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  BankMobile Personal Loan

BankMobile Personal Loan

in Personal Loans from Customers Bank

Unaffiliated

BankMobile Personal Loan

Unaffiliated

in Personal Loans from Customers Bank

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Highlights
APR  (Fixed APR) 5.99% - 29.99%
Loan Amount $5,000 - $30,000
Loan Term (Months) 36 - 60 months

BankMobile Personal Loan Review

BankMobile Personal Loan is offered by Customers Bank, a bank founded in 1997 and based in Phoenixville, PA. BankMobile Personal Loan is available in 50 states (and Washington, DC).

Key Takeaways
  • APRs starting at 5.99%. Personal loan interest rates typically range between 5% and 36%. The starting rates for BankMobile Personal Loan are on the lower end of the spectrum.
  • Fast access to funds. In some cases you can get your money within 1 business day.
  • Prequalified rate. You can check your prequalified rate at Customers Bank with a soft pull that will not affect your credit score.
  • Charges a prepayment fee. This is rare for personal loans. It means you will have to pay a fee if you pay off your BankMobile Personal Loan early.
  • No origination fee. BankMobile Personal Loan does not charge a loan origination fee.
BankMobile Personal Loan Pros & Cons
Pros Cons
  • Low APRs available to qualified borrowers.
  • $0 origination fee.
  • Considers applicants with fair credit.
  • Funding available within 2 business days.
  • APRs as high as 29.99%.
  • Charges prepayment fees.
  • Charges a late fee.
BankMobile Personal Loan FAQ

What interest rates and personal loan terms does BankMobile Personal Loan offer?

BankMobile Personal Loan has lower interest rates than the average for lenders reviewed on SuperMoney.

What interest rates does BankMobile Personal Loan offer?

BankMobile Personal Loan offers a fixed APR personal loan product that ranges from 5.99% APR up to 29.99% APR.

How much can you borrow via BankMobile Personal Loan?

Loan amounts start at $5,000 and go up to $30,000

What is the maximum personal loan term you can get with BankMobile Personal Loan?

BankMobile Personal Loan offers loans with terms ranging from 36 to 60 months.

BankMobile Personal Loan Interest Rates & Loan Terms
Personal Loan Amount $5000 - $30000
Loan Term 36 - 60 months
APR 5.99% - 29.99%

What fees does BankMobile Personal Loan charge?

Does BankMobile Personal Loan charge an origination fee?

BankMobile Personal Loan does not charge a personal loan origination fee.

A personal loan origination fee is what some lenders charge for processing, underwriting, and funding a personal loan. Typically origination fees range from 0.5% to 5% of the personal loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does BankMobile Personal Loan charge a late fee?

Yes, BankMobile Personal Loan may charge borrowers a late payment fee if you miss one of the monthly payments.

Does BankMobile Personal Loan charge prepayment fees?

Yes, BankMobile Personal Loan may charge additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a personal loan early.

BankMobile Personal Loan Fees
Origination Fee 0%
Prepayment Fee? Yes
Late Payment Fee N/A

What do you need to qualify for BankMobile Personal Loan?

Applicants with a credit score of at least 640 and up to 850 may be eligible for BankMobile Personal Loan. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

BankMobile Personal Loan does not have or does not disclose a minimum annual income eligibility requirement. BankMobile Personal Loan only considers borrowers who are employed.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via BankMobile Personal Loan. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by BankMobile Personal Loan. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Recent pay stubs
  • Proof of income
  • Recent bank statements
  • Driver's license
  • Government issued photo ID
  • Proof of identity
  • Proof of citizenship or residence permit
  • U.S. tax identification number
BankMobile Personal Loan Eligibility Criteria
Minimum Age 18
Bank Account Required? No
Credit Score 640 - 850

What is the estimated funding time for a personal loan via BankMobile Personal Loan?

BankMobile Personal Loan will typically approve (or deny) a loan application within 1 hour and fund loans within 2 business days of approval.

Does BankMobile Personal Loan report your account activity to credit bureaus?

Yes, BankMobile Personal Loan reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

  • Headquarters
  •   99 Bridge St
    Phoenixville, PA 19460
  •   Visit Site

Other Services by Customers Bank

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Origination Fee
Origination Fee ($) $0
Origination Fee (%) 0%
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Minimum Age 18
Supported Income Types
  • 1099 Misc. Income
  • Cash
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • Tax Returns
Verification Documents Required
  • Government Issued Photo ID
  • Proof of Identity
  • Proof of Income
  • Recent Bank Statements
  • Recent Pay Stubs
  • Social Security Number
  • U.S. Tax Identification Number
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Credit Score Range 640 - 850
Approval Speed 1 hour
Credit Bureau Reporting
  • Equifax
  • Experian
  • TransUnion
Customizable Payment Dates
Funding Time Range 1 - 2 days
Payment Options Automatic Payments
Pre-Approved Soft Credit Inquiry
Loan Amount $5,000 - $30,000
APR (Fixed APR) 5.99% - 29.99%
Loan Term 36 - 60 months

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