GOOD experiences with Subprime Lenders?

[comebackkid15]

I'm sure everyone has a few stories about subprime lenders like Avant or OneMain, Etc but has anyone had any good experiences with them?... I'm specifically looking to get a second personal loan, first one was through my credit union still paying that off... But I'm looking at One Main, Prosper, etc for a second short-term loan probably for less than three years, and less than $3,000. Anyone have any recommendations?

[tcbofade]

Avoid OneMain.

Prosper isn't terrible.  

Lending Club isn't awful.

Navy Federal and PenFed are good.

[incognitony]

DCU allows no credit check loans up to 1,000 after 90 days and 2,000 after 6 months.  10% and just have to upload POI. 

[TattnallTrio]

I had a loan with OneMain. I did their prequalification online. They use Experian and a Vantage score instead of Fico. 
I was approved for $9,500 at 35% APR. I only borrowed a portion of it. They charge a 4% advance fee on the amount borrowed. Then they try to pressure additional loan protection items which can add hundreds onto the loan. Just say no!  You can pay through the app or online by a debit card or an electronic check. 
They call very often to encourage a new loan. They report to all 3 bureau's but this is a last ditch effort place. 

[comebackkid15]

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@tcbofade wrote:

Avoid OneMain.

Prosper isn't terrible.  

Lending Club isn't awful.

Navy Federal and PenFed are good.

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Lol...not a fan of OneMain I take it...

As for Prosper and LC, could you add any relative datapoints? 

As for NFCU AND PenFed, I really wish I had joined when Navy had open enrollment, but waited too long...as for PenFed, not a member, so they wouldn't consider me a loan priority, right?

[comebackkid15]

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@TattnallTrio wrote:

I had a loan with OneMain. I did their prequalification online. They use Experian and a Vantage score instead of Fico. 
I was approved for $9,500 at 35% APR. I only borrowed a portion of it. They charge a 4% advance fee on the amount borrowed. Then they try to pressure additional loan protection items which can add hundreds onto the loan. Just say no!  You can pay through the app or online by a debit card or an electronic check. 
They call very often to encourage a new loan. They report to all 3 bureau's but this is a last ditch effort place. 

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So sounds like you had a good/okay experience...would you use them again or do anything different in hindsite?

[incognitony]

In the 90s there was Kentucky Finance which has become One Main after many name changes and mergers. I borrowed $1900 for a car and paid on it for 3 years and owed $2300 when o traded it in because they kept letting me refinance and borrow more. They sound like they haven't changed those tactics in 30 years.

[tcbofade]

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@comebackkid15 wrote:

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@tcbofade wrote:

Avoid OneMain.

Prosper isn't terrible.  

Lending Club isn't awful.

Navy Federal and PenFed are good.

---

Lol...not a fan of OneMain I take it...

As for Prosper and LC, could you add any relative datapoints? 

As for NFCU AND PenFed, I really wish I had joined when Navy had open enrollment, but waited too long...as for PenFed, not a member, so they wouldn't consider me a loan priority, right?

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OneMain is ummm.... not very ethical in my experience.

I've never dealt with Prosper or Lending Club.   I know that Lending Club charges an origination fee tho. 

...both of those are still WORLDS better than OneMain.

I believe that PenFed still has a prequalify link for their Personal Loan product.  I understand it's not very reliable tho.  They've been very, VERY good to me and DW.

Can't say if your loan would be a priority to them, but they'll approve it or decline it. 

Historically, they pull EQ 9 scores, but recently, folks are reporting pulls from Experian.

Good luck!

[difringe]

I've gotten loans through PenFed, Propser, and Upgrade.

PenFed was the best in terms of the terms of the loan (lowest APR, highest amount, no origination fee, etc.), even though it's annoying that they basically treat the loan as another account, so setting up autopay (from a non-PenFed account) was weird

Prosper has an origination fee (lower than Upgrade's, iirc it tops out at 5%) and has a prequalify function, was pretty no nonsense. Let me pay off the loan early without any prepayment penalties. They do spam tf outta you with offers once you've paid off your loan, but otherwise, was a pretty easy experience.  I don't do financial mobile apps, so idk if they have one or how user friendly it is; the website was easy to navigate though.

Upgrade has an origination fee (iirc tops out at 8%) and also has a prequalify function. Let me pay off the loan early without any prepayment penalties. Also they let me get a loan with FICO8 scores in the low 600s and utilization at 93%. APR was outta this world (like 30%), but helped facilitate me doing a lot of other stuff.  They'll also spam you with offers when you've paid off your loan.  Like Prosper, their website was easy to navigate.

If your scores allow it, I would check with loan companies that don't have an origination fee and allow you to prequalify, like SoFi or Marcus by Goldman Sachs. Can also look around for other CUs, but I don't know your scores, debt-to-income ratio, etc.

[JustJay119]

I have had good experience with upstart. The process was straight forward and I got the funds within a day or two. Only downside is the origination fee. 

I do recommend a a credit union for best rate. For any loans, PenFed is my go to.