Borrowing money ranks high on most young adult’s lists of stressful situations. Often, for those who don’t have established credit (or bad credit) a loan in any amount isn’t possible, leading to more debt. There are a few lenders, however, that are changing their criteria to help those who need it most. Below are three personal loan providers that look at more than just a number.
Founded in 2012, LendUp saw that there was a need in the industry and wanted to do something about it. Working with individuals who have poor or no credit, LendUp not only addresses financial needs by providing loans, but also assists in repairing credit while educating the borrower. The company has provided over four million loans totaling over $1 billion, and prides itself on transparency; easily accessible customer service agents and no hidden fees.
The LendUp Ladder rewards borrowers in certain areas who consistently repay their loans on time. This allows the customer to apply for larger loans at lower rates. They also utilize lendup platter points, which allows the borrower to apply for a credit reporting loan with manageable payments.
Established in 2013, SkyCap Financial was founded to help Canadians with low or poor credit get the loans they need. Specializing in personal loans between $500 and $10,000, the company’s application process usually takes about five minutes, with funds deposited directly into the borrower’s account once a decision has been made. SkyCap Financial understands that people are more than just their bad credit decisions, and that’s why they look at several different factors when making a loan decision. Current income, stability and credibility are all a part of the eligibility process, and the company focuses heavily on a customer-first approach.
SkyCap Financial also provides SkyCap University to its customers – a free fiscal literary course designed to educate clients on financial matters. Regardless of which stage of life the customer is in, the program is fun and easy to understand. Credit, budgeting tips and retirement suggestions are all offered, and the program even provides a budget worksheet that can be downloaded and updated as finances change.
OppLoans is a personal loan lender that also attempts to help borrowers repair credit. They offer loans up to $4,000, with four years to repay. As with the other lenders, an easy application process and fast funding are two reasons why consumers choose OppLoans over a traditional bank. They have worked with over 100,000 borrowers to provide fast funds.
OppLoans offers educational courses through OppU and has an OppU Achievers Scholarship in the amount of $2,500 for college students who want to make a difference and select a scholarship recipient four times a year.