Payday lending services are a legal entity that has the right to carry out payday activities under the terms set by law. A microfinance organization can provide payday loans of up to $1,000, as well as long-term loans of up to $5,000.
What distinguishes a payday lending service from a bank?
- Simplicity – loan processing is less formalized than in a bank.
- Speed of loan processing.
- Accessibility – MFIs often work where there are no bank branches.
- For the borrower – high interest on the loan.
- For the investor – the safety of funds is not guaranteed by the state.
|Lender||Fixed rates||Loan amounts||Min. credit score||Best suited for|
|Avant||9.95% – 35.99% APR||$2,000 to $35,000||550||Borrowers with poor credit rating|
|Axos Bank||6.79% – 17.99% APR||$10,000 to $50,000||700||Borrowers with perfect credit score|
|Best Egg||4.99% – 35.99% APR||$2,000 to $50,000||600||Borrowers with median credit score|
|Discover Personal Loans||5.99% – 24.99% APR||$2,500 to $35,000||660||Long repayment terms|
|Freedom Plus||7.99% – 29.99% APR||$10,000 to $50,000||Not disclosed by lender||Consolidating high-interest debt|
|Lending Club||7.04% – 35.89% APR||$1,000 to $40,000||600||Need a cosigner|
|Lending Point||9.99% – 35.99% APR||$2,000 to $36,500||580||Borrowers with near-prime credit|
|Light Stream||3.49% – 19.99% APR||$5,000 to $100,000||660||Large loan amounts|
|Marcus by Golden Sachs||6.99% – 19.99% APR||$3,500 to $40,000||660||Budget-friendly repayment options|
|One Main Financial||18.0% – 35.99% APR||$1,500 to $20,000||None||Borrowers with below-average credit|
|PayOff||5.99% – 24.99% APR||$5,000 to $40,000||600||Consolidating credit card debt|
|ProSper||6.95% – 35.99% APR||$2,000 to $40,000||640||Home improvement loans|
|SoFi||6.99% – 21.78% APR||$5,000 to $100,000||Does not disclose||Borrower perks|
|Universal Credit||8.93% – 35.93% APR||$1,000 to $50,000||560||Borrowers with the desire to biuld their credit|
|Upgrade||5.94% – 35.97% APR||$1,000 to $50,000||560||Fast loan funding|
|Upstart||4.37% – 35.99% APR||$1,000 to $50,000||580||Borrowers with little to no credit history|
Why payday lending services are popular among borrowers?
Advantages of lending options offered are:
- simplicity. The user does not have to spend time collecting a package of documents, everything necessary for issuing a loan is always at hand.
- convenience. You can send a request for a payday loan Connecticut from home. To do this, you need a computer or gadget with access to the Internet.
- efficiency. Most payday loan agencies consider user requests within a few minutes and within half an hour after sending the form to the borrower, funds are transferred to the bank account.
- availability. A payday loan can be transferred to the borrower in any way convenient for the client. This can be a bank transfer, a transfer through any online payment system, cash withdrawal at the company’s office or withdrawal at the nearest terminal. One of the simplest and most convenient ways to get a loan is to transfer online to a bank card.
Category: Online Loans
Tags: Connecticut, finance, online lenders, payday loans