Bank of Internet USA personal loans review |

Bank of Internet USA personal loans review

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Unsecured personal loans from $5,000 to $35,000 deposited into your checking or savings account.

Bank of Internet USA’s personal loans are for good-credit borrowers looking for a hands-off personal loan. Applying online doesn’t take more than 10 minutes, and you can get your money within 48 hours. It’s a flexible lender that lets you use your funds almost any way you want and can work with borrowers that only have a savings account. Read on to learn how Bank of Internet USA personal loans work.

Product NameBank of Internet USA personal loan
Min Loan Amount$5,000
Max. Loan Amount$35,000
Interest Rate TypeFixed
Minimum Loan Term1 year
Maximum Loan Term5 years
Requirements680+ credit score, debt-to-income ratio below 45%, have a checking or savings account that accepts Fedwire transfers.
  • Have a credit score of at least 680
  • Have a debt-to-income ratio below 45%
  • Have a checking or savings account that accepts Fedwire transfers

What makes Bank of Internet USA personal loans unique?

Bank of Internet USA is one of the few online banks out there that doesn’t require a checking account: You can use a savings account instead, as long as it accepts transfers through Fedwire. This opens up this option to borrowers who avoid checking accounts for the fees they charge. It also has no restrictions on how you use your funds, meaning that you can use your loan to cover costs that lenders often restrict — like paying for college.

What is a Bank of Internet USA personal loan?

Bank of Internet USA is a division of BofI Federal Bank that offers unsecured personal loans. As its name suggests, you can apply online and prequalify in just a few minutes. Borrowers can receive the funds in their bank account within two days. These are longer term loans ranging from $5,000to $35,000 with 1 year(s) to 5 year(s) to pay them back. APRs from 6.5%–25%, which includes a 5% origination fee that’s deducted from your loan amount.

You can use your funds for most legitimate purposes — meaning you can use it as a student loan alternative. There’s no prepayment penalty, so you can pay off your loan early to save on interest with no extra cost.

What are the benefits of a Bank of Internet USA personal loan?

  • You don’t need a checking account. While you need a bank account to receive your funds, it doesn’t necessarily have to be a checking account — it just needs to accept wire transfers from Fedwire. In many instances, a savings account will work just fine.
  • Can use it for education. Many personal loan providers don’t allow borrowers to use their loans to pay for college or graduate school, but Bank of Internet USA does.
  • Risk-free quotes. Applying to prequalify for a Bank of Internet USA personal loan only involves a soft credit pull, which doesn’t impact your credit score.
  • No prepayment penalty. In other words, you can save on your loan by paying it back early.

What to watch out for

  • Limited range of loan amounts. Bank of Internet USA only offers funds from $5,000 to $35,000, which might not be helpful if you only need a few grand — or have a large expense.
  • Site lacks information. Its site doesn’t give specifics about eligibility requirements, fees or APR.
  • Origination fee. Bank of Internet USA’s loans come with a 5% origination fee that’s deducted from your loan amount before you receive your funds.

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Rates last updated September 22nd, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
4.99%–36% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
3.09%–35.99% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
4.99%–35.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
6.16%–35.89% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
6.990% – 14.865% (fixed)
Payoff Personal Loans
Pay down your debt with a fixed APR and predictable monthly payments.
5.99%–24.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
34%–155% (Varies by state) (fixed)
Best Egg Personal Loans
A prime lender with multiple repayment methods.
640 FICO®
5.99%–29.99% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
4.99%–29.99% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
16.05%–35.99%* (fixed)

Compare up to 4 providers

What do customers say about Bank of Internet USA?

Bank of Internet USA doesn’t have a great online reputation. While it’s accredited by the Better Business Bureau (BBB) and earns an A+ rating, that score is based on factors like advertising practices — not customer reviews. As of July 2018, over 80% of its 19 customer reviews are negative and 40 customers have filed complaints against it. It doesn’t have a Trustpilot page, but reviewers on Yelp left similarly negative comments.

Most complaints revolved around its bank accounts, not its personal loans, though customer service was often a key player. Generally, customers were upset about how long it took to correct mistakes and sometimes had trouble getting through to the right person. At least one other borrower had trouble using its site, saying there were a lot of glitches.

Am I eligible?

To qualify for a Bank of Internet USA personal loan, you must:

  • Have a credit score of at least 680
  • Have a debt-to-income ratio below 45%
  • Have a checking or savings account that accepts Fedwire transfers

Bank of Internet USA considers factors like your credit and employment history as well as your personal assets when reviewing your application.

How do I apply?

To get started on your application, follow these directions:

  1. Go to the Bank of Internet USA site.
  2. Scroll down until you see Personal Loans. Click the Learn More button.
  3. Hit Get Started.
  4. Complete the sentence with your desired loan amount, purpose, term and your personal credit score before hitting Continue.
  5. Follow the directions to create an account and complete the pre-application. Once you submit it, Bank of Internet USA will do a soft credit pull that has no affect on your personal credit.
  6. Review your offers for different loan amounts, terms and rates before selecting the loan that best meets your needs.
  7. Follow the instructions to complete the rest of your application, uploading any documents if necessary.
  8. Review and sign your loan documents.

The whole process can take as little as 10 minutes. Bank of Internet USA will reach out to make sure funds go to the right bank account before your loan is disbursed.

How to apply step-by-step with screenshots

  • I got the Bank of Internet USA personal loan. Now what?

    Your first repayment is due one month after you received your funds. Bank of Internet USA personal loan repayments are set to autopay by default, though you can change this by calling 866-923-7112 and selecting option 3. You might want to keep it this way, however — it’s one less thing you have to worry about.

    Keep an eye on your account and your loan balance. If you notice anything off, reach out to customer service by calling the number above. If you’re late on your payment, Bank of Internet USA charges a $15 fee. And if you don’t have enough money in your account when your repayment is due, you’ll have to pay a $25 fee.

    Bottom line

    Bank of Internet USA’s personal loans could be a good option for good-credit borrowers who want a restriction-free and low-hassle personal loan. You also don’t necessarily need a checking account to qualify. You’ll want to look elsewhere if you’re trying to find a no-fee personal loan, however.

    You can compare other lenders and learn more about how personal loans work by visiting our guide.

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