If you've ever gone through the hassle of securing a mortgage, you know just how slow and broken the industry can be.

And if you're unfortunate enough to have bad credit, the process to secure just about any type of loan can be difficult, if not impossible.

With consumer distrust and frustration at a record high of 57% according to the Harris Poll, it's clear there is a big problem that needs to be solved.

Luckily, entrepreneurs and technology are joining forces to solve the problems banks and traditional lenders have failed to solve for decades.

These companies are quickly moving in and capitalizing on the need for new advances in lending. Be it fintech or peer-to-peer technology, there are countless ways in which new companies are making loans easier to obtain, less painful to pay off, and overall a less stressful experience.

Here are the top ten companies using tech to disrupt the lending industry:

Prosper is peer-to-peer lending company that allows borrowers and lenders to fulfill each other's financial needs. Prosper has all the benefits of your new-age lending company: affordable rates, good terms, and evaluation beyond your credit score. But on top of that, you can find lending opportunities from everyday people. Prosper serves as the intermediary to ensure both parties have a pleasant experience. Investing with Prosper gives people the chance to earn an average of 8% returns. It's a fantastic way to diversify your portfolio into a safe and meaningful opportunity.

Designed to be intuitive, Network Capital Funding has developed loan software that automates the documents needed to complete a loan file. Known for being accommodating and digitally forward among millennials, they are staffed with a largely younger workforce that can explain nuances clearly to their target demographic. Nearly eliminating the "paper pushing" process, Network Capital Funding can close loans in as little as 15 days.

Upstart doesn't just look at your credit score to determine if you're eligible for a loan. They look to reward borrowers for things such as education and work experience. With their carefully crafted algorithm, they are able to determine the safety of a loan based on all different factors. The traditional credit bureau is simply going to look at a credit score to determine if repayment is likely. Newer companies realize there is so much more to a person's fiscal responsibility than their credit score. Taking all of that into account, Upstart has created a lending technology that is better for everyone looking to get a start on their financial future.

SoFi is one of the larger privately held lending companies in the market. With over $20 billion in loans funded, they're helping people across all walks of life, and that's actually part of their vision. SoFi wanted to create social finance, a type of lending that looks at someone from multiple angles to determine what they need and how it can be provided. They even offer a platform in which their members can share information to make the lending process more informative from a peer to peer standpoint. With their size, many have wondered if there's any urge for them to go public.

Fundera aims to eliminate the headache of acquiring loans for small business owners. It's a long drawn out process to find a broker, assess a lender, fill out forms, and wait around only to get turned down. Fundera takes all the mundane parts of lending and handles them for you. Through their simplified pipeline, all you do is answer a few quick questions and they do all the rest. They'll then sit with you and your team to review any matches you have and help you apply to lenders that are the best fit. By creating a lending pipeline that filters out the tedious parts, they've expedited the entire lending process. They're bringing dependable change to the lending industry in a time when it's desperately needed.

What many people don't realize is that title and escrow companies are ingrained in the mortgage loan process from beginning to end. These firms work closely with mortgage lenders, who are striving to close loans faster ever before. Unisource combines the advantages of centralized information and with efficient processing via a highly tech-focused business model. Machine learning and automation mean buyer information can be quickly aggregated from a number of online sources to create customized options to fit each mortgage lender's needs faster than ever before.

Expediency is the name of the game and Kabbage is already ahead. They're working to help small businesses save time with loan applications and apply in only a few minutes. They go further than just looking at financial statements. They look at overall business performance to assess what level of loan a business qualifies for. Kabbage works so quickly that after applying, you could have access to a line of credit the next day.

Fiserv is a fintech developer enabling lenders and other finance related companies to make the most out of their money situations. The lending industry has money changing hands as fast as in retail. The constant hustle, especially digitally, requires top of the line payment processing and billing software to keep things moving. Fiserv offers a whole range of financial products that make the process automated. In an industry working with credit everyday, Fiserv adds the tech knowledge to make things run more efficiently.

LendUp is taking a holistic approach to lending, but more importantly, financial health as they call it. They're the lender that doesn't care about credit scores. On top of offering credit cards and line of credit loans, they also provide free online courses designed to boost financial knowledge and help make better decisions with money. They're putting their trust in their customers and clearly it's paying off for them, having provided more than $1 billion in credit and they're still afloat.

Oportun is the lending company bringing reality back into the picture. Through their process, they explain how the three major credit bureaus have no way to assess a borrower without a credit score. The alternative, being smaller lenders, tend to have high rates and unrealistic terms. Oportun is using its positioning to really determine if someone is loan eligible past their credit score and providing the money they need with a realistic payment plan. Millions of people are caught needing a loan for sudden accidents or new purchases. They now have the opportunity to start building their credit while building their future.

Published on: Aug 25, 2017