Are you looking for an online personal loan of up to $5,000 with a long loan term? Then Xact loan is perfect for you. Xact loan has a completely online process and your funds will be deposited on the next business day.
This is our Xact loan reviews post where we have covered Xact loan requirements, pros and cons, and more.
What is a Xact loan?
The Xact Loan is an installment loan that was created and funded by Capital Community Bank, a Utah-chartered bank with offices in Provo, Utah, and a member of the FDIC.
Personal loans are offered by Xact Loan. Up to $5,000 for a loan duration of up to 18 months, with free access to a credit report. They provide a thorough online application process that is quick, straightforward, easy, and secure.
If your loan is accepted here, you can electronically sign and complete the transaction, and your money will be deposited the following business day. Over the course of the loan’s term (18 months for this product), you can make weekly or monthly payments here until the debt is repaid.
Xact safeguards your information with top-tier identity authentication solutions. You could also be able to improve your credit with the Xact Loan.
There are no application, origination, or prepayment fees; however, there may be late payment and returned payment penalties. There are 4.4-star ratings and excellent Xact loan reviews on Trustpilot.
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A Comprehensive Xact Loan review of Its Features and Benefits
Eligibility criteria for Xact Loan
Depending on the sort of loan you are seeking, you need to meet Xact loan requirements. Nevertheless, the following are certain prerequisites in general for a personal loan from Xact Loan:
It should be noted that fulfillment of these requirements does not ensure loan approval from Xact Loan. While assessing loan applications, lenders may also take into account additional elements like employment history, educational background, and other financial commitments.
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Xact loan credit score requirements
A minimum credit score of 580 is needed to apply for a personal loan with Xact Loan. Even this minimal credit score criteria, however, does not ensure a loan approval.
When assessing loan applications, lenders may also take into account additional elements like your credit history, debt-to-income ratio, employment history, and other financial commitments.
Having a higher credit score can boost your chances of getting approved for a loan and may also result in better interest rates and terms, so it’s crucial to keep that in mind even if you have a credit score that fulfills the minimal criteria.
Consequently, it’s a good idea to check your credit score before requesting a loan from Xact Loan and, if necessary, take action to raise it.
Available Loan amount on Xact Loan
Based on the results of the evaluation and your credit standing, the actual loan amount and terms may differ. Rates affect how much is paid.
Your state of residence will determine how much you can borrow; loan amounts range from $1,000 to $5,000.
Personal loans from $1,000 to $5,000 are available from Xact Loan, based on the borrower’s creditworthiness, income, and other circumstances.
Depending on a borrower’s credit history, debt-to-income ratio, employment history, and other financial commitments, the loan amount that they qualify for may change.
The loan amount may be utilized for a number of things, including debt relief, home renovations, healthcare costs, and other personal obligations.
For personal loans, Xact Loan does not demand collateral, making it an unsecured loan alternative. In general, Xact Loan provides reasonable loan amounts, making it an excellent choice for borrowers who require a sizable loan amount for a variety of reasons.
Estimated funding time
Your loan will be handled as soon as you are accepted. In most circumstances, you can anticipate receiving your funds the following business day if they are able to verify your details and start your loan by 8 p.m. ET.
Also, on days when banks are closed, they cannot handle loans. If you submit your application the day before a bank holiday or on a bank holiday, your loan will be initiated the following business day, and you may anticipate receiving your funds the next working day.
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Xact loan interest rate and terms
A Xact Loan’s interest rates and conditions might change depending on the borrower’s creditworthiness, loan size, loan period, and other elements. The loan amounts range from $1,000 to $5,000.
APRs range between 154% to 224%. Every Xact Loan’s maximum APR is 225%. Depending on the loan amount and credit requirements, APRs will change.
Because of the varied repayment options provided by Xact Loan, borrowers can select the loan period that best suits their financial situation and budget.
Furthermore, Xact Loan does not impose prepayment penalties, allowing customers to pay off their loans early without paying any extra expenses.
Maximum loan term for Xact Loan
Personal loans from Xact are available for a maximum loan term of 18 months.
Credit bureaus reporting
When you apply for a loan, Xact Loan may also run a hard query on your credit report, which could momentarily reduce your credit score. But, as long as you make loan payments and exhibit good credit conduct, this impact is often minimal and short-lived, and your score may recover.
Absolutely, major credit bureaus like Equifax, Experian, and TransUnion receive reports from Xact about account activity from borrowers.
This implies that if you obtain a personal loan from Xact Loan and make on-time payments, the credit bureaus will be informed of your good payment history, which could eventually help your credit score
Remember that missing payments or defaulting on your Xact Loan could harm your credit score and make it harder for you to get credit in the future.
In order to avoid late fees, defaults, or other penalties, it’s important to make payments on time.
Free access to credit
You can track your credit score for free with Xact Installment Loan through Transunion CreditView Dashboard using Pocket360.
Access to PocketPerks
A safe, online tool to assist with account management is Pocket360. You may monitor your account on Pocket360, pay your bills on time, and earn cash-back benefits.
With your Xact Installment Loan, you get access to free credit score tracking through Pocket360. You can manage and track your credit when you log in to Pocket360 and access the Transunion CreditView Dashboard.
Also, it offers cash-back benefits, although additional sign-up with a third-party service provider is necessary.
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Xact loan customer service number and phone number
Call 800-316-4220 to reach Xact Loan’s customer support department free of charge. And their address is PO Box 36454, Cincinnati, OH 45236-0454.
Their customer support representatives are available from Monday through Friday from 8 a.m. to p.m. Eastern Time (ET). Sunday and Saturday are the only days they are closed.
You can log in to your Pocket360 account to get updates about your account information.
Fees charged-
| Fess | Rates |
|---|---|
| Application fees | None |
| Origination fees | None |
| Pre-payment fees | None |
| Late payment fees | May apply( Disclosed into your loan term) |
| Returned payment fees | May apply( Disclosed into your loan term) |
Xact loan repayment
It’s easy to make a payment on your Xact Loan. If you have a Xact Loan, you can be signed up for their Autopay service, which will take payments out of your bank account automatically on the due date.
You may also be able to arrange for a different method of payment before your loan’s due date, such as a debit card, cashier’s check, money order, or MoneyGram; just give us a call at 1-800-316-4220 for more information.
You might save money on interest if you repay your loan earlier. And You can check your loan agreement to see your payment schedule.
How to Get Approved for a Xact Loan Quickly?
Here are some suggestions to help you rapidly be accepted for a Xact loan:
Check your credit score:
When applying for a loan, a strong credit score is a requirement. Make sure your credit score is accurate by checking it. If your score is poor, work to raise it before requesting a loan.
Assemble all essential paperwork:
Make sure you have all the proper paperwork when applying for a loan, including identity, proof of income, and any other financial records that may be needed.
Apply online: Submitting a loan application online is quicker and more practical than visiting a physical location.
Online applications are available from Xact Loans, and they are quick and simple to complete. And to apply for a loan visit their official website. Then click on apply now button here.
Then it will ask you for your name, email, and state. Here, you need to create your account with Xact. Then it will ask you to fill in your social security number, phone number, date of birth, city, address, zip code, and address.
And at last, will give you the reviews of your loan terms and condition.
If you agree with the loan terms and conditions then you can check and e-sign your document and your loan amount will be credited into your bank account on the next business day.
Provide truthful information:
Make sure all of the data you enter on your loan application is correct and current. The approval procedure could be delayed by any inconsistencies or mistakes.
If your credit is weak, you should consider applying for a loan with a co-signer with a higher credit score. Your chances of being accepted may rise as a result.
Maintain open lines of communication. If Xact Loans requires any further information or paperwork, answer right away to prevent delays in the approval procedure.
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How to Get the Best Interest Rates and Terms from Xact Loan
Take into account the following advice to obtain the best interest rates and terms from Xact Loan:
Examine your credit score: lenders often provide consumers with strong credit and lower interest rates.
Check your credit score before applying for a loan with Xact Loan, and if necessary, take an effort to raise it.
Compare prices:
To find the best interest rates and terms for your needs, compare loan offers from other lenders, including Xact Loan.
Choose a shorter loan period because it will normally have a cheaper interest rate. Xact Loan offers variable repayment terms.
Think about getting a secured loan: Xact Loan provides secured personal loans, which are secured by assets like cars or savings accounts. Due to the lender’s reduced risk, secured loans often have lower interest rates than unsecured loans.
Choose autopay: Xact Loan provides borrowers who sign up for autopay a discount on interest rates. You can avoid paying interest by setting up automated payments, which will also guarantee that your payments are made on time.
Provide more information: If you have decent credit but are still not eligible for the best interest rates and terms, think about giving more information, including verification of your income or assets.
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Xact Loan Reviews from real Customers Experiences
Customers have given Xact Loan mainly favorable evaluations and ratings. As of March 2023, There are over 700 Xact Loan Reviews and an average rating of 4.4 out of 5 stars on the well-known review site Trustpilot.
However, there are mixed xact loan reviews. More than 78% of people have given 5-star Xact reviews while others have given 4 or lower-star ratings.
Numerous clients complained about unexpected denials or funding delays during the loan approval procedure. Others noted exorbitant interest rates or origination fees.
Ultimately, it’s critical to thoroughly investigate and contrast lenders before applying for a loan. You should also study evaluations from a variety of sites to obtain a complete picture of the lender’s capabilities and reputation.
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Pros and Cons of Borrowing with Xact Loan
Here, are some of the advantages and disadvantages of using Xact Loan for a loan:
Pros
- Quick loan application procedure: Xact Loan provides a quick and easy online loan application process that is beneficial for borrowers.
- Competitive interest rates: Because of Xact Loan’s competitive interest rates, borrowers can save money on interest over the course of the loan.
- Versatile repayment options: Xact Loan provides various repayment options, letting borrowers select the loan period that best meets their requirements and financial situation.
- Prepayment penalties are not charged by Xact Loan, allowing borrowers to pay off their loans early without being penalized.
- Loans from Xact Loan can be funded rapidly, which is advantageous for customers who require money immediately.
- Good ratings and reviews
- Free credit access
- Provides cash back and rewards
- Helps you to build credit
Cons
- Xact Loan solely offers personal loans; as a result, borrowers seeking other loan kinds, such as business loans or home equity loans, must explore elsewhere.
- Credit check required: As part of the loan application process, Xact Loan conducts a credit check that could affect a borrower’s credit score.
- Late payment fees are charged by Xact Loan and can mount up if a borrower frequently makes payments beyond the due date.
- Not accessible in all states: Because Xact Loan is not offered in all states, borrowers in certain of those states might not be able to submit an application. Loans from Xact Loan can be funded rapidly, which is advantageous for customers who require money immediately.
- Doesn’t have an app
Xact Loan vs. Other Lenders: Which One is Right for You?
Which lender is best for you will depend on a number of variables, including your credit history, income, financial objectives, and borrowing requirements.
In order to obtain the loan that is the best fit for your particular scenario, it is crucial to evaluate lenders and their loan offerings. Here is a quick comparison between Xact Loan and a few other well-known lenders:
SoFi vs. Xact Loan: Both SoFi and Xact Loan provide personal loans without the need for security. For borrowers with excellent credit, SoFi can be a better choice because they provide reduced interest rates for those with excellent credit.
But, because Xact Loan offers loans up to $100,000, it can be a better choice for consumers who need to borrow a greater loan amount.
Avant vs. Xact Loan: Both Avant and Xact Loan provide personal loans with quick funding and no security. Given that they have more relaxed credit standards, Avant might be a better choice for consumers with lower credit ratings.
But, because Avant’s loan levels often top out at $35,000, Xact Loan might be a better choice for borrowers who require a greater loan sum.
Xact Loan and LendingClub both provide personal loans without the need for collateral. For borrowers looking to consolidate high-interest credit card debt, LendingClub may be a better choice because they provide a loan designed expressly for this use.
For borrowers who require a greater loan amount, however, Xact Loan might be a better choice than LendingClub’s loan.
Ultimately, your unique financial status and borrowing requirements will determine which lender is ideal for you. Finding the best loan for your needs requires comparing lenders and their loan options, including interest rates, loan amounts, fees, and eligibility conditions.
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Is Xact Loan Legit?
Yes, Xact Loan is an authorized lender. They are a member of the Internet Lenders Association and a recognized online lender with operations in several US states. Additionally, they take precautions to safeguard the financial and personal information of their clients and maintain a secure website.
Also, on trustworthy, there are great Xact loan reviews on third-party rating websites like Trustpilot.
Xact Loan has garnered favorable client feedback and ratings. Their quick and simple application procedure, affordable interest rates, and excellent customer care have all received high praise from clients.
When taking out a loan, it’s always advisable to do your homework on the lender, and before accepting an offer, carefully check the loan conditions and fees.
However, with the information at hand, Xact Loan seems to be a trustworthy and respectable lender.
Xact Loan Review: Is it the Best Lending Platform for You?
Xact loan provides unsecured personal loans up to $5,000 for 18 months loan terms. But to apply for that loan, you need to meet xact loan requirements. Once, you qualify for that Xact loan requirements then you can apply online.
Apart from that, sites like Trustpilot have great Xact loan reviews with 4.4-star ratings with more than 700 Xact reviews. So, Xact is a legit platform to get fast access to cash.