What is the first thing that comes in mind when you think about the personal loan and business loan? What exactly is it? Why do you need them? Does the personal loan have a higher interest rate than a business loan? You start thinking about these questions. How, as a borrower, you could use the personal loan for debt consolidation?
Therefore, today we will focus on two specific questions. The first one is the best personal loan for debt consolidation 2020, and the second question is, How do I get a small business loan without collateral in the USA? Knowing answers to these 2 questions will solve a lot of things for you.
First, If you have a debt issue, you will get to know how to resolve it second if you need investment for your business without any collateral. You have an alternative option. So, let’s check out these options one by one. After reading about both options, make a decision.
If you have debt, then you must be looking for ways to pay it. There are many ways of doing it, but those ways are complicated, entangled into a lot of paperwork and maybe setting a higher interest rate. As a borrower, you do not want it. So, what should you do?
Well, the modern ways are more manageable, offering a not so hard easy way out. Getting a credit card or taking out a personal loan would be a good idea. However, between a credit card and a personal loan, always go with the personal loan.
It is not because it is easy to do so; it is because the interest rate will be lower than that of credit card bills. Once you begin exploring a lender to get a personal loan, you will see many lenders offering it. But only of few of them are as good as they claim.
1. Marcus by Goldman Sachs
The Marcus by Goldman Sachs does not have any fees. There are no origination fees, as well as no late fees. It is one of the highly-rated debt consolidation personal loans in the USA financial market.
Ø The loan amount is offered from $35,00 to $40,000.
Ø The loan term is from 36 months to 72 months.
Ø The minimum credit score required is 660+.
Ø The fixed APR is from 6.99% to 19.99%.
Ø The loan is credited within 1 to 4 business days.
Advantages
Ø There is no fees
Ø The loan limit is quite large
Ø The application process is straightforward
Disadvantages
Ø It required a high credit score to apply
Ø The APR Could be lower.
2. Discover personal loan
Discover personal loans are famous for its flexible repayment tenure. It also offers a lower amount of credit to make it more accessible among the borrowers.
Ø The loan amount offered is from $2,500 to $35,000.
Ø The Fixed APR is from 6.99% to 24.99%.
Ø The loan term is from 36 months to 84 months.
Ø There is no origination fee. However, the late fee is $39.
Ø The recommended credit score is 680.
Ø The loan is credited within 1 to 7 business days.
Advantages
Ø The loan repayment tenure up to 7 years
Ø The lower amount to borrow
Disadvantages
Ø The higher the credit score
Ø The days it takes to receive the funds.
3. Payoff personal loan
The payoff is solely for debt consolidation purposes. They will even help you in putting up a plan to reduce the debts. The APR rate are low. It required a lower credit score to apply.
Ø The loan amount is offered from $5,000 to $40,000.
Ø The Fixed APR is from 5.99% to 24.99%.
Ø The loan term is from 24 months to 60 months.
Ø There is no late fee. However, the origination fee is from 0% to 5%.
Ø The required credit score is 640+.
Ø The loan amount is credited within 2 to 5 working days.
Advantages
Ø The lower APR is attractive.
Ø The specific debt payoff plan
Disadvantages
Ø A higher origination fees
Ø The minimum loan amount is low to offer
LightStream personal loan
Similar to payoff, LightStream offers one of the lowest APR rates. If you have a good credit score, it could go low to 3.49%. There is no fee as well as the loan tenure is also flexible.
Ø The loan amount is offered from $5,000 to $100,000.
Ø The fixed APR is from 5.95% to 19.99% with an autopay option.
Ø The loan term is from 24 months to 84 months.
Ø There is no fee( Origination or prepayment).
Ø The recommended credit score is 680+.
Ø The loan amount is credited with on the same business day of applying.
Advantages
Ø The low APR with an autopay option.
Ø The rate beat program
Ø The quick funding in the same day
Disadvantages
Ø The higher the credit score
Ø It offers a minimum of $5,000 for the loan
Ø There is no prequalification
So, as you can see, these are the best options for debt consolidation via using a personal loan. Now, we will move to the second question of our blog.
How you get a small business loan without collateral? It is an essential question if you are looking for money to start or expand your business. Rather than focusing on multiple lenders, you should lock on a few, who will offer the loan amount per your requirement.
So, to make things simple. We will tell you about some of the best online lenders who offer small business loans without collateral. Let’s check them out.
1. Kabbage
Kabbage offers a line of credit to those business owners who might have a lower credit score. Because of this, the interest rate could be higher.
Ø Kabbage offers business loans up to $250,000.
Ø The minimum credit score required is 560.
Ø The APR could range from 24% to 99%, depending upon the borrower's credit profile.
Ø The borrower must have a Paypal or online bank account to verify the details.
2. Fundbox
Fundbox is another lender who offers a line of credit. It is a perfect lender to fill your cash-flow gap. The qualifying process is more accessible than other lenders.
Ø The credit amount depends upon the borrower's credit profile.
Ø The APR is from 10.10% to 79.80%.
Ø The minimum credit score required is 500.
Ø The amount could be deposited into the borrower account the next day.
3. Ondeck
Whether you need to manage the cash flow, you need to buy inventory for your business, Ondeck is here to help you. It offers a quick line of credit for small businesses.
Ø The loan amount is offered up to $100,000.
Ø The APR could be from 13.99% to 63%.
Ø The minimum credit score required is 600.
Ø It requires less paperwork comparing to other lenders.
Ø It will require some kind of personal guarantee.
Ø The repayment has to be made weekly.
Ø The loan amount could be transferred within the same business day of applying.
4. BlueVine
If you need a business loan for a short term period, then you should choose BlueVine.
Ø The credit is offered up to $250,000.
Ø The APR ranges from 15.00% to 78.00%
Ø The loan term is from 6 months to 12 months.
Ø The minimum credit score required is 600.
Ø It is not available in Vermont, South or North Dakota.
So, these are the 4 lenders which you should check out for getting a small business loan. Lastly, you should choose a lender depending upon your requirements.
We hope to have given to answer to both questions, which were Best Personal Loans for Debt Consolidation 2020 and How Do I Get a Small Business Loan Without Collateral in the USA? If you still need help, do let us know. We would be delighted to help you.