or consolidating is to ultimately make your debt less of a burden on you. That means getting the best rates and terms offered. The easiest way to accomplish this is to shop around with different lenders. If you do so within a 45-day window, FICO will not punish you for shopping around. All of your student loan inquiries in the 45-day period will only count as one inquiry. Plus, there are many lenders out there who will give you rates with just a soft credit inquiry (though a hard inquiry is required to move forward with a loan). Always put yourself first, as you’re never obligated to sign for a loan you’re approved for.

promo_refi_studentloans_lg

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.

Erin Millard
Erin Millard |

Erin Millard is a writer at MagnifyMoney. You can email Erin at erinm@magnifymoney.com

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