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      June 27, 2019

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LendingClub vs Live Watch

Best Installment Loans

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

To see ALL of our reviews for the Best Installment Loans, please Click Here

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

2019

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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4 stars
Upstart

UPSTART Visit Site

Loan:

From $1,000 to $50,000

Using a statistical approach to figure how how likely you will be to make repayments - not how likely you were in the past - Upstart takes into account your GPA, what you studied if you went to college, even your SAT scores to compare you with your peers and determine if you qualify for a loan.

That being said, Upstart does have certain eligibility requirements. These include:

  • U.S. Citizenship or permanent residency and living in the U.S.
  • Residency of any state except West Virginia
  • Valid email account
  • Verifiable name, Social Security Number, and date of birth
  • Personal banking account at a U.S. financial institution
  • A full-time job, a regular part-time job, or a full-time job offer starting within 6 months

Upstart also has several minimum credit requirements, such as fewer than 6 inquiries on the applicant's credit report in the last six months (not counting those related to mortgages, student or vehicle loans), no bankruptcies, and a reasonable ratio of debt-to-income.

One novel component to Upstart's lending philosophy is their willingness to make loans for those without a 4-year degree or a job - provided that the loan is for the purpose of attending a coding bootcamp. You'll have to select one of their eligible programs - Coder Camps, Dev League, Hackbright Academy, and RefactorU are just a few of the qualified providers - but if learning to code is what you need to get a job or advance in your career, Upstart might be able to help.

We love Upstart's transparency with respect to their rates and fees. Right from their main page, you can visit the Rates and Fees page, where they disclose the following information:

  • Interest rates range from 4.16% to 25.07%
  • APRs range from 4.82% to 29.99%
  • Origination fees range from 1% to 6%
  • The average 3-year loan has an APR of 17%, with 36 monthly payments of $31 for every $1,000 borrowed
  • The only other fees are for late payments, ACH return or check refunds, and paper copies of any documents that were previously eSigned

For a relatively new company - Upstart was created in 2012 by two former Google employees - they've already made a significant impact on the installment loans market, with more than 45,000 loans funded in their first four years. Their mission is to help improve "financial fitness for all", particularly by helping younger borrowers avoid predatory lending and get on track towards achieving budgeting, saving, and investment goals.

All indicators show that Upstart is succeeding. In addition to an "A+" rating with the BBB at the time of our review, borrowers praise Upstart's easy-to-use website, straightforward application process, and reasonable rates/terms. And, more recently, Upstart was nominated as a finalist in the LendIt Industry Awards for the Best Consumer Lending Platform.

The only slight drawback to getting an installment loan through Upstart is the inability to compare rates among competing lenders. All of Upstart's installment loans are funded through Cross River Bank, so what you see is what you get in terms of interest rates and fees.

However, the overall picture of Upstart is excellent: complete transparency, fair interest rates, and a real chance of getting a loan for Millennials who may not yet have an established credit history.

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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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Will paying off my car loan hurt my credit score?

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What is an Installment Loan?

Installment loans are financing agreements that are structured to be paid back over time with minimum monthly payments. The loan term generally depends on the amount of money that is borrowed and can ...

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How Do Student Loans Impact Your Credit Score?

Student loans fall into the same category as mortgages and auto loans -- they're installment loans that generally come with a lengthy repayment period. As such, if you make a point of submitting your ...

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Public Comment Regarding CFPB's Proposed Rulemaking on Payday, Vehicle Title, and Certain High-Cost Installment Loans

We are grateful for the opportunity to comment on the Consumer Financial Protection Bureau's (Bureau) Notice of Proposed Rulemaking (NPRM) on "Payday, Vehicle Title, and Certain High-Cost Installment ...

Published:  Tue, 14 May 2019 17:00:00 GMT



Visa's chief economist: Banks disintermediated by "massive increase in alternative lending'

Fintechs that offer installment loans are having a major impact on credit card lending - and many card issuers are ill equipped to compete. The clearest audience for those products, which allow ...

Published:  Fri, 24 May 2019 10:49:00 GMT



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