Advantages and Disadvantages of Reliable Credit Personal Loans

Advantages and Disadvantages of Reliable Credit Personal Loans – Reliable Credit Personal Loans is a personal loan offering by Reliable Credit, a direct lender based in Milwaukie, OR. Founded in 1958, Reliable Credit offers access to personal loans in 4 states across the USA.

Reliable Credit also provides personal loans for consumers who are in need of funds to cover their costs for home improvements and repairs, medical bills, vehicle repairs, vacations, education, and other financial needs that happen to pop up.

Advantages and Disadvantages of Reliable Credit Personal Loans

Requirements of Reliable Credit Loans

In order to apply for a consumer loan with Reliable Credit, you can apply online on its website – where the loan application process is completed. Again, only residents from Oregon, Idaho, Arizona, and Washington are eligible to apply for a personal loan from this lender.

For an applicant to be eligible to apply for a loan, they will need to check their credit score. The minimum credit score is 640 for borrowers to be eligible. There are competing lenders that have reasonable interest rates that allow for lower credit scores.

For example, Upgrade’s minimum score is 620, and LendingClub’s minimum score is 600 – and both have generally better customer reviews on the Better Business Bureau’s (BBB) website.

Additionally, most loans from Reliable Credit require that the borrower put up some sort of collateral – like a motorcycle, recreational vehicle, automobile, boat, trailer, or another similar consumer asset.

What rates and terms do Reliable Credit Personal Loans offer?

What personal loan APRs does Reliable Credit Personal Loans offer?

Reliable Credit Personal Loans offers a personal loan product but they do not disclose their rates. Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

How much can you borrow via Reliable Credit Personal Loans?

Loan amounts start at $1,000.

What can a personal loan from Reliable Credit Personal Loans be used for?

Personal loans from Reliable Credit Personal Loans are typically used for special purchases, debt consolidation, home improvement projects, weddings, unexpected expenses or similar purposes.

What is the maximum loan term you can get with Reliable Credit Personal Loans?

Reliable Credit Personal Loans offers personal loans with terms ranging from 12 to 24 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

Reliable Credit Personal Loans Rates & Terms
Loan Amount Starting at $1000
Loan Term 12 – 24 months
APR N/A

What fees does Reliable Credit Personal Loans charge?

Does Reliable Credit Personal Loans charge an origination fee?

Reliable Credit Personal Loans charges a loan origination fee.

Does Reliable Credit Personal Loans charge a late fee?

Yes, Reliable Credit Personal Loans may charge borrowers a late payment fee

Does Reliable Credit Personal Loans charge prepayment fees?

No, Reliable Credit Personal Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

Reliable Credit Personal Loans Fees
Origination Fee N/A
Prepayment Fee? No
Late Payment Fee N/A

What do you need to qualify for a loan with Reliable Credit Personal Loans?

Applicants with a credit score of at least 640 can apply for a loan via Reliable Credit Personal Loans.

Active-duty servicemembers and their covered dependents are eligible to apply for a loan via Reliable Credit Personal Loans. Their rates fall within the limits of The Military Lending Act.

Reliable Credit Personal Loans Eligibility Criteria
Minimum Age N/A
Bank Account Required? No
Joint Applications Accepted? Yes
Credit Score 640 – 750

What is the estimated funding time for a personal loan via Reliable Credit Personal Loans?

Reliable Credit Personal Loans will typically provide a credit approval decision in less than an hour and fund the loan within 7 business days.

Basic Information: Rates, Terms, Fees, and Limits

The rates and fees that each individual borrower gets with Reliable Credit depend on a number of factors, including the structure of the loan, the borrower’s credit score, and any applicable laws in the different jurisdictions.

If you are an active duty service member (or one of their covered dependents), then your rates with Reliable Credit will be set within the limits of The Military Lending Act.

The minimum amount for a personal loan from Reliable Credit is $1,000 with loan terms between 12 months and 24 months.

Reliable credit charges no prepayment fee. This lender does charge a loan origination fee and a late payment fee.

As for interest rates, the lender website doesn’t supply figures – but some customer reviews demonstrate that they can be higher-than-average.

Benefits

The main benefit of Reliable Credit’s lending solution is that it allows people who have a low credit score access to a loan. It is a lender that may give people a chance while lenders with lower rates might not.

Downsides

There’s a potential for high-interest rates if you borrow from Reliable Credit. Another downside is that, while many online lenders can give you a quote in minutes, Reliable Credit can take up to seven days.

Reliable Credit has gotten unfavorable customer reviews. While this lender scored an A+ rating from the BBB, its reviews on that site are mostly bad – with eight negative reviews and three positive reviews. On the same site, there are 20 customer complaints filed against this company – 13 billing complaints and seven related to the product.

Some customers complained about overcharges that couldn’t be refunded directly to their accounts – leaving them waiting for a refund to arrive.

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