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Above Lending provides unsecured consumer installment loans and markets other financial products and services on behalf of themselves and their Lending Partners. They pride themselves on offering a simple and convenient experience for their customers. They advertise their service at abovelending.com.
Above Lending Summary
When you’re shopping for a personal loan, it’s important to compare offers from multiple lenders to find the best fit for your needs. Recently, Above Lending has been getting a lot of attention, but is it the right choice for your financial needs? Here’s a closer look at what they have to offer so you can make an informed decision.
We discovered some interesting things upon closer inspection of their website and terms and conditions. Here are the key points that stood out to us.
- Loan terms for amounts ranging from $1,000 to $100,000 vary among its partners and/or Above Lending.
- Annual percentage rates (APR) range from 4.9% to 35.99%.
- Origination fees for loans can range from 1% to 6% of the amount being borrowed.
- It offers repayment terms from 4 to 84 months.
- Only the most creditworthy borrowers receive the highest loan amounts at the lowest rates.
- You may be charged a fee by the third-party lender when you are approved for a loan or other products and services that were marketed to you by Above Lending. However, they will never charge you a fee for these referrals.
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What is Above Lending?
Above Lending markets, broker, and originate unsecured consumer installment loans on behalf of themselves and their Lending Partners. They also offer other financial products and services. The company has been in business since 2019 and is headquartered in Houston, Texas. You can reach them by calling (800) 201-2295.
Currently, Above Lending does not have a rating with the BBB, but customers have given the company 4 out of 5 stars. The company has an average of 34 customer reviews and 2 complaints closed in the last 3 years.
How does Above Lending work?
When you’re ready to start shopping for a loan, Above Lending can help you find and compare offers from a variety of lenders. Just enter some basic information and they’ll show you personalized loan offers from their network of trusted lenders. A loan specialist can help you choose the best offer and get your money quickly once you e-sign your documents.
How to qualify?
Before applying for a loan, it’s important to understand that approval and loan terms are not guaranteed. By submitting your information, you’re consenting to have it shared with Lending Partners and affiliates. Additionally, the products and services advertised on their site may not be available in all states.
Keep in mind that some of the offers on their site may be from third parties who pay them a referral fee when you obtain their products or services. However, they will never charge you a fee for these referrals.
Above Lending BBB Reviews
At this time, Above Lending is not yet rated by the BBB. However, customers have given the company 4 out of 5 stars. On average, Above Lending has 34 customer reviews and 2 complaints closed in the last 3 years.
Here are some reviews:
Tracey N 12/30/2022
Ngork S 12/29/2022
Libaniel H 12/29/2022
Above Lending FAQs
How much does Above Lending charge?
Loan terms for amounts between $1,000 and $100,000 vary depending on the creditworthiness of the borrower. The APR ranges from 4.9% to 35.99%, with origination fees ranging from 1% to 6% of the amount financed. Repayment terms are anywhere from 4 to 84 months. Only the most creditworthy borrowers receive the highest loan amounts at the lowest rates.
For example, personal loans from Above Lending typically have loan amounts of $17,000, repayment terms of 53 months, and interest rates of 17.00%. The origination fee is 5% ($850), which results in an APR of 19.63%. The total interest on the loan would be $7,299.44, and the total cost of the loan (interest plus origination fee) would be $8,149.44. The monthly payment would be $458.48. In total, you would make payments of $24,299.44 over the course of the loan.
Are there any pre-payment penalties?
Above Lending does not charge prepayment fees, so you can pay off your loan early without any penalties. This makes it a great option for borrowers who want the flexibility to pay off their loans on their own terms.
How does Above Lending affect your credit?
Prior to your loan being funded, Above Lending or the lender will perform a hard inquiry on your credit report. This may impact your credit score and can be viewed by third parties. A separate soft inquiry will also occur once you accept an offer and submit your bank account information. Soft inquiries can only be seen by you and won’t affect your credit score.
How to cancel Above Lending?
Be sure of your decision before taking out a personal loan. You cannot reverse or cancel the transaction once the funds have been dispersed into your account. So, be certain upfront to avoid any cancellations or changes later on.
Are you struggling to make ends meet? Here are some helpful tips to get you back on track.
There are some simple steps you can follow to get your finances in order, regardless of your current financial situation.
- Creating and sticking to a budget is a good place to start. This will help you control your spending and leave room for other important expenses.
- Another tip is to consult with a financial advisor, who can explain your different options and help you set up a plan that suits your unique circumstances.
- And lastly, try not to stress too much about debt. Many companies are understanding and willing to work with customers to create a more manageable payment plan. All it takes is reaching out to their customer service team for more information.
Is Above Lending legit or a scam?
Above Lending is a financial services company that has been in business for three years. It offers many different services through its network of lenders. Although it is not rated by the Better Business Bureau or accredited, it has earned a four-star rating out of five stars from its customers.
It is important to compare interest rates and repayment terms from different lenders when considering taking out personal or business loans. Customer reviews can be helpful in choosing the best option and avoiding loans that may not be affordable.
Thank you for reading!