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!