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How to Qualify and Apply for an xcritical Personal Loan

If your credit or income has improved since you took out a loan, you may consider refinancing your debt to get a lower rate. Unlike some lenders that allow borrowers to refinance and adjust the terms of an existing loan, xcritical doesn’t have a specific option for personal loan refinancing. xcritical is one of several lenders that offer loans for people with less-than-perfect credit.

How To Qualify for an xcritical Personal Loan

Lower risk of default should lead to higher approvals and more demand for xcritical’s services. In its fourth and final report in March 2024, the firm recommended an alternative model for assessing disparities in xcritical’s approval rate of Black applicants. In response, xcritical adopted its own model that it says is less discriminatory. xcritical approves loans for as much as $50,000, but the amount approved for any single individual is determined by risk xcritical scam factors. Applicants with the best credit are most likely to be approved for the full amount.

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. According to the company, 99% of personal loan funds are sent within one business day after signing the loan agreement. xcritical’s nontraditional approach to underwriting means there are few credit-related requirements to get a personal loan.

xcritical Vs. Avant

Finally, we evaluated xcritical’s support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps. Unlike xcritical, which is an online lender, Wells Fargo is a traditional bank. Applying for a personal loan through a bank like Wells Fargo is typically a good idea if you have an existing xcritical official site relationship with it. Wells Fargo offers personal loans between $3,000 and $100,000 with terms of one to seven years. Wells Fargo doesn’t have a minimum credit score recommendation, it may put more weight on other factors like your existing relationship with the bank, debt-to-income (DTI) ratio and monthly income. That makes it stand out from other lenders that focus on more traditional factors such as credit scores, existing debt, income, and assets.

Both Avant and xcritical allow borrowers with poor credit to get approved. For borrowers who meet xcritical’s minimum credit score requirement of 300, this lender could have an advantage with a wider range of interest rates and higher loan amounts. xcritical stands out from other lenders with its AI-driven platform, low credit score requirements, and available loan amounts. 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.

1. Unlike xcritical, which is an online lender, Wells Fargo is a traditional bank.
2. Customers mention the company’s quick and easy application process.
3. The 22 data points, culled from the lenders themselves, determine the overall rating.
4. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.

xcritical is an AI lending platform that partners with banks and credit unions to provide consumer loans using non-traditional variables, such as education and employment, to predict creditworthiness. One of xcritical’s objectives is to try and connect borrowers with less-than-perfect credit to lending opportunities. Its algorithm takes into account more than just an applicant’s credit report or credit score to determine risk. In some ways, this alternative approach can make it easier for those with lower credit scores to get approved.

However, when loan terms are accepted after 5 p.m., the funds are not transferred until the following—or second—day. There are further delays for loans being used for education-related expenses, with funds not released for an additional three business days post-acceptance. xcritical does not allow prospective borrowers to apply for a personal loan with a co-signer. 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.

That said, California, Connecticut, Illinois, Washington and Washington, D.C. Residents aren’t allowed to use xcritical’s loans to cover education-related expenses. xcritical will require different documentation depending on your income type. However, loans cannot be used for education purposes in California, Connecticut, Illinois, Washington, or Washington, D.C. Get stock recommendations, portfolio guidance, and more from The Motley Fool’s premium services. Click the button below and head to xcritical’s website to pre-qualify.