Navigating the world of personal loans can be daunting, especially with the many options available today. Cashball is popular for its straightforward application process and simple credit terms. However, it’s important to explore other options to ensure you get the best deal for your unique financial situation. In this comprehensive guide, we’ll explore several outstanding personal loan options, comparing their features, benefits, and potential drawbacks. This analysis will help you make an informed decision when choosing your personal loan.
Understanding Kashable and Its Offerings
Before exploring the options, it’s important to understand what Kashable offers. Kashable offers personal loans to employees through salary bundling, making it easier for employees to access funds directly from their salary. Here are some of the key features of Kashable loans:
- Loan amount: Usually $500 to $20,000.
- Interest rates: vary by loan but generally start around 6.99%.
- Terms: Usually 6 to 24 months.
- Application Process: Quick and easy, and funding is usually received within a few business days.
- Eligibility: Primarily available to employees of partner companies.
While Kashable offers convenience and competitive pricing, it’s worth exploring other options that may better suit your financial needs and circumstances.
Top Alternatives to Kashable Personal Loans
1. SoFi
SoFi is known for its competitive interest rates, flexible loan terms and comprehensive member benefits. SoFi is a great option for borrowers with excellent credit.
- Loan range: $5,000 to $100,000
- APR: 5.99% to 19.63%.
- Payback period 2 to 7 years
- No Fees: There are no origination fees, prepayment penalties, or compensation.
- Other benefits: unemployment protection, job training, and budget services.
Why choose SoFi? SoFi stands out for its free program and extensive member benefits, making it ideal for borrowers who want more than just a loan.
Disadvantages: SoFi requires a high credit score and a strong credit history, which may not be ideal for borrowers with fair or poor credit.
2. Marcus by Goldman Sachs
Marcus offers free personal loans with fixed rates, sample debts and other major debts.
- Loan range: $3,500 to $40,000
- APR: 6.99% to 19.99%.
- Payback period 3 to 6 years
- No Fees: There are no origination, prepayment, or late fees.
- Deferral Method: Borrowers can defer payments by making 12 consecutive on-time payments.
Why choose Marcus? Marcus is a solid choice for those seeking direct loans with no hidden fees and convenient deferred payments.
Disadvantages: Marcus loans have lower maximum loan amounts compared to some competitors, which may not be enough for all borrowers.
3. Earnin
Earnin offers a unique service by offering small, interest-free loans towards your salary, perfect for those who need immediate, short-term cash.
- Loan Amount: Up to $100 per day, $500 per payment period
- Cost: There are no dues, but additional advice is welcome.
- Qualifications: You must post your salary directly and record a consistent salary.
Why choose Earnin? Earnin is ideal for those who need a few quick bucks without the burden of interest or bribery.
Disadvantages: Earnin is not a traditional loan and may not be suitable for large financial needs. The app also relies on volunteer advice to maintain it, which seems to be paid for.
4. Upgrade
The enhancement is designed for borrowers looking to consolidate debt or make significant purchases, and offers a range of tools to help you manage your finances.
- Loan range: $1,000 to $50,000
- APR: 8.49% to 35.97%.
- Payback period 3 to 5 years
- Fees: Origination fees range from 2.9% to 8%.
- Credit Tools: Free Credit Management and educational materials.
Why choose upgrade? The upgrade’s credit tracking tools and flexible loan rates make it an ideal choice for cost-conscious lenders.
Cons: High origination fees and a potentially high APR can make upgrades less attractive for borrowers with lower credit scores.
5. Upstart
The upstart uses AI to screen loan applications, taking into account factors beyond credit scores, such as education and work history.
- Loan range: $1,000 to $50,000
- APR: 5.42% to 35.99%.
- Payback period 3 to 5 years
- Fees: Origination fees up to 8%.
- Application Process: Fast approval and funding, usually within one business day.
Why should you choose Upstart? Upstart is best for borrowers with limited credit histories but strong educational and professional backgrounds.
Cons: Top APRs can be high, and origination fees can raise borrowing costs.
6. Avant
Avant caters to quality borrowers, offering accessible loans with relatively quick financing.
- Loan range: $2,000 to $35,000
- APR: 9.95% to 35.99%.
- Payback period 2 to 5 years
- Fees: Administration fees up to 4.75%.
- Delivery Period: Funding is usually available by the next business day.
Why choose Avant? Avant is a great option for those with average credit scores who need quick access to cash.
Cons: Higher APRs and fees compared to some competitors, making it more expensive for borrowers with lower credit scores.
Detailed Comparison of Loan Features
To help you make an informed decision, let’s compare the key features of these loans side-by-side.
| Feature | SoFi | Marcus by Goldman Sachs | Earnin | Upgrade | Upstart | Avant |
|---|---|---|---|---|---|---|
| Loan Amounts | $5,000 – $100,000 | $3,500 – $40,000 | Up to $500/pay period | $1,000 – $50,000 | $1,000 – $50,000 | $2,000 – $35,000 |
| APRs | 5.99% – 19.63% | 6.99% – 19.99% | No interest | 8.49% – 35.97% | 5.42% – 35.99% | 9.95% – 35.99% |
| Repayment Terms | 2 – 7 years | 3 – 6 years | Pay period-based | 3 – 5 years | 3 – 5 years | 2 – 5 years |
| Fees | None | None | Optional tips | 2.9% – 8% | Up to 8% | Up to 4.75% |
| Funding Speed | A few business days | A few business days | Immediate | Next business day | Next business day | Next business day |
| Credit Requirement | Good to excellent | Good to excellent | Steady income | Fair to good | Fair to good | Fair to good |
How to Choose the Best Personal Loan
Several key factors are considered when choosing the right personal loan:
- Interest rates and APR: The APR reflects the actual cost of a loan, including interest and fees. Generally, a lower APR is better, but consider the overall cost of the loan term.
- Fees: Know origination fees, prepayment penalties and late fees. Some lenders offer free loans, which can be much more affordable.
- Loan Money: Make sure the lender offers a loan amount that suits your needs. Some lenders may offer higher maximum rates or lower minimum rates depending on your needs.
- Terms: Simple terms can make it easier to manage your loan. Look for terms that fit your budget and ability to pay.
- Eligibility requirements: Different lenders have different standards for credit scores, income and business history. Choose a lender that fits your financial profile.
- Customer Service and Support: Good customer service can make the borrowing experience easier. Check reviews and ratings to make sure the lender offers reliable support.
- Other options: Some lenders offer benefits such as unemployment protection, financial planning tools, or job training. These can add value to your borrowing experience.
Conclusion
Exploring personal loan options is essential to finding the right financing solution for your needs. Whether you want low interest rates, flexible payment terms, or additional features like financial tools and unemployment protection, Kashable has a wide variety of options to explore.
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