BACKED INC. APPLICATION PROCESS

Effective Date: 26 APRIL 2016

OUR APPLICATION PROCESS

We will first review the information you provide in the prequalification form and obtain a soft pull of your credit report including your credit score from Experian. The soft pull will not affect your credit score. We will not verify any of this information at this time. This unverified information and your soft pull credit report will be used to determine whether you qualify for a preliminary approval.

We will notify you immediately of the results of our preliminary review. If you qualify for a preliminary approval, the notice will include our initial determination of your finance charge rate, loan amount, origination fee, monthly payment, term and APR. This preliminary approval is not a firm offer of credit because it is based on incomplete information that has not been verified.

You may also receive a notice that your application has been denied or that your application cannot be approved without a qualified Backer(s). If a cosigner(s) is required or if you have received a preliminary approval and want to improve the finance charge in our initial determination, you can submit Backer information under the “Backers” tab in your loan application

We will then require additional information from you (and any cosigner) including:

  • A color copy of your photo ID
  • A copy of your last 3 pay stubs. If you are self-employed you may upload your most current tax return and last 2 bank statements
  • Access to various online accounts to help us establish your creditworthiness and verify the information you have provided
  • Obtain a hard pull of your credit report from Experian that will affect your credit score
  • Utility bill (excluding mobile phone bill) to verify home address
  • Verification of your email address and bank account

You may submit any missing information within 30 days; once we receive all of the required information, funds are usually transferred within 5 business days and no longer than two weeks. We will also allow you to provide additional references in the form of Vouchers, who can verify your information to expedite the process and reduce your interest rate further.

Additionally, you may reduce your origination fee simply by completing our short loan application form and securely linking your accounts from 3rd party platforms LinkedIn, Facebook and Plaid (checking/savings account overview)

We will notify you, and your Backer, if applicable, of our final credit decision within 30 days of the date you submit your initial application and generally much quicker, within 3 business days. If you qualify for an approval, the notice will include your finance charge rate, loan amount, origination fee, monthly payments and term and the dollar amount of any cosigner’s obligation, if applicable. You will then have the opportunity to review your proposed Loan Agreement and related documents. If you execute the Loan Agreement and related documents, we will deposit the loan proceeds into your designated bank account within 2 business days.

You may be denied a loan for the following reasons:

  1. Your address is outside of the states we do business in. We are not legally allowed to offer loans in the state you live in.
  2. You are not a US citizen, or permanent resident. We want to make sure you are likely to still be in the United State for the duration of your loan term.
  3. You are under 18 years old. We legally cannot give loans to anyone younger than 18 years old.
  4. You are currently unemployed
  5. You are on some kind of blacklist. We want to make sure we are not funding any illegal or terrorist activities.
  6. You have a bankruptcy in the last 7 years.
  7. You do not have a verifiable bank account. We want to make sure we can deposit the money into your bank account.
  8. You received a loans through us in the past, but you were unable to pay it back.
  9. You currently are past due in other debts you may have.
  10. You were declined for a loan through our platform within the last 30 days.
  11. You already have a loan with us. We only allow one loan at a time.

Soft Declines (Can proceed as long as cosigner meets prequalification requirements):

  1. Your FICO is below 660
  2. Your total annual income is less than $18,000