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This invitation-only lender offers personal loans with interest rates capped at 35.9% to residents of California.
If you’re in the market for a personal loan and want to improve your credit, Chorus Credit could help you when your budget is tight.
|Product Name||Chorus Credit Personal Loans|
|Min Loan Amount||$2,500|
|Max. Loan Amount||$10,000|
|APR||capped at 35.9%|
|Interest Rate Type||Fixed|
|Minimum Loan Term||2 years|
|Maximum Loan Term||5 years|
- Resident of California
- Regular source of income
- Age 18 or older
What is Chorus Credit?
Chorus Credit is a lender owned by Braviant Holdings, based in Chicago. Right now, loans are only available by invitation only to residents of California. Chorus Credit launched in 2017 and announced it plans to expand to other states in the future.
With an invitation, you can apply for an unsecured personal loan between $2,500 and $10,000 for terms of 24 to 60 months. Interest rates are capped at 35.9%, but lower for those with good credit.
What are the benefits of a personal loan from Chorus Credit?
- Payments reported to credit bureaus. If you’re looking to build your credit, a loan from Chorus Credit can help since it reports payment history to Experian and TransUnion — two of the main credit bureaus. By making timely payments, you can improve your credit score while paying off your loan.
- No prepayment penalty. If you’re able to make an early payment on your loan, Chorus Credit won’t charge you a fee.
- No restricted uses. Use your loan for any legitimate purpose, from financing a home improvement to consolidating your debt.
What should I watch out for?
- Only available in California. As of April 2018, Chorus Credit only offers personal loans to residents of California.
- Invitation needed to apply. Even if you live in California, keep in mind Chorus Credit is invitation-only and requires fair to good credit.
- Loan terms set by Chorus Credit. Unlike some other personal loan services that allow you to pick the length of your loan after approval, Chorus Credit sets the loan term during your application.
Compare personal loans from top providers
What do borrowers say about Chorus Credit?
Because Chorus Credit was launched in late 2017, it was difficult to find reviews online. If you decide to take out a loan through Chorus Credit, leaving a review of your experience is a good way to let others know how well the company treats its borrowers.
Am I eligible?
Chorus Credit is a new service and accepts loan applications from individuals by invitation only. However, here are the basic criteria you’ll need to meet before being extended an invitation.
- You should be at least 18 years old
- You should be a resident of California
- You should have a regular source of income
How do I apply?
If you’ve received an invitation to apply, go to Chorus Credit’s website and enter your full name, zip code and the last four digits of your Social Security number. From there, you’ll be redirected to the full application. If your application is approved, you’ll be contacted by Chorus Credit to finalize your loan.
What happens after I get the loan?
Once you have your loan funds, start making monthly payments. Pay by ACH transfer, check or money order, and there is never a prepayment penalty. This means you can make early payments and multiple payments in a month, lowering your interest in the long run.
Be sure you make your full payments on time. Chorus Credit reports this information to two of the three credit bureaus: Experian and TransUnion.
Chorus Credit is a new lender for people looking for personal loans. If you live outside California or have not been invited to apply, compare other personal loan lenders to find a provider that works for you.