Tiny House Financing: Get a Loan for Your Tiny Home

Key facts

Pros

• No fees.

• Competitive rates among online lenders.

• Offers .5% rate discount for setting up autopay.

• Special features including rate beat program and satisfaction guarantee.

Cons

• No option to pre-qualify on its website.

• Requires several years of credit history.

Qualifications

• Minimum credit score: 660.

• Several years of credit history; excellent-credit borrowers have at least five, according to LightStream.

• Multiple account types within your credit history, like credit cards, a car loan or other installment loan and a mortgage.

• Strong payment history with few or no delinquencies.

• Investments, retirement savings or other evidence of an ability to save money.

• Enough income to pay existing debts and a new LightStream loan.

Available Term Lengths

2 to 7 years

Fees

• Origination fee: None.

• Late fee: None.

Disclaimer

Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. AutoPay discount of .50% points is only available when selected prior to loan funding. Rates without AutoPay will be .50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 6.14% APR with a term of 3 years would result in 36 monthly payments of $304.85. Truist Bank is an Equal Housing Lender. ©2021 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Key facts

Pros

• No fees.

• Offers co-sign and joint loan options.

• Offers .25% rate discount for setting up autopay.

• Offers unemployment protection.

• Provides mobile app to manage your loan.

Cons

• No secured loan option.

Qualifications

• Must legally be an adult in your state.

• Must be a U.S. citizen, permanent resident or visa holder.

• Must be employed, have sufficient income or have an offer of employment to start within the next 90 days.

Available Term Lengths

2 to 7 years

Fees

• Origination fee: None.

• Late fee: None.

Disclaimer

Fixed rates from 5.99% APR to 18.85% APR (with AutoPay). SoFi rate ranges are current as of February 25, 2021, and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

Key facts

Pros

• No fees.

• Competitive rates among online lenders.

• Wide variety of repayment term options.

• Offers .25% rate discount for setting up autopay.

• Offers direct payment to creditors for debt consolidation loans.


Cons

• No co-sign, joint or secured loan option.

Qualifications

• Minimum credit score: 660.

• Must be 18 or over, 19 in Alabama and 21 in Mississippi and Puerto Rico.

• Must have a valid U.S. bank account and Social Security or Individual Tax I.D. Number.

• May need to provide proof of income, including recent pay stubs or bank statements.

Available Term Lengths

3 to 6 years

Fees

• Origination fee: None.

• Late fee: None.

Disclaimer

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

Key facts

Pros

• Allows secured, co-signed and joint loans.

• Offers rate discount with direct payment to creditors on debt consolidation loans.

• Offers a .5% rate discount for setting up autopay.

Cons

• Charges origination fee.

• Charges late fee.

Qualifications

• Minimum credit score: 580.

• Minimum annual income: $35,000; average borrower income is $87,000.

• Minimum credit history: 3 years.

• Minimum number of accounts on credit history: 2.

• Minimum monthly free cash flow: $800.

• Maximum debt-to-income ratio: Varies between 55% and 65% including the loan you’re applying for and mortgage payments. To see your post-loan DTI, calculate your monthly payments on a personal loan, and then add them to your debt-to-income calculation.

• Average loan amount is $10,000.

• Average repayment term is 40 months.

Available Term Lengths

3 to 5 years

Fees

• Origination fee: 2.9% to 8%.

Disclaimer

Personal loans made through Upgrade feature APRs of 5.94%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.

Key facts

Pros

• Able to fund loans within two business days.

• Option to change your payment date.

• Offers direct payment to creditors with debt consolidation loans.

Cons

• Charges origination fee.

• High minimum loan amount.

• No option to include co-signer.

Qualifications

• Minimum credit score: 620; borrower average is 700. The company uses the FICO 8 credit scoring model.

• Minimum debt-to-income ratio: 45%, excluding mortgage.

• Minimum credit history: 3 years.

• Minimum number of accounts on credit history: 2.

• No bankruptcy in the last 24 months.

Available Term Lengths

2 to 5 years

Fees

• Origination fee: 1.99% - 4.99%.

• Late fee: $15 or 5% of amount due, whichever is greater.

• Unsuccessful payment fee: $15.

Disclaimer

The loan terms presented are not guaranteed and APRs presented are estimates only. To obtain a loan you must submit additional information and documentation and all loans are subject to credit review and our approval process. The range of APRs is 7.99% to 29.99% and your actual APR will depend upon factors including your credit score, usage and history, the requested loan amount, the stated loan purpose, and the term of the requested loan. To qualify for a 7.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available. All loans are made by Cross River Bank and MetaBank®, N.A., Members FDIC.

Key facts

Pros

• Offers co-signed and joint loan options.

• Offers direct payment to creditors with debt consolidation loans.

• Soft credit check with pre-qualification.

Cons

• Borrowers can only choose from two repayment term options.

• Rates are high compared to other fair-credit lenders.

• Charges an origination fee.

Qualifications

• Minimum credit score of 600. LendingClub uses FICO 8 credit scoring model.

• Minimum credit history of three years.

• Debt-to-income ratio of less than 40% for single applications, 35% combined for joint applicants.

Available Term Lengths

3 to 5 years

Fees

• Origination fee: 1% to 6%.

• Late fee: Greater of $15 or 5% of payment after 15-day grace period.

Disclaimer

A representative example of loan payment terms is as follows: you receive a loan of $13,411 for a term of 36 months, with an interest rate of 12.16% and a 5.30% origination fee of $711, for an APR of 15.99%. In this example, you will receive $12,700 and will make 36 monthly payments of $446.46. Loan amounts range from $1,000 to $40,000 and loan term lengths are 36 months or 60 months. Some amounts and term lengths may be unavailable in certain states. APR ranges from 8.05% to 35.89% and is determined at the time of application. Origination fee ranges from 3% to 6% of the loan amount. Lowest APR is available to borrowers with excellent credit. Advertised rates are subject to change without notice. Loans are made by LendingClub Bank, N.A., Member FDIC (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Loans are subject to credit approval and sufficient investor commitment before they can be funded or issued. Certain information that we subsequently obtain as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that your request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan from us. Loan closing is contingent on accepting all required agreements and disclosures at Lendingclub.com. “LendingClub” is a trademark of LendingClub Bank.