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.
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.
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.