BankMobile Personal Loan

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 are 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. If approved, you can sometimes 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.

Bank Mobile loan Pros & Cons

Pros	Cons
Low APRs available to qualified borrowers. Loan options with $0 origination fee. Considers applicants with fair credit. Funding available within 1 business day.	APRs as high as 29.99%. Charges prepayment fees. Charges a late fee.

Bank Mobile loan FAQ

What interest rates and personal loan terms does Bank Mobile loan offer?

Bank Mobile loan has lower than average interest rates for lenders reviewed on SuperMoney.

What fees does Bank Mobile loan charge?

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 and permanent resident / green card holders are eligible to apply for the services offered by BankMobile Personal Loan.

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

Bank Mobile 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 Bank Mobile loan?

Bank Mobile 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.

Are BankMobile Personal Loan legit?

Customers Bank was founded in 1997, it is a well-established company that has been in business for 26 years.

Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service.