Where does BorrowersFirst do business?

BorrowersFirst is a bank based in Austin, TX. It was founded in 2013 and offers access to personal loans in 34 states across the USA.

What range of rates does BorrowersFirst offer?

BorrowersFirst offers personal loans with APRs starting at 7.22% and up to 29.99%.

Does BorrowersFirst charge an origination fee?

Yes, BorrowersFirst charges a loan origination fee up to 5% of the loan amount. 

Does BorrowersFirst charge a late fee?

Yes, BorrowersFirst may charge borrowers a late payment fee of up to $15

Does BorrowersFirst charge prepayment fees?

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

How much can you borrow from BorrowersFirst?

Loan amounts start at $2,500 and go up to $35,000.

What do you need to qualify for a loan with BorrowersFirst?

Applicants with a credit score of at least 640 can apply for a loan via BorrowersFirst. The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.

Active duty servicemembers and their covered dependents are eligible to apply for a loan via BorrowersFirst. Their rates fall within the limits of The Military Lending Act.

Only U.S. citizens and permanent residents can apply for a loan.

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

  • Driver's license
  • Proof of citizenship or residence permit
  • Recent pay stubs

What is the estimated funding time for a personal loan via BorrowersFirst?

BorrowersFirst will typically approve (or deny) a loan application within 1 hour and fund personal loans as soon as 1 business day of approval.

Does BorrowersFirst report loan payments to credit bureaus?

BorrowersFirst reports credit data to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

  • Institution Type
  • Credit Score Range
    640 - 850
  • Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Retired
    • Self-Employed
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Joint Loan Applications Accepted
    Only Individual Applications
  • Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
  • Minimum Age
  • Verification Documents Required?
    • Recent Pay Stubs
    • Driver License (or other photo ID)
    • Proof of citizenship/residence
  • Late Fee Amount
  • No Prepayment Fee
  • Origination Fee
    Up to 5%
  • Approval Speed (Hours)
  • Credit Bureau Reporting
    • Equifax
    • Experian
    • TransUnion
  • Funding Time Range (in days)
    1 - 7
  • Payment Options
    • Automatic Payments
    • Check by mail
  • Pre-Approved Soft Credit Inquiry
  • Loan Amount
    $2500 - $35000
  • APR
    7.22% - 29.99%
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