Use Online Lenders

By | April 25, 2019

If you cannot get a loan from your local bank, you can search online. Many internet financers offer small, short-term loans, even for lenders.

Some sites to check are:

  • MyCashBorrow . This website is not a lender, but helps borrowers with a low income to find loans. When you complete an application at MyCashBorrow.com, the site finds lenders who are willing to lend you the amount you need. The lender will then contact you directly to complete the borrowing process. These loans work like regular payday loans, but the interest is much lower. For qualified borrowers, the maximum APR – including interest, costs and other costs – may not exceed 36%. However, there is no guarantee that you will find a lender who wants to work with you. If your credit is bad, there is a chance that you cannot get a loan.MyCashBorrow . com , the site finds lenders who are willing to lend you the amount you need. The lender will then contact you directly to complete the borrowing process. These loans work like regular payday loans, but the interest is much lower. For qualified borrowers, the maximum APR – including interest, costs and other costs – may not exceed 36%. However, there is no guarantee that you will find a lender who wants to work with you. If your credit is bad, there is a chance that you cannot get a loan.
  • OppLoans . Online lender OppLoans offers personal installment loan to borrowers in 16 states. The interest rates vary from 99% to 199% APR. That is much more than a bank loan, but it is still cheaper than most payday loans. And paying in installments is much easier with a tight budget than paying back a lump sum in one go. No minimum credit score is required for a loan, but you must prove that you have a fixed income.
  • Fig Loans . If you live in Texas, you can borrow $ 300 to $ 500 from Fig Loans and repay this in four monthly payments. The interest is $ 4 for every $ 100 that is borrowed every two weeks. That comes down to an APR of 140%, about the same as for OppLoans. Just like OppLoans, the loan requires proof of income, but no credit check.
  • RISE . RISE offers loans from $ 500 to $ 5,000 to borrowers in 15 states – without credit check. However, if you only want a small loan, RISE is not much cheaper than a lender. The loans range from 36% to 365% APR, but loans with a small dollar cost the most. The only real benefit is that you can repay the loan according to a schedule that you set, rather than in a lump sum.
  • Lending Club . Lending Club is a peer-to-peer lender. It connects thousands of individual investors with people who want to borrow their money. You can get anywhere between $ 1,000 and $ 40,000 with an interest rate of 6% to 36% APR. The monthly payments automatically come from your bank account. If you want to repay your loan early, you can do this at any time and without costs. Even buyers with poor credit scores (less than 600) can apply for a loan at Lending Club. However, it is not guaranteed that they will be approved.