Online banking has been an establishment for several years now. Fortunately, there are now plenty of good online lenders to choose from. Online lenders are businesses or just ordinary people that are a part of a lending network who grant online loans with much lower standards and quicker process.
You’re not just filling out the same old forms for your bank – online loan websites are changing the way you borrow. With all of that being said, let’s review the best online loan websites in 2019.
Avant is an online loan website where you can apply for an online loan ranging from $2,000 to $35,000. The online loan application process is extremely swift – in some cases you can expect your online loan to reach your bank account as soon as on the next business day. Loans are available with terms from 24 months to 60 months, and APRs can range from 9,95% to 36%. Also note that on top of the APR, there are administrative fees up to 4,75% per loan. While the top interest rates on Avant are larger than the prime rate, they are still quite good for unsecured loans with bad credit. For comparison, some payday lenders charge over 400% APR, so even 36% APR is a bargain.
• Bad Credit Loans
When it comes to getting an online loan with bad credit, your options are quite limited. BadCreitLoans.com is another online loan website that connects borrowers (even with bad credit) to a network of lenders. To apply, all you need is to be at least 18 years old, have a phone number and email address, proof of citizenship or legal residency, hold a checking account and have regular income, regardless if you work full-time or are self-employed.
• Lending Club
Lending Club is the largest and one of the oldest big online loan marketplaces. Regardless of some bad publicity surrounding it these past couple of years, it still remains one of the most trusted peer-to-peer online loan websites. In order to borrow via Lending Club, you will need a credit score of at least 660.
Interest rates can range from 6.95% to 35.89% APR and the loan amounts range from $1,000 to $40,000, depending on your credit. It takes 2 weeks to receive the online loan and the loans come in 3 or 5 year terms.
Remember, when you receive a loan from a peer-to-peer marketplace like Lending Club and don’t pay it back, you do not owe a payment to a large bank or financial institution. Investors in Lending Club include regular people who put their investments and retirement accounts on the Lending Club platform. It is a modern and unique take on banking that takes big banks out of the equation.