CircleBack Lending No Longer Exists: Here are 5 Better Personal Loan Options

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

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CircleBack Lending, once a pioneer in peer-to-peer lending, stopped issuing personal loans in 2016. A website with the same name has emerged, but it might be best to stay away from it.

We’ll explain why, as well as share information about a handful of other top personal loan companies where you can get cash when you need it.

Why you should avoid Circlebacklending.net

As I researched CircleBack Lending, I came across a circlebacklending.net website. The site claims to be a marketplace lender, but there are several red flags.

For starters, the marketing language on the website is confusing. For example, it says:

“Get up for you to $1000 as soon as These days. Acceptance Usually takes Merely Just a few seconds. Rapid Money Tonight.”

When I called the number listed on the site and tried each of the automated menu options, the system told me no loan agents were available and that I should visit another website to get a personal loan. I sent an email to the contact email address listed on the website and got an automated response stating that the email address didn’t exist.

These are all red flags, which could be a sign that the website might be a scam. So make sure to take the time to examine the website to spot a potential personal loan scam.

If you’re looking for a personal loan, you could find one from many legitimate personal loan companies.

5 personal loan companies to consider

If you need a personal loan and prefer applying for one online, you’ll find a wide selection of lenders. To help you narrow it down, we’ve put together a list of five of the top personal loan companies, along with their interest rates and features.

Lender Interest rates (fixed) Best for
Citizens Bank 6.79% – 20.89% Interest rate discounts
Earnest 6.99% – 18.24% Looking beyond your credit score
SoFi 5.99% – 16.24% Loans of up to $100,000
Upgrade 7.99% – 35.89% Loans as low as $1,000
FreedomPlus 5.99% – 29.99% Excellent credit

1. Citizens Bank: Best for interest rate discounts

Citizens Bank offers up to 0.50% in interest rate discounts to personal loan borrowers: 0.25% if you have an eligible Citizens Bank account and another 0.25% when you set up autopay. Other loan highlights include:

  • Loans of $5,000 to $50,000
  • Repayment terms ranging from three to seven years
  • APR of 6.79% to 20.89%
  • No fees
  • Funds available within two business days

Visit Citizens Bank

2. Earnest: Best for looking beyond your credit score

Your credit score often is one of the biggest factors that lenders consider when deciding whether to approve your application. But Earnest considers other factors to focus more on your full financial picture. Specifically, it looks at your:

  • Savings patterns
  • 401(k) balance and investments
  • Employment history
  • Growth potential

Here are some other details to know:

  • Loans of $5,000 to $75,000
  • Repayment terms of three to five years
  • APR of 6.99% to 18.24%
  • No origination, prepayment, or extra payment fees
  • Funds available within one to two business days after signing

Visit Earnest

3. SoFi: Best for loans of up to $100,000

If you need to borrow a lot of money to start a business, finance a huge home renovation, or for some other reason, SoFi offers personal loans between $5,000 and $100,000. Here’s what else you’ll get with a SoFi personal loan:

  • Repayment terms of three, five, six, or seven years
  • APR of 5.99% to 16.24%
  • No fees
  • Funds available within a few days
  • Special SoFi community benefits, including unemployment protection, rate discounts on future loans, career coaching, and more.

Visit SoFi

4. Upgrade: Best for loans as low as $1,000

Many personal loan companies have a minimum loan amount of $5,000, which can force you to borrow more than you need. If you need far less than that, Upgrade offers a minimum loan of $1,000, but it can go as high as $50,000. Other terms and features include:

  • Repayment terms of three or five years
  • APR of 7.99% to 35.89%
  • Origination fee of 1% to 6% of the loan amount
  • Funds available within four business days

Visit Upgrade

5. FreedomPlus: Best for excellent credit

It’s not always easy to know whether you qualify for a personal loan company’s best interest rates. But FreedomPlus is transparent about what it takes to get one of the lowest rates on the market.

For starters, you’ll need to have excellent credit for a loan of $15,000 with a 24-month repayment period. Plus, you’ll need to qualify for two out of these three requirements:

  • Adding a cosigner who has sufficient income
  • Using at least 50% of the loan proceeds to pay off existing debt
  • Showing proof that you have at least $40,000 in retirement savings

Other FreedomPlus highlights include:

  • Loans of $10,000 to $35,000
  • Repayment terms of two to five years
  • APR of 5.99% to 29.99%
  • Origination fee of 0% to 5%
  • Funds available within 48 hours

Visit FreedomPlus

Choosing the right personal loan

Regardless of your reason for applying for a personal loan, it’s important to know how to get the best offer for your needs. Rather than picking one lender based on what we’ve shared here, get a rate quote from some or all of the companies to compare what they can offer you.

Then consider the other factors, such as fees, funding time, repayment options, and other special features. Also, use our personal loan calculator to make sure the monthly payments are affordable. If you’re having a hard time getting an offer because of a low credit score, consider other personal loan options for bad credit.

As you do your due diligence, you’ll be more likely to find a loan that works for your budget and your financial goals.

Interested in a personal loan?

Lendingtree allows you to compare rates from multiple lenders by filling out one easy form. Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

RATES (APR)loan amount
5.74% – 16.24%1 $5,000 to $100,000
7.46% – 35.99% $1,000 to $50,000
7.99% – 35.89%* $1,000 to $50,000
5.99% – 24.99%3 $5,000 to $35,000
5.99% – 29.99%4 $7,500 to $40,000
6.79% – 20.89% $5,000 to $50,000
compare rates on Lendingtree now
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1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 16.240% APR (with AutoPay). Variable rates from 5.74% APR to 14.700% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.74% APR assumes current 1-month LIBOR rate of 2.43% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  5. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
  6. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

 Important Disclosures for Citizen.

Citizens Bank Disclosures

  1. Personal Loan Rate Disclosure: Fixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%- 18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
     
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

You're on your way...

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