Taking out a personal loan is a huge financial decision. When you borrowed money, you probably researched lenders carefully to find the right one for you. That’s why it’s so frustrating when the company you borrowed from sells your loan to another lender or stops servicing loans altogether.
Unfortunately, if you have BorrowersFirst personal loans, that’s exactly the position you’re in. BorrowersFirst no longer offers personal loans or manages loans for people who borrowed from it in the past.
It might be a drag when you get stuck with a new lender, but we’ve got the information you need to make the transition easier. And if you were looking to take out a new loan from BorrowersFirst, we’ve also got some suggestions for other personal loan lenders with a similar application process and loan terms.
When did BorrowersFirst stop offering personal loans?
BorrowersFirst marketed itself as a company that put customers first. It claimed to offer “affordable, fixed rate personal loans that are backed by secure technology and friendly service.”
Unfortunately, the closure of the company caught some borrowers by surprise. “Company has shut down? None of the phone lines work, all disconnected … no communication whatsoever,” wrote one borrower on Facebook.
While initial communication might have been poor, the company has since updated its website to indicate that it’ll no longer offer loans or provide additional information to existing borrowers.
What if you already have BorrowersFirst personal loans?
When BorrowersFirst shut down, its partners took over the management of loans the company had lent out.
BorrowersFirst indicated that the partner lenders that took over for loan servicing should’ve sent letters to borrowers with contact information, payment details, and information about how to manage their loans online. These letters should’ve arrived shortly after Oct. 1, 2017.
For those who didn’t receive letters, BborrowersFirst provided contact information for its partners. The contact details differed depending on when your initial loan was funded:
- Those who received BorrowersFirst personal loans prior to 2017 should contact email@example.com. Information can also be obtained by visiting privateloanservicing.com or by calling 888-201-6952.
- Borrowers whose loans were funded after the start of 2017 should call 800-789-8001 or visit accountinfo.com.
Although a new lender will be servicing your loans, your payments and other loan terms should be the same.
What are other good options if you need a personal loan?
BorrowersFirst provided an easy online application process that offered timely decisions. Money was often available within days of applying, and loans were accessible for borrowers with average credit.
Luckily, there are plenty of alternatives to BorrowersFirst when you’re looking for personal loans. Some of your options include:
- Upstart: Borrowers can apply online and obtain credit as soon as the next day. Loans range from $1,000 to $50,000, and there are three- and five-year repayment options.
- LendingClub: You can borrow up to $40,000 with LendingClub. The entire process of obtaining a loan takes around seven days. Your repayment term can last either three or five years. The lender also offers competitive interest rates. Read our full review to learn more.
- Discover: Discover offers personal loans for up to $35,000. Loan terms are flexible, and repayment can range from three to seven years. Rates are competitive but not necessarily the lowest available. However, you can qualify without a perfect credit score.
- OneMain Financial: You can borrow between $1,500 and $30,000 and obtain quick approval. There might be alternatives with lower rates to consider before choosing OneMain Financial, but one benefit of this lender is that a lower credit score won’t necessarily disqualify you from a loan.
You can visit our personal loan marketplace or read our guides on personal loans for borrowers with fair credit or those with bad credit. By comparison shopping among different lenders to compare interest rates and terms, you can find a better alternative to BorrowersFirst personal loans from a lender that’s still in business.
Interested in a personal loan?Here are the top personal loan lenders of 2018!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.16% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|7.73% – 29.99%||$1,000 - $50,000||Visit Upstart|
|6.26% – 14.87%1||$5,000 - $100,000||Visit SoFi|
|6.99% – 35.97%*||$1,000 - $50,000||Visit Upgrade|
|8.00% – 25.00%2||$5,000 - $35,000||Visit Payoff|
|4.99% – 29.99%3||$10,000 - $35,000||Visit FreedomPlus|
|5.99% – 18.99%4||$5,000 - $50,000||Visit Citizens|
|15.49% – 34.49%5||$2,000 - $25,000||Visit LendingPoint|
|6.16% – 35.89%6||$1,000 - $40,000||Visit LendingClub|
|6.99% – 18.24%7||$5,000 - $75,000||Visit Earnest|
|9.95% – 35.99%8||$2,000 - $35,000||Visit Avant|