BorrowersFirst Personal Loans

BorrowersFirst Personal Loans Review

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BorrowersFirst Personal Loans is offered by BorrowersFirst, a bank founded in 2013 and based in Austin, TX. BorrowersFirst Personal Loans are available in 34 states across the USA.

Key Takeaways

• APRs starting at 7.22%. These are typical starting rates for personal loans.
• 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 BorrowersFirst with a soft pull that will not affect your credit score.

BorrowersFirst personal loans Pros & Cons

Pros	Cons
$0 prepayment fee. Considers applicants with fair credit. Funding available within 1 business day.	APRs as high as 29.99%. Charges an origination fee of up to 5% of the loan amount. Charges a late fee of $15

BorrowersFirst personal loans FAQ

What interest rates and personal loan terms does BorrowersFirst personal loans offer?

BorrowersFirst personal loans has lower than average interest rates for lenders reviewed on SuperMoney.

What fees does BorrowersFirst personal loans charge?

What do you need to qualify for BorrowersFirst Personal Loans?

Applicants with a credit score of at least 640 and up to 850 may be eligible for BorrowersFirst Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

BorrowersFirst Personal Loans does not have or does not disclose a minimum annual income eligibility requirement. BorrowersFirst Personal Loans 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 BorrowersFirst Personal Loans. 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 BorrowersFirst Personal Loans.

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

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

BorrowersFirst personal loans Eligibility Criteria

Minimum Age	18
Bank Account Required?	No
Application Types Accepted	Individual Applications
Credit Score	640 - 850

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

BorrowersFirst personal loans will typically approve (or deny) a loan application within 1 hour and fund loans within 7 business days of approval.

Does BorrowersFirst Personal Loans report your account activity to credit bureaus?

Yes, BorrowersFirst Personal Loans 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 BorrowersFirst a legit company?

BorrowersFirst was founded in 2013, it is a well-established company that has been in business for 10 years. BorrowersFirst Personal Loans are strongly not recommended by SuperMoney community users.