Personal loans with iLoan can be applied by filling an online application. It is an online support of Brick-and-Mortar lender OneMain Financial. If approved, the funds are deposited into your account by the next business day. The loan term ranges from 24 months to 60 months with a fixed APR of 25.40%.
Let us take an example and calculate the monthly payments. If we consider a loan amount of $6,500, the monthly payment will be around $348.23 for a period of 24 months. On the other hand, the monthly payment for the same amount for a 60-months loan tenure will be $192.33. Higher the loan term, more will be your interest.
In order to apply for a iLoan personal loan, you will be required to submit a valid ID, proof of income, proof of residence and checking account details. Personal loans be very useful if you want to consolidate your debts, plan a vacation, renovate your house or take care of your medical expenses.
How iLoan Personal Loans can be useful?
Lending charges and other terms are different for different lenders. Let us see how iLoans work. It provides unsecured loans for a variety of purposes. Also, it is best suited to those borrowers who don’t qualify for traditional loans offered by other banks or financial institutions. So if you have a fair-enough credit, you might qualify for a iLoan personal loan easily.
Borrowers can borrow anywhere between $2,550 and $25,000 and can choose a loan term of 2 to 5 years. It is stated on the company’s website that it takes just five minutes for the loan application to get processed, which means they are really fast in lending. Customers can choose a fixed rate or a variable rate of interest depending on their credit score.
This loan can be applied in 44 states and has more than 1,800 branches across the United States. The best part is that they don’t charge a pre-payment fee nor do they have any personal-check processing fee. The late fee however varies from one state to the other.
Shortcomings of iLoan Personal Loans
Before you approach any bank for a personal loan, you should understand that this is not the only way to tackle financial worries. Look for other options such as getting a credit card or controlling your expenses.
Customers claim that although the bank does not charge a pre-payment fee, you still have to pay the entire interest amount of your loan. This is an indirect way of charging the customer and demotivating him/her from becoming debt free. Also, this is not disclosed to the customer initially.
It charges an origination fee of 5% on the total loan amount. It is mandatory to disclose the purpose of your personal loan to bank officials without which they might not approve your loan. The bank does not entertain calls after business hours, which means even during an emergency you might have to wait for the next business day.
Charges pertaining to late payments are quite high with iLoans. Also, if you miss making a single payment, the lender can come after your property. Moreover, your interest rate can also suddenly shoot-up without any prior notice.
Applying for a personal loan is a risky option. It is always advised to look out for alternatives if any. If you still feel that a personal loan is the only thing that will help you, iLoan can be a good choice. The fact remains that all lending institutions charge customers for the service rendered. iLoanpersonal loan can be quick and an easy solution to your financial problems.