Lending Studios was created because we believe customers are being underserved believing only large banks or lending institutions have the best options to serve them. More times than not, banks are highly limited in what they can provide, who they can provide it to, and are unjustly priced high because they are so focused on regulation that they forgot about the customer.
As Brokers, our role is to compare over many companies, and to find any and all options to get our customer an approval from the investor that best fits their needs at the most competitive rates—skipping the overhead in areas where it burdens the customer, while keeping the safeguards to keep our customers safe.
How Lending Studios Works
Part of knowing what you need requires being introduced to your available options -- enter Lending Studios.
It's our job to help lead you to the financial product that will yield you the most bang for your buck. We start by asking you to answer some specific questions regarding your current financial needs and goals. Once we have your answers, we instantly connect you with the appropriate lender network and your shopping can begin.
Answer a short questionnaire to discover applicable products.
Identify the kind of loan or product you need.
Connect with our lender network and start shopping.
How to Choose a Lender
Lending Studios examines each personal loan company we provide based on both nationwide availability and excellent customer satisfaction ratings as put forth by the Better Business Bureau and J.D. Power 2019 U.S. Personal Loan Satisfaction Study. While each borrower will have varying needs, rest assured that there are lenders that can meet your individual requirements. Because no lender is a perfect fit for each borrower, our recommendations are connected to eligibility requirements, interest rates and features that qualify them as good matches for the various needs of borrowers.
How to Prepare for a Personal Loan
If you don't know your credit score, now is a good time to find out what it is! Most lenders require that you have at least fair/good credit to earn the personal loan you seek. While each lender has its criteria when it comes to credit scores, in general, fair credit is a FICO score between 580 to 669 and good credit is a score between 670 to 739. On average, expect most companies to require a score of at least 600. Strive for the highest credit score you can obtain. High credit scores will not only help your loan approval rate to increase, but it will also lower your associated loan interest rate.
As well as you are able, keep that credit clean. If it isn't clean, see what you can do to clean it up by contacting creditors. Defaults, collections or bankruptcies could seriously impact your chances of loan approval. If you have one or more of these on your credit report, it could disqualify you for a personal loan. If a lender DOES approve you, you may have to pay a pricey interest rate to secure the loan.
When it comes to earning the confidence of a lender, borrowers need to be able to show they have stable employment. Lending is an agreement based on trust; trust that the lender will provide you the funds you seek, and trust that the borrower will repay it in a timely, predetermined fashion. If you can't offer proof of stable employment, your chances of getting a loan decrease substantially. Being able to show how you will repay the loan is a key part of the agreement. Proof of employment is a key part to loan application approval.
Lenders will also require that you can provide them proof of identification (driver’s license or passport) in order to approve your loan application. With the rise of identity theft, agencies are very careful when it comes to ensuring the identity of the borrower is legitimate.