Coffee Break Loans is a loan-finding service that connects borrowers with lenders that provide loans to consumers of every credit strike. The loan amount can range from $500 to $5000. The process of getting the loan through Coffee Break loans is simple. Now you can apply online in just a few minutes. Once you submit your application, Coffee Break Loans will share your information with its lending network. Lenders will then review your application and may contact you directly with an offer. Now if you accept an offer you will receive the money in as little as the next business day. Now Coffee break loans are a convenient and easy way to get a loan. However, it is important to remember that loans come with interest so you should only borrow what you need and can afford to repay.
Coffee Break Loans Reviews
Pros
- Convenient and easy to apply.
- Fast approval and funding are available to borrowers with a variety of credit scores so if you have bad credit no need to worry about that.
- They still approve the variety of loan amounts available now.
Cons
- Loans that come with interest may not be the best option for borrowers with bad credit.
- The loan term may be short.
- There may be fees associated with the loan.
- Loan terms are not the best option for borrowers with bad credit meaning they are what they are saying and you are going to have a high interest rate on the loan even if you approve.
You could be paying back a lot more so if you are considering getting a loan through coffee break loans be sure to compare offers from multiples before you choose one you can also use a loan calculator to estimate your monthly payments and total interest costs.
That was the rundown on Coffee Break Loans. You apply the connection with lenders and the maximum amount of loan you can receive is $5000 the credit’s not going to matter more than your income, so that’s a good thing.
4 Alternative Lender Networks
If you’re looking for a personal loan online, then these alternatives will be best for you, and through a lot of research, we found that it is worth considering what we want to share with you. So in this blog, we’ll be covering the pros and the cons of each of the different personal loan companies so that you can know for yourself if it’s worth getting one or not.
So basically, if you need money for debt consolidation, home improvements, or medical bills, then we would definitely consider looking into a personal loan. They’re not an excuse for not saving up for big expenses, but sometimes you might need a lot of money faster than you can actually save in your bank account.
There are a ton of things that qualify for personal loans, but please just be responsible with them because they’re not the cheapest loans and we only want you to look for them if you have no other choice. Trust us, getting out of credit card debt is probably a much better reason to get a personal loan than to take a vacation with one, but that’s just my opinion.
And if you book a company for a wedding and they have better financing than a personal loan would, then just obviously go with the wedding company instead, because that’s in your best interest. Now, if you search for the best personal loans on the internet, you’re gonna find 50 different companies all competing for your business.
And to be honest, a lot of the big companies don’t even have the best rates and terms. We don’t like to pay more than we have to for anything. And with personal loans, there were just way too many to choose from. But we did find different things that you can look for through the research we did. We noticed that a lot of the big lenders charge a 5% origination fee on the total of the loan’s value, which is a total ripoff because if you’ve got a $20,000 loan with a 5% origination fee, then you’re instantly just gonna be losing a thousand bucks.
Now, what this means is that from day one, you’re only gonna have $19,000 on your $20,000 loan, which is just a total waste of money. But there are a lot of lenders that don’t charge origination fees, and those are the only ones that I’m gonna be talking about. So just be aware that even some of the biggest lenders out there that look really good, like Prosper and Lending Club, charge origination fees.
So just watch out for those and then if anything out there sounds too good to be true, watch out because it is, there are a lot of loan scams out there. So we want you guys to be well aware that they do exist and they prey on social media sites. So just be careful.
Now finally, here are the top personal loan companies:
1. Marcus by Goldman Sachs
The first lender on my list of personal loans is called Marcus by Goldman Sachs, and they have really good personal loans. Marcus advertises that they don’t charge any fees, and on top of that, they’ve currently got rates that start just under 7% and then go all the way to 25%, so no problems with fixed-rate loans. They’ll let you borrow between $3500 – $40,000, and then you can pay them back between 36 to 72 months, which is really good.
Marcus does require you to select a purpose for the loan, which is totally normal, but they’ve got a lot to choose from. Just keep in mind that with personal loans, every single category is gonna have different rates because you can’t expect medical bills to have the same rate as a vacation, but usually they are going to be pretty close to each other.
And understand that all the rates listed in this video can change over time. So if you’re reading this article a long time after it is published, just keep in mind that the rates can be different just based on the prime rate and different factors like that. But honestly, they don’t change that much over a few years.
So most of the information should stay pretty accurate for a long time. Now, obviously, you’ve got to have really good credit to qualify for the best rates with Marcus, but just keep in mind that they do accept fair credit applications as well. So if your credit’s not that good, then Marcus is a pretty good loan to look into.
So if you want to get a personal loan with bad credit, then we definitely recommend going with Marcus because they don’t charge any loan origination fees. Unlike a lot of the other guys. Most of the lenders out there won’t even accept your application if you’ve got bad credit, and that’s where Marcus can come in handy.
But just keep in mind that they do have rates that are as high as 25%, which is really high. So if you really do get a 25% rate with Marcus, then we would definitely reconsider and look into some other loans, because that’s gonna be higher than most credit cards. Personal loans can be very expensive if your credit isn’t optimal.
So definitely work on your credit long before you ever even need a personal loan. You can always apply and just see what you qualify for, but at the end of the day, bad credit is always gonna cost you way too much in interest. And then just so you’re aware, Marcus also has a savings account that actually pays more than 2%, which is one of the best yields in the entire savings industry.
Overall, I’d say that Marcus is a really good choice for personal loans, but the only thing we don’t like is that you have to apply to basically find out what you qualify for, because currently if you want to have any clue of what you’re gonna pay with Marcus, you have to apply first. But at least they do advertise that they do a soft credit check.
So it’s really not that big of a deal. Personally, we sort of like to see how much the loan is gonna cost me before we actually apply with someone, and Marcus still made my list.
2. LightStream Loans by SunTrust Bank
Next on my list is LightStream Loans by SunTrust Bank, and they are one of the best loan companies out there if you’re looking for something over $5,000.
They’re owned by SunTrust Bank, and LightStream is actually the company that we have a personal loan with because at the end of the day, they had the best rates, and that’s kind of the biggest deal when it comes to getting a personal loan. LightStream doesn’t charge any fees either, and they’ll beat any competitor’s rate by a 10th of a point for a comparable loan.
That way you’ll always be able to get the best rates with LightStream loans out of all of the competition. And then on top of that, they’ve got a huge selection of personal loans to choose from as well. LightStream offers all kinds of personal loans with rates that start at about 6% and go to 17% with auto pay, which is really good.
Their loans range from $5,000 all the way to a hundred thousand dollars, which is the most I’ve ever seen for a personal loan. And then you can choose to pay back the loans from 24 months all the way to 144 months, which is actually 12 years Now. You’ve got to understand though, that the rates and the terms all fluctuate based on a few different things.
They’re gonna be based on how much you’re borrowing, the length of the loan, and then what you’re using the loan for. So it’s not like you can borrow $5,000 and then pay it back over 12 years, which is something that we wouldn’t recommend doing anyway. Now they do require really good credit, which is one of the main reasons the rates and terms are so good.
So just keep that in mind. LightStream also has a lot of auto loans too. So if you’re looking for a new car or you want to refinance, then we definitely check them out for that kind of stuff as well. One thing that really helped me on Light Stream’s website is they give you a really good idea of the rates and terms before you actually have to apply for a loan.
So basically, if you want to get a debt consolidation loan with them for any existing debt you have, then you’ll actually be able to see what you’re gonna be paying before you actually have to apply. Obviously, it’s just a ballpark rate, but at least you can see what you can sort of expect to pay based on your credit score.
Now, we did find that the rates with LightStream are gonna be the best if you borrow over $10,000 and then you pay them back within 36 months. But even if you choose to pay back the loan over 36 months, their rates are still some of the best in the entire industry.
Just keep in mind that LightStream Loans has a ton of really good personal loans to choose from, and I’m never gonna recommend something that we don’t think is the best value for you.
3. American Express Personal Loans
Next on my list is American Express Personal Loans, and they’ve got some really good rates to choose from, but you do have to have one of their credit cards in order to qualify for their personal loans. Their rates start at about 7%, and then you can borrow between $3500 – $40,000, which is a pretty good range.
But the really cool thing about their loans is that you can pay them back between 12 and 36 months, which is really fast. So if you need a little bit of money for a short period of time, then definitely check out American Express Personal Loans because they have really, really short terms. But on the flip side, if you want to get a loan that’s longer than 36 months, then it’s generally not gonna happen with American Express because they don’t offer them.
They’ve got a basic rate simulator on their website too, which is always handy. And then the really cool thing is that it’s really easy to apply with American Express because generally they already have all your information from being a card member. And another cool thing is that they’ll actually link your loan to their main website.
So whenever you need to check anything from American Express, everything is always in one place, and that’s really handy. And if you care, they also have a savings account that pays more than 2%, which is really good, and then you don’t have to be a member to qualify for it. Overall, I’d say that American Express personal loans are definitely worth looking into if you’re a card member or you plan on being one.
4. TD Loans
Now, the last on my list of personal loans is called TD, which stands for Toronto Dominion Bank out of Canada. They’ve got rates from about 7% to 19%, and then you can borrow between $2000 – $50,000, which is a really good range, and then you can choose to pay them back between 12 and 60 months, which is also a really good range.
Out of all the lenders that we have been talking about, TD really stood out to me because of the large range of money that you can borrow with them, and then the range of lengths that they offer as well. They’re also more likely to accept bad credit scores, but they are only available in a certain number of states, so you’re gonna want to check on that if you’re looking into TD for a loan.
We had an auto loan with them a few years ago, and they were just fine as far as customer service goes, even though they’re out of Canada, it doesn’t make a difference if you’re in the States as long as your state qualifies for the loan. Honestly, in my opinion, their website wasn’t nearly as good as the other lenders that I’ve been talking about, but they still made my list just because they have a really good variety of loans to choose from.
Comparing These Companies
Now, these are the best personal loans we found, but I’m quickly gonna recap all of their main features, so just pay attention here –
- Marcus has really great rates and a lot of really good loans to choose from. And then if your credit isn’t that good, they also accept fair credit applications as well. But just remember that the loan can cost a lot more if your credit isn’t very good.
- And then LightStream Loans is my favorite because they’ve got the best rates and they have the most loans to choose from, but you gotta have good credit if you’re gonna go with them. They’ll also beat any competitor’s rate by a 10th of a point. So overall, they are definitely my number one choice. If you’re looking for a personal loan request for over $5,000.
- And then American Express Personal Loans is definitely a good choice if you’re already a card member with them because everything is easier because they already have your information. Their rates are really competitive and they have a lot of short loan options to choose from, which is good if you just want to get a little bit of money and pay it back over a short amount of time.
But if you want to have a lower monthly payment with American Express by extending the loan, that’s not gonna happen because generally the loans only go up to 36 months.
- And then the reason that TD loans made my list is that they have a wide variety of loans to choose from, and then their payback terms are also wide as well.
And then they also accept fair credit applications as well. So if your credit report is not very good, then definitely look into TD for a personal loan because you might actually get one with them. And keep in mind that if you do want to apply for a loan with them, they’re not available in every single state. So just be aware of that.
Get The Money You Need Fast (No Credit Check)
Our advice is to make sure that you apply with a few different loan companies before you actually go with one specific company. The rates can fluctuate a lot based on the company that you’re going with, so definitely check a few different companies because, at the end of the day, your personal loan rate is what’s gonna cost you the most money when it comes to interest.
At the end of the day, you’ve got to make the choice as to who you want to go with for a personal loan, but hopefully, this article can help you make a better decision on who you want to go with.
