Finding Short Term Installment Loans in 2017, 3 Lenders to Consider

If you are in need of some cash, you can turn to online loan to solve your temporary financial problem. Many online personal loans offer reasonable APR based on your creditworthiness. The APR rate of online personal loans are lower than the banks most of the time. The following are the top 3 short term installment loans in 2017.

1. Lending Club

Lending Club unsecured personal loans is ideal for borrowers with a good credit score and long credit history. Most of the borrowers at Lending Club have an average score of 600 and more than 15 years of credit history. Besides, you must prove that you possess a low debt to income ratio to qualify for the loan. It takes about 1 week for them to find a suitable loan for you.

The loan that Lending Club offers is available in several repayment terms options including 3 and 5 years. Applicants will be charged with a loan origination fee that ranges from 1% – 6%.
The variable APR rate of the Lending Club loan varies from 5.99%-35.89% depending on your creditworthiness.

2. Prosper

Prosper is the first P2P lending company in the USA. Prosper personal loans require a FICO score of at least 640 to qualify. When you apply for a Prosper loan, you must provide the reason of borrowing the loan. The minimum loan amount you can borrow is $2,000 while the maximum loan amount is $50,000.

Borrowers are rated based on the risk level from AA – HR. HR means you are regarded as a high risk borrower. The APR rate for Prosper loan ranges from 5.99% – 36%. Repeat customers who have borrowed and paid their loan in full in Prosper may get a lower APR rate for their next loans at Prosper.

3. Upstart

Upstart offers fixed rate personal loans that are unsecured for young adult borrowers who haven’t yet develop a solid credit history. Upstart does not put emphasis on FICO score when it comes to calculate the creditworthiness of an applicant. There are several factors that have been taken into account when determining the creditworthiness such as education, and the type of jobs you do in the past.

Even though the FICO score is not important, applicants are still required to have a FICO score of at least 640 to be eligible for the loan. You have to be in good standing on your loans. Upstart charges an APR rate that ranges from 4.93% – 29.99% which is much lower than Lending Club and Prosper. Upstart allows borrowers to borrow as little as $1,000 and up to a maximum amount of $50,000. You can choose to sign up for a 3 years or 5 years loan term.

Discover Personal Loans, What is the Maximum Loan Amount

The maximum amount of loan that you can borrow from Discover is up to $35,000. The shortest loan term option is 36 months and you can opt to take up to 84 months to repay the loan. Discover loans can be used to fund any type of temporary expenses that you currently have. It can be used to pay for your holiday trip, repair cars, hospitalization fee, or settle unpaid taxes.

Discover personal loans charges a fixed APR rate that never change so you will be paying the same monthly amount. The APR rate you are assigned will range from 6.99%- 24.99% depending on several factors. You won’t be charged with any origination fee for the loan if you make the repayment online. You can easily get approved for the Discover personal loan if you have a credit score in between 660 – 699.

The fastest way to apply for a Discover loan is to go to the discover site and submit the online loan request application. In the online loan request form, you must enter some personal details that are necessary for carrying out a credit check. You can also apply for a Discover loan by calling the hotline number. Discover will evaluate the information you enter in the online form to determine if you are eligible for the loan.

They can quickly make a decision on whether to extend the loan after reviewing the online application that is submitted by you. Most of the time, the decision of the loan application is made within the same day. You can settle the loan in full amount any time you want.

When your loan is approved, they will let you know how much is the interest rate you will be charged. You are not obliged to accept the loan as you will be given the option to deny the loan if you find the interest rate expensive.

Most of the time, Discover will ask the person to provide extra documents after the initial approval of the loan. For example, you will be asked to submit the tax return document to prove your income. You will also be required to fax in the pay stubs you receive from your employers.

When your loan application has passed the final review, Discover will wire the funds to your bank account and you should receive it within a time frame of 1 week. You must be committed to pay back a fixed amount every month until the end of the loan term.

Discover charges a late fee of $39 if you fail to make the repayment punctually before the due date. If you change your mind about the loan, you can cancel it and return the loan without paying any interest or penalty fee. You must return the loan within a period of 30 days to avoid the fees.

Searching for #onlineinstallmentloans, compare top personal loan and installment loan offers from leading banks, lenders and personal finance institutions online!

Short Term Cash Loans Up to 35,000 Why Peer to Peer Lenders are So Popular

Peer to peer loan is a type of loan funded by individual investors rather than the bank or financial institution. It offers a loan amount of up to $35,000 and the loan term ranges from 1 – 5 years. You can set up an automatic repayment where a fixed amount will be deducted from your bank account every month.

Credit score is not a very important factor that P2P lenders will look into when deciding whether to extend the loan. Borrowers get a chance to explain why they have a bad credit score so that the investors can judge themselves and see whether they want to lend yo the money.

It is hard to get approved for a bank loan if the credit score is lower than 700. If you have bad credit score, you still stand a chance to get approved because the P2P lender might consider other factors such as financial history and behavior.

There are much lesser fees you have to pay in a peer to peer loan compared to a bank loan. Bank loans usually charge a variety of fees such as application fee, loan processing fee, prepayment fee, fees for handling your loan documentation and etc.

Bank loans can charge an interest rate that is as high as 25% but you can easily find P2P loans with interest rates that are lower than 10%. The low operating cost of online P2P platform is the reason why there are much fewer fees. Most online P2P platforms will only charge the borrowers a processing fee.

Bank loans usually take weeks or months to get approved because of the complicated documentation process. However, P2P loans can approve the loan and release the funds in as fast as two days. To apply for a P2P loan, you simply register for an account at the P2P site and upload all the necessary documentation. You can post the loan amount that you need and watch the individual investors invest in your loan in real time.

You don’t have to visit any physical branch since the application process is completely online. It will not leave any impact on your credit score when you check the interest rate for the loan amount you want to apply for. You don’t have to reveal your name to the lender. This allows you to remain anonymous to the lenders and prevent them from calling you.

P2P loans is unsecured so you are not required to use your car or house as a collateral. Unlike bank loan, you will not get charged with any prepayment penalty if you settle the loan in full prior to the end of the loan term. If you promptly repay the loan every month, you can apply for a second loan and get approved quickly.

Top 3 Finance Mistakes to Avoid for 2016 Holidays

The Christmas holiday season is the busiest shopping season in the entire year. Stores will be packed with crowds of shoppers during this time because of the discounts. The mark down discounts occurring nationwide in many stores is the reason why people often make finance mistakes in their holiday shopping. The following are the top 3 finance mistakes that you should take heed to prevent careless spending of your money in the holiday season.

1. Spending Money Without Proper Planning

Many people make the mistake of making impulse purchases when they see a lot of stores offering huge discounts. They spent their money without any budget planning. By the time they spent all they want, they don’t have enough money left to pay the bills. If you get a year end bonus, you must try to control yourself and not quickly use up the money. It is important to create a budget no matter how much money you have in hand to spend in the holiday season.

2. Applying for Loans for Holiday

Some people find they don’t have enough money of their own to spend in the holiday season so they decided to apply for loans that are easy to get approved. Normally, loans that release the money in the same day charges high interest fees and must be paid back within a short time. Examples of this type of loan are payday loans and peer 2 peer loans.

The majority of the people won’t pay back their payday loans on time so the balance has to be rolled over and the interest fees just keep on adding to the amount owed. Even if you know you will get the money to pay back, you should be careful in spending money in the holiday season. This is because there might be an unexpected expenses that arise which prevents you from paying your bill on time.

3. Failing to Make a Priority of Your Expenses

Another mistake that people often make is that they are too greedy and think they can afford all they want with their salaries. You must prioritize what expenses are important and be prepared to let go of some things on your shopping list that are not that important. Making a list of all the stuff you want to buy during the Christmas season will be able to help you to budget properly.

Since Christmas is approaching soon, some stores have already posted about the discounts promotions on different types of products. Doing research on the web allows you to find out which stores are offering a Christmas sale and what items are being discount. If possible, you should use the extra money that you receive in your salary to pay down your bills so that you can be debt free as soon as possible.

How to Reduce Your Credit Card Debts Through a Consolidation Loan

The problem of having multiple credit cards is that it is hard to make on time repayment. If you find yourself behind in payment for one or more cards, getting a consolidation loan may help to solve your problem. When you approved for a debt consolidation loan, you will get funds to completely repay all your loans but you will then be subjected to make a fixed monthly payment to the creditor.

Most people took 2 – 5 years to repay the debt consolidation loans. The interest rate is usually fixed so you will be paying the same amount throughout the loan term. Usually, you can borrow up to $35,000 when you apply for a personal loan which you can use to pay back your credit card debt.

Once the lender approve your loan, you can expect to receive the funds in 1 – days. If you are looking to consolidate your loans with a personal loan, you should check with the lender about all the fees that you are supposed to pay.

Some of the fees that you may be charged for the personal loans are late payment fee, and origination fee. You must check with the lender how much you are supposed to pay every month so that you know whether it is more or lesser than the amount you are currently paying to your credit card company.

You can do some calculations to find out the total amount of interest you are paying currently so that you can perform comparison to the interest rate of the debt consolidation loan. Some lenders will offer a lower interest rate if you could find a cosigner.

Using a personal loan as a way of consolidate your credit card debts is a good alternative to 0% balance transfer card. It is suitable for people who are not confident that they can pay off their credit card debts by the time the promotional introductory period of the balance transfer credit card ends.

As a rule of thumb, you should search for a personal loans that offer an interest rate that is lower than the interest rate charged by your credit card company. This will help to reduce your burden and help you to settle the credit card debt faster.

Making Good Financial Decisions Start with a Strict Finance Budget

Having the wisdom to make the right financial decisions is important. People who spend money as they want without any budget will often find themselves having a lot of financial problems. You must learn to live in modesty within your means and only spend on what you can afford. If possible, you should try to live as cheaply as possible so that you have more money for savings. Everyone has their own financial goal for example to buy a house or a car or a 50” LCD television or your child’s college education.

Regardless if your financial goal is big or small, you must know how to maintain a strict budget otherwise you will find that it is hard for you to save up to the amount that you want. In order to arrive at your goal, you must do some calculations on your expenses and see how much money you have leftover. You should determine yourself how much money you need to spend on your expenses and eliminate away those unnecessary expenses that you don’t need to spend.

To create a budget, you can use an excel sheet to list down the necessary items that you want to buy so that you can easily add up the cost and see how much is the total cost. From there, you can subtract the unnecessary expenses in order to make sure you meet the budget. By tracking your spending, you will be able to cap your spending and avoid spending all your income. Everytime you have leftover from your salary, you should deposit it into your savings account. Most people spend 50% of their salaries on basic necessities such as rental and food which leaves you with another 50% for savings.

Whenever you want to buy something, you must ask yourself whether buying it will affect the other expenses that you already have. For example, if you buy a new gadget, you will not be able to afford paying your room rental. You must find out the true cost of an item. For example, if you want to buy a car, you must not just take into account the cost of the car, but also the petrol cost, and maintenance cost. Doing so allows you to come up with a more accurate estimate on how much you have to spend when you buy the object.

Sometimes, it can be hard to control your spending habit. In this circumstances, you can create a visual reminder for example saving a photo of the things you want to buy on your phone. Whenever you feel that you are giving in into the temptation to buy, you can take a look at the photo so that it can help you to control your urge over spending unnecessary money.

What Credit Unions are Popular for the Best Auto Loan Rates

The interest rate of the auto loan issued by the credit unions depend on the car’s value and your credit rating. Doing research and comparing the auto loans by different credit unions is necessary in order to make the right choice. The following are the top 6 credit unions that offers the lowest rates for their auto loans.

1. Randolph-Brooks Federal Credit Union

Randolph-Brooks Federal Credit Union offers one of the lowest APR rate for auto loan at 1.8%. The 1.8% rate applies when you are buying a new or second hand vehicles. The same rate also apply if you decide to refinance your existing auto loan. The low 1.8% rate is guaranteed for you for 90 days.nThe loan term is up to 60 months and you can borrow against your vehicle by up to 125%.

2. Suncoast Credit Union
Suncoast Credit Union’s APR rate for the auto loan starts from as low as 1.75%. In addition, they will give you a $200 rebate if you decide to buy or refinance a new or second hand car. The $200 rebate also applies if you refinance a new or 2006 model of second hand Harley Davidsons model or newer model. The loan term for the Suncoast Credit Union auto loan is up to 72 months.
3. EECU

EECU is offering an APR of 1.76% for as low as 36 months. The maximum amount that you can borrow in the auto loan is $100,000 and your vehicle must receive its title in California. They offer a 50% discount if you set up automatic payment on your checking account. There are different loan terms to choose from including 36, 48, 60, 72 and 84 months.

4. NIHFCU.ORG
NIHFCU.org offers a low interest rate for their auto loan that starts from 1.49%. Qualified borrowers will be able to borrow up to 125% against their vehicle value. You can use e-signature to sign to the agreement when applying online. It only take a few minutes to get approved for the NIHFCU auto loan online.

5. LA Financial Loan

LA Financial loan offers an APR rate that is as low as 1.99% for auto loans. The 1.99% rate is valid for both new and second hand vehicles. You can obtain up to 125% financing from the LA Financial Loan. The typical loan term for the auto loans is 60 months but you have the option to defer making repayment until 90 days. The interest rate will add onto the loan when you defer to 90 days.

6. Pentagon Federal Credit Union
Pentagon Federal Credit Union offers an auto loan with interest rate as low as 1.49%. The loan term for the PenFed auto loan range from 36 months – 84 months. You can apply for an auto loan at PenFed for used vehicles as well as new vehicles. The PenFed loan can be applied online and you can get approved for up to 110% financing.

Personal Loans for College Students: Are There Drawbacks?

Studying at colleges are getting incredibly expensive no matter what course you take. There are so many costs to cover including dorm rental, car maintenance, and pay utility bills. Students who have no option to cheaper financial aids such as school financial programs or scholarship will resort to personal loans. Consequently, they will have to carry a heavy burden to repay the debt upon graduation.

Many students are tricked into signing up for a personal loans when they saw the great rate advertised on the flyer. The truth is that the low rate only applies to the applicants that meet the criteria. Therefore, it is always important to study the fine print of the personal loans prior to signing up. Personal loans is usually expensive for college students because they lack credit history and their credit score is too low to help them get qualified for a good rate.

It offers a loan amount that range in between $1,000 – $50,000. Without a good credit score, the interest rate that you are asked to pay back will be significantly higher. The debt to income ratio is another factor that will be considered when they decide whether to approve the personal loan.
You need to provide a stable income proof so that the bank can put their trust on you that you will repay the loan. If you can’t show your income proof, most banks will still approve the personal loan if you can find a co-signor that possesses an adequate income proof. For some students, it can be quite a challenge to find a co-signor if they couldn’t get their parents to be a suitable co-signor.

If you want to take out a personal loan to buy something you want, make sure it fits your budget and you are able to make the repayment every month. You must never forget to check the rate of the loan and compare it with other loan companies. Besides the interest rate, you will also be charged with fees such as origination fees that can be about 1% -5% of the amount you want to borrow.0

You should look to better options like private student loans before considering to take out a personal loan. Private student loans offer lower interest rates and they are qualified for deferment. The private student loans is for paying your hostel, tuition and other living expenses while you are studying in the college even though it is not allowed to be used for funding your recreational expenses such as holiday. You only have to start paying back after graduation.

If you are planning to get a personal loan to cover you to compare the loan rates. This will give college costs, make sure you use the online personal loan comparison you an overview of the market rates for the personal loans and sign up on the best one with the criteria you can fulfill.

Payment Advance Loans from Pawn Shops, What are the Drawbacks?

There are some pawn shops that offer payment advance loans for people who are in need of money urgently. Pawn shops usually offer small loans that range from $75 – $100. It is much easier to get a lawn from a pawn shop compared to applying for a loan at a local bank but you might want to consider its disadvantages prior to making a decision. The following are some of the drawbacks of getting a loan from a pawn shop.

Most pawn shops’ loans have short repayment period, for example 30 – 60 days, so it is unwise to apply for the loan if you know that you won’t have access to enough funds to pay back the loan in such as short period of time.
You have the option of extending the loan period if you don’t have enough money to pay back the loan when the due date arrive. But, you must remember that you have to pay higher interest if you roll over the loan so that it becomes more expensive to afford the loan.

Secondly, you have to use anything of value as a collateral to secure the payment advance loans at the pawn shop. Example of items that you can pawn are jewelry, and electronic gadgets. Usually, the pawn shop will give a much lower appraisal for the valuable item compared to the appraisal value in the market. So, you have to prepare more valuable items to use as collateral in order to obtain the loan from the pawn shop. There are some pawn shops that are willing to negotiate the appraisal value of the valuable that you want to use as collateral.

Thirdly, pawn shops’ loans have incredibly high interest rates that makes it very expensive to repay them. The average interest rate that is charged on a pawn shop loans is about 120% – 300%. Every state has a different limit on the highest interest rate the pawn shop is able to charge. You should only apply for this type of loan if you are in a desperate situation and there is no other way for you to borrow the money you urgently need for covering your emergency expenses.

The pawn shop will also charge you other fees, for example storage cost and fees for the insurance coverage of the collateral. If you are unable to repay the loan, your collateral will belong to the pawn shop and they have the right to sell it to get back the money that you fail to pay on the loan. In some states, the pawn shop is supposed to return to you the excess money from the sale of your collateral. However, you should not expect to get any money back if you decide not to pay back the loan.

What Fees Do Banks Normally Charge If You Overdraft Your Account

Overdraft happens when you try to use more money that than the amount that is available in your current account. You should only use overdraft to deal with short term financial problems during emergency. Some people have bad spending limit and treat their overdraft limit as a spending limit which can result in accumulation of a lot of fees.

There are 2 types of overdrafts including authorized overdrafts where you agree with the bank in beforehand about an overdraft limit and unauthorized overdraft when you spend more than the amount in your bank account without any agreement about a borrowing limit in advanced with the bank. Unauthorized overdrafts will cost more than authorized overdraft and the fees and increase very fast.
For authorized overdraft, the type and amount of fees that you pay will depend on your bank. Normally, you will be charged with an APR for the authorized overdraft. You may also get charged with a fee every day, week or month for having the authorized overdraft account.

Often, you will see that the bank advertise that they are offering an interest free overdraft but the interest is usually only waived for the first few hundreds of dollars that you overdraft on your account. You must remember to always stay within the overdraft limit if you don’t want to get charged with extra fees for your authorized overdraft account. If you know that you are going to exceed the overdraft limit, you can ask the bank to increase the limit temporarily. You should not delay until the last minute because your account has already gone into the red by that time.

In unauthorized overdraft, you get charged with an overdraft fee if your bank make the decision to pay for the amount. If the bank decides not to pay for the amount, you will be charged with a non sufficient funds fee. The overdraft fee usually includes a transaction fee which is charged when you overdraft your account through ATM withdrawal, debit card transaction, write a check or a bill that is automatically deducted from your account.

To avoid overdraft fees, make sure you keep track of the money that you deposit and withdraw from your account. You can do so monitoring your balance through online banking. You should always have extra money in your bank account if you have a habit of overdrafting your account.

You can also link the checking to your savings account so that the money from your savings account will be used to cover the amount when there is insufficient funds in your checking account. It is important to always read all your bank letters as the letter could be telling you that you are charged with an overdraft fee for a recent transaction that has exceeded your overdraft account.

Our editors will continue to search the markets for relevant news for the online lending industry. Our goal is to be the number one resource for consumers who are searching for online installment loans. We welcome consumers to reach out to us for tips on credit, finance and lending and pose questions you would like to see our editorial team review.