Compared to an auto loan or mortgage, a personal loan is unique in that it can fulfill a number of uses, beyond just funding a major expense. As a result, personal loans can be an attractive financing option for almost any kind of consumer, thanks to their versatile nature and convenient access. It’s true, the growth of online lending has made it easier than ever for people to get quick access to funds from accredited lenders. Before diving into the personal loan marketplace, however, it’s important to ask yourself some simple questions to better understand what your funding needs are.
While a recession is difficult for any age demographic, it can be especially challenging for young Americans paying off their student loans. An economic downturn usually results in lost jobs and reduced salaries, which is magnified for those who haven’t established a lot in savings (or an emergency fund) and need to pay student loans while juggling other monthly bills in their budget.
Did you know that personal loans are the fastest growing consumer lending product? More and more Americans are exploring personal loan options from online lenders, thanks to easier and faster application processes that help consumers find competitive rates and flexible terms.
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Acorns is the fastest growing financial wellness system in the U.S. with more than 7.7 million accounts. Its easy-to-use, mobile-first technology makes it simple for anyone to set aside and invest life's spare money. Acorns allows customers to automatically invest in a low-cost, diversified portfolio of exchange-traded funds offered by some of the world's top asset managers (including Vanguard and BlackRock). Customers grow their wealth in one of five portfolios constructed with help from world-renowned Nobel laureate economist Dr. Harry Markowitz. Acorns' smart portfolio algorithms automatically work in the background of life, helping users build wealth naturally, pennies at a time. From Acorns mighty oaks do grow.
MoneyKey is an online direct lender that provides short-term, unsecured Loans and Lines of Credit to underserved consumers through a safe and secure platform. MoneyKey also arranges Installment Loans as a Credit Access Business and a Credit Services Organization in the state of Texas.
60monthloans, Inc. is an unsecured personal loan lender for those with low to good credit. We are especially good for customers who have low credit who are in need of an emergency loan. Some of the perks that come from working with us include: no hard inquiry when customers finish an application, no prepayment penalty, and quick processing time (1-3 business days to get funded). Our APR range is between 19% to 59%. Our loan amounts range between $1,500 - $10,000 payable over 2-3 years.
ADF, through its Personify Financial brand, is the trusted financial partner for thousands of underestimated under-banked consumers. Combining state-of-the-art technology and world-class application of advanced data science and machine learning, ADF is setting a new standard for assessing non-prime borrower credit and fraud risk. Learn more at www.applieddatafinance.com and www.personifyfinancial.com.
Elevate (NYSE: ELVT), together with the banks that license its marketing and technology services, has originated $9.0 billion in non-prime credit to more than 2.5 million non-prime consumers to date and has saved its customers more than $8.2 billion versus the cost of payday loans. Its responsible, tech-enabled online credit solutions provide immediate relief to customers today and help them build a brighter financial future. The company is committed to rewarding borrowers’ good financial behavior with features like interest rates that can go down over time, free financial training and free credit monitoring. Elevate’s suite of groundbreaking credit products includes RISE, Elastic and Today Card. For more information, please visit http://www.elevate.com.
LendingUSA is an award-winning point-of-sale fintech company that offers merchants a seamless financing solution with access to loan decisions in seconds, promotional financing terms, and low monthly payment options for its customers across various niche markets.
Debt consolidation lets you combine all your frustrating, high-interest credit card balances into one easy-to-manage loan with a potentially lower rate and more flexible terms. Your new loan may help you pay less in total interest, which can help you get out of debt faster.
If credit card debt is weighing you down, you don't have to suffer any longer. With personalized loan offers from Fiona, you can consolidate your debt into one easy payment with a potentially lower interest rate — and you may also boost your credit score through timely monthly payments.
Debt consolidation lets you combine all your frustrating, high-interest credit card payments into one easy-to-manage loan with a potentially better rate and terms. Your new loan may help you pay less in interest, which may help you get out of debt faster.
When it comes to consumer lending products, there are many options available online with a variety of use cases. For those in need of access to cash that isn’t tied to one specific use (e.g., an auto loan or student loan), there are two main avenues to take that, while somewhat similar, differ in several key aspects. They are a personal line of credit and a personal loan.
For borrowers looking to lower the monthly payment or interest rate on their auto loan, refinancing is an option worth considering. Through auto loan refinancing, a car owner can pay off their existing loan and replace it with a new one, which they then pay off to the lender (either a new lender or, in some rare instances, the same one as the prior loan).
The last year wreaked havoc on our lives and finances, but there are services available to help you get back on track. By consolidating all your high-interest credit card bills into one simplified loan, you can potentially save a lot of money and cut months (or years!) off your debt repayment plan.
You may have heard interest rates are at all-time lows — so why is the average APR on a new credit card account just over 18%? In some cases, American consumers are getting hit with credit card charges of 24.99% or even higher than that.
While a personal line of credit is more commonly categorized as a loan, in reality, it functions more like a credit card. That’s because a line of credit is a form of revolving debt, in which the money you borrow is paid back... only to be borrowed again. There are other similarities between a line of credit and credit card, however, there are also some key differences. Understanding how these two financial products compare and contrast will help in determining which option is the best for a consumer’s personal needs.