What Types Of Lenders Offer Personal Loans With Rates Under 10%

Most lenders charge more than 10% interest rates for their loans but there are a few lenders that offer a cheap interest rate under 10%. lower interest rates means you will save more money on the repayment and repay back your loan faster. The following are the three top lenders that charger a less than 10% interest rates for their personal loans.

1. LendingClub
LendingClub offers personal loans at a low interest rate APR that starts from 6% with a maximum loan amount of $10,000. Most people get an interest rate that is under 10% at Lending Club which could help in saving thousands of dollars in the loan. The reason Lending club is able to offer such a low interest rate is because they are an online lender without any branch across the USA. The interest rate that LendingClub offers is a fixed rate which means that the interest rate will stay the same throughout the loan term even if you are late in making the repayment. You can check your interest rate after a soft inquiry that is harmless to your credit score. LendingClub is a peer to peer platform so the loan funds come from the investors in the USA.

2. LightStream
Lightstream is another lender that offers loan with excellent interest rate that starts from 6%. The loan amount that Lightstream offers is in between $5,000 – $100,000. They do not charge any fee and you can prepay without having to pay the prepayment penalty fee. The interest rate that you are assigned depends on what you are buying. You will be able to view the interest rate range for different purposes at the LightStream website. LightStream is great for people with a credit score above 720 and have at least 5 years of credit history. Joint application is allowed. To apply for Sofi, you simply complete an online loan application with the necessary information and it will return in a few minutes whether you get approved for the loan.

3. Americas Choice CU
Americas Choice, also known as student loan refinancing, offers fixed and variable rate loans. Americas Choice fixed rate loan offers an interest rate that range from 5.95% – 12.99%. Americas Choice variable rate loan offers an interest rate that range from 4.74% – 11.34%. You can enjoy an even lower interest rate if you participate in auto pay. The minimum loan amount is $5,000 while the maximum loan amount is $100,000. The loan duration is in between 3 – 7 years. Americas Choice does not charge origination and prepayment fees. However, they do charge a 4% fee. Americas Choice has strict requirements and you need to have a good job and income in order to get approved. Some of the requirements are stable employment history, good FICO score, strong cash flow, and employment offer of at least 90 days starting from the application date.

Understanding Loan and Finance Options Based On Your Present Debt

If you have debts piling up and cannot pay them off, you need to weigh your options. To start this process off you should tally up all your debts. Next you need to really think about how long you expect to have financial problems, will it be long term, or is this just a bump in the road that you can overcome with time and dedication? If you own property you need to figure out if it is covered by exemptions for any possible bankruptcy. lastly you should really research your states wage garnishment laws, as creditors may pursue this option.

The types of debt you have will affect what your options are, as well as what options your creditors have when it comes to you defaulting on your debts. Each type of debt has its own range of collections actions that creditors can pursue. Read on:

Government Debt & Restitution

This is the worst debt to have when it comes to debtor relief. Tax debt that is under 3 years old cannot be included on any bankruptcy. If you owe any government agency, they can attach wage garnishments on you, or even garnish your social security, all without every getting a lawsuit judgement placed. The government can even withhold your tax refunds. This type of debt offers no escape and no relief.

Student Loan Debt

Bankruptcy is never ever an option here. Student loan lenders have the option of pursuing wage garnishment. The only relief you can find is through government programs that help to reduce your monthly payments, and the few rare circumstances that may qualify you for student loan forgiveness. There is also the option to aim for a consolidation loan if you owe on multiple student loans.


Secured Debts
This type of debt is any debt that is secured, which includes debts like your mortgage, car loan, and auto title loans. Your creditors have special rights to take this property away should you default, namely the processes of foreclosure or repossession They can go after your car rather quickly, while going after your property can take a bit longer.

Unsecured Debts

This is the easiest debt to get rid of, and the most common form of debt. This debt includes most medical debt, credit card debt, merchant lines of credit, unsecured lines of credit, unsecured personal loans, and other unsecured loans. Creditors must file a lawsuit, seek a judgement, then after a time they can go for drastic collection actions such as wage garnishment or property liens.

Next you should look into your states exemption laws. Each state has laws with exempt assets from creditors. This is especially important if you are considering applying for bankruptcy, as these laws will protect your assets from being seized by the bankruptcy trustee. You must research this so that you know exactly what property, if any is at risk for collection, repossession or sales auction (in some states).

Next you need to learn your states garnishment laws. When can they garnish and what incomes can they touch. Certain forms of income such as SSDI, SSI and veterans benefits cannot be touched if directly deposited into your bank account. Other forms of income can always be sought after by collections, while other income you have may be protected either in whole or in part.

You now know what types of debts you have and what actions creditors may pursue. Now you only need to figure out a course of action to take, lets discuss your options.

Do nothing.
This is not advisable unless you are judgement proof, meaning that all of your debt is unsecured, any property you own is exempt under state law and any income you have is immune to garnishment. If any of the above does not hold true you could lose income and/or property.

Many creditors if told you are on the verge of being insolvent or filing for bankruptcy will be willing to discuss terms. Sometimes creditors will be willing to reduce and indeed sometimes even suspend payments until such time as you are back on your feet. Sometimes they will say no on the first time asking, but tend to say yes after you have fallen behind on one or more payments. Needless to say falling behind on payments does hurt your credit score.

Debt Consolidation

You can opt to roll all of your debts into one loan, provided that your credit is still somewhat intact, and you have reacted quickly to your deteriorating finances quickly enough to do so. Many people wait far to long to explore this option, then by the time they desire to take it their credit score is to low to get a loan. Many times you can score one loan with an overall lower interest rate.

This should be the last option to take. Your credit score will tank, and you can not file again for 8 years. There are 2 main bankruptcy options, chapter 7 where all debts are forgiven, and chapter 13 where debts are reduced and restructured. See our articles on this topic for an in depth look at bankruptcy.

Trying To Get Approved For A Holiday Loan Find More Information On Qualifying

No matter whether you are about to buy a new brake pad or plan to travel to see your sick relative, a certain amount of money can solve your problem really fast. Everyone at some point in their life probably needs a short term loan. When most people hear about short term lending one term comes to most peoples minds right away: “payday lending“. Not all short term lending options are payday loans however. A growing number of traditional lending options are open for those who need a short term cash infusion.

Short term loans that you repay over months versus weeks at 300% or more APR is a much better option for most of us. These loans are installment loans which means that you pay down the principle with each and every payment, while with a payday loan most of what you pay is interest. If you need money quickly but do not want to go through the pain of a payday loan you can opt for a short term installment loan.

Online is an easy place to find such loans. With these online lenders you can apply in as little as 5 to 10 minutes and if approved you could see your funds transferred to you in as little as one business day! Funds are transferred directly to your bank via ACH.

To qualify for these types of loans you need to meet these requirements typically:

Be a U.S. citizen.
Be at least 21 years of page.
Have a checking account with direct deposit set up.
Have held your job for at least 6 months, able to prove that you are currently employed.
Earn at least $1,000 monthly.

Do you have bad credit? No credit? There are options for you as well. You are not blocked from a short term installment loan, not by far. Peer to peer lending for example has traditionally been very forgiving for people with bad credit, but you will pay more interest than someone with good credit will. Also you will find that the fees for taking out the loan on top of the interest charged on the loan will be relatively high compared to regular secured loans, but they do not need to be as high as payday loans however. This is due largely to the fact that people with poor credit histories carry a much higher risk than lending money to people with secure incomes and good credit.

When choosing a loan provider online do be careful. Online is filled with thousands of these lenders, and many of them are scams are have hidden catches or exorbitant interest rates. Many of the sites you will go to are not in fact lending companies but rather they are loan brokers. Every time you fill out an application on a loan brokers website your credit score will take a dip as they will pull your credit. If you are going to apply for a short term installment loan do make sure that the website you are applying at is the direct lender and not a broker. You will also pay more for any loan through a broker because the lender has to pay the broker and the lender will make up for that loss by charging you more. When applying for a loan always deal directly with the end lender.

Short Term Lenders Make Applying For A Loan On Mobile Phones Easier

Technology is moving fast and waiting for no one. The amount of things that you can see, do, and experience with a mobile or smart phone is astounding. This includes doing your banking online. To stay ahead in this quickly changing world, short-term lenders are reaching out to raise their bottom line by offering their short-term loan services right from your mobile telephone.

Being able to do your financial banking with your mobile phone is a priceless comfort. People are so busy in their daily lives that often the time is not available to meet in person with a banker to discuss loan terms, wait for approval, and then have to go to the institution to finalize the deal. When you apply for a quick loan, the approval and payout is normally expedited to within hours of your application online. This application is extremely helpful for those who work past the set hours of banking institutions or those with no or bad credit.

The requirements for this type of loan vary by lender; however, under regular circumstances these loans carry few requirements. These normally involve such things as:

Employed for 90 days
Minimum monthly wage
US citizen
Over 18 years old
Checking account
Telephone numbers for home and work
Email address

The fees involved in this type of quick loan vary by lender. Normal lending practices charge a late fee for payments that are not received by the due date. The amounts vary, and areregulated by each individual state or lender. It is wise to investigate the fees and fines involved in the loan before securing the cash. In most cases, the payment is pre-arranged to be taken automatically out of the borrower’s checking account on the due date agreed upon in the loan specifications.

Comparative Pricing

These loan companies are in direct competition for consumer business, and often offer specials and lower rates to stay ahead of their competition. Checking into a couple of different loan agencies and re-payment plans may save you some money on your payments, offer a different time allowance for payback, or any other factor that is important to you.

When you need fast cash, securing an online short-term loan may be the answer for you. Lenders who have made it possible to apply for, and receive short-term loans using a mobile phone offer this service. When the need for a helping hand arises, the convenience and simplicity of getting a short-term loan is now available right through your mobile phone regardless of where you are.

What Big Banks Are Entering Into The Short Term Loan Markets

Big Banks Now Offering Short Term Loans

Several large banks have begun to offer loans similar to those offered by payday lenders. Payday loans are relatively small advances that are paid when the borrower’s next paycheck is received. These loans are often accompanied by inflated fees. Consumer advocates criticized the loans, saying, compared to other credit products such as credit cards, they are extremely expensive. They state that the exorbitant fees can often drive borrowers into deeper debt by creating a borrowing cycle they can’t escape. The banks claim the loans are intended to be used as short-term, emergency cash, not a long-term way of managing money.

Previous concern has been expressed about loans offered by storefront payday lenders, some of whom charge fees that translate into annual interest rates over 400 percent. Recently, however, banks such as Wells Fargo, U.S. Bank and Regions have also begun to offer these types of loans to customers that have funds direct deposited into their checking accounts. As new regulations demanding stricter enrollment criteria for overdraft programs and limiting fees on debit-card swipes have been introduced, they and others have begun to search for ways to replace lost revenue.

U.S. Bank of Minneapolis offers a loan of up to $500 for as long as 35 days through Checking Account Advance. The fee is $2.00 per $20.00 borrowed. Wells Fargo also provides loans up to $500 and charges $7.50 for every$100.00 borrowed. Customers may access up to six consecutive loans. However, if after those six loans, the borrower is unable to bring their account into the black, no further cash advances are allowed until the debt is paid in full. Wells Fargo doesn’t offer short term loans in 14 states, some of which have banned payday lending. Regions bank limits loans to customers who have had an account with the bank for at least a year. It also has a “cooling off” period after six consecutive loans if the customer maxes out their credit.

Further scrutiny of the loans came about when the North Carolina Attorney General requested Regions Bank to provide evidence that the loans did not violate the state’s interest caps. In addition, a lawsuit has been filed against Fifth Third Bank by customers who claim that Fifth Third’s payday-like product violates state interest- rate caps and the federal Truth in Lending Act. They also state that the high cost of the loan is completely unwarranted since the bank has the ability to withdraw from the customer’s direct deposit the risk of nonpayment is low.

More consumers are finding it difficult to get loans, credit cards and lines of credit. These short-term loans are replacing other forms of credit. The Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency have recommended specific guidelines that should be followed regarding the short-term loans. The OCC states that they encourage banks to respond to their customers’ short term credit needs but that they should be aware that these loan products may pose a number of safety and soundness, compliance, consumer protection and other risks.

Keeping Your Interest Rates Low by Avoiding Late Payments

Keep the lowest rates with your credit cards by avoiding late payments is a rule of thumb for anyone who has a credit card. Having a low interest rate can save you hundreds, maybe thousands, of dollars each year in interest on a single credit card. Multiply that by the number of credit cards you own and the saving can be significant.

Your first priority is to figure out why, the problem of late payments should be addressed. Many credit card companies charge a late payment fee to your account each time a monthly payment is late. That fee may not appear on your online account immediately. Instead, the company will add the charge at the end of the month and decrease your available credit line by the late fee amount. That results in you paying interest on money that you really have not spent. Another negative about paying late is the effect it has on your credit history. By reviewing the details of your credit report you will see that your payment history is kept on file for many months. Potential lenders will see the history of your late payments and hesitate to extend you credit in the future.

Determining the problem is one issue, but what are the solutions you can use without twisting yourself into a pretzel? Making a plan is the best way, but it must be a plan that you can live with.

First, look at the dates when you get paid or receive a monthly check. Prioritize your bills, paying the rent/mortgage first, then food, etc. If you are living paycheck to paycheck, find a payday where you will have enough money to pay all your credit card bills at the same time. The due date does not matter. If you pay the bills early, the problem of late payment is solved.

If there is no single payday that you can pay all your credit card bills, look to see if there are two paydays that combined will allow you to pay off your credit card bills. Use the first payday to pay off the closest due dates, the second payday to finish paying what is left. Remember, making the monthly payments early is not the Issue.

You can contact your credit card companies and arrange to change the due dates on your monthly bills and they are usually happy to make the change. Before you take this step, be sure to review your finances and be certain to take care of your essential living expenses.

If you are caught in a position where you will have to make a late payment, first call the credit card company and see if they will grant you a one-time exemption from the late payment fee. But do not wait until the last minute to do this. You are showing that you are financially responsible by taking this step, and it will be noted in their records.

Keeping our interest rates low by avoiding late payments is a matter of having the right approach and plan. The long-term benefits of a plan will show up in less money spent on fees and interest, and more money in your bank account.