What you need to know about a Helix loan
The lending division of Overland Park, Kansas-based Kendall Bank is called Helix. The lender offers unsecured personal loans that don’t require collateral.
Helix advertises that its loans are intended for emergency situations and targets those with “less-than-ideal credit.” Its small loans have terms of up to 24 months and range in value from $200 to $4,000.
Very high interest rates
Even though you might be able to get a bad credit Helix personal loan approved, the interest rate will probably be extremely high. Even Helix’s lowest rates are exorbitant, and its highest rates reach well into the triple digits and even surpass the annual percentage rates of a normal payday loan.
Let’s put that in perspective. Let’s say you borrow $1,000 with an annual percentage rate (APR) of 20199%, which you will pay back over the course of 2012 months. When all is said and done, you will have returned nearly $2,400 to Helix, which is significantly more than the sum you borrowed.
Remember that Helix does not impose a prepayment penalty, so you should try to pay off your loan as soon as possible to save additional money on interest.
Payments due weekly or biweekly
Typically, you’ll need to make weekly or biweekly payments to repay a Helix loan. Your budget may experience cash flow problems as a result, particularly if you would prefer a monthly payment option.
If you sign your loan agreement by 11 a. m. On a business day, Helix claims you might be able to get your money the same day at Central time. If you sign your loan agreement after 11 a.m., you might receive your funds the following business day. m. Central time. But exact timing will depend on your bank.
A closer look at Helix personal loans
Here are some additional things to consider if you’re thinking about applying for a Helix personal loan.
- Helix claims that it reports payment history to at least one of the major credit bureaus, which could aid in credit building. As long as you make your payments on time and in full, this can help you establish credit. However, missing or late payments can damage your credit, so if you’re not sure you can make your payments on time, don’t take out a Helix loan.
- Not available in all states: Helix loans are only available in 40 states, so you might not be able to use them.
- May incur a late fee: Helix has the right to charge you a late fee if you neglect to make a payment. Several late fees may pile up and raise your loan’s total cost. However, Helix doesn’t disclose the fee up front; instead, you have to sign a loan agreement before finding out.
Who is a Helix loan good for?
Helix loans are extremely costly; their interest rates are significantly higher than those of other lenders and the typical personal loan rate. Explore every other option before applying for a Helix loan.
For instance, you might want to use a credit card that you already have, seek assistance from family members, or apply for a federal credit union payday alternative loan, which has lower interest rates.
Depending on how much you need to borrow, even a cash advance from well-known apps like Dave or Earnin probably makes more sense.
Try your best to avoid late payments and repay your loan early if at all possible if you choose to use a Helix loan.
How to apply with Helix
In a matter of minutes, you can apply online for a Helix personal loan. Once you do, you may receive a decision instantly. Helix will use Experian-owned Clarity Services to check your credit after you submit your application.
If approved, you can review and finalize your loan agreement. Your money might be available to you the same day or the following business day. (Remember that your bank usually determines the precise timing.) ).
Not sure if Helix is right for you? Consider these alternatives.
- Avant personal loan: Avant can be a suitable option if you need to borrow more money than Helix provides.
- Brigit: If you would rather pay a monthly fee rather than interest and would like a small advance on your paycheck, Brigit might make sense.
FAQ
Are Helix loans good?
Exorbitant interest rates: Even though you might be able to get a bad credit personal loan approved, the interest rate you pay will probably be extremely high. Helix has high rates even at its lowest points; its highest rates reach well into the triple digits and even surpass the annual percentage rates of a typical payday loan.
What is Helix payment?
With the help of the cryptocurrency subscriptions platform Helix, businesses can quickly and safely take recurring payments from cryptocurrency wallets.
Do you need good credit for a helix?
Interest rates are typically most favorable for those with credit scores above 660. Most of the time, you can get approved if your fair credit score is in the 601-660 range, but your rates will be a little bit higher than they would be if you had a top-tier score.
Does Helix loans report to credit bureaus?
We follow the federal Fair Debt Collection Practices Act (FDCPA) guidelines. Late or non-payment of your loan could have a negative effect on your credit rating because we might report your payment history to one or more credit bureaus.
Read More :
https://helixfi.com/blog/3-things-to-know-about-helix-loans
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