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.
We accept loan requests ranging from $2,500 to $35,000 for loans that pay over a 3- or 5-year period. All loans are subject to credit review and approval. To qualify for the lowest available interest rates, you must satisfy our credit underwriting standards for extending such rates – which will include examining your credit score, ability-to-pay, and other personal conditions. The availability of the 5-year loan repayment term may be limited. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history. Loans are subject to a non-refundable, one-time origination fee up to 6%. The annual percentage rate (APR) includes the interest rate and any origination fee. APRs on our loans 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.
The total loan amount for a loan includes the amount distributed plus any 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.
Each late payment is subject to a $15 fee. Each payment by check is subject to a $15 processing fee, to the extent permitted by applicable law. Each failed automated withdrawal, returned check or bank draft is subject to a $15 fee. Your bank may also charge you a fee for each failed withdrawal, returned check or bank draft.
BorrowersFirst is the registered service mark of BorrowersFirst, Inc. © 2015. All rights reserved.