My Lending Wallet Review – An Online Loan Marketplace
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Personal loans make it easier to cover any expense. Using these loans, you can fund a vacation, wedding, home improvements, or another purchase. Some borrowers use personal loans to consolidate credit card debt. Many lenders offer these financial products, but you must shop around to find the best personal loan rates and terms.
My Lending Wallet is a competitive personal loan marketplace that might have the right loan products for you. This review will cover key details you should know about the company before deciding. Read ahead to know more.
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What is My Lending Wallet?
My Lending Wallet is a personal loan marketplace that offers loans ranging from $500 to $35,000. The APR range you receive for your loan depends on your credit history, but the maximum APR is 35.99%, hence “under 36.” My Lending Wallet was founded in 2014.
While the company will work with any qualifying borrower, its policy of keeping APRs under 36% can help consumers with low credit scores.
Fill out the form
Fast, safe, and secure online form can be completed in just 2 quick minutes.
All Credit Types Accepted
Fill out the Online Form with any level of credit rating, from no rating to excellent!
Get Your Cash
Lenders will directly deposit funds to your account as fast as the next business day.
How does My Lending Wallet work?
Applicants must fill out an online form to receive their personal loans. My Lending Wallet considers all credit types and offers quick funding. You’ll immediately be greeted by a chatbot who walks you through the application process. A few loan options will show up that indicate how much you need.
You can select “$5,000 and over” if you need to borrow more than $5,000, but other ranges are below $5,000.
After you complete that step, the form will prompt you to provide additional details. You’ll have to provide a repayment term. You can establish a repayment period as low as 1-3 months or as high as 1-2 years. While you’ll find those results through the chatbot, the website states that the minimum loan term is 61 days, and the maximum is six years (72 months). To complete the loan agreement, applicants must provide additional details like a home address and email address.
You will then receive an email containing your confirmation details. Some loan requests will require a final confirmation by phone before funding.
How much does My Lending Wallet cost?
The costs of a My Lending Wallet personal loan depend on your credit score, debt-to-income ratio, loan length, loan amount, and other factors. My Lending Wallet offers examples demonstrating that an origination fee can range from 3% to 8%.
The annual percentage rate ranges from 5.99% to 35.99%. The lender has no minimum credit score requirements and offers next-business-day funding. Although the company does not originate loans, it connects you to the network of lenders. You can receive multiple loan offers and see which ones make sense. Receiving multiple offers instead of only being stuck with one can give you a better idea of which deals are fair.
It doesn’t cost money to apply for a loan through My Lending Wallet. The costs begin when you receive funding from a lender in the company’s marketplace, and they vary. If you don’t like any of the offers you receive, you are not obligated to accept them.
Fill out the form
Fast, safe, and secure online form can be completed in just 2 quick minutes.
All Credit Types Accepted
Fill out the Online Form with any level of credit rating, from no rating to excellent!
Get Your Cash
Lenders will directly deposit funds to your account as fast as the next business day.
My Lending Wallet features
Personal loans
You can borrow up to $35,000 from My Lending Wallet. The minimum loan amount is $500.
No credit score requirement
You do not have to worry about the eligibility criteria. My Lending Wallet serves customers with all types of credit. You can get a loan even if you have a bad credit score and won’t get an APR above 36%.
Quick funding
You can receive your capital within a day of getting approved. My Lending Wallet has a quick online application process.
Straightforward loan application process
The website greets you with a chatbot that asks a few questions to speed up the process. You may have to jump on the phone to verify your identity and confirm that you want a loan.
Who is My Lending Wallet best for?
Borrowers with bad credit
My Lending Wallet offers competitive products for people with any credit. However, the lender shines when it comes to people with low scores. My Lending Wallet will not promote loan offers with 36% APR or higher.
Consumers who need quick funding
You can receive money within the next day of getting approved for a loan. This quick turnaround helps with urgent expenses and makes the process less tedious.
People who don’t need to borrow too much money
Borrowing $500 to $35,000 can help with many expenses. Not all lenders can commit to $35,000, but many can reach that level. If you have a small to medium-sized expense, My Lending Wallet can help.
Borrowers who need short-term loans
My Lending Wallet offers financial products with terms as short as 61 days. Not everyone needs a big loan with a lengthy term to cover their debt.
Who shouldn’t use My Lending Wallet?
Borrowers with excellent credit scores
You might find a better offer somewhere else. My Lending Wallet still makes it competitive, with rates as low as 5.99% APR. However, some lenders only work with people who have good or excellent scores. Those lenders may offer better rates and terms.
You need to borrow more than $35,000
People who need to borrow $50,000 shouldn’t turn to My Lending Wallet. You must consider another lender if your need exceeds $35,000. Getting a loan from My Lending Wallet for $35,000 and then working with another lender to cover the gap is possible. However, avoiding that extra step and the additional fees and credit checks that come with that approach is possible.
People who need loan terms that extend beyond six years
The maximum loan term for a My Lending Wallet financial product is 72 months. You must consider an alternative if you need a personal loan with a 7-10-year term.
Fill out the form
Fast, safe, and secure online form can be completed in just 2 quick minutes.
All Credit Types Accepted
Fill out the Online Form with any level of credit rating, from no rating to excellent!
Get Your Cash
Lenders will directly deposit funds to your account as fast as the next business day.
Pros and cons
Pros
- Quick funding as early as the next day
- Pick from a loan term ranging from 61 days to 72 months
- The interest rate will not exceed 35.99% APR
- Choose from many loan offers
- Loans are available for people with bad credit
- The minimum loan amount is $500
- My Lending Wallet is free to use
Cons
- Rates and terms vary for each lender
- You can only borrow up to $35,000
- The loan term cannot exceed six years
- You might get a better rate with a direct lender if you have an excellent credit score
My Lending Wallet vs. competitors
My Lending Wallet isn’t the only online lending marketplace that connects borrowers with personal loan providers. Comparing your choices can help you find a loan with good rates and terms for your finances. Here’s how My Lending Wallet compares to the competition.
Minimum Loan Amount | Maximum Loan Amount | APR | |
My Lending Wallet | $500 | $35,000 | 5.99%-35.99% APR |
LendingClub | $1,000 | $40,000 | 8.98%-35.99% APR |
Best Egg | $2,000 | $50,000 | 8.99%-35.99% APR |
Fiona | $1,000 | $250,000 | 5.20%-35.99% APR |
LendingClub
LendingClub offers loans with 2-5-year terms and lets you borrow as much as $40,000. The company’s APR and loan amounts are comparable with My Lending Wallet. However, My Lending Wallet offers more leeway with term lengths.
The online lending marketplace was founded in 2007 and allows borrowers to receive money quickly upon approval. Loans have competitive rates and fixed monthly payments. If you pay off the loan early, you will not incur any prepayment penalties. Automatic payment withdrawals are available.
LendingClub has become the go-to resource for more than four million members. The company enables joint loans and lets you pay multiple creditors directly. LendingClub only uses soft credit pulls, so checking your rate will not affect your credit score.
The online lending marketplace doesn’t only provide personal loans. You can also get business loans, auto refinancing, and banking solutions. LendingClub has personal and business banking available. Investors can also purchase LendingClub loans and receive interest payments as if they were the bank.
Best Egg
Best Egg has an A+ rating from the Better Business Bureau and a 4.6 rating from over 8,000 Trustpilot reviews. The company has received a lot of online praise and does not impact your credit score if you are not approved for financing.
The loan provider was founded in 2013 and offers Cross River Bank and Blue Ridge Bank loans. Best Egg has a Direct Pay feature that can speed up your debt payment and potentially lower your rate. The lender has fixed-rate loans that can help with debt consolidation, moving expenses, vacations, etc.
You can also get a secured personal loan through Best Egg. These loans require collateral but typically come with lower rates and better terms since some risk is shifting to the borrower. Borrowers can choose from vehicle equity or home-secured loans if they want to use collateral.
Best Egg also has a credit card with no annual fee. Cardholders can track spending and set limits with a click. Your credit score will not be affected if you are not approved for a Best Egg credit card. The lender even offers a free credit report you can use to assess your credit health.
Fiona
Fiona has a loan minimum similar to My Lending Wallet, which is $1,000. However, the lending marketplace has a maximum loan amount of $250,000, which is higher than what you’ll find with most online lending marketplaces. The fintech company also lets you filter loan offers based on your creditworthiness, zip code, loan purpose, and loan amount.
Consumers with excellent credit scores can find more competitive loans on Fiona. Rates are as low as 5.20% APR, and the online lending marketplace offers the same upper-end APR as the other loan companies on this list.
Fiona doesn’t stop with personal loans. The fintech company also has auto refinances, student loan refinances, mortgage loans, and mortgage refinances. The company also offers insurance policies, credit cards, and savings accounts. Fiona will match you with offers in less than 60 seconds. Filling out Fiona’s form will not impact your credit score.
Fill out the form
Fast, safe, and secure online form can be completed in just 2 quick minutes.
All Credit Types Accepted
Fill out the Online Form with any level of credit rating, from no rating to excellent!
Get Your Cash
Lenders will directly deposit funds to your account as fast as the next business day.
FAQs
Is My Lending Wallet legitimate?
My Lending Wallet has been in business since 2014 and has a network of more than 100 lenders. You can contact My Lending Wallet via phone or email to ask any questions.
Does My Lending Wallet have a credit score requirement?
You can apply for a loan and receive funding even if you don’t have the best credit score. Requirements vary for each lender, but you can find loan providers with more generous requirements. My Lending Wallet makes it easy with its large lender network.
What is the maximum term length for My Lending Wallet?
You can take out a loan with up to a 72 month term with My Lending Wallet. That comes to six years with fixed monthly payments. The shortest loan term is 61 days.
How much can you borrow using My Lending Wallet?
The maximum loan amount is $35,000. If you are looking for a loan on the lower end, you must borrow at least $500. This minimum amount is lower than what most online lending marketplaces offer.
Can I get a loan with a 500 credit score?
It is possible to receive a loan even if you have a 500 credit score. It’s free to see what offers you can receive with My Lending Wallet. Some lenders look beyond your credit score and also consider your debt-to-income ratio, employment history, and other factors.
The bottom line
Personal loans offer greater versatility. They make large expenses more manageable by converting them into fixed monthly payments. Many lenders have made the funding process easy and let you receive funds within one day of approval.
My Lending Wallet is a personal loan marketplace to consider. The company has a network of more than 100 lenders and offers competitive rates. Even if you have a bad credit score, your rate will never exceed 35.99% APR.
Shopping around and comparing loan offers from multiple companies will help you find better rates and terms. While you can contact lenders directly, My Lending Wallet can save you a lot of time. The company’s chatbot offers a straightforward application process that gets you closer to your funds.
The lending marketplace’s term lengths help it stand out. Very few online loan providers or marketplaces offer terms as short as 61 days and as long as seven years. Whether you need a personal loan to consolidate credit card debt, make home repairs, or take care of another expense, My Lending Wallet can help you along the journey.
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Writer
Marc Guberti is a business freelance writer who specializes in personal finance, digital marketing, and entrepreneurship. His award-winning book "Content Marketing Secrets" teaches readers how to create, promote and optimize content for growth and revenue. Marc also hosts the "Breakthrough Success Podcast," where listeners learn how to master content marketing and get more clients.
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