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      March 29, 2020

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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.

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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.

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Best Reviews

2020

Installment Loan Reviews

4.5 stars
LendingClub

LENDINGCLUB

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Loan:

From $1,000 to $40,000

For people looking to borrow anywhere between $1,000 and $40,000, LendingClub should be near 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 a high 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

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Loan:

From $1,000 to $50,000

Upstart is a peer-to-peer lending platform founded by former Googlers. At first glance, the site is neat and includes finance-related images such as pie charts and percentage signs to emphasize their purpose, which is to help people achieve their financial goals. The fonts are large, allowing easy reading, very helpful since financial information can be overwhelming. The site allows one to process information while pacing the reader through use of space and letter size.

Professional in look, the site however does not hope to impress in graphics or photos of people enjoying newfound financial freedom. Instead, the site uses facts and figures to communicate a serious, all-business tone. The only downside to this setup is that if a customer is not familiar with loans or borrowing lingo, they might be lost until they scroll to the bottom of the Home page to click on "Contact Us".

For customers who aren't sure where to begin, Upstart has a "Get Started" icon which asks them what they want to do. Upstart offers help with loan consolidation, paying off credit cards, paying medical bills, buying a car or other big purchases. Such a wide range of services is comforting to those seeking financial advice. The site also provides education to help you prepare for future financial decisions.

With respect to personal loans, Upstart is efficient. You can apply online and find out your rate within a few minutes. You're asked simple questions about your income and education history. Upstart then presents you with loan terms and options for payment. Once a customer agrees to the terms of the loan, funds are issued - sometimes, by the next business day. If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

Upstart's reputation is very solid - you'll quickly see links to articles on prominent sites like Fox, Bloomberg, and other news agencies, along with testimonials from satisfied clients. Their underwriting model uses machine learning and artificial intelligence techniques to underwrite borrowers based on many variables, including but not limited to credit score, income, education, and employment. Such details helped us gain more confidence in the success of this company's services.

We found the blog articles very helpful. With topics ranging from selecting health insurance to saving money on groceries, a person seeking financial security could benefit from the wisdom these articles offer. Unfortunately, this tool is found at the bottom of the Home page. The website would function more effectively if they included this option at the top of the page along with "Contact" and "Team" information because it is on these pages where we found answers to our initial questions.

While Upstart's website is good, it could use some enhancements to make it more user friendly. Still, Upstart earns high marks for their quick processing of loan applications and many helpful financial features.

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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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