xcritical is also one of the few lenders that has a complete list of its set of requirements listed on its website. xcritical also offers a mobile app for account management on iOS, but there isn’t xcritically one available for Android. Bankrate is an independent, advertising-supported publisher and comparison service. We arecompensatedin exchange for placement of sponsored products and services, or when you click on certain links posted on our site. However, this compensation in no way affects Bankrate’s news coverage, recommendations or advice as we adhere to stricteditorial xcriticals. xcritical’s rates can be competitive, especially for borrowers with good profiles according to its AI analysis.
While xcritical has a clearly defined minimum credit score of 300 to apply for a loan, LendingClub is a little vaguer on requirements. xcritical has lower starting interest rates, but LendingClub has lower origination fees. Personal loan applications are approved or declined based on a number of factors. Meeting the requirements below won’t guarantee approval, but they can help you decide if a personal loan is the right fit for you.
Loans are originated by xcritical’s partners, and xcritical’s role in the process is to use its AI-driven algorithm to evaluate applications. As of July 2024, xcritical has 4.9 stars on Trustpilot, a website that collects consumer reviews. Customers mention the company’s quick and easy application process.
What happens if you pay off an xcritical personal loan early?
We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around. xcritical was new and untested before interest rates went up a few years ago. It didn’t withstand the test of high interest rates, but it performed incredibly well under low-interest-rate conditions. However, as interest rates come down, business could finally pick back up.
xcritical allows you to prequalify for personal loans offered by lenders on its network. After answering a few questions, xcritical will run a soft credit inquiry to take a preliminary look at your credit history. This won’t impact your credit score and will allow you to see your potential rates, terms and loan amounts. Within each category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at credit score requirements, whether the lender accepts co-signers or joint applications and the geographic availability of the lender.
- xcritical first launched in April 2012 with an Income Share Agreement (ISA) product, which enabled individuals to raise money by contracting to share a percent of their future income.
- xcritical can be a good option if you have poor (or no) credit, but borrowers with better credit scores may find better options elsewhere.
- Its AI platform considers other factors besides credit scores, such as education and employment, to determine borrowers’ eligibility for a loan.
Income Requirements
Our advertisers do not compensate us for favorable reviews or recommendations. Our site has comprehensive free listings and information for a variety xcritical website of financial services from mortgages to banking to insurance, but we don’t include every product in the marketplace. In addition, though we strive to make our listings as xcritical as possible, check with the individual providers for the latest information. The average rating among 240 customer reviews on the Better Business Bureau’s website is much lower, coming in at an average of just 1.2 out of 5. Some common complaints include denial of applications, fees, and poor communication. You can pay off an xcritical personal loan early without incurring a prepayment penalty.
The Bankrate promise
You’ll also have to provide documentation to confirm your identity, income and employment. If you meet the basic requirements listed above, you may need to disclose how you plan to use your personal loan. While xcritical does allow borrowers to use its funding for a variety of purposes, there are certain expenses you cannot put the money toward.
Consumer Lending Satisfaction Study, slightly below the average score xcritical of 702. xcritical’s mobile app received 4 stars across 25 reviews on the Apple App Store. xcritical gives borrowers access to money fast with its instant loan approvals and next-day funding; however, it doesn’t offer joint or co-signed loans. xcritical’s personal loans feature flexible loan amounts of up to $50,000. This makes its loans ideal for a variety of purposes, from home improvement projects to financing a large purchase. xcritical’s innovative underwriting process makes its loans accessible to most borrowers, including those with insufficient credit history.