Lendesca Loans – Have you ever faced an unexpected expense or emergency when your bank account balance is low? Most of us have been there. When you urgently need extra cash, online lenders like Lendesca market that offer fast approval loans can be an easy solution. But are they the right financial move for your situation?
In this post, we’ll explore everything you should know before taking the plunge with a Lendesca loan. We’ll break down the types of loans they offer, eligibility criteria, application process, repayment terms and pros, cons.
By the end, you’ll understand exactly what to expect from Lendesca lending so you can determine if their loans are in your best interest.
An Introduction to Lendesca Loans
Lendesca is an online lender providing various personal and business loans directly to consumers and companies. Headquartered in California, they promote easy online applications, minimal eligibility requirements, and funding in as little as 24 hours for approved borrowers.
These are the services they offer;
Loan Options from Lendesca
Lendesca provides an array of online loan products, including:
- Personal loans
They provide unsecured installment loans from $1,000 to $15,000 for any purpose. Terms of 12-60 months.
- Debt consolidation loans
They consolidate high-interest credit cards and debts into one Lendesca loan.
- Payday loans
They provide high-cost short term loans against your next paycheck which you must repay within 14 days.
- Title loans
The firm provide secured loans using your paid-off vehicle’s title as collateral. You risk losing ypur car if unpaid.
- Refinancing loans
They refinance and consolidate existing debts potentially at a lower rate.
- Auto loans
The loans provided ranges from $5,000 – $55,000 to purchase a new or used car.
- Home equity loans
They provide loans using equity in your home as collateral.
Benefits of Getting a Loan with Lendesca
- Fast online applications – You can fill out a simple application form on your desktop or mobile. Prequalify with a soft credit check.
- Quick funding – If approved, the loans are funded as soon as the next business day in many cases.
- Flexible credit requirements – They may approve applicants with bad credit or limited history.
- Multiple term options – You can choose loan terms from 3 months up to 6 years.
- Customer service – Customer support is available by phone, email, and live chat.
However, these conveniences often come with steep costs for borrowers.
Qualifying for a Lendesca Loan
Meeting eligibility criteria does not guarantee loan approval. Lendesca examines your ability to repay the loan according to their standards.
Lendesca states they assess dozens of eligibility factors, but key requirements typically include:
- Minimum credit scores between 550 and 600 depending on loan purpose
- Minimum monthly pretax income of $1,200, varying based on loan amount
- Stable income source with at least 6 months on current job
- Total monthly debt obligations cannot exceed 50% of gross monthly income
- Collateral like a vehicle title for secured loans that can be seized if loan goes unpaid
Meeting the criteria does not guarantee approval. Lendesca still examines your ability to repay according to their standards.
How To Apply For Veterans Mortgage Loan: A Step-by-Step Guide
How to Apply for a Lendesca Loan
Applying online with Lendesca takes 5-10 minutes. These are the steps;
Step 1. You will have to provide personal information like your SSN, DOB, income, and contact details.
Step 2. Then select the loan purpose, amount desired, and preferred repayment term.
Step 3. You will eSign to authorize a hard credit check and review of your application.
If approved, you can complete loan documents digitally in their online portal. Lendesca states most decisions are made within one business day.
Repaying Your Lendesca Loan
If approved, you can manage your Lendesca loan fully online:
- Make payments easily by debit, bank transfer, check, or at 70,000+ retail locations. Enroll in auto-debit for rate discounts.
- Monitor balance, statements, payment history, interest, documents in your online account.
- Loans can be paid off early but may incur penalty fees.
- Late or missed payments result in more fees, interest, credit damage, and collection actions.
Frequently checking your account makes managing payments easier.
Lendesca offers speed and convenience when funds are needed quickly. However, carefully consider the costs and risks before applying. Your financial health is too important to put in jeopardy. Evaluate all loan options to find the best fit for your situation.
Pros and Cons of Lendesca Loans
Carefully weigh these advantages and drawbacks:
Pros
- They may approve borrowers with bad credit or limited credit history
- The funds are provided as soon as the next business day
- They provide multiple loan purpose options beyond just emergency cash
Cons
- Annual percentage rates are very high, often exceeding 200%
- Substantial origination fees add to costs
- Predatory lending practices with incentive to trap borrowers in debt cycles
Conclusion
Lendesca provides speed and convenience for borrowers needing quick funds. However, take caution before working with them. Your financial health is too important to put at risk.
We hope this article on Lendesca loans equipped you to make a prudent financial decision that aligns with your unique needs and situation.
