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  BankMobile Personal Loan
BankMobile Personal Loan
in Personal Loans from Customers Bank
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BankMobile Personal Loan

Unaffiliated
in Personal Loans from Customers Bank
Net Recommendation Score -100  

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -100, equating to 1 on a 5 point rating scale.

-100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Rating not yet determined  

0 users recommend
0 users are unsure
1 user doesn't recommend
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Highlights
Community Rating

Rating not yet determined  

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.

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 2 business days.
  • 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 interest rates does Bank Mobile loan offer?

Bank Mobile 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 Bank Mobile loan?

Business loan amounts start at $5,000 and go up to $30,000.

What is the maximum loan term you can get with Bank Mobile loan?

Bank Mobile loan offers loans with terms of up to 60 months.

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

What fees does Bank Mobile loan charge?

Does Bank Mobile loan charge an origination fee?

Bank Mobile 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 Bank Mobile loan charge a late fee?

No, Bank Mobile loan will not charge you a late fee if you miss one of the monthly payments.

Does Bank Mobile loan charge prepayment fees?

No, Bank Mobile loan does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.

Bank Mobile loan Fees
Origination Fee 0%
Prepayment Fee N/A
Late Payment Fee No

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
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.

Is Customers Bank a legit company?

Customers Bank was founded in 1997, it is a well-established company that has been in business for 25 years.

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

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.

Availability

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

Feature Breakdown

No Origination Fee
Origination Fee ($) $0
Origination Fee (%) 0%
Employment Statuses Considered
  • Other
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Cash
  • Payroll Check or Prepaid Card
  • 1099 Misc. Income
  • Tax Returns
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
  • Recent Pay Stubs
  • Proof of Income
  • Proof of Identity
  • Government Issued Photo ID
  • U.S. Tax Identification Number
  • Recent Bank Statements
  • Social Security Number
Credit Score Range 640 - 850
Approval Speed 1 hour
Credit Bureau Reporting
  • Experian
  • Equifax
  • 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

BankMobile Personal Loan Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -100, equating to 1 on a 5 point rating scale.

-100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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