BorrowersFirst personal loans review April 2018 | finder.com

BorrowersFirst personal loans review

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

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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
APR7.22%–29.99%
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.

What are the benefits of a BorrowersFirst personal loan?

  • Accessible loan agreement template. BorrowersFirst used to provide a sample loan agreement so that you can familiarize yourself with the legal language and possible fees.
  • No prepayment penalties. If you choose to pay your loan off early, you won’t pay extra fees. You may even be eligible for the return of some of your origination fee, though you’ll have to check with your new servicer.
  • Soft credit check. When you apply, the company performed a soft credit check to process your application, meaning it won’t show up as a credit inquiry on your report.

What to watch out for

  • Not accepting applications. Currently, BorrowersFirst is no longer accepting applications, with or without an invite, so you’ll need to look elsewhere for a loan.
  • Loan minimums and maximums vary by state. Residents of Georgia, Ohio and Massachusetts had to borrow more than the $2,500 minimum loan to qualify. Residents of Pennsylvania couldn’t borrow more than $25,000.
  • Considers individual income. When BorrowersFirst makes a credit decision, it considered only your gross income, not that of your household.

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Rates last updated April 25th, 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
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99%–35.99% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
580
$100,000
3.09%–35.99% (fixed)
Upgrade Personal Loans*
Affordable loans with two simple repayment terms and no prepayment penalties.
620
$50,000
5.96%–35.97% (fixed)
Prosper
Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
640
$35,000
5.99%–35.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
5.98%–35.89% (fixed)
CompareFirst Personal Loans
An easy-to-use loan connection service geared toward introducing first-time borrowers to affordable personal loans.
580
$50,000
2.99%–36% (fixed)
Best Egg Personal Loans
A prime lender with multiple repayment methods.
640
$35,000
5.99%–29.99% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
4.99%–29.99% (fixed)
Laurel Road Personal Loans
Get a personal loan with no application or origination fees and a rate discount for autopay.
680
$45,000
5.5%–11.74% (fixed)
LendingPoint Personal Loans
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
600
$25,000
15.49%–34.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$25,000
typically around 18.49%* (fixed)

Compare up to 4 providers

What do people say online about BorrowersFirst?

Not only has the Better Business Bureau (BBB) accredited BorrowersFirst since 2015, but it also carries an A+ rating and more than 100 positive reviews. Many people compliment an easy application process and quick decisions.

It doesn’t have any customer reviews on TrustPilot yet — probably because it’s limited to invited borrowers for now.

Am I eligible?

At this time, nobody is eligible for a BorrowersFirst personal loan. Previously, you had to:

  • Be at least 18 (or 19 in Alabama).
  • Be a US citizen or permanent resident.
  • Have good to excellent credit.
  • Prove that you could repay your loan.

How do I apply?

Applications are currently closed on BorrowersFirst personal loans. You might want to consider comparing other personal loan providers in our table above instead.

Bottom line

BorrowersFirst could be a just what you needed if you’re looking a personal loan without unnecessary fees and hidden charges — it reopens its applications. For now, you might want to check out our personal loans guide instead to find a lender that works for you.

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