Experian is one of the popular credit Bureau companies that calculate and analyses your credit score. These companies keep track of all the transactions you make with financial companies that report their credit transactions to the credit bureau.
The credit score is a universal metric that is used to measure one’s creditworthiness and personal credit files. This is usually numbered from 300 to 800.
Nowadays, before one can get a loan, one needs to have a good credit score before a loan application can be granted. Most loan companies now submit their credit records to credit bureaus like Experian in other to measure the metrics of their applicant and check whether such a person will be able to pay back their loan.
A credit score of 300-500 will make it very hard for you to get a loan from most loan-awarding companies because your credit score is relatively low. While a credit score of 550-800 will give you guaranteed approval from most loan companies.
To boost your credit score to a higher number, you need to be very active in making transactions and also pay back your loan before the time for payment will be due.
However, in this article, we are going to list the loan companies that use Experian.
Personal Loans That Use Experian Only
Most of the top personal loan companies report their transaction to Experian and other credit bureau companies. Before you are eligible for a loan on this platform, you need to make sure you have a good credit score with Experian.
However, they are many loan companies that use Experian and we will be listing the top popular ones.
SoFi
SoFi is one of the popular personal loans with a low fixed rate. SoFi reports their transaction to Experian and they also require applicants to have a good credit score on Experian before their loan can be approved.
On SoFi you can get a flat fixed personal loan up to $100,000 without any late payment fees, no origination fee and no prepayment penalties.
When you meet up with the SoFi loan criteria which is a good credit score and a good record of monthly income, your application will be approved within 5 business days from the day of application.
SoFi loan application is done online without any paperwork before your loan application will be approved.
Happy Money
Happy Money is another personal loan company that works with Experian. Happy money mostly help people clear their credit card debt, refinance, and people who have gone bankrupt.
Like SoFi, Happy Money has a flat rate and you can get a maximum of $40,000 if you have a good credit score and a low income-to-debt ratio.
some of the advantages you get to enjoy on Happy Money is that you will get 40 point credit score boost anytime you make a repayment.
All the loan application is done online on the Happy Home website.
Upgrade
Upgrade is a personal loan that charges as low as a 1.85% origination fee from your loan when your application has been accepted by Upgrade.
Upgrade reports their transaction to the credit bureau and as well they require you to have a good credit score with a full track of your monthly income before your loan application will be approved on the Upgrade site.
The repayment terms on Upgrade can range from 24 –84 months which depends on how aggressively you want to pay your loan. You also have a grace of 15 days if you are not able to meet up with the payment duration.
You can get a loan amount from $1,000 to $50,000 with an estimated monthly payment of $30-$2,260 depending on the amount that you borrowed.
Upstart
Upstart is one of the personal loan sites that focus on giving loans to people with fair credit scores. Your credit score is considered to be fair when your score is between 500 to mid-600.
APRs on Upstart range from 5.4% to %35.99 with loan terms ranging from 3 to 5 years.
Once your application has been approved, you can get your loan within 1 day in your account.
Lending Point
Lending point is one of the companies where you can easily get a loan. However, their APRs are very high compared to other loaning companies but they have low origination feed which will be deducted from your loan when they are disbursed.
The loan application is done online without any verification or paper check before your application will be approved.
Conclusion
Experian is a credit reporting agency that provides credit reports and scores to individuals and businesses. It is used by many financial institutions, including banks and other lenders, to determine a borrower’s creditworthiness when considering them for a loan.
