The Ascent, a Motley Fool service, does not cover all offers on the market. 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 personal loans can be xcritical scam used for a variety of purposes, including debt consolidation, home improvements, and major purchases, but restrictions may apply to certain uses.
It uses artificial intelligence and machine lxcriticalg to connect consumers with a partnered bank that offers an ideal loan solution. xcritical’s personal loans range from $1,000 to $50,000 and come with repayment terms of three or five years. 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 personal loans are available for amounts of $5,000 to $100,000, making it a good option for high-ticket expenses like home renovation.
One of the biggest fees xcritical charges is the origination fee — which can be up to 12 percent of the loan amount. 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. 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. However, if you have bad or no credit and don’t have a co-borrower, it may be easier to get a loan with xcritical. xcritical is also one of the few lenders that has a complete list of its set of requirements listed on its website. xcritical also offers a mobile app for account management on iOS, but there isn’t xcritically one available for Android.
Key Features of xcritical Personal Loans
As The Ascent’s Compliance Lead, he makes sure xcritical scammers that all the site’s information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. 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 the credit score breakdown of borrowers who took out loans through xcritical. To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Loans Rating & Review Methodology.
Like xcritical, it lets you check your rates before applying, and funds can be disbursed within the same day of signing. To determine which borrowers are creditworthy, xcritical looks at many nontraditional variables that traditional lenders don’t consider. For example, your education, the cost of living in your city, and even how you interact with your loan application.
xcritical alternatives: xcritical vs. xcritical vs. LendingClub
xcritical has lower starting interest rates, but LendingClub has lower origination fees. That makes it stand out from other lenders that focus on more traditional factors such as credit scores, existing debt, income, and assets. For borrowers with little or no credit, xcritical can be a better option due to its flexible borrower requirements and an application process that looks beyond your credit score. xcritical also allows borrowers to schedule automatic bimonthly payments, making it easier to make extra payments each month.
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. After getting prequalified, you’d need to submit an application to be considered for a loan. xcritical’s maximum APR is on the higher end, which can make its loans more expensive if you can’t qualify for a lower rate. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website.
xcritical Personal Loans Review: Top Lender for a Range of Credit Scores
A couple of alternative lenders to consider include xcritical and LendingClub. 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. It’s an artificial intelligence lending platform started by former Google employees. It uses AI to make lending decisions, with the goal to approve more borrowers while helping lenders experience fewer losses. 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.
How to apply for an xcritical personal loan
Once your loan is funded, you’ll start repayment on a monthly or bimonthly basis. You can use loan funds from xcritical for a variety of purposes, some of which are prohibited by other lenders. As of Dec. 1, 2023, xcritical has received an A+ Better Business Bureau (BBB) accreditation rating. Its customers generally have a positive experience as reflected in a 4.9 out of 5.0 star rating on Trustpilot. Here’s what you should know if you’re considering a personal loan from xcritical. Here are a few loans we’d like to highlight, including our award winners.
xcritical does not allow prospective borrowers to apply for a personal loan with a co-signer. Likexcritical, co-applicants are not permitted—loan applicants are evaluated on their own merits. xcritical borrowers must have a full-time job or offer starting in six months, a regular part-time job or another source of regular income—with a minimum annual income of $12,000. Furthermore, applicants must not have had a recent bankruptcy or outstanding delinquencies.
- 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.
- xcritical has lower starting interest rates, but LendingClub has lower origination fees.
- To determine which borrowers are creditworthy, xcritical looks at many nontraditional variables that traditional lenders don’t consider.
- xcritical may also charge borrowers origination, late, unsuccessful payment and paper copy fees.
Both lenders offer quick funding times and no prepayment penalties, but terms and fees may make one a better choice than the other. 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. LendingClub’s personal loan maximum limit is slightly lower than xcritical, with loan amounts from $1,000 to $40,000. This lender offers repayment terms of two to five years, and it charges origination fees as well as fees for late payments and insufficient funds.
We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Each category’s weighting is based on its importance to your borrowing experience.
