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Best Loan Companies that Have Direct Lenders in the United States
When borrowing money, there is almost an endless amount of things to take into consideration. There are your credit score, your source of income, the type of loan you want to borrow, the amount of loan you’ll borrow, what type of financial institution you’ll approach and finally which company. To prevent the hassle, this article gives you the top 3 loan companies.
Here’s a backstory. SoFi actually started as a company for student loans. Naturally, it evolved into a loan company that best matches the necessities and situations of most young professionals. Aside from issuing loans, SoFi also provides help with financial management as well as life insurance services. When getting a personal loan, the only fee you’ll have to worry would be the interest cost. The rates are typically in the range of 6.99 to 14.99. In addition to student loans and personal loans, they also issue mortgage loans.
Marcus by Goldman Sachs
This company is oversaw by a Wall Street tycoon and is a best fit for those looking to consolidate their debt as well as other personal loans. In addition to loans, Goldman Sachs also offers savings accounts to clients. Loans come with both fixed monthly payment and fixed interest rates. The loans are offered in short to long loan terms, with the longest in 72 months. Lastly, Goldman Sachs does not charge any other fees such as origination fee or a prepayment fee.
If credit card consolidation is at the top of you priority then it may be good to check out Payoff. From the name itself, this company is targeted at providing loans for consolidating loans. However, as opposed to the aforementioned, this loan company charges an origination fee, typically of about 2 to 5 percent of the amount of your loan. However, the good thing is they do not charge other fees such as early payment or late fees.
Can I Get Payday Loan if I work Part Time?
Working less than 40 hours per week is a common scenario among people these days. When it comes to borrowing, lenders are likely to see you not so much in a good light. The irregularity of your hours and the inherent income you earn from these hours might make you more of a risk if they are to grant you a loan.
However, this shouldn’t mean that you cannot take out a loan. You will find that despite your less than 40-hour work week, there are lenders that will be happy enough to lend you money. As long as you can show proof that you get a regular income every month and that the money you’re earning should be enough to cover the loan costs, a number of specialist lenders will be happy to overlook the fact that you aren’t regularly employed.
Increasing Your Chances of Approval
There are things that you can do which should make you less risky to a lender. Before you decide to fill out a loan application, take note of these things as they can certainly help the whole process less stressful on your part. This might even speed up the approval too.
Make sure you meet the lenders minimum income requirement. If you find that what you’re earning may be less than the minimum, it would help to find side jobs and other money-making opportunities that will increase the amount you’re taking home every month.
Stay with your employer. Despite not being considered a regular employee, it would help your cause if you have been with the employer for a long time. This creates an impression that your finances are stable thus, making it easier to convince the lender to let you borrow money.
It does not hurt to call the lenders and find out exactly what their loan requirements are for a part-time employee like you. This should clear out any doubts on whether they can or cannot assist you and will also be a chance for you to find out what their loan requirements are so you can get everything ready before filling out their loan application form.
Frequently Asked Questions
What Is Payday Loan?
If you need cash on the same day, payday loans is the right choice. Payday loans are unsecured loans with convenient and easy payment method. It’s a small cash loan that allows you to get the funds instantly. Repayment options can be tied to your next paycheck or if you wish to pay in advance, that works too.
What is Guarantor Loan?
For those who doesn’t have good credit, applying for a guarantor loan is recommended. Guarantor loans, as the name suggests, requires a guarantor before the loan is approved. The guarantor takes over if in case the borrower fails to meet the repayment terms.
How Fast Can I Have The Money?
Applying for a loan won’t take you hours. As a matter of fact, you can have it done in as fast as 15 minutes. All you need to do is to complete an online form and have it submitted. In just a few minutes, you’ll get the results and the money is automatically deposited to your account.
Do I Need Good Credit?
No. You are eligible to apply regardless of your credit line. Most lenders would prefer borrowers with good credit but it is not a requirement. You can apply for a payday loan and use it to slowly build your credit.
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