This lender may no longer be offering loans, but that doesn’t mean you’re out of options.
BorrowersFirst is no longer accepting loan applications. Click the button below to find another lender that can meet your needs.
|Product Name||BorrowersFirst Personal Loan|
|Min. Loan Amount||$2,500|
|Max. Loan Amount||$35,000|
|APR||7.22% to 29.99%|
|Interest Rate Type||Variable|
|Maximum Loan Term||5 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 was BorrowersFirst?
Founded in 2013, BorrowersFirst was an invite-only service that offered online personal loans with fixed interest rates. Its origination fee was built into the cost of the loan. And as long as you made timely payments, you didn’t have to worry about any hidden fees or costs.
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 still 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 didn’t adequately inform them of its termination. While its website is still up — and provides former borrowers with its partners’ contact info — the phone lines have been disconnected.
3 alternatives to BorrowersFirst
Looking for a simple online loan with a comparable lender? You might want to start by checking out these providers:
Upstart considers your credit score alongside other factors like your level of education and GPA, making it a great option for recent college graduates. It’s a respected peer-to-peer lender and once approved, you could receive your loan as soon as the next business day.
But while Upstart allows you to borrow more than BorrowersFirst did, its interest rates are higher.
- Loan amounts: $1,000 to $50,000
- APR: 7.98% to 35.99%
- Term: 3 or 5 years
- Eligibility: Must have good to excellent credit and be at least 18 and a US citizen or permanent resident.
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 improvements.
Like Upstart, its loan amounts are set higher than BorrowersFirst. And you’ll also see a lower starting interest rate if you’re a well-qualified borrower.
- Loan amounts: $1,000 to $50,000
- APR: 7.99% to 35.89%
- Term: 3 to 5 years
- Eligibility: At least 18 years old, US citizen or permanent resident, verifiable bank account, valid email address
SoFi is a lender that offers quick personal financing combined with career and financial support. SoFi borrowers — called members — have access to unemployment protection, networking opportunities and even an entrepreneur program. It could be a great choice for a young professional who wants to become financially independent.
Not only does it have the longest loan terms of the lenders listed here — including BorrowersFirst — but it also offers the largest loans with some of the lowest rates.
- Loan amounts: $5,000 to $100,000
- APR: Fixed rates of 5.99% to 17.66% and variable rates of 5.74% to 14.70% with autopay.
- Term: 2 years to 7 years
- Eligibility: Ages 18+, US citizen or permanent resident
Want even more options? You can quickly compare lenders on the table below or check out our guide to personal loans.