If you are in need of a loan for any situation, whether it is for a car or your bills, you may automatically think to go to a bank. There are alternative lenders, however, who is not a bank and may even be able to offer you better terms. They have trustworthy sites and software that can help you in managing your loan as well, with many of these alternative lenders using loan management software. If you need an alternative lender that is not a bank due to the terms you want or your credit score, consider the options found below.
1. SoFi
SoFi did start out in offering alternative refinancing for alumni of colleges who had ample amount of student loans on the horizon. They have since expanded to offer many of the top loan options if you are looking for a lender that is a non-bank option. Some of the loans which are offered by SoFi include mortgage loans, student loan refinances still, and even p[personal loans for those who need them most. Any loan that you receive is built around your personalized needs so that you are receiving exactly what you need for your funding. You do have to have good to excellent credit to obtain a loan from SoFi, so do not apply if you do have bad credit.
2. Quicken Loans
Quicken Loans is a nonbank lender that is a great option if you are looking for a trustworthy mortgage loan. They are most famous for Rocket Mortgage which can assist those who are looking for a mortgage loan that requires refinancing or for a new loan. The application is extremely user-friendly as well so that you can complete it in less than 10 minutes for your loan. You will also receive a decision extremely quickly so that you can know if you are getting the funding that you require for your house. Quicken Loans is one of the largest non-bank lenders that are currently available that can meet your needs and is trustworthy with the number of customers they have.
3. Kabbage
Kabbage is one of the most trustworthy online lenders as the company is actually one of the first to exist. They do not run out of a bank but use data from third parties to assist you in securing the business loan that you need. If you are a small business that is in need of a loan that you feel as if you can pay back quickly, you need to go to Kabbage. They have even offered paycheck protection programs in the heart of the pandemic in order to keep your employees aid so that they can live comfortably as well. Get a loan of up to $250,000 after you submit your application with this small lending company.
4. OnDeck
OnDeck is a nonbank lender that can help businesses and can even help regular customers in securing the financial products they need. You can receive a line of credit from this company, whether you are a business owner or an individual, of up to $100,000. You can also receive a business loan that is short-term for up to $250,000 from this online lender that is ready to help you grow. You do have to have a credit score of at least 600 in order to qualify for a loan with this lender, however. The application is extremely easy to fill out and will only take a few minutes, and you will receive your decision within the same day if you fill it out correctly.
Final Thoughts
Nonbank lenders are some of the best options if you are looking for a better contract or better terms. There are options that are available to you for virtually any type of loan, including personal loans, business loans, and even mortgages from these lenders. These alternative options are growing in popularity as well with more and more businesses and consumers choosing to work with these companies. They offer many financing options, more flexibility in your loan, and better services sometimes available to those who have lower credit who need an option quickly. Many even provide a decision on the same day.
