TopConsumerReviews.com is a world-leading consumer product review site. We provide detailed reviews and ratings for thousands of products and services.

 

100 Lenders vs Prosper

We recommend

 

Our professional reviewers evaluate products and services independently, but Top Consumer Reviews may earn money when you click on the links on our pages. Learn more.

 

100 LENDERS

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.

Visit Site >

PROSPER

Prosper launched in 2006 and, as of late, has had over $300 million loans funded from private investors. This California based company currently holds a decent Better Business Bureau rating of B+.

Prosper is also a social lending network that brings together those that need a loan and those willing to lend money. The loan size must be between $2,000 and $25,000.

The current loan rates at Prosper range from 5.99 to 36%. The website is easy to navigate through the application process. The loan application process consists of the following steps:

  • Enter the amount you want to borrow, the purpose of the loan, and your credit score range
  • Input your name, address, income, and date of birth and social security
  • Prosper will verify your identify and pull your credit score. Prosper will also assign a loan rate based on your creditworthiness
  • Investors will begin funding your loan which you may view online
  • Once fully funded, Prosper will do a final verification of your identity
  • Funds are deposited into your bank account direct

Most loans are funded within an average of 8 business days. Prosper does charge a fee to facilitate the lending process. A fee between .5 and 4.95% is taken from the loan upfront before you receive payment.

Prosper provides a simple lending process and a website that's easy to navigate. Loan rates can range a little higher at Prosper but the associated loan fees, to cover credit checks and administrative costs, are slightly lower. If you are in the market for a loan from $2,000 to $25,000, Prosper is worth your consideration.

Visit Site >


Personal Loans

To help you find the Best Personal Loans, TopConsumerReviews.com provides you with an in-depth comparison of 100 Lenders and Prosper.

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:

  • BBB rating. Does the lending company have a solid history of doing good business with its customers?
  • Loan size and rate. How much will the lending company offer? What interest rate do they charge their customers?
  • Loan application process. When applying for your personal loan, can it be completed online? Is the lending process easy and straightforward?

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

What to Know About Secured Personal Loans

Taking out a loan may give you immediate access to funds, but it could have a lasting impact on your finances and credit. Here's what you need to know before signing the dotted line for a secured ...

Published:  Tue, 12 Mar 2019 00:19:00 GMT



How to Get a Personal Loan When You're Unemployed

Unemployment can put you into one of those Catch-22 situations. It's the one time you really need to borrow money because you don't have your regular income anymore, but that lack of income means ...

Published:  Sun, 24 Feb 2019 07:06:00 GMT



Could personal loans from fintech firms give credit cards a run for their money

Startups have spent the past decade trying to reinvent everything from taxis (so far so good) to squeezing juice out of fruit and vegetables (facepalm). Lately, entrepreneurs have been giving consumer ...

Published:  Fri, 08 Mar 2019 04:42:00 GMT



Personal Loans for Excellent Credit: Best for March 2019

At NerdWallet, we adhere to strict standards of editorial integrity to help you make decisions with confidence. Many or all of the products featured here are from our partners. Here's how we make ...

Published:  Wed, 27 Feb 2019 16:00:00 GMT



How do lenders determine your personal loan eligibility

If you are looking for a personal loan, you are required to satisfy a set eligibility parameters that lenders command. Here are some of them. If you are looking for a personal loan, you are required ...

Published:  Sat, 23 Feb 2019 20:31:00 GMT




We recommend

 

- View Full Site -