BorrowersFirst is a new online lender that provides installment loans of $2,500 to $35,000 at competitive rates. The company was founded in 2013, is based in Austin, Texas, and has an A rating with the BBB. All loans offered by BorrowersFirst are made by Cross River Bank, a New Jersey State chartered bank that was established in 2008 with over $500 million in assets.
How Does BorrowersFirst Work?
BorrowersFirst has an easy to use online application form you can complete in a couple of minutes. Applicants receive a decision within seconds. Funds are deposited in as little as two days. The loans have fixed rates and no pre-payment penalties.
What Are BorrowersFirst Rates and Terms?
Rates are fixed for the duration of the loan. That means borrowers don’t have to worry about interest hikes, which makes it easier to budget.
Rates vary depending on your credit and vary depending on the loan’s term, credit usage, and credit history. Rates vary from 5.99% APR to 26.99% APR, and origination fees range up to 5%. Terms vary from 36 to 60 months.
Remember origination fees are deducted from the loan before funds are deposited. For instance, if you are granted a $10,000 loan, and you have to pay a 5% origination fee, BorrowersFirst will only deposit $9,500 in your account. However, you will pay interest on the entire loan amount.
There are no penalty fees for borrowers who pay their loan early. So borrowers can save money by paying the loan off early.
How Much Money Can I Borrow From BorrowersFirst?
BorrowersFirst offers loan amounts ranging from $2,500 to $35,000. In Colorado and Georgia, the minimum loan amount is $3,000. In Massachusetts, the minimum is $6,000, and in Pennsylvania, the maximum loan amount is $25,000.
To illustrate the price of a BorrowersFirst loan, consider this example. A borrower with excellent credit who qualifies for a $5,000 loan with a 5.99% APR and a 1% origination fee and a 36-month term will pay $153.61 a month. A total cost of $5,529.96.
What Is BorrowersFirst's Application Process Like?
The application form only requires a minute to complete, and borrowers get an instant decision. BorrowersFirst credit criteria are strict so don’t be surprised if you are denied. The good news is that checking your rate will not affect your credit score.
How Is BorrowersFirst Better Than Other Lenders?
· BorrowersFirst has low fixed rates, 5.99% APR to 26.99% APR.
· Loan terms range from 36 to 60 months
· There are no prepayment penalties
· Checking your rate will not affect your credit score
· Funds can be deposited in your account within 48 hours.