Alternative lending has become more and more prevalent throughout the financial technology industry. Several companies offer cash advances and alternative loans to their users, becoming extremely useful tools for their customers. There are hundreds out there, so we narrowed down our favorite for you.
Here are five fintech companies that offer alternative loans for their potential users.
Tala is a credit, data and software company headquartered in Santa Monica, California. The company will provide credit access to lower-income countries such as Kenya, Tanzania and the Philippines. Tala’s app utilized alternative data to underwrite users without a FICO credit score. Tala will use nontraditional data to score the 68 percent of the global population that isn’t covered by credit bureaus.
If you don’t have credit history and are struggling to find a loan, Tala could be perfect for you. Download their free app, and you can start applying for your loan today, regardless of your financial history.
Avant is a fantastic loan service targeted towards helping middle-income consumers.
This company provides loans anywhere from $2,000 to $35,000, creating a tool for users who need to immediately access a quick loan. If you find yourself in a situation needing to pay off an unexpected bill, or you want to unify your debt through loans, Avant is an easy solution. The application is quite simple to apply for your loan, and they will approve funding often within a day.
This New York-based company is perfect for the startup small business. This loan service allows clientele to apply for term loans and credit lines online. This easy-to-use tool is reliable and your loan can be approved in as little as one day.
MoneyLion is an online banking service which allows every user access to a low-interest 5.99 percent APR loan to keep their savings progress on track. This does not discriminate against those users with low credit scores. These loans are accessible at any time as a Plus member, without the need to reapply. This loan will not only be funded within seconds, and also it has been proven to raise members' credit.
This mortgage provider offers online funding to potential home buyers or those looking to refinance pre-existing mortgages. Guaranteed Rate is a reliable lending service that approves loans and uploads the loan’s signed documents all online. Save a little paper, and your personal time when getting the next loan on your house through this financial service.
Thanks to the increase in mobile technology, there are endless financial services to help those looking to get their loans approved. Whatever the need is for your alternative loan, we hope these resources provide a quick and easy way to get the funding you need in the most efficient way possible. These picks are some of the many fintech companies that are changing the way we view alternative loans and how we do online banking as a society.
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