Basix personal loans is a new online lender that serves people who are just below the eligibility requirements of traditional banks and prime online lenders. The company was launched in 2015 by ZestFinance Inc., a financial technology company that was founded in 2009 by Douglas Merrill. ZestFinance also owns online lender ZestCash and provides underwriting services to many other lenders. Basix has an A- rating with the BBB and is based in Los Angeles, California.

How Does Basix Work?

Basix puts big data analysis to work to help borrowers with less than perfect credit qualify for lower rates and better terms. Its target audience are borrowers who don't meet the requirements of prime lenders but whose credit is not so bad they should have to resort to payday loans either.

Its online application form only takes a few minutes to complete and once approved funds are deposited directly to borrowers' accounts within two business days. Unlike credit cards and other personal loan models, rates are fixed not variable, which means rates will never go up. There are no origination fees, prepayment fees or any other hidden fees. There is a $5 late fee for borrowers who exceed the 15 day grace period.

What Are Basix's Rates and Fees?

Rates range from 25.99% APR to 35.99% APR depending on the creditworthiness of the borrower, the term length and the loan amount. These rates represent the final cost of borrowing with Basix. There are no hidden fees to consider.

How Much Money Can I Borrow from Basix?

This is the main drawback of this loan. The maximum loan amount is $5,000, which may not be enough for some borrowers. The maximum term is 36 months, which allows borrowers to repay their loans with modest monthly payments. To illustrate, a $5,000 loan with a 35.99% APR will cost $228.99 a month: a total cost of $8,243.64.

Which States Does Basix Operate In?

Basix currently serves customers living in Alabama, California, Georgia, Illinois, Missouri, New Mexico and Utah. However, Basix is still a new startup that is expanding rapidly. Its goal is to operate in all 50 states.

What Is Basix's Application Process Like?

The application form only takes a couple of minutes to complete and is completely online. Applicants receive a quick response and eligible borrowers get their cash deposited directly to their bank account within two business days.

Eligibility requirements for Basix's personal loans are much less stringent than most online lenders. For instance, the minimum credit score is 600 as opposed to the 640 or 720 prime lenders require. Apart from a 600 credit score, borrowers must be over 18, have an active bank account, a regular source of income and an email address.

How Is Basix Better Than Other Lenders?

Basix is a good option for people who are struggling to find a lender because they are just below the eligibility requirements of banks and prime online lenders. Although the rates are higher than most banks and prime online lenders, they are still low when compared to the rates sub-prime lenders, short-term loan providers and payday lenders offer.

Flexibility is another big advantage of Basix loans. Borrowers can use their money for home improvements, debt consolidation, emergencies, major purchases, business expenses or whatever they want. Basix also offers flexible terms of up to 36 months and doesn't charge an origination fee or prepayment fees. Late payments only incur a $5 late fee and there is a 15-day grace period after each due date. The only catch is the maximum loan amount, which is only $5,000.

  • Loan Amount
    $3000 - $5000
  • Payment Options
    • Automatic Payments
    • Check by mail
  • APR
    25.99% - 35.99%
  • Max Loan Term (Months)
  • Credit Score Range
    560 - 700
  • Immigration Status Considered
    U.S. Permanent Resident
  • Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
  • Minimum Age
  • Supported Income Types
  • Verification Documents Required?
    Proof of citizenship/residence
  • Late Fee After (number of days)
  • Late Fee Amount
  • No Prepayment Fee
  • Institution Type
    • Direct Lender
    • Other
  • Approval Speed (Hours)
  • Funding Time
    1-7 days
  • Credit Bureau Reporting
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0 votes

I pay Basix monthly via my banks bill pay. My bank shows the money drawn two days before my due date but basix post my payment to my balance 5 days after receiving my payment so they can keep the interest running on the daily balance.Very questionable business practices, I do not have this issue with any other vendors.The day the ACH is posted to my bank account is the same day the vendor shows receiving it. But not Basix, I am looking forward to paying the note off and ... putting this company in my rear view mirror. More Less

0 votes

called 8888-567-8688 to stop them from sending offers. when asked for ss # I hung up! i do not give anyone my ss # so I will keep tearing up your offers.

0 votes

Today I came home had a letter from Basix, with a pre-approval code offering me the amount of $4000 filled out application with a pre-approval code offering me the amount of $4000 filled out application and entered pre approval code and was not approved ! All I got from this experience is another inquiry on my credit report ...

0 votes

Would be a good option for a loan but after I was approved I found that they had no online access so I could never check my balance or throw extra money at the loan without calling them. The "chat" feature does not allow you to make early or extra payments, you must call and then it takes two days to post. I prefer other online lenders that allow me to check my loan and make extra payments online without a phone call and two waiting period.

0 votes

Basix: I thank you for the happiness I felt inside on the day I read the document your service's sent to me regarding a chance for credit and a wonderful loan that you offered, At least you thought of me and offered a chance. Thank you very much, Thomas Lucero

0 votes

I applied for a loan using my preapproval number and they denied me. They should not be allowed to send preapprovals out . Now they have my info which isn't right.

0 votes

While other lending companies are charging 99% for their short term loans, Basix is charging 29%, will save you a lot in monthly payments if you need few months to pay it off. I saved me $350 with Basix when switching from another lender.

0 votes

I received a "preapproved" offer for a personal loan from this Basix. After asking for all of my personal information, they then said the loan was approved.

They saved me $350 in monthly payment with 29% for a $4000 loan when I switch from another lender that was charging me 99% for a $3500 loan

1 votes

I received a "preapproved" offer for a personal loan from this Basix. After asking for all of my personal information, they then said the loan was not approved. I am not delinquent on any payments. I do have school loans that are not late but are listed as separate loans. Beware, as I am now concerned that I provided them my information as they appeared legit online.

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