Every once in a while we all require the aid of additional funding, typically through the use of a loan. Whether it is for a new couch, some home renovations, or a little landscaping to spruce up your home, a small personal loan is a great solution to fund your monetary needs.
However, finding a reputable company with reasonable rates isn’t always an easy task. With loan sharks on the rise, it’s important to know where to look. So, where is the best place to get a small personal loan online?
This company is great for those who have a good credit score, but they are also accommodating to those who have a less than perfect score. You will only need a 640 to qualify, but you can definitely expect better rates the higher your score is. There is no minimum salary requirement, and they offer an app called Prosper Daily that help you can track your spending habits, loan payments, credit card payments, and the ability to check your credit score absolutely free.
Prosper does not fund loans with its own money, unlike other online lender. They choose to have investors, who charge a fee, match up with approved borrowers and service any and all types of loans. After analyzing your previous borrowing history you will be given a grade that is then combined with your credit score and debt income ratio.
This grade determines whether or not an investor will choose to fund the loan you are looking for and what the interest rate will be. The loans aren’t quite as flexible as other companies, and the strict payment schedule cannot be adjusted in any way, shape, or form. On the bright side, their app is sure to help you stay on top of your payments to avoid missing one.
Ascend Consumer Finance
For those whose credit scores are less than perfect, Ascend is well known for working with just that situation. They will listen to the unfortunate circumstances that caused this lower score with a compassionate ear, and how you are trying to get things back on track. Whether it was the loss of a job, defaulted student loan debt, or any other financial disaster, they are here to help.
To qualify you will need to own a vehicle to use as collateral, have at least one year of credit history, take part in a plan to pay off your debt, and have a debt income ratio of less than 28%. You must also be from one of these eight states, as Ascend only does business within them:
- South Carolina
Through their loans you will be able to improve your credit, pay down a debt, or even pay a debt off entirely. While their rates are a little high, it does not make any of their loans affordable. This is also a great option for those looking to build credit for the first time.
Finding a loan with no credit at all can be harder than finding one with bad credit, which is a little unfair when it comes to building it up in the first place. Ascend seeks to change that by allowing any first time borrower to build up their credit score by working with their company.
Finding a Quality Loan
If you have bad credit then know that you are not alone. Millions of Americans are in the same situation, and also struggle to obtain a quality loan. However, there are companies out there who can help you get your finances back on track.