In Helix Loan, customers who wish to cover a lending cost such as automobile repairs are provided with modest loans.
However, these credit rates are exorbitant and have to be returned every week or twice a week.
Before any loan application, you should check out your credit score and if required you should fix it. Start here!
Contents
What Do You Need to Know About Helix Loan?
Helix is Kendall’s lending arm, located in Kansas, Overland Park. The lender offers unsecured, non-collateral personal loans.
Helix Loan said its credit goes to those with “less-of-ideal credit” for emergency spending.
Its modest loans are between $200 and $4,000 and can last for as little as 24 months. Let’s discuss it further in detail;
Very High Rates of Interest:
You may be authorized with terrible credit for a Helix personal loan, but you will probably pay a very high-interest rate.
Even the lowest rates in Helix are expensive — and their higher rates significantly exceed the APR of a conventional payday loan by three digits.
Let’s put it in view. Say you borrow $1,000, and pay off over 12 months, an APR of 199 percent.
After all, you will have repaid Helix almost $2,400 — well over twice as much as you have borrowed.
Be aware that Helix Loan does not impose a prepaid penalty; thus, you should pay your loan early as possible to avoid additional interest rates.
Weekly or Biweekly Payments Due:
You will generally have to pay for a Helix loan every week or two. As a result, you may have problems with cash flow for your budget, particularly if you select a monthly payment option.
Rapid Financing:
Helix Loan states that you might receive your money the same day when you sign your loan agreement by 11 a.m. on a working day at the central time.
And if you sign the loan agreement after 11 a.m. central time, you may receive your cash on the next working day. But it depends on your bank for the specific timing.
Focus on Personal Loans From Helix:
Here are some extra facts to consider if you are considering a Helix personal loan.
Improve Credit:
Helix Loan tells at least one of the central credit agencies it reports on payment history.
Moreover, it may allow you to develop your loan while making complete and timely payments.
But you may harm your credit with late or missed payments, so do not accept a loan from Helix if you are not sure if you can make payment in due time.
States:
No Helix loans are accessible in all states. Therefore, they may not be a possibility to you in just 40 states.
May be Subject to a Late Fee:
Helix might charge you a late fee if you miss a payment. In addition, many delayed fees may increase the ultimate cost of your loan.
However, Helix Loan doesn’t inform you what the price is – if you don’t have a loan agreement to sign, you won’t know.
Helix Loan – Who is it for?
Helix loans are highly costly—their interest rates are considerably greater than those of other lenders and their typical loan rates.
Therefore, before applying for a Helix loan, explore any alternative options.
Moreover, you could wish to utilize an existing credit card, ask for a family member’s assistance or seek an alternate loan from a federal credit union for a lower-cost payday.
However, it makes much more sense to get cash out on popular applications like Dave or Earnin according to how much you need to borrow.
If you decide to take a Helix loan, try your utmost to prevent late payments, and if at all feasible, return your loan early.
Also Read: What is a Flex Loan? – The Ultimate Guide In 2021
Helix Loan – How To Apply?
In only a few minutes, you may get a personal Helix loan online.
You can make a decision immediately after you do so. Once you apply, Helix will run a credit check using Experian’s Clarity Services.
If authorized, your loan agreement can be reviewed and finalized.
Then, you might collect your money on the same or the following day at work. (Remember that your bank usually depends on the specific schedule.)
Helix Loan – Alternatives:
OppLoans
OppLoans is among the best lending consumer platforms with a 2020 FinTech reward as the Best Lending Platform of the year. OppLoans uses artificial intelligence and machine learning in combination with financial data that doesn’t include credit scores, to generate a complete credit picture of applicants.
OppLoans is a platform optimized for mobile users with a cloud-based servicing environment and verification. When it comes to OppLoans business model, the company operates as a combination of a direct lender and a brokerage service.
Bad Credit Loans
Bad Credit Loans is a service provider that facilitates a marketplace of lenders and takes no fees for connecting borrowers to lenders.
Borrowers are matched with lenders based on their application, while you can find lenders who can grant you a weekend payday loan.
You can apply in seconds and wait to receive a response from independent lenders. You can lend from $500 to $10,000 according to Bad Credit Loans, but the amount you get approved for will depend on the type of loan you are applying for and your personal information.
Zippy Loan
Zippy Loan is similar to Bad Credit Loans in terms of how the two service providers operate. Zippy Loan forms a free market of lenders that are connected to borrowers based on loan applications.
According to the provider, borrowers may get approved for loans up to $15,000, however, amounts granted for weekend payday loans are usually lower as these loans are repaid in short periods that usually don’t go over four weeks.
Avant:
If you’re seeking a large amount, Avant may be a suitable alternative if you have more money to buy than Helix Loan provides.
Brigit:
If you want a modest dollar salary advance and want to pay a monthly fee instead of interest, Brigit might make sense.
Conclusion
PROS
- Little available loan amounts.
- Not required collateral.
CONS
- Very high rates of interest.
- You may face a late charge.
- Weekly or bi-weekly payments.
