In this review we are going to discuss two of the biggest companies when it comes to emergency loans in America. These companies are MoneyMutual and FundsJoy. If you are someone who is looking for an emergency loan, then you will find this review very helpful as we compare these two giants in the industry.
FUNDSJOY
1) FUNDSJOY
FUNDSJOY IS Fast, Reliable, AND Transparent.
FundsJoy is very straightforward and does not have any hidden fees or charges. They rank very high the comfort and safety of their borrowers. As such, they enable you to submit a request without having to worry about any obligations or threats to your personal information.
Annual Percentage Rate (APR)
Annual Percentage Rate (APR) represents the annual interest rate that you are charged for borrowing. It is the combination of the nominal interest rate and some additional costs such as fees involved in obtaining a loan. Typically, APRs for personal loans range from about 4.99% to 450%, APRs for cash advance loans vary from 200% to an incredible 1386%, and APRs for instalment loans range from 6.63% to 225%. Since Fundsjoy is not involved in the lending process, they cannot deliver any specifics about the APR you will be offered. The APR depends solely on your lender’s decision, based on various factors including your credit score, credit history, income, and additional information that you would have provided in your request. For more information regarding the APR you should discuss this directly with your lender.
Representative Example of APR
Here is an example to help illustrate better how APR works. If you borrow $2,500 over a term of 1 year with an APR of 10% and a fee of 3%, you will pay $219,79 each month. The total amount payable will be $2,637, with a total interest of $137,48.
Financial Implications (Interest & Finance Charges)
Fundsjoy is not a lender and they cannot predict what fees and interest rate will be applied to the loan you will be offered. It is your lender that will provide all the necessary information about the cost of the loan. It is your responsibility to peruse the loan agreement carefully and accept the offer only if you agree to all the terms. Fundsjoy service is free of charge, and you are under no obligation to accept the terms that the lender offers you.
Implications of Non-Payment
When you accept your loan terms and conditions, you are committing to re-paying your loan. In the event of non-payment, additional charges may be applied. Late payment penalties vary by lender, and as Fundsjoy is not involved in the lending process, they cannot supply any information on the fees you will incur if any default occurs. For more information, please contact the lender directly if you have any issues relating to your loan repayment. They are the best people to answer these questions for you.
Potential Impact on Credit Score
As previously stated, Fundsjoy is not a lender and they do not check your credit history. When you submit a request at our online platform, this is considered a soft inquiry and does not impact your credit score. However, some lenders may carry out a credit check to ascertain your eligibility for a loan. Most likely they will turn to any of the three major credit bureaus (Transunion, Experian, and Equifax) that is in most cases considered a hard inquiry and may affect your overall credit score.
Collection Practices
Remember, Fundsjoy is not a lender. As such, they are not involved in any debt collection practices and cannot make you aware of any of them. Your lender will specify their collection practices in your loan agreement. If you have any questions regarding the issue, please, address them to your lender.
Loan Renewal Policies
It is advisable to clarify whether the loan renewal option is available with your lender. Be sure to carefully peruse the renewal policy presented in the agreement before you sign the documents.
moneymutual
1) MONEYMUTUAL
1) MONEYMUTUAL
MoneyMutual built a hassle-free online marketplace. They offer you simple, quick and secure access to lenders. It all starts with a simple form that takes about five minutes to complete. They provide that information, at your request, to lenders who might be able provide you with financial assistance. You could have a decision in minutes and the money you need could be direct deposited in your account in as little as 24 hours. 24 hours?! That is an amazing turnaround time… would you not agree? If you are interested to learn more about fees and interest rates, please read on….
Fees and Interest Rates
- Since MoneyMutual® is not a lender, they are not able to provide or advertise the actual terms, rates, annual percentage rates (APRs), or fees associated with the loan you may receive from a lender. The reason for this is that the terms, rates, APRs, and fees vary from lender to lender. If a lender agrees to work with you, you will be shown this information as a part of the loan terms, by that lender, when you are redirected to their website and presented with a loan offer.
- Please review the information the lender provides carefully and make sure that you understand how much money you will receive and how much you are required to pay back.
- Each lender should provide you their loan terms clearly and in a way that is easy to understand. If you do not understand the terms of the loan or do not agree with them (including the APR), do not continue or agree to the terms or provide your electronic signature. You are not obligated to accept the terms for any reason; however, you will not receive the loan if you do not agree. Reach out to your lender directly if you have questions about their loan offer.
Loan Limits and Terms
WHY IS MONEYMUTUAL THE BEST EMERGENCY LOAN RESOURCE FOR BAD CREDIT?
The following are essential factors that we kept in mind as we chose MoneyMutual. So, if you are planning to get yourself a loan, make sure to keep these factors in mind, as they will prove to be a lifesaver for you.
- Reputation
This should be your first and foremost consideration when you are looking to get an emergency loan. MoneyMutual is one of the best in the industry. Before you take out the loan from the lender, be sure to look through the company’s consumer review section.
- Flexible Terms and Conditions
Talking about the terms and conditions when it comes to poor credit scores, most of the lenders willingly lend the amount to the borrowers having credit scores in their 600s. However, those who are willing to give loans at even lower scores are rarely found.
So, try to opt for a platform/lender who works on flexible terms and can lend you a loan even with a credit score below 600.
- Fast Transfer of Funds
Emergency loans are all about receiving the funds right away without any delay. But, if your need is not fulfilled because of delayed transfer of funds, what is even the point of getting an emergency loan?
Therefore, opt for a platform like MoneyMutual that can provide you access to lender who can get you your funds quickly!
- Transparency
Getting charged with any kind of hidden fees would be the most undesirable event you would face. Therefore, it is important to remember to go with a lender that is up front and offers full disclosure on all of their terms, conditions and charges.
=> Visit the MoneyMutual website today!