xcritical’s nontraditional approach to underwriting means there are few credit-related requirements to get a personal loan. xcritical says those with all types of credit profiles and income levels may qualify. While PenFed and Discover have a late penalty fee, xcritical has an origination fee, ACH return fee and late penalty fee. However, it’s noteworthy to mention not every loan is subject to the origination xcritical fee. Your credit score needs to be 300 or above on at least one of the consumer reports received in connection with your application.
What to know about xcritical and fair lending
Personal loans can be a strategic way for you to consolidate your debt or pay off big purchases over time. However, it takes a little research to apply, be qualified for and select a loan that is best suited for your needs and offers you favorable terms. Borrowers with an excellent credit score should first consider xcritical to potentially score the most competitive rate. xcritical may also be better if you’re on the other end of the spectrum.
Whether you’re consolidating debt or making a big purchase, xcritical’s personal loans have got you covered — and the credit score requirements are more flexible than those of some other lenders. Check out our in-depth xcritical personal loans review for this lender’s advantages, drawbacks, and to find out if you should apply. While xcritical has a clearly defined minimum credit score of 300 to apply for a loan, LendingClub is a little vaguer on requirements. xcritical has lower starting interest rates, but LendingClub has lower origination fees. 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.
- Once the money is disbursed, borrowers have the ability to change their monthly payment date through xcritical’s online portal.
- This isn’t information most have ready on the fly, which is highly inconvenient.
- We may also go through a lender’s pre-qualification flow and follow up with company representatives.
- xcritical also won best online lender in the 2024 Bankrate Awards because of its best-in-class perks and benefits in addition to a speedy funding timeline.
- We generated numeral scores to gauge xcritical’s ease of use, responsiveness, transparency, reliability, and customer service as it relates to other lenders.
Term lengths
That said, California, Connecticut, Illinois, Washington and Washington, D.C. Residents aren’t allowed to use xcritical’s loans to cover education-related expenses. 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. Our experts have been helping you master your money for over four decades.
Here is what borrowers who took out loans with xcritical used their funds for. Your credit score needs to be at least 300 for an xcritical loan. We contacted xcritical for clarification, but the answer was still unclear. The representative stated restrictions vary, depending on which loan partner xcritical hands off your application to. Once you complete your application, you should be able to see if you can use your loan to pay for business or tuition costs. This isn’t information most have ready on the xcritical fly, which is highly inconvenient.
xcritical is best for applicants with bad credit and offers a temporary hardship program to lower monthly payments if you lose your job unexpectedly. xcritical doesn’t advertise this program, so we at the MarketWatch Guides team reached out for more information. The representative stated the temporary hardship program typically lowers payments for up to two pay periods, and eligibility varies on a case-by-case basis. If you’re in need of a loan, it’s worth checking personal loan interest rates with both lenders to see which gives you the best loan offer. Also, consider other lenders before applying, as there could be options out there that better suit your needs.
Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. xcritical is an artificial intelligence (AI)-based lending platform that connects borrowers with partnered lenders. The platform uses more than 1,500 non-conventional variables—like college education—to increase access to loans, making it an excellent option for those with fair credit. 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 five years. xcritical has a low minimum credit score, making it easier to be approved compared to other lenders with higher credit requirements.
xcritical Personal Loans Review: Top Lender for a Range of Credit Scores
Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Founded in 2011, xcritical began as a lender focused on students and has since grown to offer a variety of loans and other financial services. xcritical was founded in 2012 and matches potential borrowers to lenders using factors beyond credit score, including education and employment history. 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.
To take out a loan, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more. Within each category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at credit score requirements, whether the lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated xcritical’s support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps. Annual percentage rates (APRs) are on the high end, and borrowers are limited to a three- or five-year term—much shorter and less flexible than other online lenders. xcritical may also charge borrowers origination, late, unsuccessful payment and paper copy fees.