A loan agency is a company that provides personal loans to individuals or businesses for various purposes, such as debt consolidation, home improvement, medical expenses, education, or emergency needs. Personal loans are typically unsecured, meaning they do not require collateral, and have fixed interest rates and repayment terms. Loan agencies can operate online or through physical locations, and may offer different types of loans, such as payday loans, cash advances, lines of credit, or peer-to-peer lending.
Some of the factors that borrowers should consider when choosing a loan agency are:
- The interest rate and fees: The interest rate is the percentage of the loan amount that the borrower pays to the lender as the cost of borrowing. The fees are the additional charges that the borrower may incur for applying, processing, or servicing the loan. The interest rate and fees affect the total cost of the loan and the monthly payments.
- The loan amount and term: The loan amount is the sum of money that the borrower receives from the lender. The loan term is the duration of time that the borrower has to repay the loan. The loan amount and term depend on the borrower's income, credit score, and financial situation, as well as the lender's policies and criteria.
- The eligibility requirements: The eligibility requirements are the minimum qualifications that the borrower must meet to apply for a loan from a specific lender. They may include age, residency, citizenship, income, employment, credit history, and bank account information.
- The customer service and reputation: The customer service and reputation are the quality and reliability of the lender's communication, support, and feedback to the borrower. They may be reflected by online reviews, ratings, testimonials, complaints, or referrals from previous or current customers.
Some examples of loan agencies in America are:
- LendingClub: LendingClub is a peer-to-peer lending company that connects borrowers with investors who fund their loans. LendingClub offers personal loans ranging from $1,000 to $40,000 with interest rates from 6.95% to 35.89% APR and terms from 36 to 60 months. LendingClub charges an origination fee of 1% to 6% of the loan amount and does not charge any prepayment penalties. LendingClub requires borrowers to have a minimum credit score of 600, a minimum annual income of $12,000, and a maximum debt-to-income ratio of 40%. LendingClub is registered with the Securities and Exchange Commission (SEC) and offers loan trading on a secondary market.
- Rocket Loans: Rocket Loans is an online personal lending company that is part of the Quicken Loans family of companies. Rocket Loans offers personal loans ranging from $2,000 to $45,000 with interest rates from 7.16% to 29.99% APR and terms from 36 to 60 months. Rocket Loans charges an origination fee of 1% to 6% of the loan amount and does not charge any prepayment penalties. Rocket Loans requires borrowers to have a minimum credit score of 640, a minimum annual income of $24,000, and a maximum debt-to-income ratio of 40%. Rocket Loans provides instant approval and funding within one business day.
- Money Lenders: Money Lenders is a payday lending and check cashing company that operates in several states in the Midwest. Money Lenders offers payday loans ranging from $100 to $500 with interest rates from 15% to 25% per two weeks and terms from 14 to 30 days. Money Lenders charges a flat fee of $15 to $25 per $100 borrowed and does not charge any prepayment penalties. Money Lenders requires borrowers to have an active checking account, a steady source of income, a valid ID, and a phone number. Money Lenders also offers Western Union money transfers and money orders.
- Advance America: Advance America is one of the largest providers of personal loans in America with over 1,000 locations nationwide. Advance America offers personal loans including payday loans and cash advances (alternatives to installment loans) ranging from $100 to $1,000 with interest rates from 15% to 25% per two weeks and terms from 14 to 30 days. Advance America also offers lines of credit ranging from $250 to $1,500 with interest rates from 18% to 36% APR and variable terms depending on the state laws. Advance America charges a flat fee of $15 to $25 per $100 borrowed for payday loans and cash advances and an annual fee of $50 for lines of credit. Advance America does not charge any prepayment penalties. Advance America requires borrowers to have an active checking account, a steady source of income, a valid ID, and a phone number. Advance America also offers Western Union money solutions.
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