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LendingClub vs Longer Term Loans

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LENDINGCLUB

LendingClub is a recognized leader in the social lending market. They do an excellent job of bringing together lenders and those wanting a loan between $1,000 to $40,000. The benefit of choosing LendingClub is that without a bank in the mix, borrowers are able to get a lower rate on their personal loans. LendingClub currently holds a strong Better Business Bureau rating of A and helps facilitate thousands of loans for happy customers each month.

The current loan rates at LendingClub range between 5.99% and 35.89% APR. The best APR is available to borrowers with excellent credit. Applying for a loan is simple:

  • Enter the amount you want to borrow, the purpose of the loan, and your credit score range
  • Next you'll be asked to input your name, address, income, and date of birth
  • LendingClub will verify your identity and creditworthiness
  • After verification occurs, your loan and loan terms will be available for you to select from
  • Select your loan
  • LendingClub authenticates your bank account
  • You receive your funds

The size of your loan and your credit worthiness impacts the turnaround time of the process. At any point you can speak to a LendingClub customer service representative to assist. Your loan request will be listed on the LendingClub website for up to two weeks, or until lenders are willing to fully fund your request.

Like any peer-to-peer lending company, a fee is assessed in order to cover costs. At LendingClub you can anticipate a one-time processing fee that ranges from 1% to 6% of the loan amount, depending on your loan and loan terms. For a $1,000 loan that equates to a fee starting around $11.

If you're looking for a personal loan, LendingClub offers an excellent lending process and affordable rates, from a reputable company that you can feel confident with. LendingClub earns our highest rating.

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LONGER TERM LOANS

Longer Term Loans advertises itself as a service that matches people looking for personal loans of up to $25,000 with "today's top lenders". According to the Important Facts section at the bottom of the page, borrowers can expect these lending partners to have an APR range of 6.59% to 36% for an installment loan of at least 12 months. Of course, because Longer Term Loans is only a matching service, your actual loan amount and interest rate depends solely on the lending partners with whom you may be matched.

Unfortunately, that is the extent of the details provided by Longer Term Loans without actually completing their online application. There is absolutely no contact information provided - no email, phone number, or online contact form. Given that their application requires prospective borrowers to submit not only their Social Security Number but also their bank information (routing number, account number, and bank name), Longer Term Loans should have some way of reassuring their customers that their information will be safeguarded.

We were unable to find any reputation whatsoever for Longer Term Loans: no rating with the Better Business Bureau, no customer reviews, no presence on social media platforms.

For all of these reasons, we recommend you choose a different lending partner for your personal loan needs. Longer Term Loans just doesn't offer enough information to be sure that your personal details will be in good hands after the application is complete.

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Personal Loans

To help you find the Best Personal Loans, TopConsumerReviews.com provides you with an in-depth comparison of LendingClub and Longer Term Loans.

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

Tanzania: Personal Loans Up - BoT

Dar es Salaam - Personal loans grew by 56 per cent during the third quarter of this year ended in March from a contraction of 4.9 per cent during the first quarter of last year ended in March. This situation shows how commercial banks are currently ...

Published:  Wed, 13 Jun 2018 05:06:00 GMT



Avoiding dangers of personal loans

Personal loans can be a quick fix for people who need cash in a flash. But with the promises of a nearly instantaneous money infusion, people can be biting off more than they can chew and not even realize it until it is too late. According to www ...

Published:  Fri, 20 Apr 2018 06:17:00 GMT



Banks' credit in personal loans too high compared to degrowth in infra sectors: ASSOCHAM

MANGALURU: Banks are deploying credit over-enthusiastically in retail finance like personal loans, credit card overdrafts, vehicle loans etc, while witnessing negative growth in key infrastructure sectors like telecom, power and roads, an ASSOCHAM paper ...

Published:  Sun, 20 May 2018 18:05:00 GMT




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