In need of financial assistance and considering an Xact Loan? Our straightforward Xact loan review dives into the essentials: rates, terms, and real user feedback. Find out here if Xact lives up to its name as a reliable lending partner for your personal finance needs.
Xact is an online lender offering installment loans from $1,000 to $5,000 with APRs ranging from 145% to 225% and repayment terms up to 18 months, though it has a B- rating with the BBB and 1-star customer reviews.
While Xact provides competitive rates for installment loans and perks like PocketPerks cash back rewards, customers have reported issues with customer service, and the high interest rates could deter potential borrowers.
To qualify for an Xact, applicants need a checking account, a valid ID, proof of income, and to meet credit qualifications, with no explicit minimum credit score or income level publicly stated.
Understanding Xact Loan
Xact Loan is an online platform that provides a seamless process for obtaining installment loans. Recognized for its competitive rates and efficient application process, Xact stands out as a reputable lender in the online lending landscape. The company offers:
A unique alternative to traditional payday loans
The convenience of aligning loan dues with payroll dates
Avoiding the in-store hassle associated with payday lending
For returning customers, Xact, in partnership with Axcess Financial, offers an additional perk – Pocket360. This service allows customers to:
Access their loan history and details
Gain insights into the installment loan process
Understand application requirements
Learn about payment systems
Explore refinancing options.
Pros and Cons
Like any lending platform, Xact Loan offers a mix of advantages and drawbacks that borrowers should consider. On the plus side, Xact offers access to PocketPerks cash back rewards, which can be a nice perk for regular borrowers. Additionally, Xact emphasizes responsible lending practices, creating a trustworthy environment for borrowers.
However, there are some areas where Xact could improve. Customer complaints have been noted, indicating potential issues with customer service. Moreover, the high interest rates on Xact loans, although competitive in the installment loan market, could be a deterrent for some potential borrowers.
Keep in mind that Xact Loan does not charge prepayment penalties or any hidden fees. This transparency in fees is a clear advantage for borrowers who want to avoid unexpected charges.
Xact Loan Services
We will now examine the services that Xact Loan offers in greater detail. From personal loans tailored to various financial needs to competitive interest rates and a streamlined application process, Xact Loan offers a comprehensive range of services to meet the diverse demands of borrowers.
Personal Loans for Various Purposes
Xact loans can be used for a multitude of purposes, providing financial flexibility to borrowers. Whether it’s home renovation or debt consolidation, Xact loans cater to a wide range of financial needs. For instance, these loans can help you repair a leaky roof or replace a broken feature in your home, facilitating timely home renovations without straining your budget.
Moreover, Xact loans are suitable for funding major purchases, such as costly appliances or essential household improvements. The maximum amount that can be borrowed for debt consolidation through an Xact Loan is $5,000, providing a substantial amount for borrowers seeking to consolidate their debts.
Competitive Interest Rates
Interest rates are a crucial factor to consider when choosing a loan provider. Xact Loan offers competitive interest rates, including:
While these rates may seem high compared to traditional bank loans, they are fairly competitive when compared to other online personal loan options.
Keep in mind that these interest rates can vary based on several factors, including the borrower’s credit score and overall creditworthiness. Borrowers with good credit scores may qualify for lower interest rates, underscoring the importance of maintaining good credit health.
Streamlined Application Process
One of the highlights of Xact Loan is its efficient and easy-to-use application process. Prospective borrowers can apply online, specify their desired loan amount, and review the total payback amount along with payment due dates. The process is finalized by electronically signing the loan agreement.
For the application, borrowers need to have:
An active checking account (for a minimum of 30 days)
A valid email address
Proof of income
A valid form of identification
A recent bank statement
The typical approval time frame for a Xact Loan is approximately 5 minutes, demonstrating its commitment to providing quick financing solutions.
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Analyzing Xact Loan Costs, Interest Rates, Fees, and Charges
Next, we will examine the costs associated with Xact loans more closely. The typical interest rates for Xact Loans generally range from 145% to 225% APR. These rates are determined based on credit qualifications and loan amount, resulting in APRs ranging from 145% to a maximum of 225%.
Beyond the interest rates, it’s important to factor in other costs. Xact Loans do not have application, origination, or pre-payment fees. However, there might be charges for late payments or returned payments.
The specific amount for late payment fees varies, hence it’s important for borrowers to check the loan agreement for details on these charges. Understanding all these costs will help borrowers make informed decisions about whether Xact Loan is the right fit for their financial needs.
Analyzing Customer Reviews
Customer reviews provide a valuable lens into the real-world experiences of Xact Loan users. By examining these reviews, we can gain insight into the customer service experience and identify potential areas for improvement.
Many customers have reported positive experiences with Xact Loan. User-friendly features such as the easy-to-navigate website and quick decision times have been appreciated by customers. The timely availability of funds is another aspect that has contributed to an improved borrowing experience for many customers.
Xact regularly engages with its customers, expressing gratitude for positive feedback and committing to continue providing exceptional customer service and financial assistance. This proactive approach to customer engagement demonstrates Xact’s commitment to customer satisfaction.
Areas for Improvement
While there is much to appreciate about Xact Loan, customer feedback also highlights some areas for improvement. Some customers have reported long waiting times and delays in fund deposits, which can be frustrating for those requiring immediate access to funds.
Although Xact Loan endeavors to offer apologies and utilizes negative feedback as a tool for enhancing its processes and services, it’s clear that there is room for improvement in these areas. By addressing these concerns, Xact can further enhance its service and meet the expectations of its customers.
The Xact Financial Connection
Another important aspect to consider is Xact Loan’s connection to high-cost installment loans. We will now further explore what this means and how it affects borrowers.
High-Cost Installment Loans
Xact Loan, provided by CNG Financial, features elevated interest rates, positioning it as a high-cost installment loan alternative. This type of loan is characterized by high-interest rates, leading to a substantial increase in the overall borrowing cost.
Xact Loan provides installment loans with amounts ranging from $1,000 to $5,000, accompanied by APRs of 145% to 225% and repayment durations extending up to 18 months. It’s worth noting that Xact Loan provides these loans in multiple states, including Alabama, Alaska, Arkansas, Arizona, California, Delaware, Florida, Hawaii, Idaho, Indiana, Kansas, Kentucky, Louisiana, Michigan, and Minnesota.
Impact on Xact Loan Borrowers
The high-cost nature of Xact loans may potentially have adverse effects on borrowers. These loans can lead to increased interest rates and the possibility of accumulating more debt. Therefore, borrowers should be aware of these potential risks before securing an Xact loan.
Although a high credit score is not a prerequisite, borrowers with higher scores may qualify for lower interest rates and more favorable loan terms, suggesting that they are perceived as more likely to repay the loan in a timely manner.
How To Qualify for Xact Loan
Borrowers must meet certain eligibility requirements to qualify for an Xact loan. These include:
Being a minimum of 18 years of age
Maintaining an active checking account for a minimum of 30 days
Taking into account their income, current debts, and recent credit inquiries as integral components of their overall financial profile.
While Xact Loan does not publicly state a specific minimum credit score requirement, credit history is a significant factor in determining eligibility. Most personal loan lenders consider credit scores ranging from 585 to 700.
Xact Loan does not explicitly specify a minimum income level; however, applicants are required to satisfy legal, regulatory, and underwriting requirements, which may implicitly involve an assessment of income. Borrowers must ensure they have the following documents on hand in order to apply:
Any other pertinent financial information
This will expedite the application process.
Repayment Tips for Xact Loan Borrowers
After securing a loan from Xact, effective repayment management is essential for maintaining a stable financial situation. Let’s explore some strategies to ensure timely payments, track your payment history, and plan according to your loan’s interest.
Making timely payments on your Xact loan is crucial to avoiding penalties and maintaining a good credit score. Late or missed payments can have a detrimental impact on your credit score and result in late payment fees.
The specific amount for late payment fees varies, so borrowers need to check the loan agreement for details on these charges. Ensuring payments are made punctually can help avoid these additional charges and keep the overall cost of the loan in check.
Tracking Payment History
Tracking your payment history is an essential part of managing your loan. Xact Loan provides an online portal allowing borrowers to access their payment history and upcoming payment schedules.
Keeping track of your payment history can help prevent incurring extra fees or penalties and ensure adherence to your payment schedules. Failing to monitor your payment history can lead to missed payments and additional fees, which can increase the overall cost of the loan.
Planning According to Interest
Managing interest payments is another crucial aspect of loan repayment. Interest on an Xact Loan is compounded daily, and borrowers can use the Xact calculator or other online loan calculators to approximate their payment schedule.
Making additional or larger payments towards the loan principal can effectively lower interest rates and result in substantial savings over the duration of the loan. Borrowers can calculate future interest payments using the actual loan amount and terms. Payments fluctuate in accordance with the interest rate.
Alternatives to Xact Loan
Although Xact Loan has its benefits, considering alternative lending options is always beneficial.
One such alternative is MoneyMutual, which provides swift access to funds when needed.
Comparing different lenders is a vital step in choosing the right loan. The crucial elements to consider include:
Annual percentage rate (APR)
Credit score requirement
When compared to other personal loan lenders, Xact Loan stands out with its online-only installment loans offering larger loan amounts and longer terms. However, it’s important to note that Xact’s interest rates are comparatively higher than those of other lenders, potentially resulting in increased borrowing costs over time.
How to Make the Most of Your Xact
If you opt for Xact, you should aim to take full advantage of the benefits it offers. This involves researching the lender, understanding the fine print, and maintaining good credit.
Researching the Lender
Conducting thorough research about the lender is a necessary step before applying for a loan with Xact. Here are some key things to consider:
Understand their loan process
Know the requirements for applying
Familiarize yourself with their payment systems
Learn about their refinancing options
Doing this research will help you make an informed decision.
Xact Loan has a credible standing in the loan industry, with positive customer feedback and acknowledgments in multiple articles and reviews. However, it’s also important to be aware of any legal proceedings or lawsuits concerning their loan products.
Reading the Fine Print
It’s vital to comprehend the fine print of your loan agreement. It’s important to seek crucial information such as:
the interest rate
the lender’s name and address
any supplementary fees or charges
Xact Loan provides comprehensive explanations of its terms and conditions in the loan agreement or on its website. These documents include information about the loan terms, which vary based on the final evaluation and include an 18-month term and payment amounts that vary by rate.
Maintaining Good Credit
Keeping a good credit score can offer considerable benefits when applying for an Xact Loan. Making timely payments contributes to establishing a positive payment history, which plays a crucial role in influencing your credit score.
In addition to timely payments, regularly reviewing your credit reports, ensuring punctual bill payments, and utilizing less than 30% of your available credit limit can also help uphold a favorable credit score. Limiting applications for new credit can further aid in preserving your credit standing.
Impact on Credit Score
While personal loans can help meet immediate financial needs, they can potentially have a negative impact on your credit score. Applying for an Xact Loan could impact your credit score since the borrower’s credit score is a factor in the loan approval process.
On the other hand, making timely payments on your Xact loan can contribute to enhancing your credit score, provided that payments are made punctually.
Canceling Xact Loan
To cancel your Xact Loan, simply contact an Xact Customer Service Agent at 1-800-316-4220. Following cancellation, individuals can submit a refund request through the website’s contact form within 30 days of the purchase to initiate the refund process.
It’s important to note that it’s possible to cancel an Xact Loan after disbursement, provided that the request is made on or before the close of business on the next business day following the loan disbursement. Best of all, there are no penalties or fees for canceling an Xact Loan, so you have the freedom to change your mind without any additional costs.
In conclusion, Xact Loan offers a unique solution for borrowers seeking larger loan amounts and longer terms compared to traditional payday loans. It stands as a reputable lender with competitive rates and an efficient application process. However, like any lending platform, it has its strengths and areas for improvement.
Ultimately, the decision to choose Xact Loan should be based on careful consideration of your financial needs and thorough research. It’s always a good idea to compare different lenders, read the fine print, and maintain good credit to get the most out of your loan.
Frequently Asked Questions
What credit score do you need for Xact?
Xact does not disclose a specific credit score needed for a personal loan, but typical credit score requirements for personal loans from other lenders range between 585 and 700.
Can I pay off my XACT loan early?
Yes, you can pay off your XACT loan early without facing any prepayment penalty, and this will help you save money on interest. It is a smart idea to consider paying off the loan sooner.
What kind of loan is Xact?
Xact Loan is an online installment loan with fast approval, offering larger loan amounts and longer repayment terms, making it suitable for debt consolidation and other financial needs.
Who owns Xact loans?
Xact loans are owned by Capital Community Bank, a Utah Chartered bank located in Provo, Utah.
Is XACT a legit company?
Yes, Xact is a legitimate company with a trustworthy reputation and legal registration to do business.