Best Microloans Sites
Micro Loan Sites
Over the years, micro lending has become modernized; such that the lenders give loans purely online. Individuals who wish to invest sign up to online lending websites which then link them up with borrowers.
Best Micro loan Sites
LendingClub Corporation (LC)
LC is the largest peer to peer lending platform founded in 2006. The minimum loan amount is $1,000 while the maximum us $40,000. APR of the loans ranges between 5.99-35.96%.
LC offers loan terms of between 3-5 years. A borrower can repay earlier depending on their ability.
Micro lenders browse through the website to decide on the loans to fund. Borrowers are in groups from A-F showing their likelihood to pay. Group A is the less risky why group F is the riskiest.
For more information visit: https://www.lendingclub.com/
Prosper Marketplace, Inc
The minimum loan amount is $2,000 while the maximum loan amount is $35,000. Loan tenure of between 3-5 years. APR of loans ranges between 5.99-36.0%.
The micro lenders can consider the rating, history and credit score of the borrower. They can invest as low as $25 per loan.
For more information visit: https://www.prosper.com/
Founded in October 2005, Kiva is a non-profit organization which links lenders to low-income business people as a way to eradicate poverty.
A borrower can either apply for a loan through the field partners or directly from the website. Once the profile is up on the site, the lenders can view and decide which investments to fund.
Kiva does not charge any fee on loans; hence the full amount is refunded to the lender directly.
For more information visit: https://www.kiva.org/
Accion International is a non-profit organization that aims to give individuals affordable and high-quality financial services. They actively work with over 90 partners in over 40 countries.
Accion is committed to ensuring financial inclusion for the people discriminated against by the financial sector.
For more information visit: http://www.accion.org/
Offer three different loan terms 6month, 12 months and 18 months.
The maximum monthly rate is 10% plus 1.5% additional charge on loans.
Kabbage gives up to $250,000.
No early payment penalties.
For more information visit: https://www.kabbage.com/