BorrowersFirst personal loans review September 2018 |

BorrowersFirst personal loans review

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Personal loans for up to $35,000 from this new online lender.

BorrowersFirst is no longer accepting loan applications. Click the button below to find another lender that can meet your needs.

Product NameBorrowersFirst Personal Loan
Min Loan Amount$2,500
Max. Loan Amount$35,000
Interest Rate TypeVariable
Maximum Loan Term5 years
  • Be at least 18 (or 19 in Alabama)
  • Be a US citizen or permanent resident
  • Have a good credit score
  • Must have sufficient income for repayment

What is BorrowersFirst?

Founded in 2013, BorrowersFirst used to offer online personal loans with fixed interest rates that make for reliable repayments from one month to the next. Its origination fee was built into the cost of the loan. And as long as you made timely payments, you don’t have to worry about any hidden fees or costs.

Currently It’s currently not accepting new applications. Previously, BorrowersFirst was invite-only, so you could only apply if you had an offer code.

When did BorrowersFirst stop offering personal loans?

BorrowersFirst stopped offering personal loans in October 2017. After it folded, its partners took over the responsibility of managing loans that were being paid off.

It claims to have sent out letters to current borrowers before the company shut down. But some customers have complained that it did not adequately informing customers. Its website is still up but the phone lines are disconnected. Its website says that it can no longer provide new information to current customers.

Instead, you should contact one of its managing partners to get the information you need. Who you contact depends on when your loan was issued:

  • Loans disbursed before 2017: Email or call (888) 201-6952.
  • Loans disbursed after 2017: Call (800) 789-8001.

Alternatives to BorrowersFirst

Looking for a simple online loan with a comparable lender. You might want to start by checking out these providers:


Your credit score isn’t the only thing that counts when you apply for a loan with Upstart. This peer-to-peer lender considers factors like your level of education and GPA, making it a great option for recent college graduates. Once approved, you could get funded the next day.

  • Loan amounts: $1,000 to $50,000
  • APR: 8.36%–29.99%
  • Term: 3 or 5 years
  • Eligibility: Must have good to excellent credit and be at least 18 and a US citizen or permanent resident.

Read our review of Upstart personal loans


Upgrade is one of the first lenders to use blockchain technology to make sure your application is quick and secure. It also recently started offering personal lines of credit, ideal for ongoing projects like home improvement.

  • Loan amounts: $1,000 to $50,000
  • APR: 6.99%-35.97%
  • Term: 36 months or 60 months
  • Eligibility: Must be a US citizen or permanent resident, 18 or older, with a verifiable bank account and email address. Applicants must not reside in CT, CO, IA, MD, VT, and WV.

Read our reviews of Upgrade personal loans


SoFi is a lender that offers quick personal financing combined with career and financial support. SoFi borrowers — called members — can have access to unemployment protection, networking opportunities and even an entrepreneur program. It could be a great choice for the young professional that wants to become financially independent.

  • Loan amounts: $5,000 to $100,000
  • APR: Fixed rates 6.990% – 14.865% Variable rates 6.255% – 12.555% with autopay.
  • Term: 3–7 years
  • Eligibility: You must be a U.S. citizen or permanent resident 18 years or older.

Read our review of SoFi personal loans

Want even more options? You can quickly compare on the table below or check out our personal loans page.

Compare more personal loan options

Rates last updated September 21st, 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

Aliyyah Camp

Aliyyah Camp is a publisher for helping folks compare personal, student, car and business loans. When she's not helping people with their personal finances, you can find her going for runs outdoors.

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