Getting a P2P loan or an online personal loan can be hard if you don’t have a solid credit history. Even if you are going to use the funds to start a great business or if you have clear plans for paying the money back, without a credit history many lenders view you as too risky. This is normal especially because we are talking about money. We can never blame lenders if they ask for specific requirements to make sure that you will be paying them right away. That’s why there are many online personal loans sites today that could help you in your future endeavours. Finding the right one may be a little hard but at least it’s all in your favour, as long as you follow the steps.
Nettivipit.fi and peer-to-peer loans have become popular in recent years because they can give you access to loans without going through traditional banks or lenders. Applying for these loans is simple, and the applications are generally processed quickly. Further, these loans usually offer competitive rates, and you can use the funds for a variety of reasons. These loans are unsecured, meaning they do not require collateral. The loans may be an option for borrowers with marginal credit with a co-signer. Many people use personal loans and peer-to-peer lending to pay off high-interest credit cards, fund new business ventures or pay medical debt.
Companies with best Online Personal Loans:
- SoFi – The Best Online Personal Loan Lender
Since beginning in 2011, SoFi (or Social Finance) has grown into one of the best loan companies in the nation. The online lender covers many different types of loans in different industries; for instance, home mortgages, parent financing, personal loans, student loan refinancing, and mortgage refinancing all fall under the SoFi umbrella. One of these services, unsecured loans, competes well by offering competitive interest rates and terms to a wide variety of applicants. Out of all of the personal loan companies that we have reviewed, we have chosen SoFi as the best.
Upstart is a peer-to-peer lending institution that offers online personal loans for many reasons, but primarily for things that help you improve your life. This can include getting out of debt, starting a business, paying off student loans or buying a car. You can also use it for continuing education activities, including athletic training.
LightStream is a division of SunTrust Bank, which has existed in some form or another since the early 1890s, long before online lending took off. These days, LightStream exclusively makes online personal loans at competitive interest rates. Its website boasts “Loans for Practically Anything” and online reviewers agree. The only significant categories unavailable are business loans, post-secondary education, and the refinancing of existing LightStream loans. LightStream’s offerings land it in the 2nd spot of our best personal loan lenders.
- Lending Club
Getting a peer-to-peer loan opens up opportunities, because you are no longer tied to a bank or traditional financial institution. Peer-to-peer lending companies like Lending Club offer online personal loans at competitive rates and flexibility. Lending Club is one of the biggest names in peer-to-peer loans, having financed over $20 billion in business or personal loans.
These are some of the best companies to try your first ever loan. You may or may not be qualified but you have an idea on what these companies may offer you other than banks. These companies will help in understanding that loans are easy as long as you pay them and follow the contract.