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What Are the Types of Borrowing?

Borrowing can be classified into several groups of forms. Some loans are secured, that is, backed by collateral; which the borrower forfeits if and when they default on the loan; others aren't. Some need a cosigner or guarantor; others don't.

The most common types of borrowing as we know it include:

Advantages of Borrowing Money

There are so many advantages to borrowing money, the most apparent of which is giving you the purchasing power to get something you can't afford to outrightly buy. People can borrow money to buy things, and fund business ideas that their monthly income cannot cater to.

In certain situations, borrowing is just thought to be a financially smart decision to make. Many small enterprises and top manufacturing companies still borrow money to fund certain projects - even when they can afford it - because they consider it a better alternative to tying up all their capital in it.

There's the school of thought that borrowing helps with leveraging - spreading your money around in a number of investments.

Borrowing is also a good chance to improve your credit score by a few points, if you pay up your debts in time.

How to Borrow Money With Bad Credit

Borrowing money with bad credit, however hard it is, isn't impossible. With banks, you stand no chance. Online lenders, on the other hand, give you a fighting chance.

But a low credit means you are potentially a lending risk. Most lenders therefore try to offset this risk by charging high interest rates. The loan amounts are also lower if you have a less-than-stellar credit. However, it's important to note that not every online lender will be open to giving you a loan if you have a bad credit. Bad credit loan lenders will do though.

If you find it difficult to find a nearby reliable one, you might want to go through a loan broker like WeLoans.

10 Places to Borrow Money Online

The internet is the heart of the information age. This global network of computers has made everything accessible to us right from the comfort of our homes, loans inclusive.

Thanks to online lenders, you can now get loans up to tens of thousands without visiting a banking hall. But as with everything on the internet, finding the right one for you can be quite some work.

But you don't need to stress about that anymore. We've done the background for you. Here's a list of the top 10 lending companies and what they are best for so when next you are shopping for a loan, you know just where to look.

Best Overall: WeLoans

WeLoans is just about the best place to borrow money online. They run a loan broker system where they connect you with lenders with zero origination fees, favorable interest rates and those who run only soft checks on your credit profile. Got a bad credit? They've got you covered still.

What's perhaps most satisfying about their service is how quick customers get funded. Approval decisions are made in as quickly as five minutes and borrowers get funded as soon as the next business day. As cool as you like!

It might suffice to say that their application process is one of the easiest to get through. Here's how it works.

On visiting the site, you are required to fill the loan request form that pops up as soon as you begin the application process.

Enter accurate details and the loan broker connects you with some lenders. The lenders assess your ability to repay the loan by checking out metrics like your employability status, debt-to-income ratio and spending history.

They then decide on whether or not to fund you, the loan amount you will be getting and the terms of the loan. Reviews show that they have a high approval rate, something in the 90th-percentile. You will be sent a quote if your submission was successful.

You may then read the terms of the loan and sign the quote if you are fine with them and the approved loan amount. Take a back seat afterward and expect to be funded as soon as the following business day.

Best for Good Credit: SoFi

If you've got good credit, say 650 and higher, and need some loans quickly, we recommend SoFi. This online lending platform provides borrowers with high loan amounts and low interest rates. It's been a household lending brand over the years, and lends its popularity to a number of incentives its subscribers get.

For instance, you get a 0.25% interest rate discount for activating an autopay account and the same for setting up direct deposit. They also provide you with loans of about $5k to $100k.

Like several other lenders, they promise zero prepayment penalties. But what makes them truly special is that there are no consequences for paying late.

Best for Bad Credit: Avant

Avant is lauded for being the best lender for persons with bad credit. Putting things in perspective, you can get loans even with a credit score as low as 580. Bad credit loans provided by this lender have comparatively lower APRs than most of its peers. The rate gets even lower if you can get cosigners.

They have mobile apps on both android and iOS platforms through which borrowers can manage their account, make payments and receive notifications. Most of its competitors do not have these mobile apps or provide their customers with such premium convenience.

Best for Debt Consolidation: Upgrade

Do not look further than Upgrade if you are getting a loan to offset or consolidate other debts you may have incurred in the past. Here's why: Asides getting you loans up to $50000, you get a discount for direct payment to your creditors. Activating autopay also sets you up for another discount.

That's not all.

You are rewarded a 20% rate discount for opening a new upgrade reward checking account. On the average, the prepayment fees are low. To put this into context, that's $10 for late payments.

Best for Small Loans: LendingClub

LendingClub loans are a good deal to bag if you need small loans. They offer borrowers personal loans which can be used to finance anything from home improvements and card debts to weddings and vacations. They allow co-borrowers and offer a prequalification application to help prospective borrowers get an idea of the potential loan rate.

However, they charge an origination fee and do not fund customers as quickly as most others on this list. Their funding can take anything between 48 hours and a few days.

Best for Fast Funding: Best Egg

If you need fast funding for an emergency, Best Egg is one lender to check by. It typically takes a day to three to business days to get approved and funded.There is no restriction to what you can use the loan for. They may be used for home improvement, settling medical bills, consolidating previous debts or credit card financing.

However, they have no offers for people with bad credit. You must have a credit score of 700 and above to secure their loans. They also charge about 5.99% of the total loan in origination fees and $15 for defaulting on payment.

Best for No Credit Check: OppLoans

OppLoans is one of the best lenders for no credit check for obvious reasons - they run only soft credit checks. A soft credit check is as good as no credit check as it does not affect your FICO score. They run checks on your profile via a partner bureau rather than the major credit bureaus.

Borrowers also enjoy other benefits like no prepayment fees or penalties, long loan term up to 18 months, up to $4k loans.

However, you won't qualify for a loan if you are a covered borrower under the Military Lending Act. Also, you must be at least 19 years old to get a loan if you live in Nebraska or Alabama.

Best for low interest rates: LightStream

LightStream is undoubtedly the best lender for low interest rates with an annual percentage rate (APR) of 2.49% to 19.99%. What's more? People who activate the autopay option get a 0.50% discount. Their repayment terms are also quite long, ranging from two to seven years.

Its application process like many others on this list is quite easy to get through. The approval and funding is also quite quick.

One of its major cons though is that they run hard credit inquiries on prospective borrowers. So, even if your application is successful, your credit might drop by a few points.

Best for small payday loans under $2,500: LendYou

LendYou is the ideal loan marketplace for persons who have under $2500 short-term financial commitments to meet. They are not direct lenders but loan brokers. The loans offered by most of their partner lenders are unsecured; therefore, you do not have to turn in collateral to get them.

Their loans are available to people with bad credit and borrowers can get funded as soon as the following business day. However, the loan terms are quite short, usually less than thirty (30) days.

Best for longer-term loans: Marcus by Goldman Sachs

Marcus by Goldman Sachs is a stand-out lender notable for dishing out long-term loans. The loan term is typically between 3 to 6 years and the loan amount between $3500 and $40k. Like a few others on this list, you get 0.25% discount for setting up autopay.

It might interest you to know that this lender pays creditors directly should you be obtaining a loan for debt consolidation.

How Much Can I Borrow?

The exact amounts you can get from our lenders depend on their assessment of your credit profile and ability to pay back the loan on time. As expected, the higher your credit score, the higher your credit ceiling. Bad credit lenders will always be open to your loan request even if your credit profile isn’t so attractive. iPaydayLoans not only connects you with many of these providers, but also offers a wide range of loan amounts for you to choose from, including:


  • How to borrow money from the bank?

    The process of applying for one can be quite a handful, but here's a guideline to follow when you want to borrow money from the bank. Know your credit range, decide on an amount to borrow, decide what type of loan you want to take, apply for the loan, and go through underwriting.

  • What is the easiest way to get a loan?

    Through WeLoans. WeLoans will connect you with lenders who can approve you for a loan as quickly as five minutes. Also, you get the funds in your account as soon as the next business day.

  • What is the easiest way to get a loan?

    The easiest way to get a loan is via online lenders. They afford you the ease and convenience that banks cannot provide you. If you have trouble finding lenders with favorable interest rates, you may want to go via a loan broker like WeLoans

  • How much can i borrow with weloans?

    You can borrow anything from hundreds to a few thousands of dollars through WeLoans partner lenders. To put into context, we can provide you up to $5k in loans.

  • How soon can i receive my funds?

    Funding decisions are made as quickly as five minutes from when the borrower requests a loan. The borrower can then expect to get the loan in their checking or savings account as soon as the following business day.

  • Will requesting a loan affect my credit score?

    No, not if you are requesting the loan through WeLoans. Our partner lenders run only soft credit checks on prospective borrowers. Since these checks are not logged on the database of any of the popular credit corporations, they will not hurt your credit score in any way.

Borrow Money Online with WeLoans Today!

There are many loan options open to you outside the traditional bank loans. One such is through online lenders. Get up to $5k in loans and zero origination fees with WeLoans' partner lenders today.

Apply now