Best for bad credit
Reprise
4.1
Credible Rating
Est. APR
-
Loan Amount
$2,500 to $25,000
Min. Credit Score
560
Pros and cons
More details
Who are Reprise personal loans best for?
Best bad credit loans
Reprise personal loans are best for borrowers with bad credit. Bad credit is defined as a FICO credit score below 580, but Reprise considers applicants with scores as low as 560. Of the 30 lenders we reviewed, only five others consider applicants with credit scores as low.
Plus, Reprise offers personal loans that can be secured by your car or truck, as well as cosigned loans. Both options can help improve your application if you’ve struggled to get approved for a personal loan, and either could help lower your rate. You can also get an unsecured loan through Reprise, but you may pay a higher interest rate.
Note that if you’re self-employed, you may need or want to get a personal loan elsewhere. Reprise doesn’t consider income from self-employment when evaluating your application, which means you may not qualify for a loan or could get a lower rate with a different lender.
Great for next-day loans
You could get money from a Reprise loan as soon as the next business day after you’re approved, depending on whether your loan is secured and if you accept the loan terms by the lender’s cutoff time. The cutoff time to receive money by the next business day is 3 p.m. CST, Monday through Friday. Loans secured by your car or light truck could take up to seven business days to fund, once approved.
If you’re struggling to cover an emergency expense or need money until your next payday, a Reprise loan could be a superior option to other fast loans for bad credit. Payday loans and cash advance apps, for example, can have triple-digit annual percentage rates (APRs) and are due by your next payday. Reprise, like other personal loan lenders, offer years-long repayment terms and APRs that are capped at 35.99%.
Pros and cons of Reprise personal loans
Pros
- Loans for bad credit
- 4.7 Trustpilot rating
- Secured loans available
- Cosigners considered
- Next-day funding available
- Easy to contact
Cons
- Does not accept self-employment income
- Minimum 3-year loan term
- Relatively low maximum loan amount ($25,000)
- Origination fees up to 6%
- Not available nationwide
- No mobile app
- No discounts for autopay or direct pay
How to qualify for a Reprise personal loan
To qualify for a Reprise personal loan, you’ll need to be at least the age of majority (which varies by state) and live in a state where Reprise Financial operates.
Credit score and financial history
You’ll also need a FICO credit score of 560 or higher, and should not have an active bankruptcy or two prior bankruptcies. Your credit history must be free of delinquencies for the past six months, and you should not have four or more inquiries in the past three months. If you don’t have a TransUnion credit report, your application may be denied.
Income and employment
Reprise requires that you have sufficient income to cover your existing debts plus the new loan payment. The company prefers an income of at least $30,000 annually, and does not accept income from unemployment or self-employment, including gig jobs, such as Uber and Lyft. Your debt-to-income ratio (DTI) should be no higher than 70% to qualify for a Reprise personal loan.
Tip:
DTI is a measure of how much of your pre-tax income goes to debt payments. To calculate it, add up your debt payments and divide the total by your monthly income. For example, if you earn $5,000 per month and pay $2,500 toward debt, your DTI would be 50%.
Reprise personal loan purposes
Reprise approves a wide range of loan purposes, including:
- Credit card refinancing
- Debt consolidation
- Emergencies
- Major purchases
- Medical and dental expenses
- Moving expenses
- Special occasions
- Unexpected expenses
- Vacation and travel
Learn More: What Are Personal Loans Used For?
Excluded loan purposes
Most of the loan purposes Reprise excludes are similar to other lenders, including the following:
- Post-secondary educational expenses, including, but not limited to, tuition, fees, books, supplies, miscellaneous educational expenses, or room and board
- Illegal activity
- Investing, trading, or speculating in currencies
- Business or commercial activity
- Gambling
One area where Reprise differs from other lenders is that it doesn’t allow funds to be used toward room and board if you’re in school.
Learn More: What Can't You Use a Personal Loan Use For?
Reprise personal loan fees and penalties
If your payment is late, you’ll be charged a fee, which is $15 unless your state has a different limit. Fees for returned payments are $20, unless your state has a different limit.
Loan origination fees
You may be charged an origination fee up to 6%, depending on your credit score and profile, your income, and whether you use collateral to secure the loan.
Tip:
An origination fee is an amount that is typically deducted from the loan upfront. For example, if you get a $10,000 loan with a 5% origination fee, you would receive a lump sum of $9,500 but would make payments based on the $10,000 loan amount.
Early repayment penalties
Like all other lenders we’ve reviewed, Reprise does not charge prepayment penalties.
How Reprise compares to other lenders
Credible rating
Credible rating
Credible rating
How to contact Reprise
Reprise gets extra points for being easy to contact. The company positions its telephone number at the top of its “Contact Us” page and has extended customer service hours seven days per week for application support and six days per week for existing customers.
You can email Reprise via a form on its contact page.
Phone (all times are Central): 877-505-6780
- Application Support: 8 a.m. to 10 p.m. Monday through Friday; 8 a.m. to 6 p.m. Saturday; 9 a.m. to 1 p.m. Sunday
- Customer Service: 8 a.m. to 10 p.m. Monday through Friday; 8 a.m. to 2 p.m. Saturday
Mailing Address
- P.O. Box 9585
Coppell, TX 75019
About Reprise personal loans
Reprise Financial has been in business since 2012. It’s funded more than $1.9 billion in loans through its online platform to over 100,000 customers. Loans made through Reprise are serviced by Reprise Financial and originated by WebBank. The company has a 4.7 star rating from Trustpilot and a B+ rating with the Better Business Bureau (BBB).
Rating Reprise personal loans
Credible evaluated 30 personal loan lenders based on customer experience, minimum fixed rates, maximum loan amounts, funding times, loan terms, fees and more to determine individual lender ratings based on how each compared to its peers across categories.
Credible’s team of experts gathered information from each lender’s website, customer service department, in-house resources and via email support. Each data point was verified to make sure it was accurate at the time of publication.
Learn more about how Credible rates lenders by exploring our Personal Loans Lender Rating Methodology.
FAQ
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