Living a debt free life is not easy. In the middle of enjoying your life and saving for the future, we are left with a little bit of money in our so-called emergency funds, which might not be enough if something mishap is about to happen. I will give you a live example of myself, I’m not rich by American standards. Never have been. Has been solidly middle class my entire life – maybe even poor during the time I was in college. So saving money never tops my regular regime.
A survey of nearly 8000 Americans found that nearly 60 percent of respondent have less than $1,000 in their saving account. And let me tell you, life is full of surprise. The moment you think you have enough saving to travel or buy yourself a gift, it’s gonna hit you like a hurricane. To cope up with such situations there are tons of options available, online or around the block, for getting a quick loan. Applying for a loan shouldn’t be a frustrating experience, but it can be since there are gazillions of online personal loan lender available.
To make it simpler and convenient for you, I have listed down 5 best personal loans offers where you can borrow money quickly, without even leaving your home and get funds deposited into your account as soon as next business day.
Upstart is one of the best personal loan services that use a peer-to-peer lending system. One of the positive thing about upstart is it uses multiple sources of information. Your loan will not only depend upon your credit score but it will also utilize your current and future earning, your job and education history. On top of that upstart is an online personal loan whose application requires only a few minutes to get complete, and is super quick which is good for borrowers who are in need of quick funds.
To sum it up upstart is a good personal loan service if you are looking for unsecured loans. An additional point for its AutoPlay which deducts a selected amount, save the borrower from installment hassle.
- Loans available between $1,000 and $50,000.
- Loan term of 3-5 years.
- Starting with a basic APR rate of 8.69%
- No prepayment fees.
- Credit needed – 620
Our verdict: What makes Upstart a very good online personal lender is that their underwriting process takes many things into consideration. They accept anybody. It just means that their criteria are very different as compare to many lenders as you can see by their low credit score criteria, making a good choice for generation Z as you don’t even need a college education.
Rather than judging the borrower by their credit score they take many things into consideration including your personal ability to pay, makes Upstart a great choice for new entrepreneurs. If you are looking for, an easy to get loan with excellent customer satisfaction – this is it.
Payoff is another peer-to-peer personal loan lender that focuses its primary concern on debt consolidate and getting rid of credit card debt. You are only expected to pay origination fees other than interest eliminating all the other common fees. Payoff is one of the best personal loans that require the highest minimum credit score of 660. One thing that makes payoff different from other lenders is that it offers to work with you and adjust your payment if you face any sudden financial problem.
On the whole, payoff provides a special service which makes it different from other lenders, which also include services like resume review and interview advice.
- Loans available between $5,000 and $35,000.
- Loan term of 2-5 years.
- Starting with an APR rate as low as 00%
- No prepayment fees.
- Credit needed – 640
Our verdict: If you are looking for a personal loan to consolidate your credit card debt, Payoff is the best option. There are some points to remember, with a credit score of 640 you also require having a debt-to-income ratio below 50 percent and no delinquencies. And the good part is Payoff offer payment flexibility which means that even if you miss some payment you will not be charged with any late fees or any early payment fees.
Payoff aims for a fees transparency so you don’t have to worry about any hidden fees. It is a great option for those with a good credit history but is paying a lot of interest on their credit card or for those who have multiple credit card payment every month.
3. Opp Loans
Opp Loan is an installment loan which is beneficial for those who cannot pay the loan quickly but needs an installment for it. One of the best things about this personal loan lender is that it offers a minimum loan of as low as $500 and offer services in almost every state. Opp loan is a quick and fast lending service which can fund you as early as next business day. The unique thing about opp loan is that it is a direct lender as compared to the other lender mentioned above, so you actually speaking with a representative rather than a broker when applying for the loan.
If you are looking for a loan that is somewhere between payday and personal, opp loan is the right choice, even if you have less than perfect credit history.
- Loans available between $5,00 and $4,000.
- Loan term of 9-36 months.
- APR rate from 99% – 199%
- Fees are varied by state.
- Turnaround time of 1 business day
Our verdict: Opploans offer loans between $500 – 4,000 making itself different from short terms lenders with a much lower interest rate. It offers loans, debt consolidation and credit plan with an easy online process and funds can be deposited as soon as next business day. Like Avant, Opploans also have late fees of $10 and no prepayment fees. With a good customer service history, one can borrow funds without any wait.
Loan deck is very flexible personal online lender whose loan start from as minimum as $500. It is not a lender rather it is a lending network which matches to your perfect option in just a few minutes and the only reason why they have not set terms because when you are matched to a lender, it is up to you to negotiate the loan terms. It is a personal loan for people with bad credit as well as no credit with the flexible loan amount. The only downfall of this option is it’s availability as it is available in a few states.
In short, you will be able to find the best loan quote through its simple and easy process. LoanDeck presents a straightforward approach. If you want to compare your options and quickly secure the funds you need, LoanDeck is an avenue worth exploring.
- Loans available between $5, 00 and $35,000.
- Fees are varied by loan terms.
- All credit types are welcome.
- Turnaround time of 1 business day
Our Verdict: Loandeck offers a simple process in which instead of searching different lenders, it helps you get connected to one of the largest national lender network, which saves your time and is ideal for those who are in need for quick loans and small business loans. The only drawback is that it is not available in all the states, otherwise, with a good responsive email support you can get the answer to any question you may have.
Avant is one such personal loan lender that has provided at least $4 billion loans till date. Using its advance algorithm and analytical tools it formulates the borrower’s creditworthiness. Avant is available to almost all the state in U.S. Avant does not offer access to variable rates because it never reveals how a borrower is to get approved. One good news is that borrowers with a stable income, high credit score, and low debt to income ratio are expected to be approved first. It has no prepayment fees but charges origination fees of 4.75% of loan amount.
Though the process if not very quick but Borrowers can get the loan as soon as the application gets approved plus it comes with an app which comes in handy for checking your loan option and how your FICO rate gets impacted.
- Loans available between $2,000 and $35,000.
- Loan term of 2-5 years.
- APR rate from 9.95% – 35.99%
- Credit needed – 580
Our verdict: Avant is just like any other online personal loan lender but what makes it stand out the most is their low credit score of only 580. Another thing to keep in mind is their $25 late payment fees but you can always opt for late fees forgiveness policy which states that your late fees will be refunded, if, you have three consecutive online payments.
Avant is best for borrowers with bad credit and borrowers who want to consolidate their debt. Avant offers an installment loan which can be used for various purposes. Being fast, convenient and responsive, it is also a good choice if you are looking for some extra funds.
You can’t always predict when an emergency will occur, but you can prepare for it. Before you start to apply read all the information you need about the personal loan, what are they used loan, its type because personal loans are available for every type of credit score.
Remember, when it comes to borrowing, one of the most important things to be aware of is the interest rate that you’ll be charged which will decide the life of your loan. A Personal loan does help you with any financial emergency you face but it also helps you to add a little extra fund for added security.