Personal Loans

Fortiva Financial Review: An In-Depth Look For 2020

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Fortiva Financial is a direct lender founded in 2011 and based in Atlanta, Georgia. The company specializes in offering credit products to U.S. borrowers with “less-than-perfect” credit. In this Fortiva Financial review, we cover everything you need to know before accepting an offer from this lender.

Fortiva Financial Review: Offerings

Fortiva Financial has two offerings for consumers: a credit card and a personal loan. Here’s a closer look at each of them.

Credit Card

Fortiva Financial’s credit card is an unsecured Mastercard targeted at people with subprime credit. Hence, the card can be used at places where Mastercard is accepted. Also, this 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. With regards to its free credit monitoring, 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.). However,  many people report high annual fees and extremely 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. In addition to that, 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. As a result, you can eventually qualify for an unsecured card with better terms.

Check out the best-secured credit cards right now

Personal loans

Fortiva Financial also offers a personal loan program. Likewise as the credit card offer, it is also available to applicants with a less-than-perfect credit history. Additionally, te 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. Therefore, personal loans typically make sense when applicants are in need of cash, but can’t get it elsewhere. However, the loan process is fast and convenient. As a result, this enables 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.

Read reviews on Fortiva’s personal loan here

Fortiva Financial Review: 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.

Learn how to choose the right personal loan lender for bad credit

Fortiva Financial Review: Payments

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 with Fortiva Financial

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.

Browse and compare credit cards you can apply for.

Personal loans are a different story. You can head to the website and apply by clicking here.

Here’s how the application works.

  1. Select the reason you want a loan and click “Check Your Rate.” Above all, it will not hurt your credit score to find out if you are prequalified.
  2. Next, you will fill out the prequalification form with your basic information.
  3. 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 Financial Review: 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. In addition, 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. As a result, users have reported having trouble with their payments, erroneous reports to credit bureaus, non-helpful representatives, and expensive rates and terms. Above all, be sure to read reviews from past customers here.

Fortiva Financial FAQ

Can I use my Fortiva credit card anywhere?

The Fortiva Credit Card can be used anywhere that accepts Mastercard. The card is available to those with “less-than-perfect” credit, but it comes with multiple fees and high rates.

What personal loan APRs does Fortiva Personal Loans offer?

Fortiva Personal Loans offers a personal loan product that ranges from 35% APR up to 200% APR. Your APR can vary depending on several factors, such as your credit score.

What is the estimated funding time for a personal loan via Fortiva Personal Loans?

Fortiva Personal Loans will typically approve (or deny) a loan application within 24 hours and fund personal loans within 7 business days of approval.

Can I apply for a Fortiva credit card anytime?

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.

Can I get Fortiva credit card if my credit score is low?

The Fortiva Credit Card accepts borrowers with poor credit, and unlike secured cards, it doesn’t require you to put down a security deposit in order to get approved. This makes it a viable option for those who are looking to build credit, but are having trouble getting approved for other credit cards because they are short on cash.

Does Fortiva offer any cashback programs?

The Fortiva Credit Card doesn’t offer cardholders any rewards, special discounts or other perks to help make up for all of the money you’re losing in annual fees. The card is strictly meant for rebuilding your credit.

Can I increase my credit limit for Fortiva card?

Unfortunately no. The cardholder agreement specifically states that the card issuer will not accept Fortiva Credit Card limit increase requests. If you aren’t happy with the credit limit you’re given when you sign up, your only choices are to wait until your credit score improves to apply for a different card or avoid the Fortiva Credit Card altogether.

Fortiva Financial Review: 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? Seems like it will depend on your situation. If you received a pre-approval notice from the company, or if you prequalified for a loan on the website, read through the rates and terms thoroughly. Furthermore, it would be wise to 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. Different personal loans come with different rates, fees and requirements, and many other lenders also offer soft-pull prequalifications, which means you can get offers without affecting your credit score. And check out what the best personal loans are to ensure that you choose the best option for you. 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!