BofI Federal Bank Personal Loan Review

Known as the oldest online bank, BofI Federal Bank was founded in 1999 with the goal to make banking accessible to customers from anywhere at any time. Headquartered in San Diego, this branchless bank provides all the products and services offered by a traditional bank. BofI Federal Bank customers have access to checking and savings accounts, certificates of deposit (CDs), and much more — 24 hours a day, seven days a week.

Customers who find themselves in need of cash for home improvements, vehicle repairs, and any other expense, expected or unexpected, can also turn to BofI Federal Bank for personal loans. By filling out the easy online application, borrowers can take out an unsecured personal loan between $5,000 and $35,000 with an APR as low as 6.49%. Like with many lenders, when a borrower chooses BofI Federal Bank, the approved loan amount, terms and APR all depend on certain criteria, such as credit score and income.

In this review, we’ll look at the personal loan offerings from BofI Federal Bank.

Terms12 to 60months

BofI Federal Bank personal loan details[Chart-BofiFederalBankPersonalDetails] Fees and penalties

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The basic eligibility requirements for a personal loan with BofI Federal Bank call for applicants to be U.S. residents who are at least 18 years old with verifiable income. Applicants also need a minimum credit score of 680 and a debt-to-income ratio of 45% to 50%. Although the credit history requirements are not specified by BofI, this information is used to determine if an applicant is approved for a loan.

Applying for a BofI Federal Bank personal loan is simple, and the process can be completed fairly quickly. By visiting the website, you can get the ball rolling by answering a few questions to see if you prequalify for a loan. You need to provide your income, credit history and score, employment history, basic contact information and Social Security number.

After answering these questions and a soft pull (which won’t affect your credit score), a loan offer will be provided if you prequalify. This offer can help you decide if you want to complete the application. Should you decide to apply, the information you provided will be verified.

If BofI Federal Bank offers you a loan following verification, you have the opportunity to review it before accepting. The final loan offer may differ from what you were offered after pre-qualification because of what was found during the verification process. Once you accept the offer, funds are deposited into your bank account within two days.

Pros and cons of a BofI Federal Bank personal loan[BofiFederalBankProsAndConsDetails] Pros:

Cons:

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A personal loan with BofI Federal Bank is unsecured, so while no collateral is required, there is specific criteria you must meet if you wish to secure a loan. While BofI will use multiple factors to determine if you are a good fit for a loan, you should have a credit score of at least 680 when you apply. This means if you could be approved even if you have less than perfect credit. But you likely won’t be approved if you have poor or bad credit.

In addition to the credit score requirement, another factor that could affect a person’s fit for this lender is the funding time. If you need to receive funds immediately, this is not possible and you won’t benefit from applying for a loan with this lender. However, if you don’t have an immediate need for funds, you may find a BofI Federal Bank personal loan to be a great option.

Terms36 or 60months

Terms36 to 72months

If you have at least fair credit, you have the option to apply for a personal loan with Marcus by Goldman Sachs®. When choosing this specific lender, you have access to between $3,500 and $40,000, more than what’s on offer from BofI Federal Bank. In addition to access to higher funds, Marcus by Goldman Sachs offers loan terms from 36 to 72 months, giving you plenty of time to pay back your loan. Should you choose to pay the loan off early, there are no prepayment fees that will be tacked onto your final payment, making this loan ideal if you want to avoid paying extra fees.

Terms36 or 60months

Loans made through Upgrade feature APRs of 6.87%-35.97%. All loans have a 1% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay. For example, a $10,000 loan with a 36 month term and a 17.97% APR (which includes a 5% origination fee) has a required monthly payment of $343.28. Upgrade is available in all states except: Connecticut, Colorado, Iowa, Massachusetts, Vermont, West Virginia.

Upgrade is an alternative if you have fair credit and need between $1,000 and $50,000. Before applying, you can use the pre-qualification process to determine your chances of being approved for a loan without taking a hit to your credit score. Following pre-qualification, the application can be filled out. If approved for a loan, it can take up to four days for funds to be received. There is an origination fee, so take this into consideration before you begin the process of securing a loan with Upgrade.