SuperMoney
  BorrowersFirst Personal Loans

Out of Business

BorrowersFirst Personal Loans

in Personal Loans from BorrowersFirst

Out of Business

BorrowersFirst Personal Loans

in Personal Loans from BorrowersFirst

SuperMoney Net Recommendation Score -60%

SUPERMONEY NET RECOMMENDATION SCORE

-60%

-100% 0% +100%
No one recommends Everyone recommends

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.

Strongly not recommended

1 user recommends
0 users are unsure
4 users don't recommend
Cast your vote
Cast your vote

Would you recommend BorrowersFirst Personal Loans to your friends?

Thanks for your vote!

Thanks for your vote!

You voted: May or may not recommend

Highlights
Highlights
Community Rating Strongly not recommended
APR  (Fixed APR) 7.22% - 29.99%
Loan Amount $2,500 - $35,000
Loan Term (Months) 12 - 36 months
Number of Reviews 5

BorrowersFirst Personal Loans Review

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

Key Takeaways
  • APRs starting at 7.22%. These are average starting rates for a personal loan. If you have good credit you may qualify for a loan with better rates.
  • Fast access to cash. In some cases you can get your money within 1 business day.
  • Fair credit accepted. The credit score needed for BorrowersFirst Personal Loans is relatively low. Borrowers with a credit score as low as 640 may qualify for BorrowersFirst Personal Loans.
BorrowersFirst Personal Loans Pros & Cons
Pros Cons
  • $0 prepayment fee.
  • Considers applicants with poor credit.
  • Fast funding.
  • APRs as high as 29.99%.
  • Charges an origination fee of up to 5% of the loan amount.
  • Charges a late fee of up to $15.
  • No co-sign option.
BorrowersFirst Personal Loans FAQ

What rates and terms does BorrowersFirst Personal Loans offer?

BorrowersFirst Personal Loans has lower interest rates than the average for lenders reviewed on SuperMoney.

What APR rate does BorrowersFirst Personal Loans offer?

BorrowersFirst Personal Loans offers a fixed APR personal loan product that ranges from 7.22% APR up to 29.99% APR.

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

How much can you borrow via BorrowersFirst Personal Loans?

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

What can a personal loan from BorrowersFirst Personal Loans be used for?

Personal loans from BorrowersFirst Personal Loans are typically used for special purchases, debt consolidation, home improvement projects, weddings, unexpected expenses or similar purposes.

What is the maximum loan term you can get with BorrowersFirst Personal Loans?

BorrowersFirst Personal Loans offers personal loans with terms ranging from 12 to 36 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

BorrowersFirst Personal Loans Rates & Terms
Loan Amount $2500 - $35000
Loan Term 12 - 36 months
APR 7.22% - 29.99%

What fees does BorrowersFirst Personal Loans charge?

Does BorrowersFirst Personal Loans charge an origination fee?

BorrowersFirst Personal Loans may charge a loan origination fee of up to 5% of the loan amount.

Does BorrowersFirst Personal Loans charge a late fee?

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

Does BorrowersFirst Personal Loans charge prepayment fees?

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

BorrowersFirst Personal Loans Fees
Origination Fee up to 5%
Prepayment Fee? No
Late Payment Fee $15

What do you need to qualify for BorrowersFirst Personal Loans?

Applicants with a credit score of at least 640 and up to 850 are 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 are, of course, eligible for the services offered by BorrowersFirst Personal Loans. Permanent resident / green card holders are also eligible to apply.

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 personal loans within 7 business days of approval.

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

    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 can help improve your credit.

    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.

    Contact

    • Headquarters
    •   PO Box 163207
      Austin, TX 78716 USA
    •   Visit Site

    About BorrowersFirst Personal Loans

    Availability

      Available in 34 states
    • Alabama
    • Alaska
    • Arizona
    • Arkansas
    • California
    • Colorado
    • Delaware
    • Florida
    • Georgia
    • Illinois
    • Indiana
    • Kansas
    • Kentucky
    • Louisiana
    • Maryland
    • Massachusetts
    • Michigan
    • Minnesota
    • Missouri
    • Montana
    • Nebraska
    • New Hampshire
    • New Jersey
    • New Mexico
    • North Carolina
    • Ohio
    • Oklahoma
    • Pennsylvania
    • South Carolina
    • South Dakota
    • Texas
    • Utah
    • Virginia
    • Washington

    Feature Breakdown

    No Prepayment Fee  
    Late Fee Amount $15
    Origination Fee (%) Up to 5%
    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 Individual Applications
    Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
    Minimum Age 18
    Verification Documents Required
    • Recent Pay Stubs
    • Driver License (or other photo ID)
    • Proof of citizenship/residence (Green Card)
    Credit Score Range 640 - 850
    Approval Speed 1 hour
    Credit Bureau Reporting
    • Equifax
    • Experian
    • TransUnion
    Funding Time Range 1 - 7 days
    Payment Options
    • Automatic Payments
    • Check by mail
    Pre-Approved Soft Credit Inquiry  
    Loan Amount $2,500 - $35,000
    APR (Fixed APR) 7.22% - 29.99%
    Loan Term 12 - 36 months

    BorrowersFirst Personal Loans Community Reviews

     

    Would you recommend BorrowersFirst Personal Loans to your friends?

    Before we publish your vote:

    Please explain your vote by sharing your experience.

    Writing a review increases the credibility of your vote and helps your fellow users make a better-informed decision.

    Please write a review to submit your vote
    Cancel my vote
    (will require moderator approval)

    SUPERMONEY NET RECOMMENDATION SCORE

    -60%

    -100% 0% +100%
    No one recommends Everyone recommends

    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.

    sorted by

    Other Personal Loans