Online lender “Lendly” provides small loans between $1,000 and $2,000 to borrowers. The best credit is not necessary for approval. Instead, your income and employment can make you eligible. Most Lendly borrowers set up automatic loan repayments that are deducted from their paychecks or bank accounts through ACH withdrawal. By doing this, you can establish credit and prevent missing payments.
If you require immediate financial assistance, Lendly might be a possibility; nevertheless, Lendly’s APRs are high, going far into the triple digits. If you’re interested in learning more, you can read our in-depth evaluation of Lendly’s loans. Read on for several alternatives, some with similar APRs and others with more affordable rates, if Lendly’s rates and terms aren’t suitable for you.
In this article, I will be discussing the top four companies for loans related to lendly. The following will be considered:
- Loans good for building credits
- Loans good for fast funding
- Loans good for competitive rates
- Loans good for larger loans
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- 1 Four top Loans related to Lendly
- 1.1 Loans good for building credits: Possible Finance
- 1.2 Loans good for fast funding: OppLoans
- 1.3 Loans good for competitive rates: LightStream
- 1.4 Join our Newsletter
- 1.5 Loans good for larger loans: Prosper
- 2 What to consider with loans like lendly
- 3 In conclusion
The followings are the top four loans that operate like Lendly
Loans good for building credits: Possible Finance
Possible Finance submits payments to Experian and TransUnion, two of the three major credit agencies, which is why it stands out. You might be able to establish or enhance your credit history if you take out a Possible loan and pay your bills on time. Here are facts about Possible Finance loans:
Small loan amounts
Consider applying for a small loan from Possible Finance if you require money to cover a minor emergency, such as a car repair or a relatively inexpensive medical bill. Its loans normally have a $500 cap, while other jurisdictions may have lower caps.
Lenient credit requirements
You may apply for a loan on the Possible main page with no minimum FICO score and have your application approved “in minutes.”
Even while Possible Finance positions itself as a substitute for payday loans, you should still prepare for triple-digit interest rates. Over the course of your loan, a high rate may end up costing you a lot of money.
Only 21 states are served by loans from Possible Finance.
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Loans good for fast funding: OppLoans
Why OppLoans stands out: OppLoans offers loans between $500 and $4,000. You won’t have to wait long to receive funds from OppLoans. Depending on how quickly your bank processes the deposit, if you’re approved for a loan before 8 p.m. Central time Monday through Thursday, you’ll probably receive the funds via ACH by the following business day.
Direct deposit requirements
Your company must pay you via direct deposit in order for you to obtain an OppLoans loan. OppLoans isn’t an option if you get paid in cash or with standard checks.
No impacts on credit scores
Your credit will not be impacted by applying because OppLoans uses alternative credit reports from Clarity Services, a division of Experian. Though it will disclose your payment history to them during the course of your loan, the lender does not take into account your consumer credit reports from the three main credit bureaus.
APRs are triple-digit rates. An OppLoans loan may be preferable to a payday loan if you’re attempting to improve your financial status, but it still has the potential to be detrimental if you don’t have a plan for repaying it.
Only online application
Online applications are required by OppLoans. There are no in-person or phone applications, so you’re out of luck if you don’t feel comfortable disclosing personal information online.
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Loans good for competitive rates: LightStream
LightStream is unique because of its competitive rates program, which can help you reduce interest costs. You might be given a rate from LightStream that is 0.10 percentage points less than the rate from the rival lender provided you satisfy the program’s requirements and have already received approval for a lower rate from another lender. Additionally, you might be eligible for a 0.5 percentage point autopay discount.
Flexible loan options
You may borrow anything between $5,000 and $100,000, depending on the loan’s purpose. A LightStream loan can be used to pay for a medical bill, home improvement work, some educational expenditures, or other charges.
Competitive maximum APR
The maximum APR for a LightStream loan, which is fixed in the lower double digits, is listed in the small print on the LightsStream main page. Comparing it to Lendly APRs and the other solutions on our list, it is fairly affordable. Notably, LightStream states that “good credit is required” for its “lowest pricing.”
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LightStream doesn’t offer prequalification, so you can’t examine your loan offers with a gentle credit inquiry before you apply. The lender will run a hard credit inquiry after you submit an application, which could temporarily reduce your credit scores.
Origination fees and late payment fees are not charged by LightStream. You may also pay off your loan early without incurring any penalties from the lender.
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Loans good for larger loans: Prosper
The reason Prosper is unique is that it provides peer-to-peer loans from $2,000 to $40,000. Consider a Prosper loan if your financial emergency will cost more than a few thousand dollars.
Minimum income requirement
Regardless of your income, you can be qualified for a Prosper loan. However, you must also fulfill additional requirements, such as having a minimum FICO® Score of 8 of 640, three or more open credit accounts, often known as “tradelines,” on your credit reports, and a debt-to-income ratio of less than 50%.
There are a number of fees associated with Prosper loans that could raise the cost of your loan. These expenses range in APR from 7.95 to 35.99 percent and include origination fees, late payment fees, and failed payment fees.
Interest rates are more competitive
The upper single to double digits indicate APRs.
Limited repayment terms
You only have a few alternatives for repayment terms. Either a three-year or a five-year term is available to you. If you want more flexibility, you’ll have to go elsewhere.
Watch the video below to learn about Lendly loans:
What to consider with loans like lendly
If you want to avoid a payday loan but need some extra money, loans like those offered by Lendly might make sense. But keep in mind that some of these lenders charge high-interest rates and fees, which you should take into account when calculating your overall expenses.
Additionally, you could not be eligible for some loans if you don’t live in a specific state, receive your pay by direct deposit, have a minimal credit score, or have more debt than is allowed. If you are not eligible, you may want to consider credit cards, loans from federal credit unions, or other installment loan choices as alternatives to loans like Lendly.
We examined ten loans that are similar to Lendly and took into account aspects including eligibility standards, fee schedules, interest rates, loan quantities, and credit-building opportunities. We also took a look at further perks and advantages. So, our top picks were Possible Finance, Opploans, LightStream, and Prosper. You can get more info from their platform.
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