CreditCube Blog

What is Lendly?

Lendly is a lender known for offering personal loans to individuals with a variety of credit profiles. It focuses on providing loans with simple terms and quick approval processes, and can be especially useful for those who need money in a hurry.

Highlights of Lendly:

• Loan amount: Usually $1,000 to $5,000.
• APR: Credit eligibility varies with state law.
• Terms: Generally from 6 to 36 months.
• Credit search: Lendly takes into account more than just credit scores, making it accessible to a wider audience.

While Lendly is a cumbersome option for many borrowers, searching for other lenders can help you find better rates, flexible terms, or other benefits. Let’s take a closer look at Lendly’s five options, each offering unique features that could suit your financial needs.

Upstart

Upstart is an online lending platform that uses artificial intelligence to assess loan applications and determine creditworthiness. By analyzing factors such as education, employment history and income, Upstart aims to provide fair and convenient loans to a wide range of borrowers.

Features:

• Loan range: $1,000 to $50,000.
• APR: 6.7% to 35.99%.
• Payback period: 3 to 5 years.
• Credit search: Upstart considers a wide range of factors, making it accessible to individuals with different credit profiles.

Pros:

• AI-driven approvals: Upstart's use of AI technology allows for more nuanced credit checks, and can help those with limited credit histories
• Competitive Benefits: Upstart offers competitive interest rates, especially for borrowers with challenging financial situations.
• Express funding: Funding is usually received within one business day from approval.

Cons:

• Higher APRs for some: Borrowers with lower credit scores may still get higher APRs.
• Origination fees: Upstart charges origination fees, which can affect the overall cost of the loan.

Who should consider Upstart?

Upstart is ideal for borrowers who have challenging financial situations or limited credit history and are looking for a personal loan with competitive rates and quick financing. The technology it uses innovatively can provide a more convenient borrowing experience.

SoFi

SoFi is a well-established online lender offering a range of financial products, including personal loans, student loan refinancing and mortgage loans Known for its competitive pricing and membership benefits, SoFi is a popular destination for lenders seeking easy and affordable credit.

Features:

• Loan range: $5,000 to $100,000.
• APR: 7.99% to 23.43%.
• Payback period: 2 to 7 years.
• Loan Requirements: SoFi primarily targets borrowers with good to excellent credit.

Pros:

• No Fees: SoFi does not charge origination fees, prepayment penalties, or late fees.
• Simple information: SoFi offers a variety of payment options, allowing borrowers to choose a plan that best fits their budget.
• Member Benefits: SoFi offers additional benefits to its members, such as budgets and internships.

Cons:

• Higher Credit Requirements: SoFi loans are generally available to borrowers with good to excellent credit, which may exclude those with lower credit scores
• Increased Minimum Loan Rates: Minimum loan rates compared to some other lenders may not be ideal for those seeking a small loan.

Who should consider SoFi?

SoFi Excellent is a good choice for borrowers with good credit who are looking for personal loans with competitive rates and additional member benefits. Its free plan and flexible terms make it an attractive option for those in need of credit.

Prosper

Prosper is a peer-to-peer lending platform that connects borrowers with private investors. Bypassing traditional banks, Prosper offers a unique approach to personal loans, offering borrowers competitive rates and a flexible application process

Features:

• Loan range: $2,000 to $40,000.
• APR: 7.95% to 35.99%.
• Payback period: 3 or 5 years.
• Credit requirements: Prosper considers a variety of credit profiles, but may offer higher rates for those with lower credit scores.

Pros:

• Peer-to-peer model: The peer-to-peer model can offer more competitive pricing and terms compared to traditional lenders.
• Transparent charges: Prosper provides clear information about fees and charges, helping borrowers understand the overall cost of borrowing.
• Quick Application: The online application process is simple and effective.

Cons:

• Higher APRs for some: Borrowers with low credit scores may face higher APRs.
• Origination Fee: Prosper charges an origination fee that varies depending on the size of the loan and the terms of the loan.

Who should consider Prosper?

Prosper is suitable for borrowers seeking affordable personal loans through peer-to-peer lending programs. Its transparent fee structure and fast application process make it an attractive option for many.

Avant

Avant is an online lender specializing in personal loans for individuals with a variety of credit profiles. Known for its quick approval and flexible loan process, Avant aims to provide accessible financing solutions for those who do not qualify for traditional loans.

Features:

• Loan range: $2,000 to $35,000.
• APR: 9.95% to 35.99%.
• Payback period: 24 to 60 months.
• Credit Requirements: Avant considers borrowers with credit scores as low as 580.

Pros:

• Simple terms: Avant offers a variety of payment options, allowing borrowers to choose a plan that fits their budget.
• Express funding: Funding can be done as soon as the next business day.
• Credit criteria included: Avant is accessible to borrowers with low credit scores, making it a viable option for those with less active credit

Cons:

• Higher APRs for some: Borrowers with low credit scores may face higher APRs.
• Origination fees: Avant charges an origination fee which may affect the total cost of the loan.

Who should consider Avant?

Avant is a great option for individuals with adequate credit who need a personal loan with flexible terms and fast financing options. Its inclusive lending standards make it accessible to a wide range of borrowers.

CreditCube

CreditCube is an online lender offering personal loans designed to meet a variety of financial needs. Known for its flexibility and speed of approval, CreditCube offers a convenient option for borrowers seeking quick and convenient financing solutions

Features:

• Loan range: $100 to $5,000.
• APR: Loan availability varies by state law.
• Repayment Terms: Adjusts depending on the loan amount and the borrower’s financial condition.
• Faster approvals: CreditCube offers faster approvals, and funds can usually be available within one business day.

Pros:

• Inclusive lending: CreditCube is accessible to those with low credit, making it easier for many borrowers to qualify.
• Quick Funding: Borrowers can access their funds quickly, making CreditCube ideal for immediate financial needs.
• Flexible payment options: CreditCube offers flexible payment options, allowing borrowers to choose a plan that suits their budget.

Cons:

• Higher interest rates: Because many lenders target poor borrowers, interest rates can be higher than those offered by traditional lenders
• Limited credit: Maximum loan amounts may be less than some borrowers need for larger debts.

Why Should You Choose CreditCube?

CreditCube stands out as a reliable alternative to Lendly for several reasons. Its inclusive lending platform makes it easy for a wide range of borrowers, especially those who may have difficulty securing credit through traditional channels CreditCube's quick and easy application process ensures you can access finance that you need quickly, often without the hassle associated with traditional loans.

Additionally, CreditCube’s flexible repayment terms allow you to customize your loan to suit your financial situation, helping you manage your payments more effectively. This flexibility, coupled with CreditCube’s commitment to customer service, makes it a reliable choice for those looking for a lender that truly cares about their financial well-being.