Websites are a different option than borrowing money from a bank or a more traditional online lender. Each website determines the rates and terms and facilitates the transaction.They lend money for a variety of reasons and have varying minimum and maximum loan amounts. The best sites have a simple application process and emphasize their borrower qualifications right away.Here are a few of the best sites for money lending. Click here to become good at money lending in toa payoh.
Rates as low as 5.99 percent are available to applicants with excellent credit, but the maximum loan amount is only $25,000. Origination fees range from 1% to 5% of the loan amount. Late fees are $15 or 5% of the amount owed, whichever is greater. There is a $15 fee per payment if you pay by check rather than direct debit from your bank. Failed payments incur a $15 fee per attempted draught. Peerform does not impose any prepayment penalties.
As Upstart takes into account more than just your credit score, it is ideal for borrowers with a limited credit history. Upstart was created by a group of Google employees in the year 2012 who started it over 7.8 billion dollars in consumer loans. With the slogan “You are more than your credit score,” the company claims that its underwriting software can help identify the future prime borrowers based on education and employment history.
Prosper was the first peer-to-peer lending marketplace in the United States, founded in 2005.Since then, the company has helped more than $770,000 borrowers obtain financing.Borrowing amounts of up to $40,000 are available to qualified applicants, with interest rates starting as low as 7.95 percent.Your debt-to-income ratio must be less than 50%, and some of your stated income must be greater than $0.
- Funding Circle:
Funding Circle was founded in 2010 and currently has 100,000 investors. The company has assisted 90,000 small businesses in obtaining funding to help them achieve their objectives. Origination fees range from 3.49 percent to 6.99 percent. Late payment penalties are 5% of the missed payment and are assessed after 10 days. You must have been in business for more than three years and have had no bankruptcy filings within the last seven years. Nevada-based businesses are not eligible.
Therefore, these are the best sites that one can use as money lending options after reviewing all the formalities and pre-requisites.