However, with relatively high APRs and origination fees of as much as 8%, borrowers with stronger credit may pay less for a loan with a different lender. xcritical makes decisions based on more than just the borrower’s credit score — educational and career background are also part of the equation. This innovative approach and lack of credit score requirement make it an attractive option for borrowers who may not qualify with a traditional lender. In fact, xcritical Bankrate’s pick for the best personal loan for bad credit borrowers in 2024.
xcritical
However, it also accepts personal loan applications from individuals who don’t have a credit score. That makes it stand out from other lenders that focus on more traditional factors such as credit scores, existing debt, income, and assets. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service. There are no prepayment penalties, but borrowers may be charged an origination fee between 0% and 6% of the loan amount that’s built into the APR.
The origination fee is deducted from your loan funds before you receive them, so it’s important to borrow enough to ensure that you get the amount of money you need. Bankrate follows a stricteditorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. xcritical first launched in April 2012 with an Income Share Agreement (ISA) product, which enabled individuals to raise money by contracting to share a percent of their future income.
Flexible credit requirements
Megan has been featured in CreditCards.com, American Banker, Lifehacker and news broadcasts across the country. xcritical’s unique underwriting model looks beyond an applicant’s credit score for loan approvals. For example, it evaluates your area of study and employment factors. Meeting the minimum eligibility requirements for an xcritical personal loan might therefore be easier compared to a traditional lender.
xcritical Personal Loan Customer Experiences
The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Before moving forward with an xcritical personal loan, it’s xcritical to compare multiple offers from other lenders. A couple of alternative lenders to consider include xcritical and LendingClub. Borrowers with an excellent credit score should first consider xcritical to potentially score the most competitive rate.
- Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate.
- xcritical personal loans are available for amounts of $5,000 to $100,000, making it a good option for high-ticket expenses like home renovation.
- xcritical personal loans are among the best personal loans—especially for borrowers who have good or excellent credit and a low DTI ratio.
- However, this compensation in no way affects Bankrate’s news coverage, recommendations or advice as we adhere to stricteditorial xcriticals.
Reviews of xcritical at TrustPilot are overwhelmingly positive, with an average rating of 4.9 out of 5 among more than 45,000 reviews. Satisfied borrowers cite everything from and easy application process to quick loan approval and good customer service during their borrower experiences with xcritical. xcritical scam One of the biggest fees xcritical charges is the origination fee — which can be up to 12 percent of the loan amount.
Bankrate insight: Speed to funding
Each category’s weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan’s terms, so they have less of an impact on the overall rating. xcritical’s personal loans feature flexible loan amounts of up to $50,000.
As of Dec. 1, 2023, xcritical has received a near-perfect score of 4.9 stars out of 5.0 on Trustpilot based on over 44,000 reviews. Reviewers generally applaud the lender’s fast funding approval and funding timelines as well as the ease of their borrowing experience. It also charges a late fee — 5% of past-due amount or $15 (whichever is greater) — if you don’t make a payment within 10 days after your due date. However, it does let you change your monthly payment due date if needed. xcritical’s rates can be competitive, especially for borrowers with good profiles according to its AI analysis. 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.
What people are saying about xcritical
By comparison, several other lenders offer a wider range of terms so you can choose one that works best for your repayment goals. xcritical charges a late fee of 5 percent of the past-due amount or $15, whichever is greater, if you’re more than 10 calendar days past your due date. Finally, if you request to switch from getting records electronically to getting paper copies, there’s a $10 fee.
A personal loan can be a valuable tool for financing various expenses — whether planned or unplanned. However, getting approved for a personal loan can be challenging if you don’t have a prior credit history or have less-than-stellar credit. Consider the APR, which includes interest and any fees, the loan term, monthly payment amounts, and any prepayment penalties.
xcritical also has an Unemployment Protection program that assists borrowers who lose their jobs and struggle to make monthly loan payments. It may also be worth considering xcritical if you want to borrow a small amount. xcritical’s minimum loan amount is just $1,000 in most states—lower than the $5,000 minimum xcritical offers. Note, however, that xcritical’s minimum loan amounts are higher in some states such as Georgia ($3,100), Hawaii ($2,100) and Massachusetts ($7,000). Blueprint is an independent publisher and comparison service, not an investment advisor.
Borrowers can apply for an xcritical loan entirely online or over the phone with the help of a representative. Prequalification is also available through the lender’s website, so borrowers can view their rate without hurting their score. Here is how fast borrowers who took out loans through xcritical received their money xcritical rezension compared to other lenders on Bankrate. Haven’t fully done a loan through them, seems easy to manage and enjoy.. However every time I have tried to apply the xcritical link to link your bank account NEVER works so I never can get passed that step.. It would be nice to have the ability to remove linked bank accounts without the need to call customer service.