Enable Loans is a tribal lender that offers short-term installment loans. Loans like Enable Loans include some payday loans, no credit check loans, cash advances, and other high-interest borrowing options.
If you’ve been researching your emergency loan options, you’ve probably come across lenders like Enable Loans or CreditNinja. CreditNinja offers similar loans as Enable Loans, but with higher loan amounts and longer repayment terms.
In this guide, we’ll cover the basics on installment loans from lenders like Enable Loans, CreditNinja, and other major lenders in the industry. Once you have all the facts up front, you’ll be able to make an informed decision about which loan is right for you.
Pros and Cons of Enable Loans and Alternatives
Below is a breakdown of the main pros and cons of some popular online lenders:
CreditNinja
- Pros — Fast funding,* easy application, no minimum credit score to apply.
- Cons — Not the best option for borrowers who have very high credit scores.
Enable Loans
- Pros — Online application, returning borrower benefits and rewards, bad credit scores are OK.
- Cons — High interest rates and low loan amounts, with larger amounts generally reserved for returning borrowers.
Avant
- Pros — Loan term ranges from 24 to 60 months.
- Cons — Longer repayment periods can cost you more in the long run.
LendingPoint
- Pros — Loans up to $36,500.
- Cons — High loan amounts may lead to unaffordable payments.
OneMain Financial
- Pros — Over 1,000 nationwide branches.
- Cons — Origination fees may apply, and the maximum loan amount is lower than some competitors.
Finding the Right Personal Loan
Finding the right personal loan depends on factors like your loan needs, income, and general credit history. The best kind of personal loan is one you can afford, which means finding a financing option that comes with affordable terms, reasonable rates, and enough money to cover your financial needs.
Borrowers who work with CreditNinja can take advantage of loans up to 24 months, no minimum credit score to apply, and funding options ranging from $300 – $5,000.
What Can I Use Online Loans For?
Common uses for online personal loans include:
- Financial emergencies / unexpected expenses
- Medical bills
- Debt consolidation
- Home improvements
- Personal expenses (trips, weddings, funerals)
What Is The Application Process Like?
While each lender is different and may have different qualification requirements, the general process to apply for a personal loan looks like this:
- Submit an application with some identifying information. Many lenders have an online process where you can apply from any computer or smartphone.
- Once the lender verifies details like your Social Security number, bank account info, proof of income, and proof of ID, they’ll give you an approval decision.
- Lastly, you’ll read over and sign your loan contract. After that, the lender will send your approved funds via direct deposit, check, or the agreed upon payment method identified in your loan contract.
Loans Like Enable Loans vs CreditNinja
Below is a quick comparison of Enable Loans vs. CreditNinja:
| Lender | Loan Amount Range | Key Information |
| CreditNinja | $300-$5,000 | – No Minimum credit score to apply, takes into account current employment. – No hidden fees. – No prepayment penalty. – Loans up to 24 months. |
| Enable Loans | Up to $2,000 (larger amounts generally for returning borrowers) | – Online application – $35 late payment fee for payments 7 or more days late – $30 returned payment fee |
Consider the Lender and Loan Process
To make sure you get the best deal on your loan, it’s important to research lenders and compare options. Different loan types can come with specific benefits you may want to take advantage of, depending on your financial situation. Below are a few popular loan types available to most borrowers.
Payday Loans
Payday loans are high-interest, short-term loans designed for borrowers in need of supplemental cash while in between paychecks. Repayment terms on payday loans are typically about two weeks, which can be unaffordable for many people. Because of the brief terms and high interest, payday loans are known for trapping borrowers in a cycle of debt.
Installment Loans
Personal installment loans are a financing option where borrowers receive a lump sum payment and repay the balance with monthly installments over a few weeks or months. Installment loans can be used for a variety of expenses, including debt consolidation, home improvements, financial emergencies, and more. CreditNinja offers installment loans designed to be fast, easy, and flexible.
Title Loans
Car title loans are a type of loan where the borrower uses their free-and-clear vehicle title as collateral. This means the lender places a lien on the vehicle’s title until the loan is repaid. While almost anybody who owns their car outright can typically access title loans, they can be a risky loan option. Similar to payday loans, title loans come with short terms and high rates. If the borrower defaults on their loan, they risk having their vehicle repossessed by the lender.
Things To Know Before Taking A Loan
Before taking out a loan, ask yourself a few questions, like:
- What are you looking to pay for with your loan?
- How long do you want to take to pay off your loan?
- How much can you afford to contribute towards loan repayments, and how will those payments fit in with your current budget?
Once you have these answers, you’ll have a better idea of what type of loan will work best for you.
Interest Rate and APR
Your interest rate and annual percentage rate (APR) will play a vital role in determining the total cost of your loan. While you may qualify for higher rates if you have a less-than-perfect credit score, you can work on your payment history and build your credit to qualify for better rates in the future.
Be Mindful About Loan Amounts and Loan Terms
Take time to think about the expenses you’re looking to cover with your loan and choose an appropriate loan amount. You may be able to repay a smaller loan with shorter terms, while larger expenses will require more money and longer terms. Keep in mind that the more money you borrow, the longer you will most likely need to pay it back. Also, while longer terms may offer lower monthly payments, you may also be paying more in interest over time.
CreditNinja: How Does it Compare?
CreditNinja is a direct lender specializing in installment loans. Some alternatives use a line of credit structure instead of a fixed installment loan, such as Mobiloans, which offers up to $3,000 with flexible payment options. With our easy online application, same-day funding,* and highly rated customer service, CreditNinja has been able to help 900,000+ customers.
Is There a Minimum Credit Score Required to Apply?
No! There is no mimimum credit score needed to apply for a CreditNinja installment loan.
What Does the Application Process Look Like With CreditNinja?
CreditNinja has an online application you can complete from any computer or smartphone. If approved, you may receive your funds as soon as the same day.*
What Will Repayment Look Like With CreditNinja?
CreditNinja offers loans up to 24 months, but you can pay back your loan early at any time with no prepayment penalty.
What Are Some of the Benefits of Working With CreditNinja?
A few benefits you can look forward to when you work with CreditNinja include:
Fast Funding Once Approved*
Upon approval, you can expect your loan funds directly deposited into your checking account as soon as the same day or the next business day.*
Flexible Repayment
CreditNinja offers a flexible repayment schedule with loans up to 24 months. That way, your monthly payments can stay stress free and affordable.
Bad Credit History is Okay for Applying
CreditNinja doesn’t have any minimum credit score requirements in order to qualify, meaning you could get approved even if you have a poor credit history or bad credit score!
Excellent Customer Service
Our highly rated customer service team is available to help with whatever you need. Check out some CreditNinja reviews to see what people are saying about their online loan experience.
Check out the CreditNinja dojo for loan comparisons, such as sites like My Quick Wallet, and more.
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