This article will take you through what myinstantoffer.com Lending Club reviews actually is, how it works, and what benefits it offers you.
A lot of the time, we find ourselves in need of urgent money. Banks used to be the go to option, but as more and more people flocked to financial institutions in the declining economy, the banks became greedy.
Knowing people have little choice, banks have now increased interest rates to quite often ridiculous proportions, but professor Utonium added another ingredient to the concoction; common sense. And so Peer to peer lending was born!
Going to banks can be both time consuming and difficult. Banks also take a considerable amount of time to get your money to you. That is, if you manage to clear their criteria.
What is myinstantoffer?
Myinstantoffer is a peer to peer lending service by Lending Club where lenders provide loans to people who apply. Since it is essentially a peer to peer lending service, allow us to first explain how a peer to peer lending service operates.
When a person or business has some extra money lying around and wishes to make an investment, rather than invest it in risky businesses, people can also choose to lend it to people in need of money at fixed interest rates. These interest rates are usually lower than what most banks have to offer, however the interest rates are variable depending on factors such as your credit score, the loan amount you are asking for, and the time in which you wish to pay it back.
It is worth mentioning here that the maximum amount of money you can lend using our site is $40000 and the minimum amount is $1000. There are also some conditions for the people who wish to be investors.
They must have a minimum income of $75000 and a maximum of $250000. All of the financial transactions are handled by WebBank. This is a Utah based industrial bank, Investors submit their money to this bank and similarly, applicants for loans receive their money from the bank.
Myinstantoffer.com Lending Club Reviews
According to customer myinstantoffer.com Lending Club reviews, there is no guarantee that you will be approved for a loan. This also means there is no guarantee of what interest rate you will get and whether or not it will be lower than the standard market rate.
This means even if your loan is approved, you may not be getting the best price. This part is essentially up to you. The system works so that you get to choose which lender you want a loan from.
If you do your research and properly read the terms of agreement, you are very likely to get a good deal on your loan. Since there are a wide variety of online lenders similar to myinstantoffer, we try to provide the best prices possible to attract more customers. That said, we do encourage everyone taking a loan to thoroughly do their research before finalizing a loan. It is after all your money.
While applying for this loan is much easier than applying for a loan from a bank, there are still some requirements that you must fulfill.
- You must have a minimum credit score of 660. Applications lower than that will be rejected by default. It is easier to get a loan with a low credit score compared to banks, but you must clear the minimum 660.
- You must have a regular source of income to be considered for these loans.
- If you are applying for a large amount of money, you will need to provide some sort of verification for your income. This might be your tax records or paystubs.