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$25,000
Max. Loan Amount
2.9% to 15.99%
APR
660
Min. Credit Score
| Product Name | Backed personal loans |
|---|---|
| Min. Loan Amount | $3,000 |
| Max. Loan Amount | $25,000 |
| APR | 2.9% to 15.99% |
| Interest Rate Type | Fixed |
| Min. Credit Score | 660 |
| Minimum Loan Term | 1 year |
| Maximum Loan Term | 3 years |
| Turnaround Time | 2 to 4 business days |
Review by
Aliyyah Camp is a publisher helping folks compare personal, student, car and business loans. Prior to joining Finder, she ran her own personal finance blog and wrote for numerous finance sites. Aliyyah earned a BA in communication from the University of Pennsylvania. She likes to go to the movies and go for runs outdoors.
Backed personal loans offer competitive rates and flexible loan options to those with thin credit. It could be a good option if your looking to improve your credit and have friends or family members with excellent credit willing to cosign your loan.
However, if you plan to apply by yourself, Backed isn’t much different from other nonbank lenders offering personal loans. And if you prefer to speak to a representative on the phone about your loan, Backed isn’t the right lender for you.
Not sure Backed is right for you? Compare your other personal loan options below.
To be eligible for a personal loan with Backed, you must meet the following criteria:
| BBB accredited | No |
|---|---|
| BBB rating | Not rated |
| Customer reviews verified as of | 04 November 2019 |
Not much as of November 2019. While it has a page on the Better Business Bureau (BBB), it doesn’t have any customer reviews or complaints listed — and it isn’t rated. In addition, there’s no page on Trustpilot. This means you may be left in the dark about how well Backed treats its borrowers until after you sign your loan contract.
When you apply for a loan through Backed, you will be required to provide some basic personal information:
If you’re eligible for a loan, Backed provides you with a quote detailing the loan terms you qualify for. Keep in mind that this initial rate is subject to change if you decide to add a backer to your application. At this point, you’ll provide supporting documentation to verify your personal and financial information.
If your final application is approved, review your loan offer from Backed. You loan funds will be deposited into your account within two business days if you accept your loan.
Apply through CompareFirst to be considered by Backed and other lenders with one application
Backed allows you to make repayments online for free. You can also pay by check, though Backed charges a $10 check processing fee. And if your check bounces — or you don’t have enough in your account to cover your payment — you’ll be charged a $15 unsuccessful payment fee.
If you included a cosigner on your loan, they’ll receive a notification every time you make a successful on-time payment. They’ll also be notified within a 15-day grace period if you miss a payment. If you or your cosigner makes the payment before the 15 days are up, your account remains in good standing. If not, you’re charged a $20 late fee and your credit score could be affected.
If you’re unable to make a payment or have any questions, contact Backed as soon as possible by sending an email to appsupport@backedinc.com.
Compare other providers and loan options to find the one that works best for your personal situation.
