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      November 21, 2018

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LendingClub vs One Main Financial

Best Installment Loans

To help you find the Best Installment Loans, TopConsumerReviews.com provides you with an in-depth comparison of LendingClub and One Main Financial.

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Medical bills, unexpected car repairs, layoffs and more - does any of this ring a bell? There are lots of reasons why many people find themselves strapped for cash. What can you do if your income just isnít enough to make ends meet and you need money?

If you have a financially-comfortable friend or relative, you could put yourself through the embarrassment of asking them for a loan - which would be better than paying the extremely high interest rates associated with most credit cards or payday loans. Another option is to consider an installment loan.

Continue reading below reviews

Best Reviews

2018

Installment Loan Reviews

5 stars
LendingClub

LENDINGCLUB Visit Site

Loan:

From $1,000 to $40,000

TopConsumerReviews.com Best-In-Class Blue Ribbon Award For people looking to borrow anywhere between $1,000 and $40,000, LendingClub should be at the top of their list for an installment loan. The application process is incredibly easy and can be completed online in just a few minutes.

You start by entering the amount you'd like to borrow and for what purpose (for example, paying medical bills, car repairs, and so on), and enter details like your name, address, income, and birthdate. As with any lender, LendingClub will process your information to confirm your identity and check out your credit history. Once your identity has been verified, you'll be given several loan options to choose from. After you've chosen the loan you prefer, and LendingClub verifies your banking information, you'll receive your funds. It really is that simple.

How long will it take to get your funds when receiving an installment loan from LendingClub? That depends on your credit history, as well as the size of the loan you're requesting. For larger loans, or if your creditworthiness is less-than-perfect, it may take longer for LendingClub's partner lenders to consider your request.

Be aware that, as with many peer-to-peer lending companies, LendingClub does charge a one-time fee to cover the costs of processing your loan. You can expect to pay a fee between 1-6% of your total loan amount - $50 to $300 on an installment loan of $5,000, for example.

One major advantage of working with LendingClub is their strong track record for customer satisfaction. At the time of our review, they maintained an "A" rating with the BBB, strong evidence for their attention to quality in the thousands of loans they facilitate every month.

Another plus is their competitive interest rates, currently ranging from 6.95% to 35.89% APR. The rates offered during your application process will naturally depend on your credit history.

Within the social lending market, few businesses can compete with LendingClub's reputation as an established leader. We give LendingClub our highest rating for a simple application process, reasonable interest rates, and overall trustworthiness as a peer-to-peer lending company.

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3 stars
One Main Financial

ONE MAIN FINANCIAL Visit Site

Loan:

Personal and Auto Loans from $1,500 - $30,000

OneMain Financial is a leading national consumer loan company that has been in business since 1912. They offer personal and auto loans at nearly 1,700 branches across the United States and has an A+ rating from the Better Business Bureau.

Stability and a high rating from the Better Business Bureau may be the two greatest strengths of OneMain when it comes to the loans they offer. There is just one application asking for personal information that they ask a prospective client to fill out.

Once the application is completed and if approved, a OneMain representative will call to discuss the details of your loan. If you want to learn more about OneMain's loan product before you apply, they provide an example payment schedule on their site along with other loan information such as payment options, which can be found in their FAQs section.

Reviewing further, we found consumers that reported a range of interest rates and a few comments about mandatory insurance. However, OneMain discloses fees to the consumer during the loan closing process and any insurance is completely optional for the consumer. Some customers reported high interest rates, while others reported various fees that added to their rate.

On the plus side, OneMain may be an option for people with lower credit ratings. You may also be able to get a loan that does not require collateral. However, you should be aware that this may come with high rates. When the OneMain representative contacts you with your loan offer, be sure you're comfortable with the details. The company has a long, successful history, and appears strong and solvent, so it should be considered a legitimate lending source for your financial needs.

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Continued from above

Repaid over time with a predetermined number of set payments, these loans can help bridge the gap between what you have and what you need while allowing you to comfortably accommodate the repayment schedule. Many installment loans today are funded using a system known as a social lending network, matching borrowers with lenders through a peer-to-peer structure. Compared with other loans available, these installment loans usually have lower interest rates, mostly because of the lower overhead costs associated with this type of borrowing.

While you may feel a little apprehensive when trying to choose a lender for your installment loan, there are several factors you can use to make sure your loan is on solid footing. When looking at any potential lender, here are three things to check out:

  • Loan application process. What do you need to provide in terms of documentation to complete the application? Can all or most of the process be done online?
  • Loan rates, terms, and amounts. Will the lender provide an installment loan that covers the amount you need? Do the available repayment terms Ė such as the interest rate, and length of the loan - seem reasonable?
  • Reputation. Does the lender have a good track record for providing quality customer service? Is the lending company accredited with the Better Business Bureau?

TopConsumerReviews.com has reviewed and ranked the best Installment Loans available today. We hope this information helps you find the loan you need with the best possible rate and terms!

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