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- Backed loans
Backed Inc. is a provider of unsecured loans to citizens or permanent residents of New York, New Jersey, Arkansas, West Virginia and Florida. All our loans are offered for a term of 1, 2 or 3 years and at an APR from 2.9-16%. The APR is determined by the application information, your FICO score, and if you have a Backer.
You can learn more about our application process here
Our loans are offered to borrowers with a FICO score of 660. Loans range in size between $3,000 to $25,000. You can apply for one loan at a time, so make sure to apply for the full amount. If your loan repayment is up to date for a period of 12 months, you may be able to refinance your old loan with a new loan at more favorable rates.
In order to be eligible for the Backed loan, there is no minimum FICO or annual income requirement but, among other criteria, we do require you to have no recent derogatory item on your credit report. Since it won't hurt your credit score to see if you're preapproved or eligible to bring on a Backer, I suggest you apply and find out.
Other requirements we have is that you must be older than 18 and reside in one of the states where we operate: New York, New Jersey, Florida, Arkansas, Arizona, West Virginia.
Our platform uses an automatic underwriting system to decide if you are eligible to invite a Backer, at which point the option to invite a Backer becomes available to you. If you applied and was not given the option to invite a Backer, it means that you either do not reside in one of the states where Backed is allowed to originate loans or that you did not meet our minimum requirements for the Backed Loan.
Backers build your trust if your FICO score does not have enough history. Backers help you receive a better APR and protect your credit score in case of missed payments.
Contrary to traditional co-signers, who are typically informed after a loan has defaulted (accumulating fees and penalties, and damaging a borrower’s credit score), a Backer is informed of any payment shortfall prior to default. Backers are given a 15-day grace period to assist before accumulating late fees, or before any damage occurs to your credit score.
Yes, however we work with Backers differently from most other lenders. Traditional co-signers usually get notified only once borrowers default (30 days past the due date) and sometimes aren’t notified of the borrower default until the cosigner’s credit is impacted. At Backed, we will notify the Backer inside a 15-day grace period when a Borrower misses a payment and will work with all parties to bring the loan back to good standing.
You should only be a Backer for someone you know well and trust. Ask yourself if you believe that the borrower will make on-time payments. Based on your experience, does the borrower have a tendency to meet all of his or her obligations? If so, then that is a good person to Back.
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