Online lenders are back with a roar in 2021, taking on the banks with record low rates and and responding to consumer demand for faster, more efficient approval and funding processes for home loans, personal loans and even business loans.
A recent Mozo survey of 1,266 borrowers reveals that consumer confidence in big bank alternatives is surging, with a whopping six in ten home borrowers now considering online lenders instead.*
Cheaper interest rates and fees are the main attraction for those considering online lenders, and they’re on the money. Mozo’s experts crunched the numbers on online lenders versus the big 4 banks and the results are eye-opening: on a typical $400,000 home loan, online lenders offer an average saving of $83,800 over 30 years.
Whether you’re looking to save money on your mortgage, buy a property, renovate your kitchen or buy a new set of wheels, there’s an online lender to suit your needs. Here are the Mozo money editor's picks of some of the best in 2021...