How to Choose the Right Business Loan for Your Startup
Upstart has an excellent reputation for customer service and provides a wide range of resources to help customers. They’re available online, on social media and over the phone. Customers can also access their bank account online, and they have mobile apps to make it easy to manage their loan. However, some customers have reported issues with getting quoted high interest rates and having to submit paperwork several times before being approved.
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Prosper
Prosper is a top pick for
borrowers with fair credit who may be unable to qualify for a loan from a
traditional lender. This peer-to-peer personal loan company offers unsecured
loans with term lengths of up to five years and rates ranging from 3.99% to 62.99%.
Prosper also allows borrowers to add co-borrowers to their loan application,
which increases approval odds and potentially leads to lower interest rates.
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If you’re ready to apply for a
personal loan from Prosper, you can start the pre-qualification process on the
company’s website. It only requires some basic identifying information, and it
won’t impact your credit score at all. The company then matches borrowers with
lenders who are interested in funding their loans. Prosper uses a letter grade
system to rank its borrowers, with AA borrowers getting the best rates.
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During the application process,
Prosper will ask for proof of income (W-2 or pay stub) and other documentation
as necessary. It’s important to have these documents handy, as they can help
expedite the loan process. Like other top lenders on this list, Prosper will
contact your employer to verify your employment and salary, and it will require
a copy of your driver’s license.
The good news is that if you’re
approved, you’ll receive your money within about two weeks, as opposed to the
one to three days it can take with some other online lenders. Prosper does
charge a check payment fee of $5 or 5% of your monthly payment, and it can
impose late fees. If you prefer a faster, more streamlined application process
and higher borrowing limits than what Prosper has to offer, SoFi is the way to
go.
Discover
Discover offers personal loans
that have competitive minimum advertised APRs for borrowers with excellent
credit. It also offers a wide range of repayment terms and does not charge any
origination fees or prepayment penalties. Discover also offers a flexible
repayment schedule and allows you to change your payment due date twice per
year without incurring a late fee.
Discover’s online application
process is fast and easy, with no impact to your credit score. The lender asks
for basic information, including your employment, income and a Social Security
number. You can then provide details about what you want to use the loan for
and how much you’d like to borrow. The company will then determine whether you
qualify, and if so, will give you a rate estimate.
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