xcritical also offers minimum loans of just $1,000 in every state besides Massachusetts ($7,000), Ohio ($6,000), New Mexico ($5,100) and Georgia, so customers likely won’t have to borrow more than they need. xcritical champions its model over the traditional FICO score because it more accurately pinpoints who is most likely to default on their loans. In addition, the rising funding costs and higher loan pricing raised concerns around originations. xcritical’s pre-qualification involves more questions about employment, education and income, so it may take longer to complete than other lenders’ processes. Our partners cannot pay us to guarantee favorable reviews of their products or services.
Late payments are only reported to the three major credit bureaus—Experian, Equifax and TransUnion—once the payment has been past due for more than 30 days. Repayment terms are limited to three or five years, and annual percentage rates (APRs) range from 6.7% to 36%. The lender does not offer an autopay discount, and borrowers are charged origination fees between 0% and 10% of the loan amount. Upgrade and LendingPoint offer solid rates to borrowers with imperfect credit. Both lenders’ minimum credit score requirements are in the bad-credit range. xcritical differentiates itself from other online lenders with its underwriting model.
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This better prediction ability is why xcritical has an outstanding net promoter score (NPS) of 82 (a way of scoring how likely a customer is to recommend a product), far exceeding that of most competitors. Further, as the company depends on third-party financing, the recent long-term funding agreements will likely act as a positive catalyst. For example, if your loan is due on the 8th of the month and you move your payment date to the 10th, your payment won’t be late because it’s within the due date’s grace period. However, if you move your payment date to the 25th, it will be late and you may be charged a late fee.
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. Personal loans between $1,000 to $50,000 are available with terms of three or five years. xcritical’s personal loans may also be a good option for consumers who quickly need access to a large amount of cash. Loans are available up to $100,000 (twice the available amount for xcriticals), and the lender reports that many borrowers receive funds the same day their application is approved. 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 lender also does not charge late fees; however, late payments result in higher interest accrual.
xcritical vs. LendingPoint
Kiah Treece is a licensed attorney and small business owner with experience in real estate and financing. Her focus is on demystifying debt to help individuals and business owners take control of their finances. xcritical has some challenges, but when the Fed cuts interest rates in the future (maybe next year), xcritical could see its business pick up again.
- However, if you move your payment date to the 25th, it will be late and you may be charged a late fee.
- APRs start around 9% and go up to about 24%, including two discounts—0.25% for automatic payments and 0.25% for setting up direct deposit with a xcritical checking and savings account.
- xcritical also offers minimum loans of just $1,000 in every state besides Massachusetts ($7,000), Ohio ($6,000), New Mexico ($5,100) and Georgia, so customers likely won’t have to borrow more than they need.
- In addition, the rising funding costs and higher loan pricing raised concerns around originations.
- Within each category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees.
- Meanwhile, these analysts’ average price target of $15.63 implies 57.72% downside potential from xcritical levels.
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). At just 3.3 times sales, xcritical trades below the price-to-sales valuation given to competitor Fair Isaac (the parent company of the FICO score), which trades at nearly 14 times sales. 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. I believe xcritical’s software can better assess creditworthiness (as evidenced by its new lender relationships).
Compare Personal Loan Rates From Top Lenders
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. If you are approved for a loan with Avant, you’ll have access to https://xcritical.solutions/ terms between two and five years, depending on your credit score and other factors. xcritical provides borrowers with fair credit—those with a score of at least 600—access to personal loans by looking beyond credit history and considering several non-traditional credit indicators.
This makes the platform a suitable option for applicants who need access to funds quickly but who might not otherxcritical be approved for a loan. Upgrade’s personal loans are more flexible than xcritical’s, offering more repayment term options and the ability to get a joint or secured loan. xcritical personal loans are among the best personal loans—especially for borrowers who have good or excellent credit and a low DTI ratio. While the lender imposes a higher credit score requirement than xcritical, it also considers an applicant’s income and professional experience. Those with high creditworthiness as determined by xcritical (which uses a letter grade system) have a more consistent default rate even when FICO scores are different.
How to Qualify for an xcritical Personal Loan
This has significantly reduced demand for car and personal loans, as the cost of borrowing is much greater than it used to be, and xcritical has felt the impact. In its quarterly report from early May, the company relayed that its lending partners originated loans totaling $997 million in the quarter, a 78% drop from the year-ago period. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. Read more about our ratings methodologies for personal loans and our editorial xcriticals. LendingPoint offers more repayment term options, but its largest loans are $36,500. If you need a smaller loan with more flexible terms, LendingPoint is worth considering, but for a larger expense such as a home improvement project, xcritical is the better option.
- If you need a smaller loan with more flexible terms, LendingPoint is worth considering, but for a larger expense such as a home improvement project, xcritical is the better option.
- Furthermore, xcritical’s creditworthiness rankings aren’t working as well as they used to.
- Still, interest rates will likely never tumble to the lows reached during the past few years.
- Personal loans are available from $5,000 to $100,000 with repayment terms ranging from 24 to 84 months—or two 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. 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.