Personal loans come in handy when you want to finance major expenses or consolidate high-interest credit card debt. Many lending and financing firms are joining the fintech space to improve their services.
As more companies venture into the fintech world like these fintech development companies, customers must compare the lenders available and identify the one that provides the best loan for their needs.
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What Exactly is Fintech Lending?
Financial technology (Fintech) is a new tech that seeks to automate and improve the use and delivery of financial services. Fintech is used to help entrepreneurs, consumers, and firms better manage their processes, financial operations, and lives by using specialized algorithms and software used on smartphones and computers.
Fintech lenders employ these latest financial technologies to empower consumers to control their cash flows. Potential borrowers can now apply for loans or financial solutions from anywhere globally, promoting an autonomous approach to fiscal management.
Lenders now use fintech to demystify their policies, speed up payment processing times and provide personalized experiences based on each client’s needs.
Top 4 Loan Matching Companies That Have Nailed It
Here are some Loan Matching Companies that made it to the Top 4:
Gday Loans
This loan matching platform offers quick loan applications across top lenders in Australia. It provides access to major short-term loan providers, and the application is free with immediate feedback.
Clients can borrow from $300 to $10,000 with customized repayment periods between 3 months and two years to suit their financial situations and needs. The lenders provide various loans like instant payday loans with 5.99% to 35.99% APR.
Gday Loans doesn’t conduct credit checks on prospective clients without their permission. Since this platform works with various lenders, the eligibility criteria depend on the lender. However, all borrowers must be full-time Australian residents and be 18 years and above.
The loan application process does not take much time. You’ll fill out an online application form, including details of the amount of money you want to borrow. G’day, loans don’t sell client data or spam emails to borrowers who sign up.
After filling out the form, the system matches you with a suitable lender who will offer the best deal for you. The lender accepts the conditions, and then you are transferred to their site to finish the process. Once the lender approves the loan, they transfer it directly into your bank account.
Borrowers can use the loan for any financial issue without restrictions. The approval process is fast, and your application can be accepted in seconds. The quick and straightforward application process makes G’day loans preferable to traditional lenders like banks.
Pros
- Same day payout
- Quick online application and approval process
Cons
- Not available in all states
Viva Payday Loans
This loan matching site connects borrowers with lenders who provide payday loans ranging from $100 to $5,000 with loan terms between 16 days to one year. Bad credit borrowers and Centrelink recipients are also eligible for these loans.
This platform charges a 4% monthly fee and a 20% establishment fee for loans below $2,000. For loan amounts above $2,001, the establishment fee is $400, and an APR of 20% to 199.43%.
Viva Payday Loans has a straightforward application process that involves keying in your details and the loan amount you need. After filling out the online form, you submit it and await a response.
After your application is approved, the platform will connect you with leading lenders willing to give you a payday loan. The loan provider will send the loan agreement, which you’ll sign before the lender wires the money directly to your bank account. Ensure reading the terms and conditions well before signing.
Pros
- Bad credit borrowers are eligible
- Quick application process
- No collateral
Cons
- High fees and interest rates
Sunshine Short-Term Loans
This loan matching site is another fintech lending company that connects customers with lenders providing loans ranging from $150 to $2,000. The loan terms are between 9 to 24 weeks. You also have an option of early repayments without incurring additional charges.
Sunshine loans impose a 4% monthly fee and a 20% establishment fee. Bad credit borrowers and Centrelink recipients are also eligible for loans on this platform. However, Centrelink recipients can only apply for loans if the benefits are less than half their earnings.
The online application process is easy, and you may get approval on the same business day. You’ll only have to fill out an online form with regular income, government benefits, personal Identification, and bank account details.
There are minimum requirements to be eligible for loans on this platform. Borrowers should have crossed 18 years of age and have a regular income of at least $400 every week. The payment can come from full or part-time jobs and government benefits like Centrelink. However, the income can’t be from pension or Centrelink only.
Pros
- Payout on the same day
- Flexible repayment plan as per the client’s income frequency
- Quick application process
Cons
- Borrowers must provide their employment details and Centrelink payment information.
SpeedyMoney Payday Loans
This Sidney-based loan matching company provides payday loans ranging from $200 to $2,000 with loan periods of up to 3 months. The application process is online, and funds are disbursed within an hour or below, depending on the bank with whom the borrower is borrowing.
Borrowers with less than perfect credit history are eligible, and you can opt for early loan repayment without penalty.
The loans on this platform are expensive with high charges. There’s a 20% establishment fee and a 4% monthly charge on the loan amount. Payday loans aren’t long-term financial solutions; since they’re costly, you should only borrow during an emergency.
Applicants must meet specific eligibility criteria to apply successfully. They should be at least 18 years, be an Australian resident, and have steady employment. I SpeedyMoney verifies the details the client provides.
If they approve the application, the borrower gets a loan contract that they review and e-sign before receiving the funds.
After the clients accept the terms and conditions, SpeedyMoney transfers the funds within an hour. For borrowers with Commonwealth Bank, the transfer can be instantaneous. Repayment is through direct debit and can be fortnightly or weekly, depending on the borrower’s income frequency.
Pros
- Borrowers can make early repayments without penalty, although only those borrowers with less than perfect credit history are eligible.
- Borrowers can use the funds for any purpose
Cons
- High-interest rates and fees.
- Unaffordable repayments.
Also Visit: Loan Management Apps | List Of Top 5 Apps You Should Start Using Today
Conclusion
The above loan matching platforms have nailed fintech, revolutionized the lending process, and transformed the traditional landscape using novel tech. Fintech lending firms are steadily taking over the loan market from conventional financial institutions by offering alternative financing solutions. Don’t hesitate to seek G’day loans services, one of the best loan matching companies, as they embark on this digital journey.
