We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Backed personal loans review

Last updated:  

Borrow with friends or family for a better rate — but only in six states.

  • Best for borrowers who have friends or family willing to cosign your loan
  • Pick something else if you don't live in one of its six serviced states.

$25,000

Max. Loan Amount

2.9% to 15.99%

APR

660

Min. Credit Score

Details

Product NameBacked personal loans
Min. Loan Amount$3,000
Max. Loan Amount$25,000
APR2.9% to 15.99%
Interest Rate TypeFixed
Min. Credit Score660
Minimum Loan Term1 year
Maximum Loan Term3 years
Turnaround Time2 to 4 business days

Expert review

Aliyyah Camp

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.

Expert review

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.

Am I eligible?

To be eligible for a personal loan with Backed, you must meet the following criteria:

  • Must be 18 years or older
  • A US citizen or permanent resident
  • Have a valid bank account
  • Personal credit score 660+ or your backer must have a credit score 720+
  • Annual income of $18,000+ or your backer has a minimum annual income of $50,000
  • Must not have declared bankruptcy in the last seven years
  • Must reside in New York, New Jersey, Arkansas, West Virginia, Florida or Arizona

Pros

Cons

  • Website and application unsecured as of November 2019
  • Only available to residents of New York, New Jersey, Arkansas, West Virginia, Florida and Arizona
  • Customer support is limited to email correspondence
  • Origination fee of up to 2% of your loan amount

Compare more personal loan providers

Updated December 9th, 2019
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
5.95% to 35.99%
Fair to excellent credit
$100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
3.84% to 35.99%
Good to excellent credit
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
6.98% to 35.89%
600
$50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
3.84% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.
34% to 155% (Varies by state)
No minimum
$10,000
Check eligibility in minutes and get a personalized quote without affecting your credit score.
3.99% to 35.99%
450
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
6.49% to 17.99%
650
$25,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
5.99% to 17.88%
680
$100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.

Compare up to 4 providers

What do customers say about Backed?

BBB accreditedNo
BBB ratingNot rated
Customer reviews verified as of04 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.

How do I apply?

Follow these steps to apply for a Backed personal loan:
  1. Go to Backed’s website and select the term and loan amount you’re interested in. Click Apply Now.
  2. Choose your loan type. Click Next.
  3. Enter your basic personal information, including your date of birth and Social Security number. Review its terms of use and privacy policy, then click Verify.

What information do I need to apply?

When you apply for a loan through Backed, you will be required to provide some basic personal information:

  • Color copy of your government-issued photo ID
  • Copies of your last three pay stubs or your most current tax return and most recent bank statements
  • Utility bill
  • Bank account information

Step-by-step application process with screenshots

What happens after I apply?

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

How do repayments work with Backed?

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.

    Frequently asked questions

    Ask an expert

    You are about to post a question on finder.com:

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • finder.com is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked

    Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
    Go to site