We welcome Able Lending to our top lenders ranking and the main reason for its incursion into our recommended online lenders is due to its unique loan products. This top-rated lender offers a unique proposition, a hybrid between traditional lending with peer-to-peer lending maximized with social networks engagement.
Established in 2015 in Austin, Texas; Able Lending helps borrowers recruit their friends and relatives online through social engagement and provides them, potential lenders, a secure online platform to contribute capital from $1,000 to $1 million with one- to five-year terms and APRs ranging from 8% to 25%. Because of their social approach, thus decreasing costs, Able Lending rates are more competitive and helps its borrowers save $31,000 on their loans
Able Lending offers its unique peer-to-peer loan products throughout all the United States.
Able Lending Reviews
Why is Able Lending so successful? It is lending model that allows that most businesses could receive funding, even those that are normally denied credit from banks and other lenders. With the help of your network of friends, family and social fans, Able’s platform will get your funding. Furthermore, Able promises its borrower that if they can get three to five backers (family, friends, and fans) to fund 25% of their loan, Able Lending will complete the other 75%.
The minimum loan amount that a backer (backer=lender) can contribute is $1,000, and the maximum amount that can contribute is 50% of total loan amount request. Borrowers pay the loan back to Able Lending who reimburse that payment among the backers who can charge interest rates starting at 2%.
Unique peer-to-peer online lender with loans up to $1000,000 from 1 to 5 yrs. and APR from 8% to 25%
Up to $1000,000
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As per Able Lending CEO “At Able, we believe that small businesses are the most vital sector of our nation’s economy – and yet the most underserved. We believe responsible access to capital at fair rates is a fundamental right. We believe borrowers deserve transparent loan rates and terms. Able is the lowest-cost online lender to small businesses in the nation. Our passion is to fund businesses at any stage with a new kind of loan that lets borrowers get more capital at lower rates when they recruit some support from friends, family and fans.”
