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How to Secure A Personal Loan with SmarterLoan

Do you need to consolidate your debt, take a vacation or remodel your home? You’re among the many people in North America who rely on credit. Whether it is for a personal or commercial reason, almost everyone at one point needs access to a loan of some kind. Smarterloan.com can help you secure a loan of up to $10,000.

Eligibility Requirements

There are several requirements a prospective borrower must meet to be able to request a personal loan from SmarterLoan. They include:

  • You must be at least eighteen years
  • Earn a steady minimum monthly income of at least $1,000 after taxes
  • Be a citizen of the U.S. or a permanent resident
  • Be in a position to provide work and home phone numbers and a valid email address
  • Own a checking account registered in your name

Once you submit your loan request, SmarterLoan will search their network and try to connect you with one of their partners.

Why SmarterLoan?

With many businesses advertising options for cash, why choose SmarterLoan? SmarterLoan is one of America’s most trusted resources for cash loans. It makes use of a vast network of reliable lenders from which customers can submit a request for a personal loan. Additionally, SmarterLoan offers a secure, fast and convenient service to help you find a personal loan that can work for you.

Safe and Secure

If you are getting a personal or business loan, you need to deal with a reputable company with an established track record. SmarterLoan prides itself on providing customers with a fast, safe, reliable and simple loan process. They’re dedicated to protecting the privacy of borrowers who seek loans or request assistance online. You can rest assured knowing your vital data is protected.

Fast and Convenient

SmarterLoan allows you to submit a request for a personal loan online. Once a lender approves your loan, you can receive your funds as early as the next business day. Have your banking account and personal information on hand before starting your request to complete the process faster.

Custom Educational Resources

SmarterLoan goes beyond connecting you with personal loan lenders. They partner with you and provide on their site valuable educational resources that can help you make an informed decision about personal loans.

Compare Options in One Place

One of the great things about SmarterLoan is that you can easily compare different companies and their products. Read reviews from past customers or share own experience with other site users. Compare loan types, terms, qualification requirements, interest rates and more.

Nonpayment Consequences

SmarterLoan works only with personal loan lenders who provide customers detailed information on terms and conditions before accepting the loan offer. Ideally, you should read and understand the terms of any loan offer presented to you.

The Bottomline

SmarterLoan offers a great new way for Americans to discover the best loan and financing options in the country. The business does a fantastic job connecting people looking for financing with reputable companies. If you are looking for any kind of loan in the U.S, consider smarterloan.com to make the best, educated decision.

 

Jeff Mwaura No Comments

Creditspring Review

Two former bankers – Neil Kadagathur and Aravind Chandrasekaran – founded London-based Creditspring in September 2018. Creditspring is a trading name of Inclusive Finance Limited and is a direct lender authorised and regulated by the Financial Conduct Authority (FCA).

Creditspring is an innovative short-term lender that offers customers a new way to deal with unexpected expenses. In return for a fixed monthly membership fee, you can borrow as much as £1,000 a year. The company’s aim is to provide consumers easy access to credit in a safe, simple, and cheaper way.

Monetisation Strategy

Creditspring generates revenues mainly from the membership fees. The costs of Creditspring Core is £6 per month while Creditspring Plus is £8 per month. There’s also a secondary revenue generator from the company’s Financial Stability Portal.

In return, you can borrow £250 or £500 on two separate occasions throughout the year at 0% interest. You only pay back what you borrow plus the monthly fee. This removes the risk of your debt spiraling because of massive interest charges.

Who Is Eligible For Creditspring?

Creditspring is limited to people who have an annual income of at least £20,000. Plus you have to be a member for 14 days before you can draw your first advance. You’ll also be subject to credit and affordability checks. The 14-day waiting period allows you to use your advances as a back-up plan for future emergencies.

The firm insists that you will never pay more than £96 over any 12 months period. But if you opt not to take out any loans, you will still pay the full membership fee of £72 per annum. The clarity offered by Creditspring is a big plus, knowing that you won’t have to pay any interest, as well as your expected repayments.

Pros and Cons of a Creditspring membership

Pros

  • The monthly fee should be comfortably manageable for most people.
  • Creditspring membership can offer you a fair degree of peace of mind.
  • You won’t lose time searching for and applying for credit when a financial emergency strikes.
  • A rise in credit score from the membership subs and the loan repayments allows you access better interest rates in the future.
  • The loans are likely to be cheaper than a similar high-cost short term loan.

Cons

  • The minimum income requirement of £20,000 p.a. may put the service out of reach of some who might benefit most.
  • The 14 days waiting period may not be an option if you need money fast.
  • If you end up not needing to borrow, you’ll still lose the membership fees.
  • Your credit score will suffer if you pay your monthly membership fee late.

The Bottom Line

Innovative lenders such as Creditspring offer an alternative to payday-style urgent loans. Although interest is 0%, the cost of credit is covered in the membership fee.

If you take out short term loans on a semi-regular manner and meet Creditspring’s eligibility criteria, then this is a viable facility. But if you don’t take out a loan during the year, then you’ve effectively paid an interest rate of infinity percent.

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Mintos Marketplace Review

Mintos is a Latvian P2P marketplace for investors that links different lending companies with investors and borrowers. According to AltFi Data, it currently leads the continental Europe marketplace with a 38% market share. Launched in 2015, the platform serves over 60 loan originators and more than 146,000 investors from 70 countries. Mintos offers an accessible and transparent option to the traditional banking system. In 2017, Mintos reached profitability with EUR 2.1 million in revenue and EUR 196,000 as net profit.

How it Works

Both retail and institutional investors can invest in fractions of loans from across various loan types and continents. Mintos connects loan originators to the marketplace and offers instant access to investors looking to buy loans

Opportunities for investment include personal unsecured loans, mortgage loans, invoices, secured car loans, and small business loans. Many of the marketplace loans are secured. This means the borrower has to attach an asset with their loan application. In case the borrower defaults, the loan originator can engage to sell the asset and redistribute the money to investors. This lowers any potential loss in case of a default.

Buyback Guarantee

Mintos buyback guarantee is usually with secured loans. This is a promise from the loan originator that they will intervene and refund you back the invested principal plus interest earned. This is inclusive of the 60 overdue days a borrower fails to make repayments. Though this method is not risk-free, it transfers the risk from the borrower to the loan originator.

Campaign Rewards

Mintos introduced campaign rewards in 2018. This allows you to get cashback when you invest in loans from a certain loan originator. In some cases, the loans may even be repurchased if the loan agreements change. In such a scenario, you’ll receive your invested principal plus earned interest which you can withdraw or invest in new cashback loans.

Mintos Auto-Invest

Auto-invest is a Minto tool that automatically completes your investment of choice strategy. Once you choose your investment criteria, Auto-invest will invest in suitable loans on your behalf. Auto-invest is accessible anytime and you can follow your portfolio activity in real-time. The tool is efficient as it saves time spent on investment matters. You can even access newly placed loans in the system before manually-made investments.

Auto-invest has three investment strategies

  • Primary market with a 14% interest rate and buyback guarantee within any duration.
  • Primary market which features a buyback guarantee, 13% interest rate, and a 12 months duration.
  • Secondary market which features loans with buyback guarantee, 14% interest rate and a 60 months duration.

As a new originator, you need to choose and fine-tune your strategy when there’re new campaigns or when interest rates change. Failure to adapt may lead to cash drag when no loans fit your benchmark. If you set your benchmark low, you can even miss on higher-interest loans.

The main advantage of Mintos is the variety of options to diversify your investments. But you must exercise caution as it could also be another fraud. This is partly due to the many loan originators and options making it difficult for new investors to choose the best investments. Despite some doubts, the generous buyback campaigns offer Mintos a trusted P2P platform with a long working history and various diversification options.