Small Private Loans For Students

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Lenders compete to give students loans.

Students need loans to cover school expenses.

More than 8 million Americans were unable to obtain student loans in 2015.

Many graduates cannot find jobs and have to take low paying jobs incase they won’t qualify for their unsecured loans.

“This is a great option to help solve financial problems.”

The average student loan is $26,600

For borrowers who choose to repay their loans early these loans last longer.

Repayment starts 6 months after graduation.

Get a free no obligation quote today by signing up for a personal loan account.

Apply now for a small private loan for college education.

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Small Private Loans For Students

DID YOU KNOW?

Student loans have been around just over 200 years. In 1828, Congress passed the first bill regulating student loans, and since then they have become increasingly popular among students. Student loan debt is currently at $1.52 trillion! That’s a lot of money! We hope our blog helps give you some ideas about how to pay off student loans faster and get out of debt without going bankrupt. If you have any questions please don’t hesitate to ask!

What is a private loan?

A private loan is different than a student loan, which comes directly from the federal government. A private loan is between two parties who enter into an agreement where one party provides financial assistance to the borrower and agrees to make payments back to the lender.

Types of Private Loans

Private loans can be either secured or unsecured. Secured loans require collateral (like property) to secure the loan. Unsecured loans do not need collateral to secure them. There are 2 main types of Unsecured Loans: Personal Loan and Auto Loan.

Personal Loan

A personal loan is a type of unsecured private loan used by individuals to finance big-ticket items like cars, boats and homes. These loans work much like credit cards, except that instead of paying interest on the amount borrowed, you pay fees instead. If you carry balances on multiple accounts throughout the year, those fees can add up fast.

Auto Loan

An auto loan works similarly to a car loan. You borrow the funds to buy or repair your vehicle, and pay monthly payments. Your payments are based on how many miles you drive per month and the current interest rate. Unlike a traditional car loan that requires the full purchase price upfront, an auto loan can be paid off in several ways. First, if you pay extra each month, you could pay off the entire balance before the end of the term. Second, you can take advantage of lower rates in certain months of the year, and pay only what you owe in others. Lastly, you may be able to trade in your old car for a newer model.

How to Choose a Private Lender

When choosing a private lender, consider these three things:

The APR (Annual Percentage Rate). You should choose a lender with an affordable APR. The higher the APR, the greater risk you will run. As a general rule of thumb, the APR of a loan should never exceed 30% – if it does, you are likely being taken advantage of.

Loan Terms. Look for lenders with terms that suit your budget. Interest-only loans tend to carry the lowest APR, while fixed-rate loans often have the highest.

Lending Club

Another great option for small business loans online is Lending Club. Similar to Funding Circle, they’ll provide you with the opportunity to secure financing without having to leave your home computer.

Simple Loan

Simple Loan provides small business loans online to residents in the United States. Their loan amounts range from $500 to $50,000. You can apply directly online and if approved, you’ll receive your money within 24 hours after submission.

Prosper

Prosper offers small business loans online specifically to U.S. citizens who need capital. As long as you have had good credit history, you could qualify for a low interest rate of just 1% for 12 months. Other than that, applying took only 2 minutes!

ZestFinance

Zest Finance is a relatively newer company in comparison to the others listed above, however they offer some of the best rates around. While their minimum loan amount is currently set at $10k, the maximum loan amount varies depending on your state of residence. If you want to get started, check out their application here.

Fundly

Fundly has been serving small businesses for over 8 years now. They offer both personal and business loans ranging from $100 to $25 million. In order to apply you must first create an account before getting started. Once you fill out your information, you’ll be asked to upload documents that show your financial stability. Once reviewed, you’ll then decide whether or not to accept the loan based off of their terms.

Funding Universe

If you don’t mind providing collateral, Funding Universe may be a great resource for you. They allow business owners to post their equipment and inventory as collateral in exchange for funding. However, keep in mind that your equipment might be repossessed if you do not make payments.

Small Private Loans For Students

I am looking for small private loans for students who have great credit scores and no money down. I currently offer a loan amount of $1000. I would prefer someone who will send me their income tax return, pay stubs, bank statement etc. I provide free training on how you get approved! Please contact me if you’re interested at

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