BorrowersFirst personal loans review February 2018 | finder.com

BorrowersFirst personal loans review

You could be eligible for a personal loan up to $35,000 from this new online lender.

If you’re in the market to make a big purchase or consolidate your debt, a personal loan can help extend your financial reach.

BorrowersFirst is just one online lender that offers loans with clear terms and simple repayment options. As long as you have good credit, the ability to repay and an invitation from the lender, you could get a fair rate loan with transparent terms.

Product NameBorrowersFirst Personal Loan
Min Loan Amount$2,500
Max. Loan Amount$35,000
Min APR From 7.22%
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 offers online personal loans with fixed interest rates that make for reliable repayments from one month to the next. Its origination fee is built into the cost of the loan. And as long as you make timely payments, you won’t have to worry about any hidden fees or costs. If you have the decent credit required to qualify, you could benefit from BorrowersFirst’s easy-to-understand terms.

What are the benefits of a BorrowersFirst personal loan?

  • Accessible loan agreement template. Curious about how your loan offer will look if you’re approved? BorrowersFirst provides 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.
  • Soft credit check. When you apply, the company performs 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

  • Invitation only. Currently, BorrowersFirst offers loans to people with valid offer codes only. If you don’t have an offer code, you’ll need to look elsewhere for a loan.
  • Loan minimums and maximums vary by state. Residents of Georgia, Ohio and Massachusetts must borrow more than the $2,500 minimum loan to qualify. Residents of Pennsylvania can’t borrow more than $25,000.
  • Considers individual income. When BorrowersFirst makes a credit decision, it considers only your gross income, not that of your household. If you’re unable to afford a loan individually and want to apply with another person, consider lenders that allow cosigners.

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Rates last updated February 19th, 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
From 4.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
From 5.99% (fixed)
CompareFirst Personal Loans
An easy-to-use loan connection service geared toward introducing first-time borrowers to affordable personal loans.
580
$100,000
From 2.99% (fixed)
Upgrade Personal Loans*
620
$50,000
From 5.66% (fixed)
Laurel Road Personal Loans
Get a personal loan with no application or origination fees and a rate discount for autopay.
680
$45,000
From 5.5% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
From 4.99% (fixed)
Best Egg Personal Loans
640
$35,000
From 5.99% (fixed)
Prosper
Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
640
$35,000
From 5.99% (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
From 15.49% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
From 34% (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?

  • You must be at least 18 (or 19 in Alabama).
  • You must be a US citizen or permanent resident.
  • You must have good to excellent credit.
  • You must prove an ability to repay your loan.

How do I apply?

You’ll need a promo code to apply with BorrowersFirst. If you have one, simply enter it along with your email, how much you’d like to borrow and what you’re borrowing before clicking Check My Rate.

If you don’t have an offer code, consider comparing other personal loan providers in our table above.

I got the loan! Now what?

Once you’ve received a loan offer, be sure to read your terms carefully. BorrowersFirst prides itself on offering clear terms, but know before you borrow how much you’ll have to repay and how long you have to repay it.

If you agree to the terms, sign the contract and start budgeting for your first payment. Your first payment is directly debited from your bank account. To send in a check, you’ll pay $15 each time.

Your loan is deposited into your account within two to three business days, although your bank may take longer to process it, especially if your loan amount is large. Once you have the money, spend it on whatever you listed as your reason to get the loan.

Bottom line

If you have a promo code and are looking for a personal loan without unnecessary fees and hidden charges, then BorrowersFirst could be just what you need. Be sure to compare your options before you apply so you know that you’re getting the best deal.

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