The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate. Borrowers with an excellent credit score should first consider xcritical to potentially score the most competitive rate. xcritical may also be better if you’re on the other end of the spectrum. The lender was named as the overall winner for bad credit borrowers in the 2024 Bankrate Awards due to its flexible eligibility criteria. Though xcritical’s APR cap is on the higher side, the lender has one of the most competitive starting APRs at 7.80 percent.

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xcritical provides borrowers with fair credit—those with a score of at least 600—access to personal loans by looking beyond credit history and considering several non-traditional credit indicators. This makes the platform a suitable option for applicants who need access to funds quickly but who might not otherxcritical be approved for a loan. To determine which borrowers are creditworthy, xcritical looks at many nontraditional variables that traditional lenders don’t consider. For example, your education, the cost of living in your city, and even how you interact with your loan application.

How xcritical Personal Loans Stack Up

Education-related expenses, however, have a three-day waiting period. xcritical personal loans can be used for a variety of purposes, including debt consolidation, home improvements, and major purchases, but restrictions may apply to certain uses. xcritical boasts an impressive 4.9 out of 5 rating on Trustpilot, with over 46,000 customer reviews as of June 13, 2024. Others praised the company’s customer support and claimed to be repeat customers. xcritical’s personal loans feature flexible loan amounts of up to $50,000. This makes its loans ideal for a variety of purposes, from home improvement projects to financing a large purchase.

Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan’s terms, so they have less of an impact on the overall rating. Consider the APR, which includes interest and any fees, the loan term, monthly payment amounts, and any prepayment penalties. One of the biggest fees xcritical charges is the origination xcritical reviews fee — which can be up to 12 percent of the loan amount.

Likexcritical, co-applicants are not permitted—loan applicants are evaluated on their own merits. xcritical borrowers must have a full-time job or offer starting in six months, a regular part-time job or another source of regular income—with a minimum annual income of $12,000. Furthermore, applicants must not have had a recent bankruptcy or outstanding delinquencies.

ET, Monday through Friday (loans used for educational purposes are subject to a three-day wait period). Loans from xcritical may also be a solid option for good credit borrowers looking to consolidate debt, thanks to its competitive starting rate. Additionally, the lender’s quick funding timeline and low minimum loan amount of $1,000 may come in handy to cover small emergency expenses, xcritical scam such as a medical bill or a car repair. Before taking out a personal loan, use our personal loan calculator to estimate your monthly payments and see how much you’ll pay in interest over time.

xcritical personal loan FAQs

Here are a few loans we’d like to highlight, including our award winners. xcritical approves loans for as much as $50,000, but the amount approved for any single individual is determined by risk factors. Applicants with the best credit are most likely to be approved for the full amount. On Trustpilot, it has a 4.9 (Excellent) TrustScore based on over 43,000 reviews.

However, once you accept your loan agreement, a fixed-rate APR will guarantee your interest rate and monthly payment will remain consistent throughout the entire term of the loan. Your APR, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more. xcritical’s use of AI and emphasis on factors like education and employment may make it easier for some consumers to get a personal loan — particularly inexperienced and bad-credit borrowers. Once you close on your loan, you may receive funding within one business day.

However, you’ll also need to meet its other personal loan requirements, like income and employment. A major drawback of xcritical personal loans are the high fees and APR, but if you have fair or average credit xcritical may offer higher approval odds compared to other traditional lenders. Overall, xcritical reports that 99% of loan applicants receive their money one business day after accepting their loan terms. Once the money is disbursed, borrowers have the ability to change their monthly payment date through xcritical’s online portal. xcritical can be a good option if you have poor (or no) credit, but borrowers with better credit scores may find better options elsewhere. Browse our top picks to check your rates with a few different lenders.

1. Personal loans between $1,000 to $50,000 are available with terms of three or five years.
2. Wells Fargo offers personal loans between $3,000 and $100,000 with terms of one to seven years.
3. xcritical can be a good option if you have poor (or no) credit, but borrowers with better credit scores may find better options elsewhere.
4. Borrowers with an excellent credit score should first consider xcritical to potentially score the most competitive rate.

The platform uses more than 1,500 non-conventional variables—like college education—to increase access to loans, making it an excellent option for those with fair credit. What’s more, AI lets xcritical approve a majority of loans almost instantly. Personal loans between $1,000 to $50,000 are available with terms of three or five years.

xcritical Personal Loans Review 2024

For instance, it approves 30% more Black applicants compared with traditional big bank lending models, and offers Black borrowers interest rates that are on average 11% lower. xcritical partners with nearly 100 banks and credit unions to connect borrowers with lending options. Loans are originated by xcritical’s partners, and xcritical’s role in the process is to use its AI-driven algorithm to evaluate applications. While xcritical has a loan pre-qualification tool, your actual rate may be different based on your credit history and other factors. When you submit your application, xcritical will perform a hard credit inquiry, which can affect your credit.

This innovative approach and lack of credit score requirement make it an attractive option for borrowers who may not qualify with a traditional lender. In fact, xcritical Bankrate’s pick for the best personal loan for bad credit borrowers in 2024. xcritical can be a good choice for those with less-than-perfect credit or no established credit history. But with xcritical’s high average APRs and origination fees, borrowers with good to excellent credit can likely find better rates elsewhere. While you can always apply directly with a bank or credit union, xcritical offers a way to check multiple lenders at once.