Finance Xpress

Invest in a masterpiece and turn your portfolio into a work of art with Masterworks. It’s affordable and open to everyone. Here’s our review of this masterful creation.

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People are always on the lookout for new investment opportunities to diversify their portfolios or hedge against market risk. Many of us have even thought about delving in the lucrative world of art as an investment.

According to a 2017 report by Deloitte, 88% of wealth managers recommend investing in art as the returns typically range from 9% to 15%. Art is a great option also because prices largely remain unaffected by market conditions. But sadly, multimillion-dollar price tags have traditionally acted as barriers for most investors–but that is not the case anymore.

Below, we discuss how a company called Masterworks is tearing down entry barriers for ordinary investors. We take an in-depth look and undertake a comprehensive review of Masterworks.

What is Masterworks?

Masterworks is an alternative investment platform which enables people to own a piece of artwork for a fraction of its market price. The idea is then to sell the painting at a later date for a higher value.

For anyone who appreciates fine art, owning these masterpieces is a dream come true. However such art collections have exuberantly high prices, often crossing the million dollar mark. Consequently, the price factor becomes a barrier for most investors.

However, Masterworks is changing how fine art is owned by making it available to groups of smaller investors.

How Does Masterworks Work?

By buying an art piece and selling portions of it to different investors, Masterworks can fund its purchase. It can then be sold off later for a profit.

The platform uses blockchain to sell different shares in the same artwork to various investors. The question then arises, just how vital is blockchain technology in art-related transactions?

Masterworks looks at historical data to determine price appreciation for different artwork. The company will then choose art pieces likely to continue appreciating, so their investors can net a return eventually.

Once the artwork is chosen, Masterworks buys it and registers it with the Security and Exchange Commission (SEC) to offer greater transparency to investors on its platform. After the approval by SEC, Masterworks lists the artwork on their platform.

After a piece of art is listed, using blockchain technology becomes more apparent and prevalent. The art piece’s original value is broken down into different shares, each worth $20. This means customers can invest in world-renowned paintings for as little as $20, though a $1,000 deposit is needed to register.

The technology employed by Masterworks allows investors to track the price of their artwork over time. As the price appreciates, holders of shares can vote whether to sell the art after an offer has been made. A decision taken by the majority of shares to sell is then executed, and the proceeds of the sale are distributed amongst various stakeholders.

Valuation of the Art

Stocks and gold have fixed value by the market demand and supply conditions and the economy in general. However, art prices are solely determined by the offer a purchaser will make, as beauty lies in the eye of the beholder.

Masterworks is focused on acquiring pieces that appreciate and sell at high prices at auctions. Such pieces fetch prices in the millions and are beyond the reach of regular investors if they act alone.

Try Masterworks

Masterworks Key Features

Masterworks deals specifically in blue-chip artworks. Blue chip artworks are classified as art that continues to appreciate regardless of other market conditions. Blue-chip art can be understood as famous artwork or those pieces of art created by renowned artists, and bound to have high values because of the name value attached. They fetch higher prices at auctions as serious art collectors will do almost anything to get their hands on these pieces.

The selection process is done using analytical tools and big data to ensure that all the pieces on the platform are appropriately vetted by an in-house team.

As an investor who has bought shares for a particular painting, you can decide on whether to sell the art piece once an offer has been made. The decision is done through a transparent online voting system and to ensure voting equality; no investor can purchase over 20% shares of a particular offering.

Masterworks is currently building relationships with brokerage houses to facilitate the trading of their shares and create easy access for investors looking to buy shares in these artworks.

One of the best features the company offers is the tracking of price appreciation of the listed art piece. Though valuation is subjective, by using blockchain technology, the company can provide a sound quote.

The company also plans to open a free-to-access art gallery, which will house paintings purchased by the company. The difference in their gallery compared to other galleries is there will be a tablet next to each painting which will be tracking the price appreciation of each piece. Investors on the platform can view the artwork they invested in.

Masterworks Fee Structure

For any investor, understanding the fee structure of platforms plays a crucial role in determining whether or not to invest their money.

A 1.5% annual fee is charged to cover insurance, storage, and transportation. This is more or less the same as what you’d expect to pay at any other asset management company. Masterworks retains a 20% cut on any profit made from the disposal of an artwork.

It might seem to cut into your margins, but it gives peace of mind to users of the platform that Masterworks is in it to win it and will buy pieces that appreciate as the platform stands to gain from it.

The Sign-up Process

It is relatively simple to create an account on the Masterworks platform. Creating an account requires necessary information such as name, email address, phone number, etc.

It is still an early stage for Masterworks as the offerings it has filed with the SEC are waiting for a green light. By signing up today, an investor is making a reservation to buy shares in the listed offerings the company possess in its portfolio.

At the moment, an investor can sign up to reserve shares, or if they choose not to commit, then they can still sign up to receive updates from the platform. This way they can catch the investment wave in art whenever they want though, slightly behind investors who have reserved shares.

Pros and Cons

Cons

Alternatives to Masterworks

As an investment platform that deals in blue-chip art, Masterworks is one-of-a-kind with no competition as it has created a niche. Other companies and platforms offer investment in art but at the price listed. Masterworks model is unique, and if successful, could change the landscape of art and investment.

However, there are other platforms known for ease of access and their range of available paintings, though they require full ownership.

Artspace

Artspace is an established platform which brings together renowned artists and buyers. Artspace deals in famous artists and artworks, though the site also features works from budding artists who could be leading the next wave of renowned art. Prices range from as low as $20 to hundreds and thousands of dollars though most pieces are under $5,000.

Amazon Art

Amazon Art offers original and limited art ranging from $25 photographs to oil paintings worth millions of dollars. The platform allows users to browse the website using many search tools such as price, artist, style and color. The platform has a vast collection and has something for every customer.

Who is Masterworks For?

The first set of people targeted by Masterworks is art enthusiasts. There are scores of people out there who envy and adore art but do not have the means to buy blue-chip art. Masterworks offers art lovers who fit this category, to own part of a painting, giving them the emotional pride and satisfaction they seek at barely a fraction of the cost.

Secondly, investors impressed by the returns of blue-chip art and prefer it over the stock market can turn to Masterworks as an alternative. Since the shares in each painting can be as low as $20, investors looking for opportunities in art investment can turn to Masterworks to quell their desire.

Stocks, assets, bonds, and other commodities are not everyone’s cup of tea. Some people are looking for alternative investments to put their money into. Blue-chip art offers investors looking for something distinct and exciting, a chance to invest their money.

Though generally, investment in Masterworks should not be your only one, and it should not be part of a retirement or wealth generating plan. Masterworks can be a significant investment as part of a small portion of your portfolio since it diversifies it.

Related: Ways to Invest Money

Bottom Line

Investing in art is an incredible opportunity for optimal returns and the exposure it offers to the creative world of art. Art is like any other investment as it has risk involved like other investable assets, but it provides much higher returns too.

Masterworks is at the edge of revolutionizing investment opportunities in blue-chip artwork. And by limiting the investor’s exposure to any amount they want to invest, the company has ensured that you won’t be losing millions of dollars in price fluctuations.

Try Masterworks

Topics: Investing

The post Masterworks Review appeared first on The Dough Roller.

via Finance Xpress

Posted by: Adam McCann

You don’t have to go away to really “get away” if you’re in need of a summer escape. And we don’t mean getting lost in your imagination or a gripping novel, however far those things can transport you. Rather, a “staycation” might be in order, especially if you aren’t inclined to drive or fly long distances or simply can’t afford to use your vacation time, the unfortunate reality for many Americans who work.

There are certain places that offer plenty of options for entertainment and relaxation at the right price point, making those cities the perfect spots for staying local.

To help you decide whether to leave home or bring vacation to your front door, WalletHub compared more than 180 cities based on 43 key indicators of a fun-filled yet wallet-friendly staycation. Read on for the full ranking, our methodology and useful staycationing tips from experts.

1. Main Findings
2. Ask the Experts
3. Methodology

Main Findings Embed on your website<iframe src="//d2e70e9yced57e.cloudfront.net/wallethub/embed/4341/geochart-staycation.html" width="556" height="347" frameBorder="0" scrolling="no"></iframe> <div style="width:556px;font-size:12px;color:#888;">Source: <a href="http://bit.ly/2EGXfPh>

 

Best Places for a Staycation

Overall Rank (1 = Best)	City	Total Score	‘Recreation’ Rank	‘Food & Entertainment’ Rank	‘Rest & Relaxation’ Rank
1	Honolulu, HI	64.63	1	9	4
2	Orlando, FL	59.21	21	1	48
3	Chicago, IL	58.26	3	11	26
4	San Diego, CA	57.51	10	13	8
5	Portland, OR	56.57	6	3	57
6	Charleston, SC	56.36	7	20	9
7	Seattle, WA	56.27	9	4	32
8	Fort Lauderdale, FL	55.22	2	81	2
9	Tampa, FL	55.10	25	7	5
10	San Francisco, CA	55.04	5	6	81
11	Virginia Beach, VA	53.89	28	62	1
12	Las Vegas, NV	52.33	46	2	58
13	Atlanta, GA	51.75	27	15	18
14	Portland, ME	50.98	4	38	47
15	Austin, TX	50.93	22	5	83
16	New York, NY	50.23	11	23	105
17	Salt Lake City, UT	50.10	19	17	72
18	Minneapolis, MN	49.91	20	30	25
19	Miami, FL	48.60	31	8	93
20	Denver, CO	47.56	18	28	91
21	Boise, ID	47.39	38	42	17
22	Washington, DC	47.34	8	18	179
23	Boston, MA	46.98	12	46	112
24	Philadelphia, PA	46.27	15	22	161
25	Tucson, AZ	46.16	42	14	101
26	St. Louis, MO	45.87	55	10	99
27	Scottsdale, AZ	45.69	49	43	24
28	Cincinnati, OH	45.32	24	27	126
29	Los Angeles, CA	45.29	48	33	43
30	Springfield, MO	45.01	126	35	12
31	Pittsburgh, PA	44.99	52	12	115
32	Knoxville, TN	44.82	47	39	66
33	Norfolk, VA	44.78	26	113	23
34	Nashville, TN	44.74	51	32	46
35	Columbia, SC	44.50	138	25	34
36	Reno, NV	44.39	75	19	59
37	St. Petersburg, FL	44.35	43	69	30
38	Rapid City, SD	44.28	122	67	6
39	Madison, WI	44.06	14	79	132
40	Sacramento, CA	43.79	58	37	49
41	New Orleans, LA	43.78	36	16	160
42	Burlington, VT	43.23	17	78	100
43	Jacksonville, FL	43.10	44	47	84
44	Richmond, VA	42.67	39	24	151
45	Spokane, WA	42.66	96	68	20
46	Colorado Springs, CO	42.52	65	31	68
47	Omaha, NE	42.29	29	56	128
48	Cleveland, OH	42.24	50	52	79
49	Lincoln, NE	41.92	30	73	111
50	Cape Coral, FL	41.41	56	137	13
51	Albuquerque, NM	41.40	57	34	127
52	Milwaukee, WI	41.32	45	44	130
53	Long Beach, CA	41.02	71	98	19
54	Tempe, AZ	40.97	64	66	85
55	Chattanooga, TN	40.94	85	53	76
56	Amarillo, TX	40.90	164	74	22
57	Huntington Beach, CA	40.77	16	114	117
58	Glendale, CA	40.50	33	147	32
59	Grand Rapids, MI	40.46	89	60	80
60	Baltimore, MD	40.35	34	57	158
61	Tacoma, WA	39.93	150	51	50
62	Tallahassee, FL	39.74	61	72	116
63	Houston, TX	39.67	62	26	162
64	San Antonio, TX	39.65	100	21	129
65	Rochester, NY	39.40	104	29	152
66	Greensboro, NC	39.34	68	58	103
67	Kansas City, MO	39.19	99	65	63
68	Columbus, OH	39.07	84	48	97
69	Gulfport, MS	39.00	115	120	16
70	Raleigh, NC	38.60	82	36	133
71	Corpus Christi, TX	38.59	80	116	31
72	Dallas, TX	38.43	77	45	131
73	Peoria, AZ	38.34	23	158	69
74	Birmingham, AL	38.32	168	55	54
75	Overland Park, KS	38.27	133	106	42
76	West Valley City, UT	38.22	70	155	3
77	Little Rock, AR	38.19	93	86	92
78	Modesto, CA	38.07	163	112	15
79	Tulsa, OK	38.04	108	84	51
80	Jackson, MS	37.82	176	111	11
81	Charlotte, NC	37.79	79	59	123
82	Bismarck, ND	37.75	157	101	36
83	Sioux Falls, SD	37.73	171	76	37
84	Louisville, KY	37.71	66	50	150
85	Fargo, ND	37.58	161	91	56
86	Des Moines, IA	37.45	160	70	89
87	Huntsville, AL	37.43	87	90	106
88	Akron, OH	37.20	139	108	39
89	Indianapolis, IN	37.20	103	41	144
90	Shreveport, LA	36.91	180	82	40
91	Las Cruces, NM	36.87	178	126	14
92	Columbus, GA	36.82	116	136	28
93	Oklahoma City, OK	36.68	149	64	55
94	Nampa, ID	36.67	174	167	7
95	Henderson, NV	36.57	117	93	60
96	Wilmington, DE	36.57	124	103	77
97	Buffalo, NY	36.56	72	49	168
98	Chesapeake, VA	36.55	59	122	108
99	Rancho Cucamonga, CA	36.47	32	174	52
100	Lexington-Fayette, KY	36.36	125	87	67
101	Plano, TX	36.33	63	131	87
102	Providence, RI	36.33	73	77	163
103	Baton Rouge, LA	36.32	111	54	139
104	Cedar Rapids, IA	36.31	159	107	44
105	Anchorage, AK	36.21	53	85	173
106	Vancouver, WA	36.02	152	105	53
107	Mobile, AL	35.97	175	61	107
108	El Paso, TX	35.84	134	75	98
109	Casper, WY	35.79	181	124	10
110	Salem, OR	35.74	147	97	102
111	Newport News, VA	35.67	137	133	41
112	Billings, MT	35.54	151	63	153
113	Phoenix, AZ	35.44	97	71	147
114	Santa Clarita, CA	35.43	13	153	169
115	Fontana, CA	35.42	41	178	27
116	Winston-Salem, NC	35.34	102	121	71
117	Chandler, AZ	35.03	101	110	95
118	Glendale, AZ	34.80	54	149	136
119	Oceanside, CA	34.76	81	132	104
120	Missoula, MT	34.72	86	104	134
121	Garden Grove, CA	34.62	60	165	75
122	Juneau, AK	34.60	35	143	148
123	St. Paul, MN	34.50	37	100	181
124	Memphis, TN	34.45	130	80	124
125	Arlington, TX	34.37	94	129	94
126	Durham, NC	34.32	90	89	157
127	Columbia, MD	34.23	95	162	61
128	Mesa, AZ	34.23	105	88	137
129	Wichita, KS	34.08	153	40	156
130	Fort Worth, TX	33.78	131	95	125
131	Dover, DE	33.74	107	152	90
132	Stockton, CA	33.73	129	127	78
133	Toledo, OH	33.71	156	96	88
134	Bakersfield, CA	33.48	169	92	82
135	Fayetteville, NC	33.44	166	134	65
136	Ontario, CA	33.29	88	173	62
137	Manchester, NH	33.29	114	130	120
138	Montgomery, AL	33.24	172	135	64
139	Detroit, MI	33.23	112	109	135
140	Riverside, CA	33.13	119	117	121
141	Grand Prairie, TX	33.12	74	180	45
142	Irvine, CA	33.12	40	148	177
143	San Bernardino, CA	33.05	132	166	21
144	Augusta, GA	32.91	179	119	86
145	Charleston, WV	32.74	69	142	143
146	Huntington, WV	32.68	113	144	118
147	Moreno Valley, CA	32.62	76	159	119
148	Laredo, TX	32.49	109	161	73
149	Fort Smith, AR	32.48	177	145	29
150	South Burlington, VT	32.43	92	128	146
151	North Las Vegas, NV	32.29	144	168	38
152	Pembroke Pines, FL	32.26	118	172	70
153	Fort Wayne, IN	32.09	135	94	154
154	Fresno, CA	31.69	170	99	96
155	San Jose, CA	31.64	120	102	167
156	Gilbert, AZ	31.61	98	140	142
157	Garland, TX	31.52	136	156	74
158	Aurora, CO	31.46	110	139	141
159	Anaheim, CA	31.39	143	123	110
160	Newark, NJ	30.70	146	138	113
161	Santa Rosa, CA	30.66	67	160	155
162	Lubbock, TX	30.63	141	125	138
163	New Haven, CT	30.36	165	141	122
164	Cheyenne, WY	29.98	173	150	114
165	Warwick, RI	29.88	91	146	166
166	Brownsville, TX	29.73	182	175	35
167	Port St. Lucie, FL	29.31	148	115	174
168	Oakland, CA	29.31	128	83	182
169	Hialeah, FL	29.15	142	170	109
170	Fremont, CA	28.29	121	171	149
171	Worcester, MA	28.22	123	157	165
172	Nashua, NH	28.13	106	154	176
173	Jersey City, NJ	28.07	158	117	170
174	Lewiston, ME	27.75	162	169	145
175	Aurora, IL	27.48	83	177	159
176	Santa Ana, CA	26.70	145	151	175
177	Pearl City, HI	26.38	140	179	140
178	Irving, TX	26.18	127	164	180
179	Bridgeport, CT	25.42	167	163	178
180	Yonkers, NY	25.10	78	182	171
181	Oxnard, CA	24.08	154	181	164
182	Chula Vista, CA	23.93	155	176	172

Ask the Experts

There’s a difference between a staycation and business as usual in the context of staying local. And it all has to do with how you spend your time in the city you call home. For advice on making the best of your staycation, we asked a panel of experts to share their thoughts on the following key questions:

1. What are some tips for having a truly relaxing staycation?
2. What activities can families do locally without breaking the bank?
3. What is the best time of year to have a staycation?
4. In evaluating the best cities for staycations, what are the top five indicators?

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• Matt Vosler Ph.D. – Assistant Professor, Department of Recreation and Leisure Studies, Ithaca College
• Gwendolyn S. Dawkins Ph.D. – Assistant Professor, Jackson State University
• Kenneth Cohen Ph.D. – Associate Professor, Department of Recreation, Parks and Leisure Studies, SUNY Cortland
• Joseph T. Warning Ph.D., MS, CSCS – Assistant Professor of Exercise Science, Indiana Tech
• Ingrid E. Schneider Ph.D. – Professor, Department of Forest Resources, University of Minnesota
• Lauren Duffy Ph.D. – Associate Professor, Department of Parks, Recreation and Tourism Management, College of Behavioral, Social, and Health Sciences, Clemson University

More Experts Methodology

In order to determine the best staycation spots, WalletHub compared 182 U.S. cities — including the 150 most populated U.S. cities, plus at least two of the most populated cities in each state — across three key dimensions: 1) Recreation, 2) Food & Entertainment and 3) Rest & Relaxation.

We evaluated those dimensions using 43 relevant metrics, which are listed below with their corresponding weights. Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for staycationers. For metrics marked with an asterisk (*), the square root of the population was used to calculate the “Number of Residents” in order to avoid overcompensating for minor differences across cities.

We then determined each city’s weighted average across all metrics to calculate its overall score and used the resulting scores to rank-order our sample.

Recreation – Total Points: 33.33

• Public Golf Courses per Capita*: Full Weight (~2.30 Points)
• Tennis Courts per Capita*: Full Weight (~2.30 Points)
• Swimming Pools per Capita*: Full Weight (~2.30 Points)
• Basketball Hoops per Capita*: Full Weight (~2.30 Points)
• Baseball & Softball Diamonds per Capita*: Full Weight (~2.30 Points)
• Parks per Capita*: Full Weight (~2.30 Points)
• Playgrounds per Capita*: Full Weight (~2.30 Points)
• Bike Rental Facilities per Capita*: Full Weight (~2.30 Points)
• Hiking Trails per Capita*: Full Weight (~2.30 Points)
• Running Trails per Capita*: Full Weight (~2.30 Points)
• Walking Trails per Capita*: Full Weight (~2.30 Points)
• Shopping Centers per Capita*: Full Weight (~2.30 Points)
• Water & Amusement Parks per Capita*: Full Weight (~2.30 Points)
• Boat Tours & Water Sports per Capita*: Full Weight (~2.30 Points)
• Miles of Bicycle Lanes, Paths & Routes per Square Mile: Half Weight (~1.15 Points)

Food & Entertainment – Total Points: 33.33

• Movie Costs: Full Weight (~1.63 Points)
• Average Price for Two Tickets to the Theater: Full Weight (~1.63 Points)
• Bowling Costs: Full Weight (~1.63 Points)
• Average Price of Party Ticket: Full Weight (~1.63 Points)
• Average Cocktail Price: Full Weight (~1.63 Points)
• Nightlife Options per Capita*: Full Weight (~1.63 Points)
• Casinos per Capita*: Half Weigh (~0.81 Points)
• Festivals per Capita*: Full Weight (~1.63 Points)
• Museums per Capita*: Full Weight (~1.63 Points)
• Zoos & Aquariums per Capita*: Full Weight (~1.63 Points)
• Paintball Fields per Capita*: Full Weight (~1.63 Points)
• Arcades per Capita*: Full Weight (~1.63 Points)
• Presence on TripAdvisor’s “Top 25 Amusement Parks” List: Full Weight (~1.63 Points)Note: This metric measures the presence and prevalence of a city in TripAdvisor’s “Top 25 Amusement Parks” List.
• Theaters & Concert Halls per Capita*: Full Weight (~1.63 Points)
• Coffee & Tea Shops per Capita*: Full Weight (~1.63 Points)
• Ice Cream & Frozen Yogurt Shops per Capita*: Full Weight (~1.63 Points)
• Beer Gardens per Capita*: Full Weight (~1.63 Points)
• Restaurants per Capita*: Full Weight (~1.63 Points)
• Restaurant-Meal Costs: Full Weight (~1.63 Points)
• Prevalence of Affordable Restaurants with 4.5+ Stars: Full Weight (~1.63 Points)
• Diversity of Restaurants: Full Weight (~1.63 Points)

Rest & Relaxation – Total Points: 33.33

• Cost of House-Cleaning Service: Full Weight (~4.76 Points)
• Spas & Wellness Centers per Capita*: Full Weight (~4.76 Points)
• Massage Costs: Full Weight (~4.76 Points)
• Beauty-Salon Costs: Full Weight (~4.76 Points)
• Public Beaches per Capita*: Full Weight (~4.76 Points)
• Presence on TripAdvisor’s “Top 25 Beaches” List: Full Weigh (~4.76 Points)Note: This metric measures the presence and prevalence of a city in TripAdvisor’s “Top 25 Beaches” List.
• Idealness of Summer Weather: Full Weight (~4.76 Points)Note: This metric is based on WalletHub’s Cities with the Best & Worst Weather ranking.

Videos for News Use:

• YouTube (for web embedding National)
• Raw files (for editing into clips)

 

Sources: Data used to create this ranking were collected from the U.S. Census Bureau, Council for Community and Economic Research, Public Courses, Under Armour, Eventbrite, Numbeo.com, MassageBook, Trust for Public Land, League of American Bicyclists, TripAdvisor, Yelp, Expatistan, ImproveNet and WalletHub research.

Image: Antonio Guillem / Shutterstock.com

from Wallet HubWallet Hub


via Finance Xpress

Posted by: Adam McCann

Oportun Review Summary: Oportun loans are difficult to evaluate because the company is not transparent about their overall rates and fees. The only way to find out any specific information about what rates you might get is by pre-qualifying. Plus, Oportun is only active in 12 states, so not many people can apply in the first place.

Oportun’s main draw is that they don’t require you to even have a credit score to apply, and they will accept applicants who have bad credit. But their loans are small, only $300 to $9,000, and their APRs are reported to be high, in the range of 30% to 60%+. Below, you’ll find everything WalletHub could gather on Oportun loans and see how they match up against other lenders that accept bad credit.

Important Terms for Jora Credit Loans

Interest rates	Oportun does not disclose a range
Loan lengths	7 - 49 months
Loan amounts	$300 - $9,000
Approval time	1 business day
Funds delivery time	1 business day
Origination fee	Depends on the customer
Prepayment fee	$0
Late fee	Depends on the amount of time late
Credit score requirement	No credit check
Minimum income requirement	Not disclosed
Additional requirements (all must apply)	18+ years old U.S. citizen, permanent resident or immigration visa holder SSN of ITIN
States where Oportun is active	AZ, CA, FL, ID, IL, MO, NJ, NM, NV, TX, UT, WI

Oportun Loan Rates & Fees

Oportun does not clearly disclose the interest rates of their personal loans. There is no listed range on their website, and customer service would not provide an overall range, rather saying it depended on the customer’s profile, state and more. Representatives did provide a few example loans, one of which had an APR around 30% and the other a rate over 60%. One third-party source claims that Oportun’s interest rates range from 20% to 67%, but WalletHub was unable to independently verify that. Oportun has fixed APRs, so rates won’t vary over time.

Oportun charges origination fees, according to representatives, but doesn’t openly state a range for those either. Similarly, they don’t list their late fees, but representatives said these fees depend on how many days you are late. Lastly, if you pay off your loan earlier than expected, Oportun will not charge you a penalty.

In order to get any solid information about Oportun’s potential terms, you will have to pre-qualify for a loan.

Oportun Loan Requirements & Application Info

Oportun only operates in 12 states: AZ, CA, FL, ID, IL, MO, NJ, NM, NV, TX, UT and WI. So you must live in one of those states in order to take out a personal loan. Oportun advertises that you don’t need to have any credit history in order to apply for one of their loans. You may also be able to qualify with bad credit. Oportun does not give any minimum credit score. They also don’t specify a minimum income, although you will have to provide proof of income during the application process.

To submit an Oportun personal loan application, you will need to be at least 18 years old. Oportun allows U.S. citizens, permanent residents and people in the country with immigration visas to apply. If you do not have a Social Security number, you can apply with an Individual Taxpayer Identification Number instead.

You can pre-qualify for an Oportun loan without hurting your credit score. This will let you see your chances of approval and the rates you’re likely to get, which is helpful considering Oportun is rather secretive about their ranges for interest and fees. If you’re interested in applying for a loan after pre-qualification, you can apply online, by phone (1-866-488-6090) or by visiting an Oportun branch. Applying for a loan will result in a hard pull of your credit, which means your score will likely drop by a few points. Oportun does allow applicants to apply with a co-signer.

Oportun Loan Reviews & Transparency

Oportun is far less transparent than most personal loan providers. They’re not open about overall interest rates or fees. Customers can use the company’s pre-qualification tool to estimate their own terms, though. Below, you can see what other sources have to say about Oportun.

• Better Business Bureau: Oportun, Inc. got BBB accreditation in 2016 and currently holds an A+ rating.
• Consumer Financial Protection Bureau: There are two mentions of Oportun in the complaints database managed by the CFPB, both from late 2018. One complaint is from a person who didn’t want to receive offers by mail and the other is from a person who claims Oportun withdrew incorrect payments and harassed them by phone.
• WalletHub: Because of their lack of transparency, WalletHub can only award Oportun 0.5 stars out of 5.

Oportun Loans vs. Competitors

Lender	Oportun	FreedomPlus	Avant
APR	Not disclosed	5.99% - 29.99%	9.95% - 35.99%
Loan amounts	$300 - $9,000	$7,500 - $40,000	$2,000 - $35,000
Loan lengths	7 - 49 months	24 - 60 months	24 - 60 months
Credit score required	No credit required	620	600

Methodology

WalletHub scored Oportun loans in seven categories in order to give them an overall rating. Each category contained a number of different metrics, adding to 23 in total. Below you’ll find the full list.

• Requirements: In this category, WalletHub researched the minimum credit and income requirements to get approved for Oportun loans. We also looked at other qualifications like whether non-citizens can apply and whether people can apply without a Social Security number.
• Loan amounts: In addition to checking the biggest and smallest dollar amounts available, we also looked at what lengths of time Oportun offers for payoff.
• APR: Our editors tried to find out the range of interest rates available. We looked into whether Oportun’s rates are fixed or vary with the market.
• Fees: WalletHub looked into what fees Oportun charges on their loans.
• Application process: WalletHub learned about Oportun’s pre-qualification process and how to submit an application. We checked for the ability to apply with a co-signer, and found out how long customers can expect approval and funding to take.
• Transparency: In this category, we judged Oportun based on how easy it is to find out their rates and fees, along with their minimum application requirements.
• Customer satisfaction: To gauge Oportun’s customer satisfaction, we looked at user reviews on WalletHub, Oportun’s BBB profile, and the CFPB’s database of consumer complaints.

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Posted by: Adam McCann

Integra Review Summary: Integra Credit offers expensive personal loans that are available to people with credit scores in the bad credit range. Integra’s main selling point is that they don’t do a credit check during the application process. That means they offer easy approval without any harm to your credit score. However, Integra Credit’s APRs – which range from 99% to 299% – far exceed the rates charged by the average personal loan.

Integra Credit’s scope is also incredibly limited, as they only offer personal loans in nine states:

• Alabama
• California
• Delaware
• Idaho
• Missouri
• New Mexico
• South Carolina
• Utah
• Wisconsin

People who can apply will get a quick decision and funding in as little as one business day. So, Integra Credit could be a viable last option. But customers should definitely shop around and try to get pre-qualified with cheaper lenders first. Below, you’ll find more specific details about Integra Credit loans, along with info on better deals from other lenders.

Integra Credit Loan Terms

APRs	99% - 299% (varies by state)
Loan lengths	6 - 36 months (varies by state)
Loan amounts	$500 - $3,000 (varies by state)
Approval time	1 business day
Credit score requirement	Not disclosed
Minimum income requirement	Not disclosed
Other requirements (all must apply)	18+ years old U.S. citizen or permanent resident SSN Bank account
States where Integra Credit does business	AL, CA, DE, ID, MO, NM, SC, UT, WI

Integra Credit Loan Rates & Fees

Integra Credit loans are very expensive, with the cheapest APR being 99% and the most expensive being 299%. The exact possibilities within that overall range can vary by state. While Integra Credit brands their loans as “personal loans,” their APRs are closer to those offered by “payday loans,” where you pay from your next paycheck. Most personal loans on the market have maximum APRs of less than 36%. Integra Credit’s APRs are always fixed. In other words, they won’t change over time.

The only major fee that Integra credit charges is a late fee, but it varies widely by state. For example, Alabama residents pay $18 or 5% of the payment amount, while California residents pay a flat $10. In most states, you will have a 10 to 15-day grace period to pay before the late fee gets charged.

However, Integra credit does not charge an origination fee or a penalty for paying a loan off early. Their loans are still plenty expensive even without those fees, though.

Integra Credit Loan Requirements & Application Info

Integra Credit does not disclose a minimum credit score requirement for their personal loans, but they state on their website that they consider people with bad credit. In addition, they do not do a “hard pull” of your credit during the application process.

To qualify for an Integra Credit personal loan, you must 18 years old or older and either a U.S. citizen or permanent resident of the U.S. with a Social Security number. You’ll also need to have a bank account in the U.S. Most importantly, you’ll need to live in one of the nine states in which Integra Credit offers loans: AL, CA, DE, ID, MO, NM, SC, UT or WI. Integra Credit does not state a minimum income requirement.

Integra Credit doesn’t allow you to pre-qualify for their loans. But the point is kind of moot considering they don’t do a credit check when you apply. So you can apply and then accept or reject your loan offer all without hurting your credit score. To submit a loan application, use the online form or call 855-345-5550. Integra Credit only has individual applications; they do not accept joint applications.

Integra Credit Reviews & Transparency

Even Integra Credit states on their website that, “This is an expensive form of credit.” So they’re not trying to hide the fact. Integra Credit also has a good reputation with the BBB.

• Better Business Bureau: Integra Credit’s parent company, Deinde Financial, gets an A+ from the bureau and became accredited in 2018.
• WalletHub: Because of how expensive Integra Credit personal loans are, WalletHub awards them 0.5/5 stars.

Despite their transparency, LendUp still isn’t a good option due to the high cost of borrowing from them.

Integra Credit vs. Popular Competitors

Lender	Integra Credit	Avant	FreedomPlus
APR	99% - 299%	9.95% - 35.99%	5.99% - 29.99%
Loan amounts	6 - 36 months	24 - 60 months	$7,500 - $40,000
Loan lengths	$5,000 - $3,000	$2,000 - $35,000	24 - 60 months
Credit score required	Not disclosed (no credit check)	600	620

Methodology

WalletHub’s editors created an overall rating by first grading Integra Credit in seven big categories: loan amounts, fees, APR, loan requirements, the application process, customer satisfaction and transparency. Within these categories were many more specific metrics, which you can see below.

• Loan amounts: WalletHub took a look at how much you can borrow from Integra Credit and how long you can take to repay your loan.
• Fees: We found out information on what fees Integra Credit charges on their loans.
• APR: This category included both Integra Credit’s interest rates and the question of whether those rates are fixed/variable.
• Requirements: WalletHub searched for Integra Credit’s minimum requirements, including minimums for income and credit, plus whether you need U.S. citizenship and an SSN.
• Application process: This category included pre-qualification, how to apply, whether joint applications are available and the amount of time it takes to get approved and funded.
• Customer satisfaction: We looked at Integra Credit’s BBB rating, the amount of complaints filed against them with the CFPB, and reviews on WalletHub.
• Transparency: This category measured Integra Credit’s clarity on how to qualify, along with the transparency of their rates and fees.

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Posted by: Adam McCann

NetCredit Review Summary: NetCredit offers personal loans of $1,000 to $10,000 to people of all credit levels, even those with bad credit. But with their relaxed approval requirements are supported by extremely high APRs: 34% to 155%.

NetCredit’s rates are cheaper than those of so-called “payday lenders” which can charge 400% or more interest. They’re also longer-lasting, as rather than paying out of your next paycheck, you’ll have to pay your loan off within 6 to 60 months. But despite being better than payday lenders, NetCredit is a lot worse than other personal loan providers. In addition, NetCredit only offers loans in 14 states, so most people in the U.S. can’t even apply.

People with fair credit or better should definitely not apply for NetCredit personal loans. And people with bad credit can likely find better deals elsewhere, such as at their local credit unions. Below, you’ll find more information on why NetCredit is not an ideal lending choice.

NetCredit Personal Loan Terms

APR range	34% - 155% (varies by state)
Loan lengths	6 - 60 months (varies by state)
Approval time	24 hours
Funds delivery time	1 - 3 business days
Origination fee	1% - 5% (varies by state)
Fee for early payoff	$0
Late payment fee	$10 - $15 (varies by state)
Credit score required	Not disclosed (accepts bad credit)
Minimum income required	Not disclosed
Additional requirements(all must apply)	18+ years old U.S. citizen or permanent resident SSN
States where NetCredit operates	AL, CA, DE, GA, ID, IL, MO, NM, ND, SC, SD, UT, VA, WI

NetCredit Interest Rates & Fees

NetCredit interest rates can be as low as 34% or as high as 155%. However, the exact rates possible within that range vary by state. No matter where you live, that’s far more costly than a normal personal loan, on which lenders typically don’t charge above 36%. The reason NetCredit’s interest rates are so high is that their loans are targeted to people with bad credit, which is riskier compared to only offering loans to people with higher credit scores. Still, there are other lenders, such as local credit unions and a few major companies like Avant, that will provide loans with much lower rates to people with bad credit. NetCredit has fixed APRs, so the rate won’t vary over time.

NetCredit doesn’t charge a fee for paying a loan off early. So if you take out a loan from them, you should pay in full as soon as possible to avoid as much interest buildup as you can. NetCredit may charge an origination fee, depending on the state where you reside. This fee can be 1% to 5%, and applies only to loans with APRs below 36%. The origination fee will be subtracted from the initial loan amount you receive.

NetCredit will also charge a fee for late payments, but this fee is different for different states. For example, in Alabama it’s a flat $15, while in Wisconsin it’s the lesser of $10 or 5% of the payment amount.

NetCredit Requirements & Application Info

According to NetCredit representatives, there are no minimum credit or income requirements for approval. NetCredit will look at your overall financial picture when making a decision, and they may accept borrowers who have bad credit. Applicants for a NetCredit loan will also need to be at least 18 years old and a U.S. citizen or permanent resident with a Social Security number. And you can only apply if you live in a state where NetCredit operates. Those states are: AL, CA, DE, GA, ID, IL, MO, NM, ND, SC, SD, UT, VA and WI.

You can pre-qualify with NetCredit before submitting an application. This will allow you to see what rates you might get if approved. After that, you’ll have a chance to submit an application, where NetCredit will actually pull your credit. The only way to apply is online, and you can only apply by yourself, not with a co-applicant.

NetCredit Reviews & Transparency

While NetCredit doesn’t have a bad reputation among their customers and rating agencies, they’re still far too expensive to advise borrowing from.

• Better Business Bureau: NetCredit (NC Financial Solutions, LLC), receives a score of A+ but is not accredited. Their parent company, Enova International, Inc., has exactly the same situation.
• Consumer Financial Protection Bureau: Enova International, Inc., the parent company of NetCredit, has 13 personal loan complaints with the CFPB. Many have to do with NetCredit’s extremely high interest rates and high payment amounts. The last complaint was filed in November 2018. Enova International has always responded in a “timely” fashion.
• WalletHub: NetCredit personal loans only get a score of 1/5 from WalletHub’s editors.

NetCredit Personal Loans vs. Popular Competitors

Lender	NetCredit	Avant	FreedomPlus
APR	34% - 155% (varies by state)	9.95% - 35.99%	5.99% - 29.99%
Loan amounts	$1,000 - $10,000	$2,000 - $35,000	$7,500 - $40,000
Loan lengths	6 - 60 months (varies by state)	24 - 60 months	24 - 60 months
Credit score required	Not disclosed (accepts bad credit)	600	620

Methodology

WalletHub’s editors reviewed NetCredit across 23 different factors that fell into 7 broader categories. Read on to see all of the categories and individual metrics.

• Requirements: WalletHub considered what it takes to get a NetCredit loan, including the necessary credit score and income, as well as U.S. citizenship and Social Security number requirements.
• Transparency: We evaluated whether NetCredit is open about how their loans work and how to qualify.
• APR: We looked at the possible interest rates on NetCredit loans, including whether they may change over time or are locked in at the beginning.
• Fees: Our editors researched whether Payoff charges any major fees on their personal loans.
• Loan amounts: We took a look at the amounts NetCredit lends, and the time limit for paying loans back.
• Application process: WalletHub learned all about the application process, including how to apply, how to pre-qualify and if joint applications are allowed. We also learned the amount of time it takes to get approved and funded.
• Customer satisfaction: Our editors measured how satisfied customers are by checking WalletHub reviews, BBB ratings and CFPB complaints.

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Posted by: Adam McCann

RISE Review Summary: RISE loans are expensive, with APRs ranging from 50% to 299%, depending on where you live, the loan amount and your financial profile. RISE advertises their loans as an option for people with bad credit. But there are plenty of better alternatives from other lenders that will charge far less.

RISE loans don’t have origination fees, prepayment fees or late fees. But that doesn’t change the fact that their APRs are far too high. And RISE only does business in 30 states and the District of Columbia, so many people can’t apply in the first place. The only big upside to RISE loans is that you can get funded in one business day typically. But there are a lot of cheaper lenders that also offer fast funding.

Read on to find out more about why RISE loans are too expensive, and to see a few better options.

LoanMe Personal Loan Terms

APRs	50% - 299% (varies by state)
Loan lengths	4 - 26 months (varies by state)
Loan amounts	$500 - $5,000 (varies by state)
Approval time	1 business day
Funds delivery time	1 business day
Fees	None
Credit score requirement	Not disclosed
Minimum income requirement	Not disclosed
Other requirements (all must apply)	18+ years old U.S. citizen or permanent resident SSN Checking account
States that RISE services	AL, AK, AZ, CA, DC, DE, FL, GA, HI, ID, IL, IN, KY, MI, MN, MS, MO, MT, NE, NV, NM, ND, OH, OK, OR, SC, TX, UT, WA, WI, WY

RISE Loan Interest Rates & Fees

RISE is one of several lenders that offer high-interest rate personal loans to people who have bad credit. RISE’s minimum APR is 50% and their maximum is 299%. That’s similar to the rates of other “bad credit” lenders, but incredibly more expensive than the average personal loan. Usually, the range for personal loan interest rates is around 6% - 36%. Even if you have bad credit, you can still beat RISE’s rates by checking out offers from credit unions and lenders like FreedomPlus and Avant.

RISE personal loan interest rates are technically fixed. But if you make on-time payments, RISE may choose to lower your rate. RISE advertises that they’ve lowered rates for 150,000 customers.

There are no RISE loan origination fees. You also won’t be charged a fee for paying your loan off early; and at these APRs, you’ll want to do that as quickly as possible. Lastly, RISE does not charge a fee for late payments. But you still shouldn’t pay late because that will lead to credit score damage.

RISE Loan Requirements & Application Info

RISE is targeted toward people who have bad credit. As such they don’t give any kind of minimum credit score requirement. They don’t disclose an overall minimum income, either, but their website says approval and loan terms “are subject to minimum income requirements and vary by state.” RISE only operates in 30 states and the District of Columbia, so you will have to live in one of those places to apply.

RISE does have a pre-qualification process. Visit their website and put in your name, email and state at the top right, then click “Check Your Loan Options.” You’ll then be directed to a form where you fill in more detailed information like your address and income. At the end of this process, which will not hurt your credit, you will see what offers you’re likely to qualify for.

If you choose to submit an application after that, RISE will do a hard inquiry of your credit, which will cause a drop in your score. The only way to apply for a RISE personal loan is online. You must apply by yourself, as RISE does not accept joint applications.

RISE Loan Reviews & Transparency

You can easily find the APRs and fees for RISE loans online. And RISE’s pre-qualification tool lets you estimate your rates before you apply. To that end, RISE is clear about what customers can expect. However, they are still not a great option for borrowers. You can see more information on their reputation below.

• Better Business Bureau: RISE Credit is rated A+ by the BBB. They have not become accredited.
• Consumer Financial Protection Bureau: There are more than 170 complaints about RISE loans in the CFPB complaints database, with some as recent as April 2019. Many customers complain about having trouble with the high interest rates.
• WalletHub: RISE loans are so expensive that WalletHub is only able to award them 0.5 stars out of 5.

Rocket Loans vs. Popular Competitors

Lender	RISE	FreedomPlus	Avant
APR	50% - 299%	5.99% - 29.99%	9.95% - 35.99%
Loan amounts	$500 - $5,000	$7,500 - $40,000	$2,000 - $35,000
Loan lengths	4 - 26 months	24 - 60 months	24 - 60 months
Credit score required	Not disclosed (accepts bad credit)	620	600

Methodology

To give RISE Loans a fair rating, WalletHub looked at a total of 23 factors. We grouped the factors that were most similar to each other into seven big categories, which you can view below along with an explanation.

• APR: WalletHub’s editors researched the best and most costly rates on RISE loans, along with information about whether those rates can be variable or are always fixed.
• Fees: We looked into the fees on RISE loans, emphasizing charges for paying early, origination fees and late fees.
• Requirements: Our editors found out what you need to get approved for RISE loans, including RISE’s expectations for credit score and income. We also researched whether you need to be a U.S. citizen and what kind of identification you need to provide.
• Loan amounts: We looked into how much you can borrow, plus the shortest and longest-lasting loans.
• Transparency: This category included how clearly RISE presented their loan terms and minimum qualifications.
• Application process: WalletHub read up on the application process, including how to pre-qualify and how to apply. We learned the amount of time between submitting an application and receiving funding, and we looked into whether RISE supports joint applications.
• Customer satisfaction: This category used the following sources: WalletHub user reviews, Consumer Financial Protection Bureau complaints and the Better Business Bureau’s rating.

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