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About Our Loans


BorrowersFirst loans are unsecured personal loans made by Cross River Bank, a New Jersey State chartered bank, member FDIC. Eligibility for a loan is not guaranteed.

Requirements for a Loan

In order to receive a loan, you must be a US citizen or permanent resident and at least 18 years old (or 19 years old in Alabama) with a verifiable bank account with a US financial institution. In determining your eligibility for a loan we consider the information you provide to us, your income, employment, and information provided about you by credit bureaus and your credit score. These requirements may change at any time without advance notice.

At this time, we do not accept loan applications from residents of Colorado, Connecticut, Hawaii, Idaho, Iowa, Mississippi, Nevada, New York, Vermont, West Virginia, or Wisconsin.

We accept loan requests ranging from $2,500 to $35,000 for loans that pay over a 3- or 5-year period. The total loan amount for a loan includes the amount distributed plus the upfront origination fee. For Georgia residents, the total loan amount must be greater than $3,000. For Ohio residents, the total loan amount must be greater than $5,000. For Massachusetts residents, the total loan amount must be greater than $6,000. For Pennsylvania residents, the total loan amount may not exceed $25,000.

To protect against identity theft and fraud, we may need additional documents from you, such as a copy of your driver’s license or state identification, recent paystubs and/or a copy of a voided check from the bank account where you would like your funds deposited.

Rates that do not change

BorrowersFirst loans charge a fixed, simple interest rate and a one-time origination fee. All loans are subject to credit review and approval. To qualify for the lowest available interest rates, you must have excellent credit and meet other conditions. The availability of the 5-year loan may be limited. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history. Loans may be subject to a non-refundable, one-time origination fee up to 6%. An annual percentage rate (APR) shows the cost of borrowing money on a yearly basis. The APR on a personal loan through BorrowersFirst includes both the interest rate and any origination fee. APRs range from 7.22% to 29.99%.

For example, if you request $5,000 and qualify for a 3-year loan with a 14.40% APR (10.99% simple interest) with a 5% origination fee, the origination fee of $250 will be added to your requested loan amount, making your total loan amount $5,250. The total costs for the loan, if you make all 36 payments of $171.85 on time, would be $6,186.60.

If you request $15,000 and qualify for a 5-year loan with a 15.18% APR (12.99% simple interest) with a 5% origination fee, the origination fee of $750 will be added to your requested loan amount, making your total loan amount $15,750. The total costs for the loan, if you make all 60 payments of $358.28 on time, would be $21,496.80.

Other Fees

A failed automated withdrawal, returned check, or bank draft will result in a fee of $15 for each failed attempt. This can be due to insufficient funds, a closed account, account changes that were not reported to BorrowersFirst, or for any other reason (other than an error by us) which results in any payment being returned. Your bank may also charge you a fee for each failed withdrawal, returned check or bank draft.

If a monthly payment is 5 days late, you will be charged a late fee of $15.

If you would like to make your loan payments by check, we charge a $15 processing fee per payment, to the extent permitted by applicable law. There is no charge to make payments by direct debit from your bank account via the Automated Clearing House (ACH) process. You can select the ACH payment option during the application process or through our online access portal. There is no fee for paying early.

This notice is simply a summary of your loan terms. Please see your loan agreement for full details of your loan.

Last Updated: March 14, 2017

Where We Lend

Alabama
Montana
Alaska
Nebraska
Arizona
New Hampshire
Arkansas
New Jersey
California
New Mexico
Delaware
North Carolina
District of Columbia
North Dakota
Florida
Ohio
Georgia
Oklahoma
Illinois
Oregon
Indiana
Pennsylvania
Kansas
Rhode Island
Kentucky
South Carolina
Louisiana
South Dakota
Maine
Tennessee
Maryland
Texas
Massachusetts
Utah
Michigan
Virginia
Minnesota
Washington
Missouri
Wyoming

BorrowersFirst loans are unsecured, personal loans made by Cross River Bank, a New Jersey State chartered bank, Member FDIC. Eligibility for a loan is not guaranteed. To receive a loan, you must be a US citizen or permanent resident and at least 18 years old (or 19 years old in Alabama). At this time, we do not accept loan applications from residents of Colorado, Connecticut, Hawaii, Idaho, Iowa, Mississippi, Nevada, New York, Vermont, West Virginia, or Wisconsin.