In addition to providing unsecured consumer installment loans, Above Lending also markets other financial products and services for themselves and their Lending Partners. Their aim is to provide a convenient and simple service to their customers. They advertise their services at abovelending.com.
It would help if you compare offers from multiple lenders when shopping for a personal loan to ensure you are finding the best offer. Recently, Above Lending has received a lot of attention, but is it the right choice for your financial needs? Here is a closer look at what they have to offer so you can make an informed decision.
On closer examination of their website and terms and conditions, we discovered some interesting points. Here are some of the most important ones.
- Depending on the lending partner and/or Above Lending, loan terms vary between $1,000 and $100,000.
- The annual percentage rate (APR) ranges from 4.9% to 35.99%.
- The origination fee on a loan can range from 1% to 6%.
- The repayment terms range from four to 84 months.
- Borrowers with the highest credit scores receive the highest loan amounts at the lowest interest rates.
- It is possible that the third-party lender will charge you a fee when you are approved for a loan or other products and services marketed to you by Above Lending. Above Lending will never charge you a fee for these referrals.
Above Lending: What Is It?
In addition to marketing, brokering, and originating consumer installment loans, Above Lending also offers other financial products and services. The company has been in business since 2019 and is headquartered in Houston, Texas. You may contact them by phone at (800) 201-2295.
Currently, Above Lending does not have a BBB rating. However, it has an average of 34 customer reviews and 2 complaints that have been resolved in the last three years.
How Does This Company Work?
When you are ready to start shopping for a loan, Above Lending can assist you in finding and comparing loan offers from multiple lenders. A loan specialist can help you select the best offer and get your money quickly once you e-sign your documents. Enter your basic information and they’ll show you personalized loan offers from their network of trusted lenders.
How To Qualify For Above Lending
You should be aware that approval and loan terms are not guaranteed before applying for a loan. By submitting your information, you consent to it being shared with Lending Partners and affiliates. Additionally, the products and services advertised on their site may not be available in every state.
It is important to note that some of the offers on their site may be from third parties that pay them referral fees when you obtain their products and services. However, they do not charge any fees for these referrals.
Above Lending Reviews
Although Above Lending has not yet been rated by the Better Business Bureau, customers have given the company 4 out of 5 stars. On average, Above Lending has had 34 customer reviews and 2 complaints in the last three years.
The following are some reviews:
Tracey N 12/30/2022
Ngork S 12/29/2022
Libaniel H 12/29/2022
How Much Does Above Lending Charge?
It is important to note that loan terms vary according to the creditworthiness of the borrower for amounts ranging from $1,000 to $100,000. An APR of 4.9% to 35.99% and origination fees of 1% to 6% of the amount financed are available. Repayment terms range from 4 months to 84 months. Only the most creditworthy borrowers are offered the highest loan amounts at the lowest interest rates.
In the case of personal loans from Above Lending, loan amounts are typically $17,000, repayment terms are 53 months, and interest rates are 17.00%. An origination fee of 5% ($850) results in an annual percentage rate of 19.63%. A total of $7,299.44 would be charged on the loan, while a total of $8,149.44 would be charged on the loan (interest plus origination fee). As a result, you would make payments of $458.48 per month. Over the course of the loan, you would make payments totaling $24,299.44.
Is There Any Pre-Payment Penalty?
Prepayment fees are not charged by Above Lending, so you are free to pay off your loan early without incurring any penalties. This makes it an excellent option for borrowers who wish to pay off their loans at their convenience.
How Does This Company Affect Your Credit?
Your credit report will be accessed by Above Lending or the lender prior to your loan being funded. Upon accepting an offer and submitting your bank account information, a separate soft inquiry will also occur. Soft inquiries can be viewed by you and will not affect your credit score. These inquiries will impact your credit score and may be viewed by third parties.
How To Cancel Above Lending?
It is important that you are certain of your decision before taking out a personal loan. Once the funds have been dispersed into your account, it is virtually impossible to reverse or cancel the transaction.
Here are some tips to help you get back on track if you are having difficulty making ends meet.
No matter what your financial situation is, there are some simple steps you can follow to get your finances in order.
- To control your spending and leave space for other important expenses, you should create and adhere to a budget.
- A financial advisor can also help you create a plan that matches your unique circumstances by explaining your different options.
- Last but not least, try not to worry too much about debt. Many companies are willing to work with their customers to create a more manageable payment plan.
Above Lending: Is It Legit?
The company has been in business for three years and provides financial services through its network of lenders. Although it is not accredited by the Better Business Bureau or rated by the Better Business Bureau, its customers have given it four out of five stars.
Customer reviews are helpful in choosing the best option and avoiding loans that may not be affordable. Comparing interest rates and repayment terms from various lenders is important before taking out a personal or business loan.
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Above Lending Review
For the past three years, Above Lending has been providing financial services through its network of lenders. Although it has not been rated by the Better Business Bureau or accredited, it has received four out of five stars from its customers.