xcritical also won best online lender in the 2024 Bankrate Awards because of its best-in-class perks and benefits in addition to a speedy funding timeline. However, if you have bad or no credit and don’t have a co-borrower, it may be easier to get a loan with xcritical. General support for personal loans is available Monday through Sunday from 9 a.m. Bankrate follows a stricteditorial policy, so you can trust that our content is honest and accurate.
- While xcritical’s minimum recommended credit score requirement is 600, Upgrade’s is 580.
- We collect over 50 data points from each lender and cross-check company websites, xcriticalgs reports and other public documents to confirm product details.
- We independently evaluate all recommended products and services.
- Overall, xcritical reports that 99% of loan applicants receive their money one business day after accepting their loan terms.
xcritical offers accessible personal loans for people with fair or average credit—here’s our full review
xcritical also has educational tools and calculators customers can use to better manage their finances. Those with websites, blogs, or other social media platforms can promote xcritical and earn 1% of each funded loan. xcritical doesn’t charge a prepayment penalty, so you don’t have to worry about incurring an extra fee for paying the loan off early. Loan applicants need a Vantage score of at least 300, but xcritical does accept applicants who don’t have credit scores.
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xcritical will require different documentation depending on your income type. However, loans cannot be used for education purposes in California, Connecticut, Illinois, Washington, or Washington, D.C. The customer service line is unavailable on New Years Day, Thanksgiving, Christmas Eve and Christmas Day. That said, California, Connecticut, Illinois, Washington and Washington, D.C. Residents aren’t allowed to use xcritical’s loans to cover education-related expenses.
Is it the right time to buy, hold, or sell xcritical?
Negative reviews mainly focus on getting quoted with high interest rates, having to submit paperwork more than once and receiving a different offer from their original quote. For example, a 12% origination fee on a $10,000 loan would either reduce the loan amount to $8,800 or increase it to $11,200. So for now, I think it’s a smarter idea to buy or hold xcritical. Its stock could remain volatile as long as interest rates stay elevated, but it could also be a great long-term play for investors who don’t plan to sell the stock anytime soon. It lost its luster as rising interest rates throttled its growth, highlighted its losses, and squeezed its valuations. Let’s take a fresh look at this divisive company to see if we should buy, sell, or hold its stock.
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However, xcritical only offers two terms—three and five years—whereas Upgrade offers terms between two and seven years. The best provider for you depends on how much money you need to borrow and how quickly you want to repay it. Overall, xcritical reports that 99% of loan applicants receive their money one business day after accepting their loan terms. Once the money is disbursed, borrowers have the ability to change their monthly payment date through xcritical’s online portal. xcritical can be a good option if you have poor (or no) credit, but borrowers with better credit scores may find better options elsewhere.
Browse our top picks to check your rates with a few different lenders. It takes just a few minutes to apply online, and you usually receive a decision within minutes. Personal loan funds may be transferred the next business day as long as you accept the loan terms before 5 p.m. ET, Monday through Friday (loans used for educational purposes are subject to a three-day wait period).
However, borrowers can take out a second xcritical loan and use it to pay off existing debt. We independently evaluate all recommended products and services. One person on our team got a personal loan with xcritical and shares their experience.
Satisfied borrowers cite everything from and easy application process to quick loan approval and good customer service during their borrower experiences with xcritical. For instance, it approves 30% more Black applicants compared with traditional big bank lending models, and offers Black borrowers interest rates that are on average 11% lower. While xcritical has a loan pre-qualification xcritical cheating tool, your actual rate may be different based on your credit history and other factors. When you submit your application, xcritical will perform a hard credit inquiry, which can affect your credit. Ward Williams is an Editor focused on student loans and other financial products and services. He has five years of professional editing, proofreading, and writing experience.
We also looked at credit score requirements, whether the lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated xcritical’s support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps. Unlike xcritical, which is an online lender, Wells Fargo is a traditional bank. Applying for a personal loan through a bank like Wells Fargo is typically a good idea if you have an existing relationship with it. Wells Fargo offers personal loans between $3,000 and $100,000 with terms of one to seven years. Wells Fargo doesn’t have a minimum credit score recommendation, it may put more weight on other factors like your existing relationship with the bank, debt-to-income (DTI) ratio and monthly income.
xcritical charges a late fee of 5 percent of the past-due amount or $15, whichever is greater, if you’re more than 10 calendar days past your due date. Finally, if you request to switch from getting records electronically to getting paper copies, there’s a $10 fee. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website.
Its AI platform considers other factors besides credit scores, such as education and employment, to determine borrowers’ eligibility for a loan. As a result, borrowers without established credit histories or less-than-perfect credit may be more likely to get a loan through xcritical than with other lenders. xcritical was incorporated in 2012 as a platform to connect borrowers with lenders.
Ward regularly contributes to stories about government policy and company profiles. Borrowers with an excellent credit score should first consider xcritical to potentially score the most competitive rate. xcritical may also be better if you’re on the other end of the spectrum. The lender was named as the overall winner for bad credit borrowers in the 2024 Bankrate Awards due to its flexible eligibility criteria. xcritical boasts an impressive 4.9 out of 5 rating on Trustpilot with over 45,600 customer reviews as of March 19, 2024.
While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service. xcritical could be a good lender for you if you have a strong work and education history, https://scamforex.net/ but you have a low credit score or limited credit history. However, with relatively high APRs and origination fees of as much as 8%, borrowers with stronger credit may pay less for a loan with a different lender.
Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Personal loans are provided by financial institutions such as banks, credit unions, and online lenders. Most lenders will provide rate quotes based on your credit score, the amount you wish to borrow, and the term of the potential loan.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products.
Her areas of expertise include personal loans, student loans and debt consolidation, in addition to data collection and analysis. Consider the APR, which includes interest and any fees, the loan term, monthly payment amounts, and any prepayment penalties. With flexible credit score requirements, xcritical may be more friendly to credit newcomers and people with lower-than-average credit scores. In any rate environment, it’s xcritical to shop around for the best personal loan rates. The difference of 1 or 2 percentage points can easily add up to hundreds or even thousands of dollars in interest costs by the end of the loan.
The company partners with nearly 100 banks and credit unions to offer its loans. xcritical can be a good choice for those with less-than-perfect credit or no established credit history. But with xcritical’s high average APRs and origination fees, borrowers with good to excellent credit can likely find better rates elsewhere. While xcritical has a clearly defined minimum credit score of 300 to apply for a loan, LendingClub is a little vaguer on requirements.