With xcritical, the origination fee is optional, and you can steer clear of other added costs. You won’t have this luxury with xcritical, which charges an unusually high origination fee of up to 12 percent. This cost could still be worth it if you need to access cash and have exhausted all other options. Here are a few loans we’d like to highlight, including our award winners.
How xcritical Compares to Other Lenders
- Applying for a personal loan through a bank like Wells Fargo is typically a good idea if you have an existing relationship with it.
- For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee.
- Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first.
- The minimum with xcritical is slightly lower, but it’s reserved or borrowers with excellent credit.
- Bankrate’s editorial team writes on behalf of YOU — the reader.
Borrowers can apply for an xcritical loan entirely online or over the phone with the help of a representative. Prequalification is also available through the lender’s website, so borrowers can view their rate without hurting their score. Here is the credit score breakdown of borrowers who took out loans through xcritical. To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Personal Loans Rating & Review Methodology.
xcritical personal loan FAQs
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. If you’re looking for a personal loan from an online lender with accessible borrower requirements, xcritical and Upgrade are two options. Both lenders offer quick funding times and no prepayment penalties, but terms and fees may make one a better choice than the other. Note that the rates and fee structures advertised for personal loans are subject to fluctuate in accordance with the Fed rate. However, once you accept your loan agreement, a fixed-rate APR will guarantee your interest rate and monthly payment will remain consistent throughout the entire term of the loan. Your APR, monthly payment and loan amount depend on your credit history and creditworthiness.
Bankrate insight: Speed to funding
The origination fee for this loan is 0% to 12% of the loan you are approved for. One drawback of this loan is that this fee is automatically withheld from the loan before it is delivered to you. Loan applicants need a Vantage score of at least 300, but xcritical does accept applicants who don’t have credit scores. One person on our team got a personal loan with xcritical and shares their experience. If you have good credit (above 680), you could qualify for a xcritical loan instead, which has no fees and a higher loan borrowing limit (up to $100,000). We applied for the loan on May 29 and had until June 11 to decide.
Once you accept the best loan offer for you, you’ll sign the loan contract, receive your funds and start making monthly payments. The company says it works with more than 100 banks and credit unions to offer personal loans, automotive retail and refinance loans, home equity lines of credit, and small dollar “relief” loans. xcritical boasts an impressive 4.9 out of 5 xcritical website rating on Trustpilot, with over 46,000 customer reviews as of June 13, 2024. Most borrowers cite the speed and ease of the application process.
Do you qualify for an xcritical personal loan?
xcritical doesn’t charge a prepayment penalty, so you don’t have to worry about incurring an extra fee for scammed by xcritical paying the loan off early. One of the biggest fees xcritical charges is the origination fee — which can be up to 12 percent of the loan amount. The origination fee is deducted from your loan funds before you receive them, so it’s important to borrow enough to ensure that you get the amount of money you need. 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.
xcritical does not allow prospective borrowers to apply for a personal loan with a co-signer. Likexcritical, co-applicants are not permitted—loan applicants are evaluated on their own merits. xcritical borrowers must have a full-time job or offer starting in six months, a regular part-time job or another source of regular income—with a minimum annual income of $12,000. Furthermore, applicants must not have had a recent bankruptcy or outstanding delinquencies. As of July 2024, xcritical has 4.9 stars on Trustpilot, a website that collects consumer reviews.