Borrowing and returning money is like a vicious circle; you take money to pay off money that you owe, but then you end up owing more money to someone else. Personal loans are often taken out to make payments on houses, vehicles, education, credit card debts and more. But, you’re not the only one that benefits when taking out a loan, there are other companies that can profit from your loan too. First, of course, is the lending company itself. Then, there are companies that can buy those loans from the lending company. One company, that allows other companies to buy your loans, is CircleBack Lending and this article is all about what CircleBack Lending is and how it works.
What is CircleBack Lending?
CircleBack Lending is basically an online consumer credit lender which allows other companies to buy loans made out to borrowers who have good or excellent credit. The companies that can purchase these loans include institutional investors, such as insurance companies, banks and pension funds. How does this benefit the borrowers though? Well, they can qualify for unsecured loans which have a fixed rate and a low interest. What about the investors? What do they get out of it? They get access to low-risk, high-return investment which allows them to make their portfolio more diverse.
How Does CircleBack Lending Work?
You can easily take out a loan from CircleBack Lending by first creating a loan request. This request will include the amount you want to borrow and the time period you want to return it in, which can either be within 36 months or 60 months. Your loan request is then assessed by the investors at CircleBack Lending. If and when your loan is approved, the loan amount is deposited directly into your account.
Interest Rates at CircleBack Lending
So, have you decided to take out a loan but want to know what the interest rates at CircleBack Lending will be like? They basically depend on the amount you want to borrow, the loan term you select and your credit. The rates will be lower if your loan term is short. Similarly, the rates will be better with lower loan amounts. The company currently gives rates that range from 6.63% to 36%.
CircleBack Lending Loan Amounts
The loan amount you can take out depends on your credit, but it can be anywhere between $3,000 to $35,000. The loan term and the loan rates will determine the final amount you pay after the term ends.
