Fortiva Financial is a direct lender founded in 2011 and based in Atlanta, Georgia. It specializes in offering credit products to U.S. borrowers with “less-than-perfect” credit. If you are considering this lender, here’s an in-depth review that reveals everything you need to know before accepting its offer.
Fortiva Financial offerings
Fortiva Financial has two offerings for consumers: a credit card and a personal loan. Here’s a closer look at each of them.
Fortiva Financial’s credit card is an unsecured Mastercard targeted at people with subprime credit. It’s accepted at all places where Mastercard is accepted and includes $0 fraud liability and an EMV chip to reduce counterfeit risk.
Additionally, cardholders will get access to free credit score monitoring, and Fortiva reports to all three major credit bureaus. This creates an opportunity to build your credit and easily track your progress while doing so.
The specific rates and terms of your credit card will depend on your specific circumstances. If approved, Fortiva Financial will present you with an offer that lists all of the details (i.e., interest rate, fees, rewards, etc.). Be advised, though; many people report high annual fees and very high APRs. Unfortunately, if your credit score is low, you present a high risk to lenders and will have to pay more as a result.
In summary, this card can help you build your credit, and it is one of the only unsecured cards you might be able to get with no credit or bad credit. However, consider that it might be better to opt for a secured card with lower costs to build up your credit score so that you can eventually qualify for an unsecured card with better terms.
Fortiva Financial also offers a personal loan program. Like the credit card offer, it is also available to applicants with a less-than-perfect credit history. The company looks at more than just an applicant’s FICO score when analyzing borrowers, which can help more people qualify.
The rates and terms can be quite steep on these loans, so they usually only make sense when applicants are in need of cash, but can’t get it elsewhere. The upside? The loan process is fast and convenient, enabling approved applicants to receive their funds within two business days.
You might be asking, “Are Fortiva loans legit?” They are. However, borrowers should carefully consider if the loan will be beneficial to their situation in the short and long run.
Online account management
Fortiva Financial provides online account management, enabling 24/7 account access online and from a mobile device. Once you register, you can check your account balance, view statements, pay your bill, receive alerts, and more. The mobile app is available for iPhone or Android devices.
Fortiva Financial provides many ways for its customers to pay their bills. These include:
- Through the account management dashboard (online or in the mobile app)
- By setting up autopay, which debits the payment from a bank account
- Via check or certified money order in the mail
- Using pay-by-phone
- Via an online payment service
With all of these options, making payments to Fortiva Financial is easy and convenient for customers.
Applying for a Fortiva Product
Unfortunately, you can’t simply apply for a Fortiva credit card. If you are pre-approved, you will receive an invitation in the mail. Then, you can go to the website and respond to the offer.
Personal loans are a different story. You can head to the website and apply by clicking here.
Here’s how the application works.
- Select the reason you want a loan and click “Check Your Rate.” Note that it will not hurt your credit score to find out if you are prequalified.
- Next, you will fill out the prequalification form with your basic information.
- Lastly, you will review the information to ensure it’s correct, agree to the terms and conditions, and click “Prequalify Now.”
After this step, you will find out if you prequalify. Then, you can review the terms to decide if it’s the right move for you.
Fortiva customer service
Fortiva Financial can be reached by phone at 1-800-245-7741. However, the hours of operation are only Monday-Saturday, 10 a.m. to 8 p.m. ET. Additionally, you can reach them through a form on the company’s website, mobile app, or by mail.
As for the quality of customer service, there are many complaints online. People report having trouble with their payments, erroneous reports to credit bureaus, non-helpful representatives, and expensive rates and terms. Read reviews from past customers here.
Fortiva Financial pros and cons
- Mastercard credit card is accepted widely
- Both the credit card and personal loan can help build credit
- Flexible eligibility requirements help people with bad credit get approved
- The prequalification process does not hurt your credit score
- Fast loan process and funds disbursement
- Expensive borrowing costs
- Short repayment terms on loans
- Complaints about the company and its services
- Inability to apply for a Fortiva credit card online without an offer
The bottom line
So, should you get a credit card or personal loan from Fortiva Financial? It will depend on your situation. If you have received a pre-approval notice from the company, or if you have prequalified for a loan on the website, read through the rates and terms thoroughly. Figure out the total costs, and read reviews from past customers to avoid any surprises down the road.
Once you understand the offer, shop around. Many other lenders also offer soft-pull prequalifications, which means you can get offers without affecting your credit score. After doing so, you can compare the Fortiva credit card or personal loan offer with several others to find the best deal.
Want to simplify the research process? Click here to find out what rates top lenders are willing to offer without hurting your credit score!