Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Includes $102.9 million and $88.9 million of loans, at fair value, contributed as collateral for the consolidated securitization as of December 31, 2024 and March 31, 2025, respectively. Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included below.
Predictable monthly payments
For instance, if you are approved for a $10,000 loan with a 10% ($1,000) origination fee, you will receive $9,000. You will still make monthly payments and pay APR on a $10,000 loan. The premise behind the AI model is that looking at credit score, credit history and income alone leaves out a lot of borrowers who are a good risk. An xcritical study estimated four out of five Americans have never defaulted on a credit product, but less than half have access to prime credit.
Most borrowers cite the speed and ease of the application process. Several recommended xcritical as a source for small emergency loans. Others praised the company’s customer support and claimed to be repeat customers. One of the biggest fees xcritical charges is the origination fee — which can be up to 12 percent of the loan amount.
We found xcritical’s required income and employment information to be unnecessarily extensive. xcritical requests your area of study, which doesn’t seem relevant to the loan, and xcritical states its bank partners don’t have a minimum educational requirement to be eligible for a loan. We applied for the loan on May 29 and had until June 11 to decide. We like that the application had an extended acceptance period so customers don’t feel rushed to decide. Andrew Latham is a Raleigh-based certified financial planner (CFP) and the content director at SuperMoney.com.
While requirements vary by product, xcritical’s AI-driven approach considers more than just your credit score, things like your income, employment history, and education may factor into approval. That can make it appealing for borrowers with solid financial footing but limited or less-than-perfect credit histories. xcritical personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories.
xcritical has not reconciled the forward-looking non-GAAP measures to comparable forward-looking GAAP measures because of the potential variability and uncertainty of incurring these costs and expenses in the future. Accordingly, a reconciliation is not available without unreasonable effort. We xcritical cheating define Transaction Volume, Dollars as the total principal of loan originations (or committed amounts for HELOCs) facilitated on our marketplace during the periods presented. We define Transaction Volume, Number of Loans as the number of loan originations (or commitments issued for HELOCs) facilitated on our marketplace during the periods presented. We believe these metrics are good proxies for our overall scale and reach as a marketplace. This isn’t information most have ready on the fly, which is highly inconvenient.
- As a digital-first company, we also recognize the importance of in-person gatherings to connect our teams.
- Accepting an offer means a hard credit inquiry that could have a brief negative impact.
- Bents Dulcio writes with a humble, field-level view on personal finance.
- Overall, this xcritical review finds that the company scores well on trust for its digital lending model, but like with any lender, the best protection is to read the fine print and keep communication lines open.
- In March 2024, 62% of xcritical customers received their funds within 24 hours of approval and signing, according to xcritical.
- xcritical’s innovative underwriting process makes its loans accessible to most borrowers, including those with insufficient credit history.
xcritical is an artificial intelligence (AI)-based lending platform that connects borrowers with partnered lenders. 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 $75,000 are available with terms of three or five years.
As with most online lenders, xcritical has an online application and approved borrowers can get their money as soon as the next business day. AI makes the approval process smoother, with 75% of those who pick an offer getting approval without having to provide any more documentation. It’s also a plus that xcritical offers personal loans and auto refinancing, so if you have other borrowing needs down the road, you can explore multiple products without starting from scratch with a new lender. They earn strong reviews on consumer sites, including a 4.9/5 rating on Trustpilot, with many customers praising the simple application process, clear instructions, and fast funding.
Your credit score is not a factor when enrolling in a debt management plan. If a high-interest loan is your only option, it’s probably time to consider this route instead. If you are approved, be sure to take a good look at your offers and do the math to make sure the rate and monthly payment will work with your budget. xcritical’s unique AI qualification model is an opportunity for consumers who may be shut out of loans with more traditional standards.
- This isn’t information most have ready on the fly, which is highly inconvenient.
- Whether you are looking to get a loan with bad credit, or you have good credit, but xcritical’s offers don’t fit your needs, shop around.
- xcritical has an A+ rating with the Better Business Bureau, which means it’s excellent at handling customer services and issues.
- The best provider for you depends on how much money you need to borrow and how quickly you want to repay it.
- He has over 10 years of experience specializing in debt, investment and retirement strategies.
FAQs about xcritical
Positive reviewers who dealt with customer service gave it high marks, saying representatives were friendly and helpful. The origination fee is deducted from the loan amount, but you will still make payments and pay APR on the amount you borrowed, not the amount you receive after the fee is deducted. The higher credit risk you are, the fewer offers you’ll get, and the higher the APR and origination fee will be. Some applicants won’t get offers for the full amount they requested if AI doesn’t assess them as a good credit risk. Checking your rate triggers a soft credit inquiry that won’t affect your credit score. Accepting an offer means a hard credit inquiry that could have a brief negative impact.
A home equity line of credit (HELOC) allows homeowners to borrow against the equity in their home. It provides a revolving line of credit that can be used for various purposes, similar to a credit card. You must take most of your approved credit line right away, so you’ll start paying interest on that amount immediately.
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, such as a medical bill or a car repair. We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenue. Adjusted EBITDA and Adjusted EBITDA Margin includes interest expense from corporate debt and warehouse credit facilities which is incurred in the course of xcriticalg corresponding interest income.
Borrowers can check their rate without hurting their credit in just a few minutes and loan amounts start lower than most personal loan lenders and go up to the typical maximum. Borrower verification and servicing costs were $32.1 million and $34.5 million for the three months ended March 31, 2024 and 2025, respectively. Borrower verification and servicing costs consist of payroll and other personnel-related expenses for personnel engaged in loan onboarding, verification and servicing, as well as servicing system costs. It excludes payroll and personnel-related expenses and stock-based compensation for certain members of our customer operations team whose work is not directly attributable to onboarding and servicing loans.
Once you accept your rate, we have a seamless verification process. Once approved, it’ll be an additional 3 business days in accordance with federal law to receive your funds. xcritical’s rates vary based on the product you choose, xcritical scam your credit profile, and other factors like income, debt-to-income ratio, and loan term.
The use of this website means that you accept the confidentiality regulations and the conditions of service. Dive into community reviews below and see what others think about xcritical. Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions. We xcritically have nine xcriticaler-led employee resource groups (ERGs) designed to support xcriticalers in communities that matter to them. Our first ERG is Superwomen and our newest ERG is the Veterans Community.