Trying to get a reasonable short term loan on short notice used to be quite a monumental task – but today, thanks to companies like Lending Point, that task is much easier.
The personal installment loans market has blossomed in recent years, giving consumers superior options to payday loans and title loans when they need to borrow a more substantial amount of money and have more time to repay.
How Lending Point Got Started
In the wake of the “Great Recession” of the mid-2000s, banks and other lenders were apt to divide all loan applicants into only two broad-brush categories: prime and subprime. Prime was defined as a FICO score of 700 and up – and this approach severely limited the number of people who could successfully apply for a loan.
Lending Point arose first and foremost to challenge this “conventional wisdom” and provide loan opportunities to those with “fair” credit but not necessarily “prime” credit. They invented the “near prime” category of FICO scores from 580 to 699 and opened up a wide door of opportunity to this class of consumers.
Additionally, this innovative lender looked at more than just a credit score number. They began taking into account things like earning potential, employment, and one’s overall financial picture. Today, they still offer quality personal loans for near prime credit – and others too.
Customers apply online, fill out a short form, upload documents like proof of employment and income level, most recent bank statement, and current driver’s license or state ID card as needed. In only minutes’ time, the vast majority of applicants are approved and have the cash in or on the way to their account.
How To Find Your Ideal Online Lender
But you really don’t have to rely on just one company to meet your needs. Today, there are dozens, even hundreds, of viable offers out there for those searching for quick cash loans. Almost all of them have a presence online, and many of them do most of their business through the Internet.
If the slew of options inhabiting the Web is “the haystack,” then the challenge to consumers is to efficiently find that elusive “needle” – their ideal fast cash loan offer. Thankfully, Bonsai Finance is here to make that search faster, simpler, and more effective.
Bonsai’s online search tools are second to none. They allow you to search according to specific criteria that will narrow down results to only the best matches. You can use multiple criteria, broaden or narrow the search as needed, and zero in on the top few contenders for further research.
Should you still be unsure about which is your superior loan offer, Bonsai has trained, experienced financial experts waiting to assist you via chat. And Bonsai also has a large stash of valuable information in its online library that can answer questions and clarify loan terminology.
Which Loan Type Is Best For Me?
While Bonsai Finance’s search tools can help you zero in on a loan with your desired terms, you first need to know what type of loan you are looking for. If you need cash fast that you can spend in any way you choose – no questions asked, then your two main options are payday loans and personal loans.
Payday loans are distinguished by their brevity and small principals. If you can repay within 2 to 4 weeks and only need to borrow $500 or less, the payday option could make sense for you.
Personal loans let you borrow more cash, from $500 to over $5,000. They also give you more time to repay, typically from 3 months to 3 years. This is the better option for larger short term loans.
Whatever loan-type you are looking for, Bonsai Finance can connect you to it – be that Lending Point or other time-proven companies.