In a Nutshell: Today, seemingly endless avenues exist to secure a personal or business loan. Consumers may find it hard to know which lenders are trustworthy. LoanStart helps to simplify this process by connecting users with lenders through a free, quick, and simple process. The company exposes potential borrowers to partners in its extensive network of trusted online and storefront lenders. And security is always a priority, with 256-bit encryption and IT and compliance teams ensuring the company is upholding the highest security standards.
Securing a personal or business loan in our parents’ and grandparents’ generation, often meant getting dressed up in your Sunday best, assuming your most professional demeanor, and visiting your local bank. Not anymore.
Today, consumers have virtually endless options available to secure a personal or business loan.
Visiting your local bank or credit union is certainly still an option — although the pomp and circumstance of days gone by may not be necessary. But numerous online lenders are doling out loans on a regular basis as well. And just about any populated area will have at least one or two local lenders for access to fast cash.
Of course, having so many possible borrowing avenues is a good thing. On the downside, the number of choices can be overwhelming. Potential borrowers may feel unsure about which lenders are credible and which ones should be avoided like a high interest rate plague.
LoanStart helps make deciding where to turn for a loan much easier by connecting the borrower’s needs and qualifications with a reputable lending partner.
“I’ve seen many instances where we were able to help people secure a loan through one of our partners — either online or from one of our storefront lenders — when they had not been able to get any offers through other networks,” said Hayk Serobyan, LoanStart’s Business Development Manager.
A Quick and Easy Process Reveals Borrowers’ Options for Personal and Business Loans
LoanStart works to find people the loans they need, Serobyan said.
“It takes less than five minutes to sign up,” he said. “You just have to provide a little bit of basic information. It’s all secure and can be done from your computer, smartphone or tablet. It’s a very quick process.”
The process is free, and borrowers must meet just a few basic requirements and can request a loan from $1,0000 to $40,000. Serobyan said the real magic starts once a consumer clicks on the submit button.
“That’s when we actually connect borrowers with lenders, based on the criteria the lenders ask for,” he said. “With the online fintech guys, they let us know what criteria works best for them and we evaluate all their requirements and weigh all the variables before we send the customer directly to the lender.”
Serobyan said some of the main factors that go into determining which lending partners may be available for the borrower include FICO scores, zip codes, and requested loan amounts. LoanStart is not a lender but simply facilitates the lending process for consumers.
And online lenders aren’t the only companies that LoanStart works with. It maintains a robust network of brick-and-mortar lenders it refers borrowers to as well.
Potential borrowers will find out in a short time whether they have been paired with one of LoanStart’s affiliate lenders or lending partners.
“If your request is accepted, you may eventually receive a loan agreement, which will disclose the terms of the loan — interest rates, applicable fees, the total amount you will need to repay, and the timeframe for repayment,” according to the website. “Be sure to read the agreement completely before signing it and accepting the loan.”
Borrower’s funds may be deposited into his or her personal bank account as soon as the next business day.
LoanStart Partners with Online and Storefront Lenders
LoanStart is a fintech company, Serobyan said. It has developed its own software and provides technology to its lending partners and affiliate partners, including a software platform, management resources, and online marketing tools.
“One of the main differences that sets us apart from other loan facilitators is that we work with online lenders as well as storefront lenders,” he said.
He said LoanStarts’ online and storefront partners include subprime, near-prime, and prime lenders.
“We can connect consumers directly to the storefronts even if they are rejected by online lenders. They are connected based on the zip code they provide to us,” Serobyan said. “It gives them an opportunity to visit that storefront lending location and work with the lender directly.”
Online lenders may reject some consumers based on the lending company’s underwriting criteria, but storefront lenders may have some extra flexibility by working with consumers face to face.
“That’s the main advantage storefronts provide is that personalized experience,” Serobyan said. “Maybe they can get some extra information from the consumer or suggest a co-signer. Whatever it takes to be able to provide the required funding.”
Since LoanStart is one of the largest elite providers in the personal finance space, he said a lot of online lenders have exclusive partnerships with the company. This means borrowers may be more likely to connect with a lender and ultimately secure the loan they want through LoanStart than through other networks.
Working with Trusted Names and Using High-Level Security to Ensure Data is Kept Safe
Serobyan said LoanStart has been working in the prime personal loan space for more than seven years and has never had any issues with its system being breached or anybody’s personal data being stolen.
“We take your privacy seriously. So do our partners,” according to the LoanStart website. “Your personal data stays private during the entire loan request process, thanks to 256-bit encryption.”
LoanStart has an entire compliance department and fully prepared IT staff that works every day to make sure security measures are in place and to monitor activity to ensure security remains up to par, Serobyan said.
LoanStart’s partners represent trusted names in the industry, including Avant, FreedomPlus, LoanHunch, and Payoff. Similarly, the company works with established storefront lenders as well.
“Usually when people think of storefront lenders, they think of those cash advance storefronts you drive by on the street,” he said. “But we work with both cash advance lenders and personal loan lenders who have been in the industry since around 1930. That adds more value to the entire process for us finding loan options.”
Serobyan said LoanStart is always looking to expand its trusted network of lenders. “That goes for both the online and storefront side,” he said. “We’re continually adding more locations with storefront lenders and looking for even better coverage with online lenders.”
While you’re still free to dress up in your fanciest clothes when it’s time to search for a loan, you can now do it in style from the comfort of your computer through LoanStart.