Online personal loans have become very popular among consumers looking for a quick, easy way to obtain the cash they need to meet unexpected expenses. These days, most people have multiple bank accounts and credit cards so that they can quickly access their own money. But if you’re one of the 26% of Americans who do not have a regular bank account, an online personal loan may be your best option.
You can get a personal loan from any of the big online loan providers, such asSquareOne or Vayable. They all offer unique benefits that make getting an online personal loan for credit use easier than you ever thought possible.
The Top 10 Places to Get an Online Personal Loan
Keep reading to discover the top 10 places to get an online personal loan for credit use!
LendUp
Launched in 2014, LendUp is the leading source for online personal loans for credit use. It’s a lending community that’s all about helping people get their money quickly. When someone applies for an online personal loan, LendUp will closely examine their credit report to make sure it doesn’t have any major errors.
Every time someone applies for an online personal loan through LendUp, the loan company will have access to their credit report and undergo the same rigorous credit check as if they were applying for a traditional loan. Because of this high level of scrutiny, you can be sure that your personal loan for credit use through LendUp will be extremely secure. After you submit your application, you can expect to start the loan approval process in as little as 24 hours.
Once you’ve been approved for a loan, the loan company will send you a payment schedule that’ll guide you through the rest of the loan process. Every two weeks, your lender will send you a statement that’ll further explain your loan payments and the status of your loan. Because your application is handled online, you won’t have to worry about missing payments or running out of funds.
If you make regular repayments on time, your lender will be none the wiser. All of this security from a traditional loan source is reason enough to make an online personal loan for credit use one of the top 10 places to get an online personal loan for credit use.
Vayable
Lenders often use a sophisticated algorithm to make loan decisions, but that doesn’t mean that the decision is 100% accurate. In some cases, a lender may choose not to follow up on a loan application because they believe that the borrower does not have the funds required to repay the loan.
To combat this, lenders have begun using the VantageScore, which is a model that takes into account data such as your credit utilization ratio (CVR), debt-to-income ratio (DTI), and monthly payments. The VantageScore is not only used by lenders but by businesses as well.
The VantageScore is not a reflection of your creditworthiness but rather what lenders see when they look at your credit report. The VantageScore is not made public but is instead protected by Law and only available to lenders who have signed a contract with a borrower.
SquareOne
Launched in 2011, SquareOne is the largest online lender for personal loans for credit use. Unlike the other top 10 places to get an online personal loan for credit use, which also offer online loan applications, SquareOne exclusively offers online loans for credit use. SquareOne is a wholly owned subsidiary of TALX, Inc., a venture-backed financial services company that’s listed on the New York Stock Exchange.
SquareOne has more than 20 million credit cards and over $1 trillion in total balances. The company also offers other types of loans, including mortgages and credit cards, as well as consumer loans. SquareOne’s unique feature is its “badger” loan program, which helps people get their money quickly by matching them with a badger who’s willing to take the money immediately.
In exchange for this service, badgers receive a cut of each loan that’s approved through SquareOne. This cut is known as “funding,” and it’s intended to help pay for the badger’s expenses. The funding from loans can be used to repay the loan or pay for other expenses. To find a badger in your area, visit usabc.org.
Prosper.com
Launched in 2011, Prosper.com is the largest online personal loan for cash advances for credit use. It’s also one of the oldest loan providers around, as it was founded in 1999. Like other top 10 places to get an online personal loan for credit use, you can apply online for a cash advance for credit use. What sets Prosper.com apart is that it’s a “federally-backed” loan, which means that your application will be treated as if it were a conventional loan.
This means that your lender will have to go through the same rigorous credit check as they would with a traditional loan, but they’ll also have to deal with the same level of scrutiny when making loans to consumers. Like all top 10 places to get an online personal loan for credit use, you can expect to pay a lower interest rate than you would with a traditional loan.
EZ funding
Launched in 2014, EZ funding is a direct-to-consumer bank that provides consumers with easy access to cash. The company’s goal is to make the whole process as easy as possible for consumers, including applying for a cash advance directly from the bank and even providing a list of nearby banks that offer cash advances. Like all top 10 places to get an online personal loan for credit use, you can expect to pay a lower interest rate than you would with a traditional loan.
Discover
Launched in 1999, Discover is the first direct-to-consumer bank that’s solely focused on serving consumers. The company’s goal is to make the whole process as easy as possible for consumers, including applying for a cash advance directly from the bank and even providing a list of nearby banks that offer cash advances. Like all top 10 places to get an online personal loan for credit use, you can expect to pay a lower interest rate than you would with a traditional loan.
Badger Money
Launched in 2006, Badger is a direct-to-consumer lender that specializes in cash advances for credit use. The company’s goal is to make the whole process as easy as possible for consumers, including applying for a cash advance directly from the bank and even providing a list of nearby banks that offer cash advances. Like all top 10 places to get an online personal loan for credit use, you can expect to pay a lower interest rate than you would with a traditional loan.
Cap Specialists
Launched in 2011, Cap Specialists is a direct-to-consumer lender that specializes in cash advances for credit use. The company’s goal is to make the whole process as easy as possible for consumers, including applying for a cash advance directly from the bank and even providing a list of nearby banks that offer cash advances. Like all top 10 places to get an online personal loan for credit use, you can expect to pay a lower interest rate than you would with a traditional loan.
CashCrate
Launched in 2014, CashCrate is the leading source for online personal loans for cash advances for credit use. The company’s goal is to make the whole process as easy as possible for consumers, including applying for a cash advance directly from the bank and even providing a list of nearby banks that offer cash advances. Like all top 10 places to get an online personal loan for credit use, you can expect to pay a lower interest rate than you would with a traditional loan.
Conclusion
With so many options available, it can be difficult to decide which lender is right for you. The best way to decide which lender is right for you is to speak to multiple lenders and compare interest rates, repayment plans, and loan terms.
The key to choosing the right lender is to make sure you are getting the best deal possible. The best online personal loan for credit use is the one that offers the best terms and offers the least pressure to repay. You can also look into getting a line of credit to help with everyday expenses. In the end, choosing the right lender is important. The right lender can help
