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In the last 10 years, 100 Lenders has helped more than 300,000 people apply for a loan. Although they do not fund personal loans directly, 100 Lenders connects applicants with a network of financial partners who do, in amounts ranging from $100 to $35,000.
100 Lenders carries an impressive 4.6/5 average rating across hundreds of customer reviews, and they are part of the Online Lenders Alliance, which requires its members to uphold ethical standards in their lending practices. Despite not having a rating with the Better Business Bureau, 100 Lenders does seem to be helping connect borrowers with personal loans in ways that are reputable and effective.
To apply for a loan using 100 Lenders' network, you will need to enter your basic information, such as your name, address, Social Security number, and how often you are paid by your employer. According to their site and many customer comments, this process can be accomplished in about two minutes, taking you to a list of loans offered by 100 Lenders' partners.
That is the extent of the detail that 100 Lenders provides with respect to loan fees and interest rates, because those depend entirely on the lenders themselves. We were unable to find even a range of possible APRs or sample processing fees, to determine if their partners' rates are competitive with other lenders in our review.
Looking at the fine print, we did find that residents of several states (Arkansas, Georgia, New York, Oregon, Washington, West Virginia, and Vermont) are not eligible to apply for personal loans using 100 Lenders. This information led us to discover that, while 100 Lenders accepts applications from people regardless of their credit score, their lending partners may offer a payday loan rather than a personal loan for those customers whose credit scores fall below a certain threshold. This may not make a difference, however, to some customers looking to meet short term cash needs.
For all these reasons, we give 100 Lenders a high rating, This could improve with a little more transparency on their partner's interest rates and application fees, which would allowing potential customers to get a better idea of their borrowing power without having to enter their personal information first.
If you're looking for a personal loan, MoneyLion may have the solution you need. MoneyLion is Better Business Bureau accredited with an "A" rating and has been in business since 2014. Other products and services MoneyLion offers include credit monitoring, personal finance services and advice, points and rewards earned through being proactive about tracking your finances, and a mobile app to track your borrowing, savings, and investing activities.
To apply for a MoneyLion loan:
Joining MoneyLion via online registration is free. The cost of a loan is expressed in the loan interest rate. People having a credit score lower than 640 will expect to pay interest rates from 36% and up. People with credit scores 640 and up will pay interest rates between 7% and 36%.
Interest rates can further be reduced by up to 50% by adding "Boosts". Boosts are engagement from friends and family such as likes on photos you post to Facebook. We think this method of lowering interest rates will particularly apply to the younger set; most "traditional" lenders don't include social media engagement as a way of saving money!
The primary determination of your rate and loan amount comes from the following six criteria:
MoneyLion customer support is offered via an online search or a contact form.
Customers who like MoneyLion say that the loan process was fast and easy, the company is honest and up-front about loan terms, and that customer service is great. Of course, as with any business, there are bound to be complaints. We found that the primary complaints centered around issues with reward points, having to pay the interest in full before decreasing the principal, and "predatory" interest rates.
On the plus side, MoneyLion appears to respond regularly to negative reviews with offers to further assist dissatisfied customers. In the majority of cases where customers gave negative reviews, it appears the borrowers didn't take time to carefully read the loan's terms and understand how short-term, unsecured loans work in general.
Although they're newer to the Personal Loans marketplace, we like what MoneyLion has to offer and think they're a solid choice to consider for your lending needs.
To help you find the Best Personal Loans, TopConsumerReviews.com provides you with an in-depth comparison of 100 Lenders and Money Lion.
Are you in need of some cash? Historically, borrowers have had limited options for a personal loan. You could ask a family member, a friend, or find a personal finance company that offered fixed-rate loans, typically at exobrtantly high interest rates.
Today, however, finding a personal loan brings several more options to the table. While you can still ask a family member, or get a high-rate loan from a finance company, you can also consider using a social lending network. These networks, also called peer-to-peer loans, generally have much lower overhead and as a result can offer much lower interest rates. They're facilitated by professional companies familiar with this type of lending, to simplify things for all parties.
No matter where you borrow money from, before you get your next personal loan you should consider the following:
TopConsumerReviews.com has reviewed and ranked the best online personal loan providers available today. We hope this information helps you find the best loan at an affordable rate that meets your needs!
Personal Loans In The News
Meta Description: The personal loan process is rather quick and painless these days. Here's what you need to know. Image source: Getty Images. Promo: If you're in the market for a personal loan, here' ...
Published: Mon, 17 Dec 2018 04:39:00 GMT
You benefit from gaining access to cash, and the interest rate on both types of loans tends to be lower than the rates on personal loans or credit cards because the loan is secured. In both cases ...
Published: Mon, 17 Dec 2018 05:28:00 GMT
Personal loans from friends, family and employers fall under common categories of debt that can be discharged in the case of bankruptcy. A discharge releases individual borrowers from the legal obliga...
Published: Fri, 14 Dec 2018 19:28:00 GMT
Most credit analyses use five categories, known as the five Cs, to evaluate loan risk: character, capital, conditions, collateral and cash flow. Documents such as personal tax returns, personal financ...
Published: Mon, 17 Dec 2018 13:29:00 GMT
Ahead of the holiday season, some shoppers may be tempted to take out a personal loan to pay off some of their debt. However a recent report spells out the risks with these types of loans. The report ...
Published: Fri, 30 Nov 2018 13:09:00 GMT
But there are ways you can get tax exemptions on personal loans that depend on the purpose that you avail the loan for. 1) For investing in business If the personal loan taken out is invested into a b...
Published: Mon, 26 Nov 2018 12:38:00 GMT
There is no universal formula for winning approval of a personal-loan application. But loan companies have one thing in common: They want to be paid back on time. Here are five tips to boost the chanc...
Published: Sat, 01 Dec 2018 12:09:00 GMT
There is a growing number of consumers who are thinking of using a personal loan to consolidate their debts -- that is why National Debt Relief shares some of its pros and cons. The article titled "Th...
Published: Thu, 22 Nov 2018 15:08:00 GMT
Most of us could use the extra cash to fulfill a life goal-starting a small business, paying for graduate studies, funding that dream vacation-but are too wary of increasing our debt to even consider ...
Published: Wed, 21 Nov 2018 04:42:00 GMT
Data from TransUnion shows that personal loans are the fastest growing debt in the past year or so. The data goes on to show that outstanding personal loans had an 11.4% increase in the second quarter ...
Published: Wed, 24 Oct 2018 03:42:00 GMT
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