Backed Inc. Personal Loans Review

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Backed is an online lending company offering borrowers easier access to a fair loan.
Backed is the only platform that enables borrowers to add a Backer (co-signer reinvented) to a loan in order to receive a discounted APR or to assist them to qualify for the loan. This optional feature allows them to offer competitive rates and to qualify more borrowers.

Category

Direct Loan Service

Loan Details

Unsecured Loans

Yes

Minimum Loan Amount

$3,000

Maximum Loan Amount

$25,000

Minimum Loan Period

1 year

Maximum Loan Period

3 years

Loan Rates

Grade

Interest Rate

Origination Fee

1-year Term

2-year Term

3-year Term

AAA

2.24% - 2.90%

0.8% - 1.25%

3.73% - 4.77%

3.22% - 4.12%

2.90% - 3.73%

A

5.21% - 7.73%

0.8% - 2.0%

8.72% - 9.62%

6.80% - 7.72%

7.30% - 8.10%

B

6.01% - 12.01%

0.8% - 2.0%

9.52% - 13.92%

7.60% - 12.04%

8.10% - 12.41%

C

7.49% - 14.54%

0.8% - 2.0%

11.01% - 15.99%

9.09% - 15.96%

9.59% - 15.97%

D (with a Backer)

9.30% - 14.50%

0.8% - 2.0%

12.83% - 15.99%

10.91% - 15.56%

11.41% - 15.93%

E (with a Backer)

11.01% - 12.01%

1.6% - 2.0%

-

12.63% - 13.05%

13.14% - 13.42%

F (with a Backer)

12.86% - 13.86%

1.6% - 2.0%

-

14.50% - 14.91%

15.00% - 15.29%

Terms are offered for 1, 2, and 3 years. APR starts from 2.9%-16%.

Direct Deposit

Yes

Application

Online Application Time

Just a few minutes

Qualification

  • Must be at least 18 year old
  • Must register and create an online account
  • Must submit last 3 pay stubs (or most recent tax return + 2 recent bank statements for self employed applicants)
  • Must reside on one of the five active states: NY, NJ, FL, WV, AR
  • Copy of customer’s utility bill (excluding mobile phone)
  • Verification of client’s email address and bank account
  • Colored copy of customer’s photo ID

Information Used

Personal information such as name, date of birth, e-mail address, home address, telephone number, employment, income details, social security number, credentials for and information from third party sites.

Backed Inc. Loan Summary

Backed was founded in early 2015, with a purpose to make fair-rate loans more accessible to borrowers in the US. Using their Progressive loan application, borrowers are able to improve their rate by adding as much information as they are willing to share.

 

 

Getting your application “Backed” by anyone with a credit score above 720 and annual income of $50, 000 or higher, can reduce application rates by up to 41%!

Backer and Borrowers are protected by our instant payment notifications and 15 day grace period to prevent any delinquencies by covering only the missing amount. Payments made with the 15 day grace period will not incur any fees and no reporting will take place on behalf of Backed to the credit bureaus so long as the account is back in good standing within the grace period.

 

 

 

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