Whether you are planning to start a new business or expand an existing one, you are planning to buy a new house or renovate the existing one in any case you need a considerable amount of money. If you do not have it now, you will need financing and one of the easiest financing option is to secure a loan. People prefer to take loans from banks because they feel banks are reliable. However, they must meet the range of loan requirements otherwise the burden of repayment can wear them down. Their reliance on banks is understandable as there are several advantages of taking a loan from bank but they do not pay equal attention to the disadvantages and that is why in most cases regret their decisions afterwards.
Disadvantages of taking loans from banks
- Strict Requirements: Because many bank loans require some form of collateral, startups and existing businesses without any assets can find it difficult to get their loan applications approved. If these borrowers choose to go for unsecured loans, they are hit with higher interest rates.
- Repayment Burden: Loan borrowers must make periodic payments to their banks. Those who fall behind on payments face the prospect of having their assets seized. Even if you manage to make late payments, your bank could still report you to credit bureaus — a move that negatively affects your credit score. With a lower score, obtaining loans in the future becomes more difficult. The repayment burden is a disadvantage compared to raising money through shareholders, because shareholders don’t require regular repayments. Instead, they are typically paid dividends only on profits.
- Irregular Payment Amounts: If you get a bank loan with a variable interest rate, the rate changes with market conditions. This makes it difficult to determine the exact amount of future payments. Consequently, it becomes challenging to make sound financial plans.
Apart from these its slow and unnerving. But then the question arises, where should one apply for a loan then? The answer is MyInstantOffer.com. the world is moving ahead every single minute. Science and technology has made once life so easy and relaxing. Now, it is no longer a laborious task to apply for a loan because MyInstantOffer from Lending Club offers us a platform to apply for online loans. For people new to this concept it would sound absurd or intimidating, as it involves money that is why this article will try to answer every query that could arise in anybody’s mind regarding this concept.
Online loan services are gaining popularity day by day because of their feasibility. The lenders can provide larger loans for lower interest rates as compared to the high interest loans given by banks etc. Before delineating more on the benefits of online loan I would talk about what Myistantoffer.com is.
Myinstantoffer.com is a page and portal for Lending Club, an online peer-to-peer lending network connecting borrowers and investors. Its headquarter is in San Francisco. It was the first peer-to-peer lender to register its offerings as securities with the Securities and Exchange Commission (SEC), and to offer loan trading on a secondary market. Lending Club is the world’s largest peer-to-peer lending platform. The company claims that $15.98 billion in loans had been originated through its platform up to December 31, 2015.
They offer a lower general fixed rate than payday loan and offer larger amount of up to $40,000 to candidates who qualify. The loans granted to the applicants are made and managed by WebBank. The rate of the applicant depends on the loan amount, loan term, credit usage, history, credit score. Apart from APR you are required to pay loan fees. the loans could be used for many purposes by generally they are used for:
- Educational expences
- Pool or vacation
- Home improvement
- Paying off high interest credit cards
- Car purchasing
- Medical expenditures
- Down payment for a house
- Debt consolidation
- Other such type of expenditures
Background of Lending Club
Lending Club was initially launched on Facebook as one of Facebook’s first applications. After receiving $10.26 million in a Series A funding round in August 2007, from venture capital investors Norwest Venture Partners and Canaan Partners, Lending Club was developed into a full-scale peer-to-peer lending company.
On April 8, 2008, Lending Club temporarily suspended new lender registration, canceled its affiliate program and entered a “quiet period” while it awaited approval to issue promissory notes to lenders. On June 20, 2008, Lending Club filed an S-1 statement with the U.S. Securities and Exchange Commission (SEC) seeking the registration of $600 million in “Member Payment Dependent Notes” to be issued on its Web site. On August 1, 2008, Lending Club filed an amendment to its Form S-1 outlining new interest rate formulas as well as more details on a “resale trading system”.On October 14, 2008, Lending Club announced its completion of the SEC registration process, posted the filed prospectus on its website, and resumed new lender registration. Notes issued on or after October 14, 2008 represent Lending Club securities rather than direct obligations of the ultimate borrower and are tradable (can be bought and sold) on the Foliofn trading platform. In March 2009, Lending Club raised $12 million in a Series B funding round led by Morgenthaler Ventures.
Benefits of MyInstantOffer/Lending Club
While searching for loan lenders it is of utmost importance to find out which one is right and trustworthy because no one knows what the future holds for you. If the lender is good the future’s hunky dory but if the lender is not trustworthy then the same future can become someone’s worst nightmare. That is why I would recommend you apply for a loan through MyInstantoffer.com, a site that ensures that you are getting the most suitable loans for your needs. According to Lending Club, there are certain things that you should always check while looking for a lender.
- Loan terms
The terms and conditions of the loan you are applying for should be made clear before you such as, borrowing levels, payment periods options, and the ways to pay.
Identifying the dollar amount of all fees listed along with the APR (Annual Percentage Rate) of loans is also imperative, which all lenders should make clear.
- Time processing
Search for each lender’s time process. In case you need funds within a day, you must identify lenders with an application and approval process. In case you are short on time make it sure that there is a quick turnaround for getting you the loan you required.
It is good that prior to choosing one company for loans one does a thorough homework on that company. while researching on companies and comparing one with the other check out the reviews written about it. This is the most easiest way to analyze a particular company but while doing it pay special attention to the comments, consumer rating scores etc.
MyInstantOffer Pre-Approval Loans
Enter your personal funding code to start the Lending Club loan application. This code is located on the offer letter that Lending Club Sent to you. It is a 12 number letter code. If you do not have the code the site will give you an option to apply for the loan.
How to apply for MyInstantOffer Pre-Approval Loan
To apply for a loan visit www.myinstantoffer.com. It will take you directly to the Lending Club page where you will be asked certain questions so that they can decide whether you qualify or not. A total of nine questions will be asked. The questions are as follow:
- How much do you need?
Specify the amount you need. The maximum amount limit is $40,000.You must specify the amount as well as the purpose of the loan here. Also, you are required to tell them about your present credit for which the given options are: excellent (720 or more), good (660-720), fair (600-660), poor (600 or less), Don’t Know.
- Who’s applying?
Here you are required to specify whether you are applying for the loan alone or with some partner. If you are applying alone it will be quick and easy but applying with another person will make you eligible for a bigger loan.
- What is you date of birth?
From here onwards some questions about yourself will be asked.
- What is your annual income?
Here you are required to tell them about your totally verifiable individual income which can include your salary, retirement pay and other sources of income. In addition to this you must make it clear over here whether you have some additional source of income which will be used to repay the amount.
- What is your name?
This is required to find your credit report. Which helps them circulate your rate.
- What is your address?
Just to confirm whether they are looking for the right person because there can several people having your name.
- What is your email address?
- What is your social security number?
After these questions are answered they will evaluate you to decide whether you are eligible for the loan or not in case you are not eligible a link will be given to specifying the reason. If you qualify you can receive more than one loan offer from MyInstantOffer.com. in that case select the one you like best and complete the rest of the online application and verification process. Then, as a part of the process, you will watch investors from MyInstantOffer.com committed to supporting your loan. This process could take a few hours, days, weeks depending on the scenario. Once funded your loan will be automatically transferred to your bank account. MyInstantOffer makes it sur that the investor will never get to know your personal, identifiable, information or contact you directly. Once your loan is approved and funded, it will be in your bank account within four business working days.
Requirements for Investors
Notes are not available in all states. As of this initial writing, they are not available to residents of Kansas, Maryland, Ohio, Oregon and the District of Columbia.
Depending on which state you live in, there are income requirements to invest in Lending Club. In most states it’s a minimum of $70,000 per year, though it may be higher in some states. Generally, the income requirement does not apply if you have a minimum net worth of $250,000. The platform also requires you invest no more than 10% of your net worth in Lending Club notes.
The minimum opening account with Lending Club is $25, which is also the minimum requirement to invest in any single note.
Ways to invest
There are two ways to invest with Lending Club. Manual investing is where you browse available loans and choose which ones you’ll invest in one at a time. But you can also use automated investing in which you set investment criteria, and notes are selected automatically based on that criteria.
While you can invest in individual loans, it’s generally best to buy them in fractions (which are referred to as notes). You can purchase notes in increments of $25. At the very least, you can purchase a fractional interest in 200 loans with a total investment of $5,000. This will enable you to minimize the risk involved in investing in any single loan.
People’s Reviews about MyInstantOffer/Lending Club
People now a days are accustomed to doing their own research on companies they are interested in. word of mouth is a thing of old eras now a days reviews are something which make something authentic and trustworthy. Some of the reviews regarding Lending Club or MyInstant Offer are below
- As of June 2016, their online Myinstantoffer.com reviews from their clients are outstanding. They have 18,246 reviews from customers on their site, with 99% of them recommending their services – a 4.8 out of 5 star rating.
- In 2013, Google became a prominent investor in Lending Club, with Google’s stake being about 7%.
- News outlets like The New York Times, CBS News, and more confirm Lending Club is safe (their portal, myinstantoffer.com, is legit as well).
- China’s largest internet company, Alibaba, has partnered with Lending Club, according to The New York Times.