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Prosper vs iLoan

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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.

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ILOAN

If you prefer to take out a personal loan with a company that services your account directly - rather than matching you with a lending network - iLoan might be worth considering. Backed by well-known lender OneMain, iLoan enjoys a long history of reputable service to borrowers. However, do be aware that if you already have a loan through OneMain, you won't be able to apply for a new loan through iLoan until at least 15 days after you've paid off the first loan.

You'll find iLoan's application process to be very straightforward. First, select the purpose of your personal loan - adoption, auto repairs, and so forth - and the desired amount. Then, provide basic personal information, such as banking details, and proof of identity, residence, and income. If you'd like to increase your chances of being funded quickly, take advantage of iLoan's Instant Verification service. This free option uses your banking information to give iLoan an immediate picture of your income, rather than having to submit pay stubs or W2s and can speed up the time it takes to approve your personal loan. Whichever route you choose, most applications for personal loans get processed in 60 minutes or less, with funds being transmitted on the following business day.

Compared with other sources of personal loans, iLoan does have an overwhelmingly positive set of customer reviews. Borrowers have great things to say about the helpful loan officers and other customer service representatives, the speed at which loan applications are processed, and the overall experience of working with iLoan.

However, for customers who are months or years into the repayment schedule, the comments tend toward the negative. iLoan is very upfront with their interest rates, which are definitely higher than many of the lenders we reviewed: expect an interest rate somewhere between 11.24% and 36.00%, depending on your particular credit score, income, and other personal details. You won't know your interest rate until you complete the application process, but customers seem to fall on the higher end of the scale more often than not. You may also get a lower interest rate if you live in Wisconsin and would like to offer your automobile as collateral.

When it comes to iLoan's service range, it is much smaller than most sources of personal loans: Alabama, California, Delaware, Idaho, Illinois, Missouri, Nevada, New Mexico, Oregon, South Carolina, Utah, and Wisconsin. If you don't live in one of those 12 states, iLoan will not be able to fund your personal loan.

Overall, iLoan enjoys a solid reputation with a parent company (OneMain) that has a long track record in the lending industry. But, because iLoan's service area is so small and their personal loans carry such high interest rates compared with other lenders in our review, you might need to consider a higher-ranked service to get the most ideal terms for your individual situation.

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Personal Loans

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

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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