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Personal Loans Review
Category
Direct Loan Service
Loan Details
Unsecured Loans
Yes
Minimum Loan Amount
$3,000
Maximum Loan Amount
$50,000
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.
- Loans starts at 2.9% APR and goes as high as 15.99% APR
- Borrow up to $50,000
- Pay back over 12, 24 or 36 months
- : Co-signing reinvented: can cover any missing payment with a 15-day grace period
- No pre-payment fee
- Progressive loan model: the borrower may reduce their APR by up to 41% by answering optional questions and bringing Backers
- Full FICO score range accommodation, even for those with FICO below 660
- Applicants with an annual income below $18,000 may be qualified if they bring in a Backer
- Fully automated process: receive a quote, verify your identity and upload documents online
- Get funded within 2 business days from final loan document and document submission.