Tag: Personal loan

Consolidate Credit Card Debt – Payments Getting Out of Hand?

Are You Ready To Consolidate Credit Card Debt?

If you are struggling to make your credit card payments every month and wondering when and how you will ever pay down your credit cards, it may be time to consolidate credit card debt using a personal loan.

First, ask yourself these questions:

  1. Are you paying high interest on your credit card debt?
  2. Do you have a large credit card balance?
  3. Are carrying balances on multiple credit cards?
  4. Are you looking for alternatives to expensive cash advances from your credit card?
  5. Do you have medical expenses or large purchases that you would rather not put on a high interest credit card?

If you answered “Yes” to any of these questions, a personal loan might be a good option.

How Personal Loans Can Help Lower Your Debt

If you have been carrying credit card debt, or you need to finance medical expenses or other large purchases and don’t want to use high interest credit cards, a personal loan may be a good option. Personal loans often offer lower interest rates and better payment terms than credit cards do.

Today there are many types of personal loan lenders in the marketplace. Some cater to high credit borrowers. Others are low credit friendly. In addition, if you consolidate credit card debt with a personal loan, you may be able to obtain a personal loan with a lower monthly payment that can free up some cash for emergency savings, or a small investment fund to hedge your debts.

Related:? Forget Retirement – Here’s Why You Need to Start Investing Now

When To Consider A Personal Loan

If any of the scenarios below apply to your situation, consider looking into a personal loan.

  1. If the interest you’re paying in credit card debt is greater?than the interest you can get on a personal loan. (Remember to look at all the associated expenses on the credit card and the loan -? both interest and fees.)
  2. If you’re looking to consolidate multiple credit cards into one simple, lower monthly payment.
  3. If you’re looking to finance a large purchase or medical procedure at a lower interest rate.

Before Taking A Personal Loan, Do These Things

  1. Call your credit card company and ask for better terms. Sometimes you can negotiate a lower interest rate, smaller monthly payment, or fee waivers.
  2. Look into transferring high interest credit card balances to a 0% APR credit card. Many credit cards offer an introductory APR of 0%, up to the first 12-24 months. If you think you can pay down your credit card during the introductory period, this may be a good option for you.
  3. If you decide to take on a personal loan,?research the lenders. Make sure there are no pre-payment penalties, fees, and no introductory rates that then go up,
  4. Compare offers from different lenders. Don’t go with the first offer you see. It’s now easy to compare across many lenders at once.

Check out our guide on how to get the best personal loan. We thoroughly review?the?best of the not-so-bad players?in the personal loan space.

After you Consolidate Credit Card Debt

  1. Don’t use your cards!?There is no sense in consolidating credit card debt only to run up your credit cards again. Put them in a? safe place but don’t cancel them. Keeping your accounts open and paid off will increase your credit score.
  2. Go on a spending diet. Cut back on all the little things that add up at the end of the month. Turn it into a game. See how much you can save. Use our?free app to help you stay on top of your game.
  3. Set up a budget. Figure out where your money is going. Designate different buckets for each spending category. When that category is depleted (e.g. movies), don’t spend beyond it.

Related:? DIY Credit Card Debt:? A Guide To Permanent Debt Relief

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Money Regrets are a Waste of Life: 3 Steps to Get Out

The Night My Friend?s Past Stole a Piece of Life

We were camping on the shore of a gorgeous prehistoric lake. The sun was still spread across the horizon as the moon slipped up over the pinnacles in the distance. We sat, my old college friend and I, sipping cocktails by the shore. It was breathtaking.

We hadn’t seen each other in years, we had a lot to catch up on. But all my friend could talk about is how much better it was in the old days, when he still had his house boat. It seemed as if he didn?t see the moon. Or rejoice at the pelicans diving majestically through the pink dusky sky to disrupt the mirrored surface of the lake. He kept mentioning how much better it was before. And as a result, it was stealing from him. Stealing a piece of his present life.

My friend?s problem was deeper than a house boat, however. Like many money regrets, it was part of a bigger story. My mate had sold and/or refinanced damn near anything of value?to fund his son?s pro-skiing career, which later came to an abrupt halt when the money ran out. I empathize with him. He took a calculated risk. It was his son. I would have done the same.

We Aren’t as Unique as We Think We Are

So many people are living under the constant stress of financial instability. Many have money regrets, but few have any idea how to move on from them. How to bite the bullet, take it all in, explore options, and begin to create a new money story.

My friend still had some equity in his refinanced house. But he admitted that he was flat out ignoring a personal loan from several years prior. And although he refused to actually look at what he needed to do to get out of this mess, he couldn?t stop mentioning it. It was the undying topic of conversation of the weekend. And it made me very sad. I was worried about him, and heartbroken that this issue was wasting the short time we had together.

?Listen,” I finally interjected. “I get it! I really do.”

But he didn?t want to hear that. He insisted that no one could possibly understand what he was going through. Sadly, he’s wrong. Truth is most people have money regrets and financial stress. And a fare amount of them refuse to look at the extent of the damage, which is precisely what they need to do, to get over money regrets once and for all.

Ignored debt is like a speeding train, downhill, without brakes.

I wanted to tell him how I’d been trapped in consumer debt working a shit job for a corrupt company for which I had to commute 4 hours a day. It was hell. I was stretched from paycheck to paycheck. I couldn?t afford to make a move. I couldn?t afford to quit. And if anything came up, an illness, an emergency, an unexpected expense, it had to go on the card – just digging me in deeper.

I wanted to tell him that when I finally pulled my head out of my ass and faced the fact that I was over 50, broke and in debt,?it was truly horrifying. But then came the acceptance. And then, and only then, came ideas. Once I knew exactly where I stood, I could determine which options were available to help me. And I could begin the long crawl out.

How to Transform Hopelessness Into Hope

If he knew how hopeless I had felt. How I struggled with paralysis for years until I finally got the courage to bite the bullet. How it all had driven me to a place so dark that I could no longer feel the peace of the rising moon above a body of water.?

And even though my friend wouldn’t have believed me, (because he was comparing his now to his past,) he is in a much better financial situation than I am. He has equity in a house. He owns several vehicles. He actually has more options than most. But his past was blinding him from moving forward. He’s just not ready to take that scary first step in getting over money regrets and moving on: ?

Step 1) Discovery

If you don?t know what the disease is, you cannot treat it. Period.

I?m not going to bullshit you, it?s not easy to pull up all of your accounts and write down how much you owe and the interest rate you?re paying. It?s harsh to compare the debt you are in to the balance in your bank account, the equity left in your house, or the balance of your retirement fund – ?to do the math.?

This is the part my friend can?t fathom. He doesn?t want to know how bad it is. And I understand this feeling. But everyday he looks aside, the compound interest on the errant loan is eating away all of his advantages. Ignored debt is like a speeding train, downhill, without brakes.

Know your strengths (assets). Know your weaknesses (liabilities).

I wanted so much to tell my friend to swallow his pride, look at his situation square in the face, and take a deep breathe. I wanted him to get that you can?t begin to move on from money regrets until you can actually quantify your current financial strengths and weaknesses. Knowledge is power when it comes to repairing your finances.

Step 2) Research Your Options

Once you know where you stand, it?s easier to see where you can go. Financial terminology may seem difficult at first, but it can be learned. All you need to do is get interested. Seriously, if you are reading this, you can Google anything you need to learn. You can find your options, and decide what plan of attack is gonna get you in better financial health.

Some of us have used our retirement for our children?s college tuition to try and save them from the disability of student loan debt. Others have made investments that didn?t pan out. Some have been leaching off of the equity in their house for years. Or we?ve been using credit cards as an income source to maintain a certain living standard.

Different Solutions for Different Problems

Everyone?s situation is going to be different. But what may be the same for a lot of us is that we can?t keep living like we have been and expect to get away with it in the long game. If you aren?t finding any options that can help you with your current situation, then you may need to take a deep look inside yourself and ask whether you need a lifestyle and/or a mindset change to create options.

In my case (dog paddling through the depths of minimum payment hell after spending all of my money on my kid’s education), I looked at the options available to me and ran different scenarios out in my mind.

I asked myself questions such as:

Step 3) Action?

After researching options available to me like balance transfer cards, consolidation loans, or picking up a part-time job, I finally settled on refinancing all of my consumer debt at a lower interest rate than any of my cards with a personal loan. One payment a month for 5 years. Fine. Done. No more stress.

I also eventually moved, changed my career, and completely changed my lifestyle to be able to live within the range of my budget. This flowed somewhat naturally, because once you get really interested in experimenting with how little you can get by on, you tend to equate saving with freedom. Your mind opens to creative ways to get out from underneath the constant pressure of debt.

After researching, make a plan and take action. It could be by refinancing something. It could be by liquidating assets. It could involve completely changing your lifestyle, where you live, where and how you work, or what you drive.

Once you get really interested in experimenting with how little you can get by on, you tend to equate savings with freedom.

The struggle of trying to ?keep something? going when you don?t have the money to do it is horribly stressful. I can?t tell you the relief it will give you to finally address your biggest stressors in the face, brainstorm the real options open to you, and then take action.

And you will start to notice a spillover into other areas of your life. There is something about accepting where we really are that is comforting and stable. The energy previously wasted on consistent financial stress and worry is now freed up and available for cool life stuff. Like chilling with an old mate by an old lake.

The Bottom Line

No matter how bad you think it is now, it could be worse. And if you do nothing, it will get worse. And you know what?s worse? You already know this…

If you are sitting around and complaining, it just means that it?s stressing you out. It?s stealing your life. Just like it stole that one beautiful night at the prehistoric lake from my friend, and inevitably, from the people around him, too.?

Find out where you are. Know your liabilities and assets (if you are lucky enough to have any.)?The pre-emptive strike for financial disaster is to stop the bleeding, start the healing, and be patient with yourself.

Discover, research, and take action. And remember to live and find joy in what is in front of you.

Related:? DIY Credit Card Debt:? A Guide to Permanent Debt Relief

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Should You Refinance Your Credit Card Debt?

Personal Loans vs Balance Transfer Cards

Ready to get serious about paying down your consumer debt? Refinancing options may help you get organized and save you money in interest. There are a couple of different tools you can use to refinance your credit card debt.?A personal loan with a lower interest rate than your credit cards?can help you save money. You can use it to pay off all or part of your balances and consolidate multiple payments into a single payment which you can then ?set and forget.?

Another helpful tool you can use to save money on credit card interest is a low/zero interest balance transfer card. A balance transfer is when you move all or some of your credit card balance from one card to another. This can save you money if you are able to make a significant dent in your balance during the low interest period. The best kind of balance transfer card is the 0% interest transfer card with no transfer fee.

Refinance Your Credit Card Debt With a Personal Loan

If you have a decent FICO credit score, you may be able to take out a personal loan, pay off your credit card balances, and then make one payment a month to pay off your personal loan in installments rather than making several payments to your credit card companies. Personal loans are usually offered with a 1-5 year monthly payment plan.

Related content: ?How to Get The Best Personal Loan

Pros

  • May be able to refinance at a lower interest rate and save money over time.
  • Can increase your credit utilization score which is 30% of your FICO credit score.
  • May increase your credit mix score which is 10% of your FICO credit score.
  • May make it easier to stay on task with a single payment per month instead of several.

Cons

  • Freeing up credit cards with a personal loan can get you into serious trouble if you are not diligent about leaving the cards alone. Only take this route if you are completely committed to using the loan as a tool to get out of consumer debt.
  • Your monthly installment payment on your personal loan may be higher than the minimum payment amount on your current credit cards. Make sure that you’ll be able to cover it each month. (Keep in mind, however, that in order to pay off your consumer debt you will have to throw more at that debt than minimum payments anyway.)

Related content:? Five Ways To Free Up Cash Without A Side Gig

Key points

A personal loan will only save you money if you are able to get a lower interest rate than you already have on your credit cards. For example, if the APR on your credit card is 17% and you are offered a personal loan at 19%, it does not make sense to refinance your card. You will end up paying in more in interest.

The lower your FICO credit score is, the higher the interest rate you will be charged for a personal loan. Before you start shopping for a personal loan, make sure that your FICO credit score is high enough to qualify for an interest rate that will help you.

Related content: ?Know Your FICO: A Guide to Understanding Your Credit Score

Refinance Your Credit Card Debt With a Balance Transfer Card

Credit card companies use balance transfer cards with zero or low interest rates as a marketing incentive to try and get new customers. But watch out. Credit card companies are hoping you don’t pay off your debt during that zero/low interest introductory time period. Why? They want you to pay that high interest rate when the introductory time period runs out. The introductory rate can run from 6 to 21 months depending on the card. If you use these, make sure you are really aggressive with your payments to take advantage of the zero/low interest rate window.

Pros

  • Can save a lot on interest if you pay them down quickly.
  • Can increase your credit utilization score which is 30% of your FICO credit score.

Cons

  • If you cannot pay down the card before the higher interest rate kicks in, you will be on the hook for that higher interest rate.
  • As with personal loans, freeing up credit cards with more credit cards can get you into serious trouble if you are not diligent about leaving the cards alone. Only take this route if you are completely committed to using the card as a tool to get out of consumer debt.
  • Some balance transfer cards charge a 3-5% fee to transfer the balance. For example, if you transfer $5,000 to a card that charges a 3% fee, an additional ?$150 would be added to your balance.

Key points

  • A balance transfer card will only save you money if you can take advantage of the low interest period.
  • Applying for multiple cards in a short period of time while card shopping can temporarily ding your credit, as the card companies do a hard credit inquiry upon your application.
  • A 0% interest card with no transfer fee can be a great tool, but keep in mind that you may not be able to refinance all of your cards.
  • Be sure to create a repayment plan that targets your highest interest card first.

Related content:? Credit Card Payoff Strategies:? What the Card Companies Don’t Want You to Know

Which Option Should You Choose?

Before deciding whether you should refinance your credit card debt with either a loan or a card, consider your personal circumstances. You will want to look at your FICO score, how many card balances you have, and your total amount of debt. Your FICO score may not be high enough to get a personal loan with a lower interest rate than you are paying on your cards. Or you may not qualify for the better balance transfer cards. You may not be able to transfer all of your debt to balance transfer cards, or you may not be able to get a personal loan high enough to refinance all of your cards.

The Bottom Line

It’s a good idea to sit down with your statements to get the big picture of your situation before you consider refinancing. Note the interest you are currently paying on each card, the balance of each card, and the total balance of your debt. Then come up with a repayment plan that has a long term goal of being debt free forever and commit to stick to that plan! The biggest and most common mistake you can make when you refinance your credit card debt is to use a personal loan or balance transfer card for a bit a relief, and then rack up debt on your cards again. It happens more often than you think and can get you in serious trouble. Get ahead of the? curve and take control of your consumer debt.

Related content:? Know the Wolf – Credit Counseling vs Debt Settlement

 

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4 Ways To Make Good Money With Good Companies

Your money is powerful, every single dollar.

And whether you realize it or not, your money (and your debt) is working for or against you every day. Your money is doing things while you eat, sleep and go about your day. It?s very busy!

Every dollar you spend or keep in a bank makes an impact somewhere. And it?s never been easier to direct that impact to issues you care about and make money at the same time. Now you can invest with good companies and make a good return.

Things are changing. So let?s shatter some old myths right now because today you can make a difference and make money:

  • You don?t need to be wealthy or have a financial broker to be an impact investor.
  • You don?t need to spend a lot of time researching.
  • You don?t need to use a bank that supports destructive ventures, just to get the best deal.
  • You don?t need to stick with a credit card that has a high interest rate and funds activities you despise.
  • You don?t have to own your home or install expensive solar panels on your roof to use renewable energy.

In the amount of time it takes you to read this article, you can start making an impact on People and Planet, and make money at the same time.

And you can do it right now, sitting at your computer in a matter of minutes.

4 of the easiest ways to make money with sustainable companies

1. Use Renewable energy and get $20 off your next power bill.

Even if you rent, you can take control of your energy source.

You don?t need solar panels to support renewable energy. You can invest in clean energy simply by paying your regular power bill with renewable energy credits. Let Arcadia Power pay your power bill.

And you?ll get $20 off your next power bill.

We tried it out ourselves and here?s how it works. You can decide if you want to allot 50% or 100% of your energy use to renewables. If you switch 50% of your bill to clean energy, there is no cost for the service. All you do is continue to pay your regular power bill. If you switch 100% of your bill to clean energy, it?s $0.015 per kilowatt hour (that?s about $5 – $15 per month extra, depending on the size of your home).

Arcadia?s user friendly dashboard makes it easy to track your energy usage and view its environmental impact.

Take 5 minutes out of your day and switch to clean energy!

There is no contract and you can cancel anytime you want.

2. Open a new account

Open an account with Aspiration to get the best deal all around.?Aspiration is completely divested from bad ventures and completely invested in People and the Planet. And they pay you 100x more interest than the big banks for your checking deposits.

At Aspiration, you can earn up to 2.00% APY Interest on your entire balance, enjoy free ATM fees worldwide, and…hold on…your fees are your choice. Seriously.?You get to pick your own monthly fee, even if it?s zero.*

We tried it. Their online platform is simple and super user friendly.?And their customer service is excellent, as should be expected from a company that is invested in People.

3. Invest in your future and the future of the planet with just $50.

Now you too can be an impact investor and watch your money grow. Swell Investing is making impacting investing accessible to anyone.

We tried it and their platform is super easy (and fun) to use.??You can set up an account in a matter of minutes and cancel anytime you want.?You get to see the impact you are making on People and Planet daily, and track how much money you are making on their visual dashboard.

Unlike other investment options, Swell doesn?t have a bunch of middle men trying to take a piece of your money via high fees.?So vote with your values with only $50, by choosing what is most important to you!

You can choose to invest in:

  • Green Tech
  • Clean Water
  • Zero Waste
  • Renewable Energy
  • Disease Eradication
  • Healthy Living

4. Get rid of your bad debt.

If you?re paying high credit card interest, a personal loan may be right for you. There?s no reason to pay more than you have to. There’s a company in California that is taking a different spin on the personal loan market. Payoff has hired a team of financial experts, psychologists and technology professionals to help you feel good about your money choices. Plus, they have a marketplace of credit unions (not big banks) who underwrite the loans. That means better rates for you, and better treatment of people.?

It?s Your Turn To Be Heard

It?s time to take our power back from the banks. You can do this.?We are all worried about the future of our Planet and our People. And we are all concerned about our own financial future.?Now, you don?t have to choose. You can tackle both by making good financial choices.

By starting today, you can turn your worries into action that makes a difference for yourself and the communities and environment around you.?You Are Powerful. Your Decisions Matter. When You Speak, The World Listens.


*The Annual Percentage Yield ?(?APY?) associated with the Aspiration Summit Account is variable and accurate as of [January 2019]. Rates may be changed from time to time without notice.

All ATM withdrawal fees will be waived for your Aspiration Summit Account. In addition, your account will automatically be reimbursed for all ATM fees charged by other institutions while using an Aspiration Debit Card linked to your account at any ATM displaying the Mastercard?, Interlink?, Cirrus?, or Maestro? logos. The reimbursement will be credited to the account the same day the ATM fee is debited from the account. Please note, there is a foreign transaction fee of one percent that is not waived, which will be included in the amount charged to your account.

Aspiration Partners, Inc. and its affiliates are committed ?to “All Extra Services Provided at Cost,” meaning that we’ll only charge you what it costs us to provide the extra service (such as a wire transfer), and not a penny more. Besides these at-cost service charges, the only account fee you pay is the fee you choose, even if it?s $0, which is why we call it Pay What Is Fair.

Deposits are insured by the FDIC up to $250,000 per depositor. For more information about FDIC insurance coverage, please visit the FDIC website.

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How To Get The Best Personal Loan

How To Get The Best Personal Loan
(from a lender that isn?t ruining people or planet)

We don?t live in a money society. We live in a credit society. To get even the smallest personal loan, you need a credit score. And how do you get that? Probably from a credit card. Weird, right?

And once you have a credit card, you?re now part of the debt industrial complex. At Well Wallet we?re thinking of ways to disrupt this cycle. More on that to come. In the meantime, here is our take on the personal loan market, along with some traps to avoid. Why a personal loan? Only enough, it’s a tool used to escape credit card debt.

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Personal loans can be a good way to quickly consolidate your credit card debt, lower your interest payments and get a fresh start.

There are many lenders available at decent rates, especially if you have good credit. But not all lenders are created equal. And not everyone has the community or the planet?s interest in mind.

How do you know if a personal loan is right for you? Well, if you are carrying credit card debt and you can get a personal loan with a lower interest rate, then that personal loan could reduce payments and help you escape the debt trap.

Below we take a look at the best of the not-so-bad players in the personal loan space. We say ?not-so-bad? because none are perfect (surprise, surprise.) Some have good rates, but are owned by big banks and require great credit scores. Others have less competitive rates but are trying to make a bigger difference in the world.

Here?s what you need to do to find the best lender:

#1:

Know your credit score. The interest rate you pay will depend almost entirely on your credit score. It?s the world we live in today. If you have excellent credit, you could pay 11% APR or lower. With bad credit, you?re looking at 29%.

If you don?t know your credit score, no worries. This loan compare tool automatically looks up your credit score and gives you loan options from many lenders. It does it without affecting your credit score.

For a quick look at estimated Annual Percentage Rate (APR), check out the table below:

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#2:

Compare loan providers. Use this tool?to compare the loan options available. You?ll get offers from lenders instantly. Checking the options will not affect your credit score.

#3:

Shop around and research. Once you have your list of loan offers, go to your local community bank and ask about their rates. They may have lower rates, especially for those with lower credit scores.

#4:

Check out other options. Before you take on a personal loan, consider these options:

a: See if you qualify for a 0% credit card. Depending on your credit, the 0% introductory rate can last up to a year. This is your cheapest option if you can repay your loan during this time.

b: Add a co-signer. If you can?t qualify for a personal loan on your own, consider adding a co-signer. But remember, you are both on the hook to pay it back.

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Watch Out for These Traps

1. Interest Rates – Try to get the lowest rate you can. Secured loans are often less expensive than unsecured loans because the funding provider has recourse to an asset.

2. Repayment flexibility –
Make sure there is no penalty for early repayment. Your goal is to pay this loan off as quickly as possible. If you can pay more per month in order to pay it off faster, do this. Just make sure your lender doesn?t charge you for the privilege.

3. Fees and Charges ? Compare origination fees and application fees. Sometimes lenders hide information in the fine print and it becomes a surprise at the end. These fees should be clearly outlined and baked into the overall APR.

4. Customer Service ? Check out their customer reviews.

5. Length of the Loan – Remember, the shorter the term, the less total interest?you will pay. That super low payment attached to a 5-year loan? Sure it looks low, but you will be paying significantly more interest over the life of the loan.

6. Social responsibility score ? Is your lender contributing to the destruction or prosperity of the planet? When the data is available, we will provide you with sustainability scores for each lender.

A Quick View at Consumer Friendly Lenders

Here?s a quick view of the top consumer lenders.

Prime Lenders

Prime lenders offer good rates, unique benefits and great customer service.One possible downside: the best rates are only available to people with good credit scores

Prosper
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PLUS

A peer-to-peer lending network. Translation: their auction style platform might get you a better rate.

Good option for those who don?t qualify with a traditional lender

MINUS

Might get charged a different origination fee depending on credit score.

Rates are good, but only with a good credit score.

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Payoff
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PLUS

Focused on financial wellness, help their customers reduce debt and stress.

Offers a custom plan to help you stay on top of good money habits.

Partners with credit unions to originate loans.

MINUS

Not available in all states.

Rates not great without a good credit score.

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Best Egg
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PLUS

Fast funding, typically within a day.

MINUS

Targeted towards high income earners with high credit scores.

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Marcus
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PLUS

No fees. That means no origination or even late fees.Loan flexibility: borrowers choose the loan amount and desired time to pay it back.

MINUS

Owned by a big bank (Goldman Sachs). However, they score a 56 on their Corporate Social Responsibility (CSR) Score. This score was above average compared to all other companies.

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Lending Club
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PLUS

Like Prosper, Lending Club is a peer-to-peer network that connects borrowers to lenders.They offer a hardship plan for those who fall behind.

Largest online lender of student loans.

MINUS

Slower loan delivery time (average of 7 days.)

Targeted towards those with high credit score and higher income.

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Upstart
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PLUS

Peer-to-peer lender.

Makes loans available to younger borrowers with little credit history.

Take academic history into consideration (i.e. which major) before making an offer.

Partnered with coding bootcamps to help people learn skills.

Fast loan delivery times (average of 24 hours.)

MINUS

Best rates go to higher credit scores.

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LightStream
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PLUS

Excellent rates on unsecured loans available to those with a great credit score.

Interest rates are tailored based on the purpose of your loan.

MINUS

Owned by SunTrust, which scored only a 48 on their Corporate Social Responsibility (CSR) Score. This score is below average.

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Discover?Personal Loans
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PLUS

No origination fees.

Option to pay off creditors directly, ensuring your loan is used to pay off other debt.

Access to loans in all 50 states.

Decent Corporate Social Responsibility Score of 54, which is on par with the credit card processing industry.

MINUS

Not ideal for recent grads or applicants with poor credit scores.

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Prime Lenders

If you don?t have good credit or a long credit history, these lenders may be of help. But watch out. Interest rates are considerably higher if the borrower has a low credit score.

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One Main
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PLUS

No minimum credit score required.Loans fund quickly.Secured loans available (good way to lower the interest rate.)

MINUS

Hard credit check done when you apply.Higher interest rates than their peers for low credit score loans.

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Peerform
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PLUS

Go-to lender for poor credit borrowers.

MINUS

Longer approval times.High interest rates for low credit score borrowers.

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Avant
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PLUS

Low credit score borrower friendly.

No strict minimum for annual earnings.

Fast funding.

MINUS

High interest rates for low credit score borrowers

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Bottom line: it pays to read the fine print and take control of your credit score

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