Are you planning to take a personal loan? Do you need to get the money quickly without a hassle? The following are decent financial private lending institutions to consider look into.
Be aware: Do not get trapped into “easy money†from a psychological point of it. You should ALWAYS know the amount of money you will need to pay back after paying your loan.
Let’s review an example of one of the loans I took years ago.
I took a personal loan in the amount of $20,000 with 11.99% interest. It cost me $1,000 upfront in fees on day one, leaving me only with a remaining 19,000 dollars.
$20,000Â Â (the original loan amount)
$1,000 Â Â (one time upfront fee)
$445 Â Â Â Â (estimated monthly payments)
$14,547Â Â (remaining balance was paid in full about 9 months later)
The total amount paid to the lender was $23,663.15 which means it cost me $3,663.15 in fees for the loan.
The most important questions you need to ask yourself are:
- How much in fees will it cost you to pay off this loan? You know your limit and how much are you willing to pay for it. Always evaluate and consider the loan very carefully before pulling the trigger.
- How will I benefit from taking a loan. It will need to make financial sense, Do not make the same mistakes most average people do, taking the loan for personal use. There are many ways how you can use your personal loan for your benefit to use it for business and end up making money. In some cases, you may have a decent deal with a high probability of earning you 17% interest on your money. If you take a loan that will cost you 11%, you may potentially earn a 6% return while improving your credit score since you will be paying the loan early without early termination fees or penalties. Reminder to always check to make sure there is no early penalty for paying of the loan earlier.
If you do take the loan, we strongly encourage you to make an extra 100-dollar payment every two or three months.This will create “Better then agreed” status in the eyes of a financial institution that will be inclined to give you better deals on future loans which will save you thousands of dollars. This principal also applies to credit card usage.
Lending Private Institutions
The following lenders are suitable for people with verifiable income and credit score of 580 or higher.
- Avant – avant.com – Expect to receive up to $35,000.
They may ask for a reason for the loan: Reason: “Otherâ€.
The following lenders are suitable for people with verifiable income and credit score of 640 or higher.
- My Best Egg – bestegg.com - Expect to receive between $40,000 to $45,000.
- Prosper – prosper.com – Expect to receive up to $35,000.
- Lending Club – lendingclub.com – Expect to receive up to $40,000.
- Upstart – upstart.com – Expect to receive up to $50,000.
- Discover – discover.com – Expect to receive up to $35,000.
- Marcus – marcus.com – Expect to receive up to $40,000.
They may ask for a reason for the loan: Reason: “Planning to make a large purchaseâ€.
The following lenders are suitable for people with stated income and credit score of 680 or higher.
- Sprout – https://apply.sproutfin.com – Using this site will pull your credit from all three credit agencies through a monitoring service not affiliated with Sprout financial. It does not have a minimal monthly fee.
There may be fees associated with these lenders and the interest rates vary depending on the lender and credit score. Consult with the individual lender for fee and interest rate structure prior to applying for a loan. Always try to negotiate. Never accept their first offer without negotiation – “they can always do better”.
Tip: Another thing you can consider doing is simply walking into your branch of financial institution you bank with such as Bank of America, Chase etc. Ideally, it should be a bank you have an established relationship with, but you can also try other banks as well. Have a hard copy of your updated credit report and ask them if they have any favorable personal loans you could potentially consider applying for. Do not sound desperate for needing one. Tell them you would only consider it if the rate would be ideal and reasonable. Do NOT give them permission to pull your credit. Give them a copy of your credit score, tell them about your current income and ask that what can you be qualified for based on your situation.
There are other good Financial Private institutions that can help you to obtain business funding in the amount of $200,000 or even $300,000 or more, however, these are usually programs that may take them up to 10 months or more to get your funding. Their requirements usually are having a good credit score of 720 or higher and utilization of all your personal credit cards not exceeding 30%. Feel free to reach out to us for the names of such institutions. If you per-qualify based on the requirements mentioned above, there is a high probability we can help you to get funding you need.