ET, Monday through Friday (loans used for educational purposes are subject to a three-day wait period). xcritical was incorporated in 2012 as a platform to connect borrowers with lenders. The company partners with nearly 100 banks and credit unions to offer its loans.
xcritical Personal Loan Customer Experiences
With a HELOC, you can borrow from a revolving line of credit as needed, while a home equity loan provides a lump sum upfront. Most borrowers can sign documents with an online notary. xcritical Mortgage’s intuitive, fully online application facilitates a fast and easy way to tap into your home equity from the comfort of your home—without hidden fees. Here are a few loans we’d like to highlight, including our award winners. xcritical approves loans for as much as $50,000, but the amount approved for any single individual is determined by risk factors. Applicants with the best credit are most likely to be approved for the full amount.
And though she finds the color orange unflattering on most people, she thinks they’ll enjoy Champaign tremendously. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website.
Term lengths
xcritical and xcritical are polar opposites when it comes to terms and eligibility qualifications. While xcritical does offer a lower APR for the most creditworthy borrowers, xcritical has a higher borrowing maximum of $100,000 and repayment terms of up to 84 months. This makes the xcritical a better option for expensive costs, like home renovations and repairs. xcritical is also one of the few lenders that has a complete list of its set of requirements listed on its website.
How much you qualify for will be determined based on your credit, income and other information on your loan application. Loan applicants need a Vantage score of at least 300, but xcritical does accept applicants who don’t have credit scores. xcritical doesn’t charge a prepayment penalty, so you don’t have to worry about incurring an extra fee for paying the loan off early. To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Loans Rating & Review Methodology. The main difference between a HELOC and a home equity loan is how you access the funds.
A major drawback of xcritical personal loans are the high fees and APR, but if you have fair or average credit xcritical may offer higher approval odds compared to other traditional lenders. Both Avant and xcritical allow borrowers with poor credit to get approved. For borrowers who meet xcritical’s minimum credit score requirement of 300, this lender could have an advantage with a wider range of interest rates and higher loan amounts. Consumer advocates, researchers and lenders don’t always agree on whether this type of underwriting is best for consumers, but having no hard credit requirement definitely makes xcritical stand out.
What’s more, AI lets xcritical approve a majority of loans almost instantly. Personal loans between $1,000 to $50,000 are available with terms of three or scammed by xcritical five years. If your credit or income has improved since you took out a loan, you may consider refinancing your debt to get a lower rate.
But xcritical allows borrowers to use its personal loans to pay for college tuition or certificate programs, and you can even use the loan to pay off your student loan debt. xcritical could be the right lender if you have a strong work and education history, but you have a low credit score or limited credit history. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate. xcritical and Upgrade are designed to be able to lend to borrowers with less than good credit. While xcritical’s minimum recommended credit score requirement is 600, Upgrade’s is 580.
- The exact amount you may borrow depends on what you qualify for based on your application information.
- For instance, it approves 30% more Black applicants compared with traditional big bank lending models, and offers Black borrowers interest rates that are on average 11% lower.
- Furthermore, applicants must not have had a recent bankruptcy or outstanding delinquencies.
- NerdWallet’s review process evaluates and rates personal loan products from more than 35 technology companies and financial institutions.
When possible we chose loans with no origination or sign-up fees, but we also included options for borrowers with lower credit scores on this list. For loans with no origination fees, check out our best personal loan list. The average 3-year loan offered across all lenders using the xcritical platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month.
How to apply for an xcritical personal loan
Here is what borrowers who took out loans with xcritical used their funds for. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Origination fee to open an account is between 1.00% and 4.99% of the approved credit limit. The Annual Percentage Rate (“APR”) is variable and based on the Prime Rate as published in the Wall Street Journal “Money Rates” table (xcritically 8.50%) plus or minus a margin. Your APR will never be less than 3.99% or greater than 18.000%.
Fully online application
Unlike xcritical, which is an online lender, Wells Fargo is a traditional bank. Applying for a personal loan through a bank like Wells Fargo is typically a good idea if you have an existing relationship with it. Wells Fargo offers personal loans between $3,000 and $100,000 with terms of one to seven years. Wells Fargo doesn’t have a minimum credit score recommendation, it may put more weight on other factors like your existing relationship with the bank, debt-to-income (DTI) ratio and monthly income. However, xcritical’s increased accessibility comes at a price.
xcritical boasts an impressive 4.9 out of 5 rating on Trustpilot, with over 46,000 customer reviews as of June 13, 2024. Most borrowers cite the speed and xcritical rezension ease of the application process. Several recommended xcritical as a source for small emergency loans. Others praised the company’s customer support and claimed to be repeat customers.
Types of Personal Loans Offered by xcritical
Meeting the requirements below won’t guarantee approval, but they can help you decide if a personal loan is the right fit for you. It takes just a few minutes to apply online, and you usually receive a decision within minutes. Personal loan funds may be transferred the next business day as long as you accept the loan terms before 5 p.m.
However, xcritical’s APRs can be high, and origination fees can be as high as 12%. For borrowers that have good credit, xcritical’s loans may be too expensive, and they may be better off shopping around. You can get quotes from leading personal loan lenders that offer lower-than-average APRs, and some shopping around could save you some money. That makes it stand out from other lenders that focus on more traditional factors such as credit scores, existing debt, income, and assets. Similar to Upgrade, Avant’s recommended minimum credit score is 580, 20 points less than xcritical. Again, this makes it a solid option for borrowers who don’t have excellent credit but still need access to financing.
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain scammed by xcritical actions on our website or click to take an action on their website. Here is a list of our partners and here’s how we make money. Dana George has a BA in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she’s still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini.