Category: Personal Loans

7 Key Benefits of Debt Consolidation
There are at least 7 key benefits of debt consolidation. Debt consolidation is the process of paying off multiple types of debt with a new personal loan at a lower interest rate.

When you consolidate debt, you can use the proceeds from a personal loan to pay off each individual loan. Depending your lender, some lenders will pay off your old debt on your behalf, while other lenders may disburse the proceeds directly to you so you can pay off debt directly.

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Here are 7 key benefits of debt consolidation:
Lower your interest rate

The biggest key benefit of debt consolidation is the ability to get a lower interest rate. When you consolidate debt, you may be able to get a lower interest rate.

Why? For example, your credit card debt may have an interest rate higher than 20%. If you want to pay off $10,000 of credit card, it could take several years and become very expensive with compounding interest. If you have good to excellent credit, you may be able to use a credit card consolidation loan, which is a type of personal loan, to get a lower interest rate compared to your credit card debt. A lower interest rate could not only help you save on interest, but also help you pay off debt faster.

Compare the latest rates for personal loans.

Compare the latest rates to pay off credit card debt.

Get a fixed interest rate

Another key benefit of debt consolidation is the ability to get a fixed interest rate. For example, personal loans offer low fixed rates compared to interest rates on credit card debt. Borrowers with a higher credit score and income tend to get lower interest rates, although each borrower’s profile is unique.

With a personal loan, you can borrow from $1,000 to $100,000.

A fixed interest rate means your interest rate will never change while you pay off the personal loan. Fixed interest rates also are more predictable, so you will know exactly what you owe each month.

Combine debt into a single loan

The ability to combine debt into a single loan is a key advantage of debt consolidation. Debt consolidation enables you to combine multiple debts into a single loan such as a credit card consolidation loan, which is also known as a personal loan.

As a result, you won’t have to make multiple credit card payments with different interest rates each month to different credit card companies. Instead, you can make a single payment to one personal loan lender.

Read: Ultimate Guide To Personal Loans

Pay off debt faster

Debt consolidation enables you to pay off debt faster. A personal loan typically can be repaid in one to seven years. Check with your lender to understand all your repayment options.

In contrast, credit card debt could take longer to pay off as interest compounds and if you make relatively smaller monthly payments. If paying off debt faster is your goal, you should opt for as short a personal loan repayment period as you can afford.

Helps you get organized

Debt consolidation is a helpful strategy to get organized. If you have multiple types of credit card, for example, it may be challenging to keep track of all your credit card payment, interest rates, and credit card companies.

Debt consolidation simplifies repayment to a single monthly payment, one interest rate and one personal loan company. This can keep you focused on your goal, which is debt repayment.

Get cash quickly

Debt consolidation can help you get cash quickly. Some personal loan lenders can fund your personal loan the same business day. Other personal loan lenders may take several days or a week to fund your personal loan.

Once you receive cash in your bank account, you can use the funds to pay off your old credit card debt, for example. In some cases, the lender may pay off your old debt directly.

Save money

The final key benefit of debt consolidation is the ability to save money. The primary goal of debt consolidation is to save money and get out of debt faster. To save more money, focus on your interest rate and your personal loan repayment period. A lower interest rate can help you save interest each month compared to high credit card interest.

Personal loans typically are repaid between one and seven years. If you can afford the monthly payments, it can be advantageous to choose a shorter repayment period.

A shorter personal loan repayment period will mean you can save more money on interest, but you will have a higher monthly payment. A longer personal loan repayment period will provide a lower monthly payment, but you will pay higher overall interest.

This credit card payoff calculator shows you how much you can save with debt consolidation.

Let’s assume you have one credit card with a $10,000 balance, a 25% interest rate, and a $300 monthly credit card payment. Let’s assume you have a second credit card with a $10,000 balance, 20% interest rate, and a $200 monthly payment. If you consolidate your credit card balance of $20,000 and weighted average interest rate of 22.50% with a new personal loan at an interest rate of 8%, then your total savings would be $15,291.

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January 14, 2022
How to Pay Off $10,000 Of Credit Card Debt
You may be wondering how to pay off $10,000 of credit card debt. If you have credit card debt, it may be overwhelming and take years to pay off. The good news is that there are several strategies that you can use to pay off $10,000 of credit card debt.

Here’s what you need to know.

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Here are some helpful strategies to pay off $10,000 of credit card debt:
Consolidate credit card debt

If you have $10,000 of credit card debt, one option to pay off credit debt is through debt consolidation. If you have good credit and stable income, you may be able to consolidate credit card debt with a credit card consolidation loan. When you consolidate credit card debt, you could qualify for a lower interest rate if you have good or excellent credit. You also may be able to pay off credit card debt faster, typically in one to seven years.

What is a credit card consolidation loan?

With a credit card consolidation loan, you can consolidate multiple credit cards with a high interest rate into a new, single credit card consolidation loan with a lower, fixed interest rate. A credit card consolidation loan is a type of personal loan that you can use to consolidate credit card debt.

With a fixed interest rate, this means that your interest will never change while you pay off credit card debt. This makes your credit card payments more predictable.

Credit card consolidation loans also provide credit card debt repayment flexibility. You could choose a shorter credit card repayment term to save more money on interest. However, your monthly payments may be higher. Conversely, you could choose a longer repayment period, which means you could have a lower monthly repayment. However, you may pay more in interest on your personal loan.

Compare the latest rates for a credit card consolidation loan.

Use a credit card payoff calculator

This credit card payoff calculator shows you how much money you can save when you consolidate credit card debt.

Let’s assume that you have one credit card with $6,000 of credit card debt with a 20% interest rate and $100 monthly payment. Let’s assume you have a second credit card with $4,000 of credit card with a 22% interest rate and a $100 monthly payment. If you consolidate your credit card balance of $10,000 and weighted average interest rate of 21% with a new personal loan at an interest rate of 7%, then your total savings would be $11,919.

Credit card consolidation: Advantages

There are several advantages to a credit card consolidation loan:
- Fixed interest rate: A credit card consolidation loan has a fixed interest rate, which means your interest rate will never change. This makes monthly payment for a personal loan more predictable. In contrast, credit cards have variable interest rates, which means your interest rate could change each month.
- Lower interest rate: The goal of credit card consolidation is to get a lower interest rate with a personal loan compared to a credit card.
- Pay off debt faster: With a lower interest rate, you may be able to pay off credit card debt faster.
- Fast approval: Personal loans can be funded as soon as the same business day or the next business day. With a relatively fast approval process, you may be able to start saving money on your credit card debt sooner.
- Improved credit score: A personal loan is considered an installment loan, and compared with credit card debt, may help you increase your credit score. Make sure to make regular, on-time payments each month and you could increase your credit score also by building your payment history.
Compare the latest rates and lenders for personal loans.

Credit card consolidation: Disadvantages

There are several disadvantages to a credit card consolidation loan:
- Requires better credit: Personal loans generally are more consumers with good to excellent credit. If you have bad credit, it can be harder to get a personal loan. However, you could apply for a personal loan with a qualified cosigner to help get approved and possibly get a lower interest rate.
- Fees: Some, but not all, personal loans may have fees. Check with your lender to understand if there are any fees and how and when they are applied.
- Pay off time: While you may want to pay off credit card faster, make sure your repayment term matches your financial reality. Typically, the personal loans are paid off within seven years, but you can check with your lender for flexible repayment options.
Consider a balance transfer credit card

Another option to pay off $10,000 of credit card debt is to consider a balance transfer credit card. A balance transfer card is a type of credit card where you can transfer you current credit card debt to this card and get the benefit of 0% APR for at least 12 months or more.

Compare balance transfer credit cards to find the best credit card for you.

A 0% APR credit card is a type of credit card that does not charge you any interest on new purchases or your current credit card balance for a certain period of time. You can also transfer a credit card balance for a fee from another credit card to your new 0% APR credit card. You can compare 0% APR credit cards to find the best 0% APR credit card for you.

Balance transfer credit card: Advantages

There are several advantages to a balance transfer credit card:
- 0% APR: The key advantage of a balance transfer credit card is 0% APR. This means that during the 0% APR period, you won’t have to make any interest payments on your credit card debt balance. Some balance transfer credit cards have 0% APR on existing credit card balances, new purchases or both.
- Rewards: Some balance transfer credit cards may offer rewards such as a cash signup bonus, for example, or ongoing cash back.
- Improve credit score: You can use a balance transfer credit card to build credit and boost your credit score. Once your 0% APR ends, make sure to make regular, on-time payments.
Balance transfer credit card: Disadvantages

There are several disadvantages to a balance transfer credit card:
- Fees: Balance transfer credit cards may charge a 3-5% fee of your credit card balance to make a balance transfer.
- Interest rate: With a balance transfer credit card, the goal is to pay off your entire credit card balance before the 0% APR period ends. Otherwise, regular high interest rates will accrue on your credit card balance.
- More credit card debt: If you think you may incur more credit card debt, consider a 0% APR credit card.
Get a hardship credit card payment plan

Another option to pay off $10,000 of credit card debt is to contact your credit card company and ask about a hardship credit card payment plan.

Your credit card company may be able to offer you a flexible hardship credit card payment plan so that you make regular credit card payments and pay off your credit card debt.

Importantly, don’t wait until the last minute to contact your credit card company. If you think you will miss a credit card payment, contact your credit card company in advance to discuss credit card repayment options.

Hardship credit card payment plan: Advantages

There are several advantages to a hardship credit card payment plan:
- Fixed repayment: Like a personal loan, a hardship credit card payment plan typically offers a fixed interest rate, which makes credit card payments more predictable.
- Advance notice: Remember to contact your credit card company in advance so you can communicate you might not be able to make your next credit card payment. This will help you save fees and maintain your credit card payment history.
- Better terms: You may be able to negotiate better terms with your credit card company, such as a lower interest rate.
Hardship credit card payment plan: Disadvantages

There are several disadvantages to a hardship credit card payment plan:
- Closed account: It’s possible that your credit card company could close your credit card account during your hardship credit card payment plan.
- Credit score impact: Failure to pay your credit card payments could adversely impact your credit score.
- No consolidation: Unlike a credit card consolidation loan, you can’t get a single hardship credit card payment plan. Instead, you will need to contact each credit card company separately.
Negotiate a credit card debt settlement

To pay off $10,000 of credit card debt, you could negotiate a credit card debt settlement with your credit card company. This is similar to a hardship credit card plan, but there are some important differences. A credit card debt settlement is an agreement between you and your credit card company whereby you pay a lump sum payment to pay off credit card. In a credit card debt settlement, the amount of cash that you agree to pay is often less than the amount of credit card debt that you owe.

Check out this lump-sum payment calculator to learn how much money you can save with a credit card debt settlement.

Credit card debt settlement: Advantages

There are several advantages to a credit card debt settlement:
- Save money: With a credit card debt settlement, you can save money if you settle for a lower amount than the amount of credit card debt that you owe.
- Direct settlement: You have the ability to settle directly with your credit card company without involving any third parties, which could charge fees to negotiate a credit card debt settlement.
- Protect credit score: A credit card debt settlement could prevent further damage to your credit score.
Credit card debt settlement: Disadvantages

There are several disadvantages to a credit card debt settlement:
- Fees: If you involve a third party to negotiate a credit card debt settlement on your behalf, then that third party could charge a significant fee for their services.
- Damage to credit: If you stop making credit card debt payment or make late credit card debt payments, your credit score may decline.
- Unfair terms: You may think the terms of the credit card debt settlement are unfair. In this case, you may want to explore other options such as a personal loan or balance transfer credit card.
Pursue credit card debt repayment

A final way to pay off $10,000 of credit card debt is to make regular credit card payments each month. This could take a longer period and could be more expensive than other options to pay off credit card debt. A budget could help you manage your monthly income and expenses so that you can pay the maximum amount each month to pay off credit card debt. Understand your monthly income and subtract your living expenses and any other debt payment such as a home loan or student loans. The remaining amount can be applied toward paying off credit card debt.

Credit card debt repayment: Advantages

There are several advantages to credit card debt repayment:
- Simplicity: Traditional credit card debt repayment can be the simplest approach without having to borrow a loan or taking out a credit card.
- Discipline: Paying off credit card debt each month teaches financial discipline.
- Improve credit score: Making regular, monthly and on-time credit card payments over the long term can improve your credit score.
Credit card debt repayment: Disadvantages

There are several disadvantages to credit card debt repayment:
- Costly: If you owe $10,000 of credit card debt with a high interest rate, it may become very expensive if you only pay a small amount each month and carry a credit card balance.
- Time: It could take more time to pay off credit card debt, which could make credit card debt repayment more expensive and time-consuming.
- Credit score: If you don’t make regular credit card payments, your credit score could decline.
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January 14, 2022
How to Get Best Home Improvement Loans
A home improvement loan can help you pay for home repairs as well as home renovations. With a home improvement loan, you can get a low-rate personal loan to remodel your kitchen, create a new bathroom, or make other essential home repairs.

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In this article, you can learn the following about home improvement loans:
What are home improvement loans?

Home improvement loans are unsecured personal loans that can be used for home repairs and home renovations. Typically, you can get a low-rate home improvement loan up to $100,000, which could pay for a new kitchen, bathroom or even a swimming pool. When you borrow a home improvement loan, you can borrow the full amount upfront and then make monthly repayments from one to seven years. Since home improvement loans are unsecured, this means that you don’t have to pledge your home as collateral.

How do home improvement loans work?

Home improvement loans help you increase the value of your home. When you need to make necessary upgrades or want to remodel, home improvement loans can provide essential funding for these projects. Home improvement loans can be used for projects such as:

Home maintenance

Houses can deteriorate over time due to traditional wear and tear. As a result, you may need to make upgrades on both internal or external aspects of your home. These can be planned repairs, or in some cases, may be emergency repairs. These repairs also may be due to weather, condition of your home, or age of your home, for example. In either case, a home improvement loan can be a smart way to get fast funding to make these repairs. Home maintenance projects may include replacing a water heater, upgrading a boiler, fixing rain gutters, replacing plumbing, or updating electrical wires. You also may need to repair the deck or get a new roof.

Home renovations

Home renovations can be smart investments to increase the value of your home. Home renovations also can your house feel more like a home. When you renovate a home, a home improvement loan can be essential to get funding for your projects. Whether you’re remodelling a bathroom, updating your kitchen, or adding a new bedroom, a home improvement loan can get you funding quickly so that your projects don’t get delayed.

What are the advantages and disadvantages of home improvement loans?

It’s important to understand both the advantages and disadvantages of home improvement loans.

Advantages

Home improvement loans have several advantages. Home improvement loans have quick funding, so you can get them in your bank account typically within one or two days. Personal loans have monthly instalments, so that means you can pay back the loan over time each month. This makes repayment of personal loans consistent and predictable, so you always pay the same amount each month. Finally, having a personal loan can help improve your credit score. Why? Personal loans are a type of instalment debt, and you can build credit when you repay instalment loans each month in full and on-time.

Disadvantages

Home improvement loans also have several disadvantages. Since home improvement loans are unsecured, it’s possible that they could have higher interest rates than a home equity loan or a home equity line of credit. That said, your final interest rate may depend on several factors, such as your income, credit, debt to income, and history of financial responsibility, among other factors. So, it’s possible that you could qualify for a competitive interest rate with a home improvement loan. Unlike a mortgage loan, the interest on home improvement loans aren’t tax deductible.

What’s the best way to compare home improvement loans?

There are several ways to compare home improvement loans.

APR

Start by comparing the APR, or annual percentage yield. The APR represents the total borrowing cost, including any fees, for the home improvement loan. Ideally, the goal is to find the lowest APR.

Loan Terms

Next, you should evaluate the loan terms and key features of the home improvement loan. For example, you can evaluate the loan amount for which you qualify. If you need a larger home improvement loan, for example, compare lenders to make sure you are approved for that amount. Similarly, you should evaluate flexibility of repayment. For example, a shorter loan term means you can save more money but your monthly payments will be higher. In contrast, a longer loan term means your monthly payment will be lower but you will pay more in total interest.

Calculator

This home improvement loan calculator will help you calculate your monthly payment to make sure it’s affordable.

Application Process

Find a lender that has an easy application process and can fund your home improvement loan promptly. This will help reduce any bureaucratic roadblocks.

How do you get a home improvement loan?

To get a home improvement loan, you should take several steps:

Compare lenders

Compare lenders, APRs, loan terms and key features of the home improvement loan. Your goal is to find the lowest rate and an affordable monthly payment

Check your rate

Most lenders let you check your rate before you apply. This is called a soft credit check and won’t affect your credit score. This can help you compare the cost of your home improvement loan. You can also check rates with multiple lenders with no impact to your credit score.

Upload documents

Before you apply, make sure you have documents ready to upload. This may include pay stubs, W-2s, financial information, proof of address and identification like a driver’s license or passport.

Apply

You can apply online for a home improvement loan. The process takes about 15 minutes, but may vary by lender. Most lenders make a decision within a few days, and funding can happen in as soon as a day.

Should you get a home improvement loan?

Many homeowners ask: “Should I get a home improvement loan?” As a homeowner, you’re likely to face both maintenance and renovation projects. Some of these projects may be annually; some may happen every several years. In either case, you may need to pay for these costs. A home improvement loan can be a helpful way to fund these projects. One key advantage of an unsecured personal loan to pay for home improvement projects is that almost any purchase can be covered.

What are some alternatives to home improvement loans?

There are alternatives to personal loans for home improvement projects. Some alternative options include a home equity loan, a home equity line of credit (HELOC), or a credit card, among others. That said, if you don’t want to use a credit card or tap your home’s equity, a personal loan may be preferred if you have good to excellent credit. Since most personal loans are unsecured, you won’t have to pledge your home or other assets as collateral. Personal loans also have a shorter repayment period. While monthly payments may be higher, you can save more interest over time since the repayment period for personal loans is typically one to seven years. Here are some alternatives to a personal loan:

Home equity loan

A home equity loan helps you tap the equity in your home without refinancing your mortgage to get a lump sum of money. This money can be used for home improvement projects. For example, if your mortgage has a low interest rate, you may not want to refinance. However, the interest rate on your home equity loan may be higher than your mortgage.

Home equity line of credit (HELOC)

A home equity line of credit (HELOC) can be used to finance home improvement projects. Unlike a home equity loan, a HELOC is a line of credit, which means you don’t get a lump-sum payment. Typically, with a HELOC, you could borrow up to 80% of your home’s value. Since a HELOC is a credit line, you would draw down on the credit line as needed to pay for your home improvement projects.

Credit card

You could pay for your home renovations with a credit card. Be careful, however, because interest rates on a credit card likely are higher than interest rates for a personal loan. One option is to use a 0% APR credit card, which may have a 0% Intro APR for a certain period of time.

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January 10, 2022
Laurel Road Personal Loans Review
Company Overview: Laurel Road

Laurel Road, the online division of Darien Rowayton Bank (DRB), is a leading personal loans lender based in Connecticut that operates in all 50 states. DRB was founded in 2006. Laurel Road offers personal loans, student loan refinancing, parent loan refinancing, new MBA loans and mortgages.

Laurel Road Personal Loan Overview

Laurel Road offers attractive rates and terms compared with other top lenders in the personal loan industry:

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How Laurel Road Compares: Key Benefits Of Laurel Road’s Personal loan

Here are some of the reasons that Laurel Road borrowers love Laurel Road personal loans:

Easy Online Application: You can apply for a Laurel Road personal loan completely online.

Deferment and Forbearance: Laurel Road may allow borrowers to pause their student loan payments for one or more three-month periods (up to 12 months) through a forbearance if they face economic hardship.

Quick Disbursement: Funds are disbursed directly to your bank account

Customer Service: Laurel Road offers live customer support 6 days a week

Eligibility Criteria

To apply for a Laurel Road personal loan, you need to meet the following eligibility criteria:

Requirements To Apply For Laurel Road Personal loan

Minimum Age: At least age of majority in your state

Citizenship/Residency: U.S. citizen or permanent resident (applies to co-signer too, if any)

Employment: You are currently employed or have an offer of employment

Loan eligibility depends on a number of additional factors, which may include your credit profile, income and total debt payments.

Bottom Line: Is Laurel Road right for you?

Laurel Road has a top reputation for personal loans.

Remember, Laurel Road caters to borrowers with good credit. For personal loans, Laurel Road prefers a minimum credit score of 640. Laurel Road does not have a minimum income requirement for personal loans.

Laurel Road also makes the online application easy because you upload a photo or screenshot directly, which saves the hassle of mailing or faxing documents.

If you have a good credit score, stable employment and want funds fast, then a Laurel Road personal loan may be right for you. You can use a Laurel Road personal loan for any purpose such as to pay off credit card debt, medical expenses, home improvement, engagement ring, wedding, honeymoon or new baby expenses.

Next Steps: How To Apply To Laurel Road

You can apply for a Laurel Road personal loan in 3 easy steps.

Step 1: Check your personalized personal loan rate in just 2 minutes.

Step 2: Complete application and upload documents.

Step 3: Accept loan terms and get funded.

The good news is that you can check your new personal loan rate online with Laurel Road before you complete the full application. This way, you’ll know whether you can be approved for Laurel Road personal loan. Therefore, Laurel Road will provide you with an estimated personal loan rate. The pre-approval is only a soft credit pull so there is no impact to your credit.

If you have been pre-approved, you’ll need at least the following documents to complete the online application (which takes about 10-15 minutes):
- Your most recent pay stubs
- Driver’s license or passport (or other forms of government-issued identification)
Funding for your personal loan is quick and can occur within several days.

Applying is super easy – get your personalized rate in 2 minutes

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December 5, 2019
Best Egg Personal Loans Review
Company Overview: Best Egg

Best Egg personal loans are the brain child of Marlette Funding, a financial services technology company that is simplifying how consumers borrow money. Its team of consumer finance leaders developed and power the Best Egg personal loan, which can be used to consolidate debt and to finance purchases or services like home improvement or medical expenses. Founded in 2014 and based in Delaware, Marlette has funded more than $14 billion in loans and more than 1 million loans funded. Best Egg personal loans are issued by Cross River Bank.

Best Egg Personal Loan Overview

Best Egg offers attractive rates and terms compared with other top lenders in the personal loan industry:

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Here are some of the reasons that Best Egg borrowers love Best Egg personal loans:
- Easy Online Application: You can apply for a Best Egg personal loan completely online.
- Quick Disbursement: Funds are disbursed directly to your bank account in as soon as 1 business day, upon approval and verification.
- Customer Service: Best Egg offers live customer support 6 days a week
Eligibility Criteria

To apply for a Best Egg personal loan, you need to meet the following eligibility criteria:

Requirements To Apply For Best Egg Personal loan

Minimum Age: At least age of majority in your state

Citizenship/Residency: U.S. citizen or permanent resident

Loan eligibility depends on a number of additional factors, which may include your credit profile, income and total debt payments.

Bottom Line: Is Best Egg right for you?

Best Egg has a top reputation for personal loans.

You can use a Best Egg personal loan for just about any purpose, including:
- Pay off credit cards
- Debt consolidation
- Personal loan refinancing
- Home improvement
- Other major purchase
- Medical expenses
- Moving or relocation expenses
- Vacation
- Taxes
If you have a good credit score, stable employment and want funds fast, then a Best Egg personal loan may be right for you. You can use a Best Egg personal loan for any purpose such as to pay off credit card debt, medical expenses, home improvement, engagement ring, wedding, honeymoon or new baby expenses.

Next Steps: How To Apply To Best Egg

You can apply for a Best Egg personal loan in 3 easy steps.

Step 1: Check your personalized personal loan rate in just 2 minutes.

Step 2: Complete application and upload documents.

Step 3: Accept loan terms and get funded.

The good news is that you can check your new personal loan rate online with Best Egg before you complete the full application. This way, you’ll know whether you can be approved for Best Egg personal loan. Therefore, Best Egg will provide you with an estimated personal loan rate. The pre-approval is only a soft credit pull so there is no impact to your credit.

Funding for your personal loan is quick and can occur within one day.

Applying is super easy – get your personalized rate in 2 minutes

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December 5, 2019
SoFi Personal Loans Review
Company Overview: SoFi

SoFi, also known as Social Finance, is a market leader in personal loans. Based in San Francisco, SoFi positions itself as the “anti-bank” and prides itself on being consumer-centric, with some of the lowest personal loan rates in the industry. In addition to personal loans, SoFi offers its members a number of perks such as customer support seven days a week and free SoFi events.

SoFi Personal Loan Overview

SoFi offers attractive rates and terms compared with other top lenders in the personal loan industry:

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How SoFi Compares: Key Benefits Of SoFi’s Personal Loan

Here are some of the reasons that SoFi borrowers love SoFi personal loans:
- Fast funding.
- Easy application
- Customer Service: SoFi offers live customer support 7 days a week
Eligibility Criteria

To apply for a SoFi personal loan, you need to meet the following eligibility criteria:

Requirements To Apply For SoFi Personal Loan

Minimum Age: At least age of majority in your state

Citizenship/Residency: U.S. citizen or permanent resident (applies to co-signer too, if any)

Employment: You are currently employed or have an offer of employment to start within next 90 days

Generally, SoFi lends only to borrowers with good to excellent credit. Loan approval may depend on a number of additional factors, including, but not limited to, your financial history, career experience and monthly income vs. expenses. SoFi does not focus on your FICO (credit) score in its underwriting process.

Bottom Line: Is SoFi right for you?

SoFi has a top reputation for personal loans and has received an A+ from the Better Business Bureau.

Remember, SoFi caters to borrowers with good to excellent credit and high incomes. Technically, SoFi does not have a minimum credit score or a minimum income. Practically, however, the average SoFi personal loan borrower has an average credit score of about 700+ and an average income of about $100,000.

You also need to be employed or have a job offer that begins in the next 90 days. SoFi also wants to see strong monthly cash flow that is sufficient to cover your life expenses and any other debt obligations.

You can use a SoFi personal loan for any purpose such as to pay off credit card debt, medical expenses, home improvement, engagement ring, wedding, honeymoon or new baby expenses.

Next Steps: How To Apply To SoFi

You can apply for a SoFi personal loan in 3 easy steps.

Step 1: Check your personalized personal loan rate in just 2 minutes.

Step 2: Complete application and upload documents.

Step 3: Accept loan terms and get funded.

The good news is that you can check your new personal loan rate online with SoFi before you complete the full application. This way, you’ll know whether you can be approved for SoFi personal loan. Therefore, SoFi will provide you with an estimated personal loan rate. The pre-approval is only a soft credit pull so there is no impact to your credit.

If you have been pre-approved, you’ll need at least the following documents to complete the online application (which takes about 10-15 minutes):
- Your most recent pay stubs
- Driver’s license or passport (or other forms of government-issued identification)
Funding for your personal loan is quick and can occur within several days.

Applying is super easy – get your personalized rate in 2 minutes

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December 5, 2019
OppLoans Personal Loans Review
Company Overview: OppLoans

Opportunity Loans, or OppLoans, is a lender based in Chicago that helps people get personal loans to build their credit.OppLoans is focused on bad credit personal loans and its personal loans are unsecured loans, which means there is no collateral required. OppLoans positions itself as a safer and trusted alternative to pay day loans – at a lower rate. OppLoans has funded over 100,000 customers, and has a 4.8 out of 5 stars rating on Google.

How OppLoans Compares: Key Benefits Of OppLoans’s Personal loan

Here are some of the reasons that OppLoans borrowers love OppLoans personal loans:
- Lower Rates: OppLoans offers lower rates for poor credit personal loans compared with payday loans.
- Focused on Bad Credit: OppLoans focuses on solutions for personal loans for poor credit.
- Easy Online Application: You can apply for an OppLoans personal loan completely online.
- Quick Disbursement: Funds are disbursed directly to your bank account in as little as 1 day.
- Customer Service: OppLoans offers live customer support 7 days a week
Eligibility Criteria

To apply for an OppLoans personal loan, you need to meet the following eligibility criteria:

Requirements To Apply For OppLoans Personal loan

Minimum Age: 18 years old

Citizenship/Residency: U.S. citizen or permanent resident (applies to co-signer too, if any)

Employment: You are currently employed

Bank Account: Bank account in your name with 90 days history

Paycheck: You receive your paycheck through direct deposit, except if you are a resident of New Mexico

Loan eligibility depends on a number of additional factors, which may include your credit profile, income and total debt payments.

Bottom Line: Is OppLoans right for you?

OppLoans has a top reputation for personal loans for bad credit, and has an A+ rating from the Better Business Bureau.

Remember, OppLoans caters to borrowers for personal loans for bad credit. OppLoans personal loans borrowers tend to have a credit score below 600. Compared with other personal loans for people with bad credit such as payday loans, OppLoans may have lower rates. However, OppLoans has much higher rates than traditional personal loans, which are for borrowers with good to excellent credit.

Currently, OppLoans is not available in every state, so you can check online to see if your state is eligible for OppLoans personal loans.OppLoans are available to military veterans, but you cannot be an active member of the military.

The good news about OppLoans personal loans is that OppLoans reports credit data to all three major credit bureaus, including Equifax, Experian and TransUnion. Therefore, when you make monthly, on-time payments in full, it can help build credit and improve your credit score.

If you have a poor credit score or want to build credit, are employed and want funds fast, then an OppLoans personal loan for bad credit may be right for you. You can use an OppLoans personal loan for any purpose such as car repair, medical expenses, household bills, rent, pay off other loans, medical expenses, major purchases, engagement ring, wedding, honeymoon or new baby expenses.

Next Steps: How To Apply To OppLoans

You can apply for an OppLoans personal loan in 3 easy steps.

Step 1: Check your personalized personal loan rate in just 2 minutes.

Step 2: Complete application and upload documents.

Step 3: Accept loan terms and get funded.

The good news is that you can check your new personal loan rate online with OppLoans before you complete the full application. This way, you’ll know whether you can be approved for OppLoans personal loan. Therefore, OppLoans will provide you with an estimated personal loan rate. The pre-approval is only a soft credit pull so there is no impact to your credit.

If you have been pre-approved, you’ll need at least the following documents to complete the online application (which takes about 10-15 minutes):
- Your most recent pay stubs or proof of income
- Driver’s license or passport (or other form of government-issued identification)
Funding for your personal loan is quick and can occur as soon as 1 day.

Applying is super easy – get your personalized rate in 2 minutes

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November 28, 2019
Upstart Personal Loans Review
Company Overview: Upstart

Founded by ex-Googlers in 2012, Upstart is the first lending platform to leverage artificial intelligence and machine learning to price credit and automate the borrowing process for personal loans.Upstart is a technology-drive platform that makes personal loans to borrowers with have limited or no credit history, but who have a bright financial future with high earning potential. Upstart goes beyond FICO and uses non-conventional variables to provide superior loan performance and improve consumers’ access to credit.

How Upstart Compares: Key Benefits Of Upstart’s Personal loan

Here are some of the reasons that Upstart borrowers love Upstart personal loans:
- Easy Online Application: You can apply for an Upstart personal loan completely online.
- Rate Discount: Upstart offers a rate discount on personal loans to borrowers who learn how to code.
- Coding Boot Camp: You can use an Upstart personal loan to cover the cost of tuition for a coding boot camp.
- Fast Funding: Funds are disbursed typically within 1 day. Education loans (such as for coding boot camp) are typically funded within three days.
- Customer Service: Upstart offers live customer support 6 days a week
Eligibility Criteria

To apply for an Upstart personal loan, you need to meet the following eligibility criteria:

Requirements To Apply For Upstart Personal loan

Minimum Age: At least age of majority in your state

Citizenship/Residency: U.S. citizen or permanent resident (applies to co-signer too, if any)

Loan eligibility depends on a number of additional factors, which may include your credit profile, education, income and total debt payments.

Bottom Line: Is Upstart right for you?

Upstart has a top reputation for personal loans.

You may be a good fit for Upstart if:
- You have a credit score of at least 620
- If you have no credit history, Upstart will use other factors to evaluate your personal loan application such as your education degrees, major area of study, employment and income.In addition to using FICO and your credit history, Upstart evaluates other factors to evaluate your creditworthiness.
- You have a bright financial future with high earning potential.
- You have recurring annual income of at least $12,000, whether it is from a full-time job, part-time job or offer letter.
- You have a debt-to-income ratio of no more than 45%
If you are interested in attending a coding boot camp, Upstart may provide you with a personal loan to cover the cost of tuition – even if you do not have a regular source of income. However, you do need a college degree to qualify.

Next Steps: How To Apply To Upstart

You can apply for an Upstart personal loan in 3 easy steps.

Step 1: Check your personalized personal loan rate in just 2 minutes.

Step 2: Complete application and upload documents.

Step 3: Accept loan terms and get funded in only 1 day (or 3 days if for a coding boot camp tuition).

The good news is that you can check your new personal loan rate online with Upstart before you complete the full application. This way, you’ll know whether you can be approved for Upstart personal loan. Therefore, Upstart will provide you with an estimated personal loan rate. The pre-approval is only a soft credit pull so there is no impact to your credit.

If you have been pre-approved, you’ll need at least the following documents to complete the online application (which takes about 10-15 minutes):
- Your most recent pay stubs
- Driver’s license or passport (or other form of government-issued identification)
- College transcripts or SAT scores, if applying for a personal loan to cover tuition at a coding boot camp
Funding for your personal loan is quick and can occur within 1 day (or 3 days if for coding camp).

Applying is super easy – Get your personalized rate in 2 minutes

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November 28, 2019
Upgrade Personal Loans Review
Company Overview: Upgrade

Upgrade is a company based in San Francisco focused on personal loans. Two members of its founding team, Renaud Laplanche and Soul Htite, are the co-founders of LendingClub, a pioneer in marketplace lending that facilitated over $28 billion in loans and made credit more affordable for nearly 2 million American families over the last decade. Soul also founded Dianrong, one of the largest marketplace lending platforms in Asia. Upgrade combines personal loans with free credit monitoring, alerts and education features. Upgrade wants to focus on personal loan borrowers who may be rejected from other lenders by helping them improve their credit standing with free credit monitoring services and educational tools. Upgrade is focused on personal loan borrowers who want to consolidate credit card debt and lower their interest rate. Overall, Upgrade wants to target mainstream personal loan borrowers with diverse credit scores and incomes.

Upgrade Personal Loan Overview

Upgrade offers attractive rates and terms compared with other top lenders in the personal loan industry:

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How Upgrade Compares: Key Benefits Of Upgrade’s Personal loan

Here are some of the reasons that Upgrade borrowers love Upgrade personal loans:
- Mainstream Borrowers: Upgrade targets mainstream personal loan borrowers so you don’t need to have the best credit score to get approved.
- Free Credit Monitoring:Upgrade offers free credit monitoring, alerts and education features.
- Easy Online Application:You can apply for an Upgrade personal loan completely online.
- Fast Funding: Funds are disbursed typically within 1 day directly to your bank account.
- Job Loss: If you lose your job, Upgrade can work with you to reduce your monthly payment on a temporary basis or to extend the length of your personal loan.
Eligibility Criteria

To apply for an Upgrade personal loan, you need to meet the following eligibility criteria:

Requirements To Apply For Upgrade Personal loan

Minimum Age: At least age of majority in your state

Citizenship/Residency: U.S. citizen or permanent resident, or living in the U.S. with a valid visa (applies to co-signer too, if any)

Bank Account: Need a verifiable bank account

Email Address: Need a verifiable email address

Loan eligibility depends on a number of additional factors, which may include your credit profile, loan amount, loan term, and credit usage & history.

Bottom Line: Is Upgrade right for you?

Upgrade has a top reputation for personal loans.

You may be a good fit for Upgrade if:
- You have a credit score of at least 620.
- You have at least $1,000 of cash left over each month after paying your bills.
- You are not resident of any state, except Connecticut, Colorado, Iowa, Vermont or West Virginia.
Next Steps: How To Apply To Upgrade

You can apply for an Upgrade personal loan in 3 easy steps

Step 1: Check your personalized personal loan rate in just 2 minutes.

Step 2: Complete application and upload documents.

Step 3: Accept loan terms and get funded in only 1 day (or 3 days if for a coding boot camp tuition).

The good news is that you can check your new personal loan rate online with Upgrade before you complete the full application. This way, you’ll know whether you can be approved for Upgrade personal loan. Therefore, Upgrade will provide you with an estimated personal loan rate. The pre-approval is only a soft credit pull so there is no impact to your credit.

If you have been pre-approved, you’ll need at least the following documents to complete the online application (which takes about 10-15 minutes):
- Your most recent pay stubs
- Driver’s license or passport (or other form of government-issued identification)
Funding for your personal loan is quick and can occur within 1 day directly in your bank account.

Applying is super easy – Get your personalized rate in 2 minutes

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November 28, 2019