If you are in need of financial assistance, instead of Myinstantoffer lending the first place you will think of is a bank. Banks are known to offer financial help in the form of loans. When a bank grants you loan it in fact means they let you borrow a considerable sum of money in order to assist you in your future plans.
A bank can grant you loan in two forms i.e. secured or unsecured loan which you are required to pay back along with interest charged over a stipulated period of time. However you must meet a certain criteria in order to get your request for loan approved by the bank, which may prove to be a disadvantage.
Let us discuss some of the disadvantages of applying for loan from a bank:
- Inflexible Conditions:
The requirements to qualify for bank loans are very strict. Banks only approve loans for people and businesses that can ensure to repay their loans and cover loses in the event of default that means businesses with substantial track record or valuable collateral such as real estate.
If a person goes for unsecure loan he/she will have to face the difficulty of higher interest rates.
- Strenuous Repayment:
If a loan is granted to you, you are required to make regular payments in order to payback your loan. Banks also require personal guarantees which implies that the borrower’s personal assets can be seized if he/she is unable to repay all or part of his/her loan putting you at a risk of losing collateral that your loan was sanctioned against. Not only this but if a person falls behind on his or her repayment the bank has full authority to report him or her to credit bureaus which may cause difficulties for you to acquire future loans.
- Stunting Business Expansion:
The high interest rates in addition to the demand of periodic payments stunts the expansion of businesses since businesses have to take care of extra expenses that the bank does not fund.
- Full Amount Not Granted:
Often banks do not grant the full amount of the loan requested rather they approve some percentage of it leaving the borrower to worry about the remaining amount on his or her own which may prove cumbersome with the burden of repayment.
- Variable Payment Amounts:
Sometimes loans are granted with variable interest rates which fluctuate with the fluctuating market conditions this results in an uncertainty in exact amount of future payments and puts a hindrance in one’s financial planning.
This is not to discourage you from the idea of taking a loan so to put you at ease LendingClub offers a feasible solution to your dilemma through MyInstantOffer, an online platform for loans that provides larger loans for lower interest rates so that applying for a loan is no more a problem.
With the world going online with every basic necessity being catered to over the internet LendingClub brings you MyInstantOffer.
“LendingClub screens borrowers, facilitates the transaction, and services the loans.”
All this from an online platform where loans are issued via WebBank.
Let us see what MyInstantOffer has to offer the world of online loan trading:
Introduction of MyInstantOffer:
LendingClub designed a pioneering business model of peer-to-peer lending network that helps borrowers meet investors willing to fund their loans. It is the largest online lender that offers loan trading on a secondary market and it also happens to be the first online peer-to-peer lender to register with SEC.
MyInstantOffer was first founded in 2007 with its headquarter based in San Francisco and operates fully online without any branch locations which makes their operating cost low.
MyInstantOffer enables people to borrow amount starting from $1000 up to $40,000 to applicants who qualify.
The company screens potential borrowers and assigns them a grade based on credit and income data. This grade is kept hidden from the borrowers and made visible only for investors as it determines the range of interest rate a potential borrower qualifies for and helps investors decide if they wish to fund that borrower’s loan.
Timeline of MyInstantOffer.com:
|2007||· Launched on Facebook as a Facebook application.|
|August 2007||· Received $10.26 million in a Series A funding.
· Developed into a full scale lending company.
|April 8, 2008||· LendingClub temporarily suspended new lender registration.
· Entered “quiet phase”.
|June 20, 2008||· LendingClub filed S-1 statement with SEC.
· Seeked registration of $600 million in “Member Dependent Payment Notes”
|August 1, 2008||· LendingClub files an amendment to its S-1 Form.
|October 14, 2008||· LendingClub announced completion of the SEC registration process.
· Filed prospectus on its website.
· Resumed new lender registrations.
|March 2009||· LendingClub raised $12 million in a Series B funding.|
Why should I use MyInstantOffer?
MyInstantOffer.com has a lot to offer its users. Some of the benefits that sets it apart from others are enlisted below:
- Desired Amount: MyInstantOffer lets is users choose from a wide range of $1000 to $40,000 to select their desired amount to acquire as loan and they don’t have to put up with the hassle they may have to face while applying for the same amount at a bank.
- Fast Turnaround: Once a borrower qualifies for the loan through the capability process and has found an interested investor then the money will be transferred to his or her account within four working days.
- Security of Personal Information: MyInstantOffer keeps the identity of its borrowers concealed from the investors and even at the time the money is transferred to the borrower’s account after approval of loan his or her information is not provided to the investor.
- Low Organization Fee: Though LendingClub’s headquarter is based in San Francisco they operate fully online without branch locations so they have a relatively low cost set up which enables them to focus more resources on their customers.
It is highly recommended to make sure that an online lender is trustworthy so one should keep some things in mind while applying for online loan which are:
- Loan Terms:
One should be clear about the terms and conditions associated with any online lender. Especially regarding the amount up to which a borrower can borrow, options available for payment period and ways to pay.
Amount of all fees with APR should be specified beforehand.
- Time Processing:
Each Lender has a different time for processing and in case you are in fast need of funds then it is best to do your research and look up the best lender that can provide you fast funds.
The best course is to do research before choosing one company and look up the reviews and ratings of each and comparing them before trusting an online lending network as this involves money and one must choose a trustworthy web site before going for any kind of financial commitment.
MyInstantOffer Pre Approval Loans:
MyInstantOffer pre approved code – it provides you a 12-digit code in its offer letter. You must enter this code in the slot provided at the website to continue with your loan application process. In the case you do not have the 12-digit code you should visit the site where you get an option to apply for loan and proceed from there.
- How to Apply?
Visit the website www.myinstantoffer.com. The page will direct you to a short form where you will be required to fill in your details that will help MyInstantOffer to determine if you are eligible for the loan. This form is of the following format:
- Amount Required:
In this option you are required to state the exact amount you wish to acquire in the form of loan. This amount can be from $1000 to $40,000.
The website may also require you to mention your current credit score and determine if it is good or not based on their own scale. If you do not know your credit score you are also provided with an option of “Don’t Know”.
Mention if you are applying for loan alone or with some partner. In case you apply with a partner you may be considered eligible for higher loan.
- Date of Birth:
The LendingClub eligibility criteria states that the applicant should be minimum 18 years of age in order to apply for loan so the date of birth also enables the site to determine your eligibility based on this rule.
- Annual Income:
Here you are required to mention your current salary details and the details of your source of income i.e. whether you have your own business or have a job or receive pension etc. which helps the site determine if you will be able to repay the loan.
- Applicant’s Name:
Mention your name here. This enables them to look up your credit report and post it.
- Residential Address:
This gives further details of your identity and helps them look you up in case of any misconception.
- E-mail Address:
The email address helps them create your account where you are also required to verify if you are in agreement with their terms and policy.
- Social Security Number:
You are required to give your Social Security PIN.
Once you have filled out this eligibility form MyInstantOffer will get to assess if you qualify and then proceed. In the event you are determined to be eligible then you will get offers from various investors, from whom your personal identity shall remain concealed. This process may take time depending upon conditions. But once your loan is approved it will be transferred to your bank account within four working days.
In order to invest in MyInstantOffer you must keep in view a certain set of conditions which are as follows:
- Income Requirement: Your minimum annual income should be $70,000. Though this figure may vary for some other states of the U.S.
- Net Worth: The income requirement is unnecessary in the event that the net worth of your assets proves to be about $250,000.
- Maximum Investment Allowed: MyInstantOffer does not allow its investors to invest more than 10% of their net worth.
- Minimum Opening Account: The minimum opening account and the minimum amount required to invest in a single note is $25.
- What are Notes?
If you are not interested in investing in individual loans you can invest in a part of it like fractions. This is what note is. Notes contain information like interest rates and repayment schedule but these notes aren’t available in all the states of U.S. You can buy notes in increments of $25 and in this way they also reduce the risk that lies in investing in a single loan.
- How to Invest?
You can invest in two ways:
- Manual Investment: This is the type of investment in which you go through each of the loan requests personally one by one and decide on one of them yourself.
- Automated Investment: In this type of investment you set a criteria for the type of investment you are interested in with all the details and on the basis of that criteria notes are selected automatically.
Is MyInstantOffer a scam?
The most credible way to tell if an online website is scam or not is to look at its reviews and responses of other users. Usually user reviews of high-traffic sites are available easily when searched through any search engine which is a good way to check for any site’s credibility. And people generally tend to judge the reliability of a website from its URL. Most authentic web sites start with “ www. or https:” and end with “.com or .net”.
The following points speak for MyInstantOffer’s credibility:
They received 18,246 reviews with high recommendations to use the site. And they got 4.8 out of 5 star rating.
Google became a prominent capitalist in MyInstantOffer in 2013 making MyInstantOffer more notable.
- Prominent News Outlets:
The New York Times and CBS News confirmed the credibility and safe usage provided by MyInstantOffer.
Alibaba is China’s largest internet company which according to The New York Times partnered with MyInstantOffer further improving its reliability.
Utilizing MyInstantOffer Loan:
You can utilize your loan in a number of ways but the most common are:
- School Expenses
- Medical Expenses
- Home Renovation
- Credit Card Dues
- Down Payment for a House
Qualifying for MyInstantOffer Loan:
If you qualify or not is based on your FICO score. This is a type of credit score that helps lenders determine if they are willing to take the risk of extending credit to that borrower.
You must have a fairly good FICO score and a reliable source of income i.e. you stand at a sound position from fiscal point of view in order to qualify for MyInstantOffer loan policy since this ensures how fast you will be in repaying the loan.
You can login to MyInstantOffer using MyInstantOffer capability process application which is available at its website www.myinstantoffer.com.
The login process requires you to give the following details:
- Application Type
- Home Address
- Date of Birth
- Email Address
- Income details
Once you have entered all the details click on “Get My Rate” option. This will begin the evaluation process and determine if you meet all the prerequisites in order to proceed.