How to apply for LendingPoint Personal Loan
LendingPoint personal loans offer a reliable and straightforward financing choice for individuals with less than stellar credit scores.
Receiving a Personal Loan? Essential Information for Applying with this Lender
If you have fair credit, Lend Stoan is an online lender specializing in unsecured personal loans ranging from $2,000 to $36,500. Based in Georgia, this lender offers loans with annual percentage rates (APRs) between 7.99% and 35.99%, with terms spanning two to six years, except in West Virginia and Nevada.
Once approved and all necessary documents are received, funds may be available as soon as the next working day.
Lend Stoan is ideal if you need a loan of up to $36,500 and have a minimum credit score of 580. Moreover, their use of a soft inquiry means that a credit check won’t impact your credit score. Additionally, having a higher credit score increases your chances of approval and securing a lower APR. Even with modest annual income, you may still benefit from their $20,000 gross income threshold. The lender is also beneficial if you wish to pay off your loan early without penalties.
Continue reading to learn more about Lend Stoan and decide if you want to apply.
Terms and Rates of a Lend Stoan Personal Loan
Lend Stoan offers APR rates ranging from 7.99% to 35.99% on their personal loans.
Origination fees vary from 0% to 7%, and this fee will be deducted from the loan proceeds.
This lender does not impose late fees or prepayment fees, allowing you to pay off your loan early without additional costs.
Eligibility for a Lend Stoan Personal Loan
To qualify for a personal loan from Lend Stoan, you must meet the following requirements:
- Be at least 18 years old.
- Provide a government-issued photo ID.
- Have a valid Social Security number.
- Reside in a supported U.S. state or Washington, D.C., with a bank account in your name (West Virginia and Nevada residents are ineligible).
- Have an open bank account that can receive payments via ACH.
A credit score of at least 580 is required to qualify for a Lend Stoan personal loan. However, applicants with scores between 670 and 850 typically secure the best deals. Additionally, you need a minimum annual income of $20,000 from a job, retirement, or other sources, as well as a valid personal bank account in your name. Lend Stoan does not accept co-applicants or cosigners, but applying with a cosigner may improve approval chances or result in a lower interest rate.
How to Apply for a Lend Stoan Personal Loan
Start by visiting the Lend Stoan website and indicating the purpose and loan amount.
On the application page, provide your name, address, date of birth, and income information. While this step does not involve a hard credit check, you will need to enter the last four digits of your Social Security number.
You will then be presented with up to 12 loan offers, allowing you to choose the loan amount and repayment term that suit you best.
Once you have selected a loan offer, proceed with the formal application process. Additional documentation, such as W-2s, pay stubs, and bank statements, may be required for verification.
A thorough credit check will be conducted during the application, which may temporarily lower your credit score. Timely loan payments can improve your credit score over time.
Manage your loan payments by setting up automated installments and monitoring your spending.
Lend Stoan Personal Loan vs. First Midwest Bank Personal Loan
If you have an excellent credit score, few lenders can match the benefits of a First Midwest Bank Personal Loan. However, if you have fair credit, Lend Stoan may be a better option.
Benefits of a Lend Stoan Personal Loan
- Pre-qualification with a soft credit check.
- Fast financing process.
- Convenient smartphone application for managing loan payments.
- Option to change your payment date.
- Free access to credit scores.
Benefits of a First Midwest Bank Personal Loan
- A+ rating from BBB.
- No prepayment or late fees.
- Soft credit checks.
- Quick one-day funding process.
- Availability of joint loans.
How to Apply for a First Midwest Bank Personal Loan
Keep reading to find out how you can apply for a First Midwest Bank Personal Loan right away!
