Holidays – a time of freedom, happiness. We want to travel, stay at home and rest or simply buy something which can make us happy. But usually it is not cheap and we need extra cash to make our dreams come true. What can we do to feel secure and yet don’t have to worry about interest rates, installments and troubles connected with borrowing money? The best option is to find a lender that can be trusted and offers a lot more than others. The Internet is full of information about social lending firms and numerous banks, but how to choose the best one?
Now, as the holidays have just begun, there is a need to propose a top 3 list of loans for the holiday season.
1. Lending Club
There is a good reason for choosing loans offered by Lending Club. Everything can be done via Internet. Online formalities are easy to fulfill, there are only few steps to go through to see if we are qualified to get a loan or not. We can check our rate, which is a noncommittal process that won’t affect our credit score. The rates start at approximately 6.78 percent. What is more, there are no hidden payments, penalties etc. Generally it takes one week to complete your application and receive a decision from the lender. The longest waiting period can last about 45 days but this is very rare. The best way to get a loan is to visit the Lending Club’s page and follow the instruction step by step – the great advantage of these instructions is that they are written in an accessible language, that makes them sound clear. We also get individual “to-do-list” that may help us to keep up with each task we have to complete. Lending Club allows its clients to check their status and progress on their loan at any time. It is possible to borrow the minimum of $1,000, which is a good option for people who need only just a little extra help.
Another personal loan firm that offers a lot. The interest rate is might be considered low – it is about 6.59 percent. You can borrow $2,000 or more. The rates and fees depend on the amount of money that you borrow. You can use your money to refresh your apartment, buy a new car, start your own business etc. The ways of using the money are pretty much unlimited. What is very important – there is only one monthly payment. You can check your rate and that won’t affect your credit score. Forms are completed online and all information you share are confidential. You get a fixed term which you can choose – there is a possibility of choosing a loan for 3 or 5 years. If you qualify, you get your money via direct deposit. The progress on your loan can be checked via Verification Stage system. To be able to check your financial status, you can use an app called Prosper Daily – it allows you to keep track of your expenses and credit cards. If you have questions or doubts you can use Help Center in which there is a list of Frequently Asked Questions.
3. Bank loans
You can also choose between numerous banks that offer loans with interest rates that begin at about 4,9 percent but only if you can secure the loan with some kind of asset. The regular interest rate might be higher than 10 percent, and that is a big disadvantage. On the other hand, you may have a bigger autonomy – loan might be secured or unsecured, you can do a research and pick the offer that suits your needs. The tricky part is that you have stay cautious about additional fees or penalties. There might be a need to leave your home to fulfill the formalities. Looking for a good bank loans offer might be difficult and some may claim that it is better to choose a social lending firm.
The choice is very important but no matter what you choose, you have to remember to always read every contract you sign and to check your company before you do it. Do a research, specify your aims and be sure about your decisions. You can gain more insight by consulting your friends or family. If you have any doubts, use tools that are available on your lender’s web page and simplify the procedure, ask questions to avoid penalties and paying too much. After all, holidays should be time to rest, not to worry about your finances.