BorrowersFirst Personal Loan Review 2017: Invite-Only Personal Loans

BorrowersFirst is a great option for borrowers with lower credit scores. Rates offered were lower than those for other loans that have few requirements. However, not all customers will be eligible for loans as the company is currently in an invite only stage.

Editor's Rating

4.0

Good for

  • Borrowers with lower credit scores
  • Automatically qualify as long as you receive an invite

Bad for

  • Invite-only
  • Loans longer or shorter than 3 years
  • Borrowers in CO, CT, HI, ID, IO, MI, NV, NY, VT, WV, WI

BorrowersFirst Personal Loan Review 2017: Invite-Only Personal Loans

BorrowersFirst is a great option for borrowers with lower credit scores. Rates offered were lower than those for other loans that have few requirements. However, not all customers will be eligible for loans as the company is currently in an invite only stage.

Good for

  • Borrowers with lower credit scores
  • Automatically qualify as long as you receive an invite

Bad for

  • Invite-only
  • Loans longer or shorter than 3 years
  • Borrowers in CO, CT, HI, ID, IO, MI, NV, NY, VT, WV, WI

Editor's Rating

4.0

BorrowersFirst Personal Loan Review 2017: Invite-Only Personal Loans

Editor's Rating

4.0

Good for

  • Borrowers with lower credit scores
  • Automatically qualify as long as you receive an invite

Bad for

  • Invite-only
  • Loans longer or shorter than 3 years
  • Borrowers in CO, CT, HI, ID, IO, MI, NV, NY, VT, WV, WI

People who have trouble qualifying for loans elsewhere should consider BorrowersFirst, which lets anyone with an invite code apply for a loan. The interest rates offered by the company are generally lower than those for similar loans with minimal customer requirements. However, BorrowersFirst loans are not the most accessible. Invites are randomly generated and residents of certain states are ineligible to apply.

BorrowersFirst Personal Loan Review: Should You Apply?

BorrowersFirst is a decent choice for customers who have less than the best credit and generally can’t qualify for more competitive loans. The range of their interest rates aren't the lowest, but they were some of the lowest among lenders that have few minimum requirements for customers. Your actual interest rate will depend on your credit score, loan amount, loan term, and credit usage and history. If you have a good credit score, you should instead consider other alternatives, such as Lending Club.

Good for...Bad for...
  • Borrowers with lower credit scores
  • Automatically qualify as long as you receive an invite
  • Invite-only
  • Loans longer or shorter than 3 years
  • Borrowers in CO, CT, HI, ID, IO, MI, NV, NY, VT, WV, WI

To qualify for a loan with BorrowersFirst, customers only need to be 18 years of age or older (19 for Alabama) and be a U.S. Citizen. However, when we called the company, we discovered that the company is in an invite-only stage. So long as you receive an invite, you are guaranteed to qualify, provided you have met the age requirements. Currently, a third party generates these invites and they are sent out to individuals who opt in to receive pre-approved mailers based on their credit reports. The company did not have information as to how exactly the third party screens for customers or what minimum metrics they use. Regardless, BorrowersFirst disclosed that they cover customers of an extremely wide range of credit scores.

We can’t recommend BorrowersFirst for customers who can qualify for better rates elsewhere, are fee-conscious, want more time to pay off their loans, or want to take out larger or smaller loans. Clients with better credit scores are better off taking out loans from companies with strict borrower requirements as they can take advantage of the lower rates offered at these places. BorrowersFirst only offers 3 and 5 year loans and the availability of the 5 year is limited. Loans range from $2,500 to $35,000 which is a higher start and lower end threshold compared to other companies. For certain states, these loan range requirements are even tighter. Finally, residents of Colorado, Connecticut, Hawaii, Idaho, Iowa, Missouri, Nevada, New York, Vermont, West Virginia, and Wisconsin need to look elsewhere for personal loans -- BorrrowersFirst does not accept applications from residents of these states at this time.

Eligibility Criteria

To be eligible to apply for a BorrowersFirst personal loan, you must meet the requirements below:

Minimum CriteriaRecommended Criteria
  • US citizen or permanent resident
  • At least 18 years old
  • Reside in a state other than CO, CT, HI, ID, IO, MI, NV, NY, VT, WV, WI
  • Several years of credit history
  • Average or better credit
  • Enough annual income to support loan repayment

BorrowersFirst Personal Loan Terms and Requirements

BorrowersFirst offers unsecured personal loans. Loan amounts go up to $35,000 with variable APR’s ranging from 7.22% to 29.99%.

Unsecured Personal Loan Terms and Requirements

Loan Amount Range
  • $2,500 - $35,000
APR Range7.22% - 29.99%
Fees
  • Origination fee: 0% - 6%
  • Late payment fee: $15
  • NSF/returned payment fee: $15
  • Check processing fee: $15
Loan Terms3 or 5 years
Repayment OptionsMonthly
Direct Payment to CreditorsNo

Application Process

Once you have the invitation to get a personal loan from BorrowersFirst, begin by checking out your rate on their website. A box on the website will ask you to input your loan amount, loan purpose, email address, and promo code. You will then be asked to create an account as well as fill out more personal information that include your phone number, home address, birthday, Social Security Number, and personal income before. Finally, you’ll be given your rate. Getting your rate estimate requires a soft credit check, but the company will not conduct a hard credit check until you actually apply. It generally takes two or more business days to receive your funds.

Application ProcessOnline
Time to Get Funds2+ business days
Credit Check
  • Soft credit check to get rate
  • Hard credit check when you apply
Credit ReportingYes
Cosigners/Co-borrowers Allowed?No

How Does BorrowersFirst Compare to Other Lenders?

Below, we’ve compared BorrowersFirst to some other companies that are also known for offering loans to customers with lower credit scores. We’ve also considered a personal loan option that customers with better credit scores might want to look at.

BorrowersFirst vs. OneMain Financial

Customers with invites should opt to take out loans with BorrowersFirst as opposed to OneMain Financial. When you look at loan term offerings, customer eligibility, and fee schedules, both companies are quite comparable. However, BorrowersFirst's strength lies in its rates which are over 2% and 6% lower than the minimum and maximum rates for OneMain Financial. That means the loans have a chance to be less expensive for you through BorrowersFirst. OneMain Financial also offers smaller loans than BorrowersFirst. Therefore, if you're not looking to take out a big loan, it may service your needs better. Conversely, however, OneMain also doesn't provide loans quite as large as BorrowersFirst, which is another factor to consider.

OneMain Financial does give you the option to pay off the loan in six years however, which is more time than BorrowersFirst gives customers. The company also services a slightly larger geographic reach, and has physical branch locations in 44 states. If you live in one of these states and like having in-person support, OneMain Financial might be a better choice for you.

Highlights

  • APRs: 9.99% - 36.00%
  • Terms: 3 to 6 years
  • Amounts: $1,500 - $25,000
  • Origination fee: Varies by state

BorrowersFirst vs. Avant

Potential Avant customers might want to consider taking out money with BorrowersFirst instead if they can get an invite. BorrowersFirst has much more competitive interest rates than Avant, meaning it can be less costly for you. Minimum rates at BorrowersFirst were over 2% lower than those at Avant and maximum rates were approximately 6% lower. If you can’t score an invitation to BorrowersFirst, Avant is likely to be another company that will still service you. Like BorrowersFirst, Avant is also aimed at customers with lower credit scores as it has relatively few borrowing requirements.

Highlights

  • APRs: 9.95% - 35.99%
  • Terms: 2 to 5 years
  • Amounts: $1,000 - $35,000
  • Origination fee: 0.95% - 4.75%

BorrowersFirst vs. Lending Club

Individuals with higher credit scores should take advantage of the lower starting interest rates offered at Lending Club, another online lender. Furthermore, Lending Club also offers smaller and larger loans. Customers at Lending Club have the option take out $1,500 less than their peers at BrorrowersFirst are required too, and can borrow $5,000 more as well. Lending Club is also a great option to consider for debt consolidation as it is one of the few companies that allows customers to pay creditors directly in some circumstances.

Highlights

  • APRs: 5.99% - 35.89%
  • Terms: 3 or 5 years
  • Amounts: $1,000 - $40,000
  • Origination fee: 1% - 6%

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