The Pros vs. Cons of Reliable Credit Loans

Reliable Credit is a direct lender that offers consumer loans to borrowers who are residents of Oregon, Idaho, Arizona, and Washington, and has been in business since 1958. This lender offers loans for a variety of different purchases, including furniture, appliances, automobiles, recreational vehicles, and other types of goods and services.

On top of that, Reliable Credit also provides personal loans for consumers who are in need of funds to cover their costs for home improvements and repairs, medical bills, vehicle repairs, vacations, education, and other financial needs that happen to pop up.

Reliable Credit Loans Requirements

In order to apply for a consumer loan with Reliable Credit, you can apply online on its website – where the loan application process is completed. Again, only residents from Oregon, Idaho, Arizona, and Washington are eligible to apply for a personal loan from this lender.

For an applicant to be eligible to apply for a loan, they will need to check their credit score. The minimum credit score is 640 for borrowers to be eligible. There are competing lenders that have reasonable interest rates that allow for lower credit scores. For example, Upgrade’s minimum score is 620, and LendingClub’s minimum score is 600 – and both have generally better customer reviews on Better Business Bureau’s (BBB) website.

Additionally, most loans from Reliable Credit require that the borrower put up some sort of collateral – like a motorcycle, recreational vehicle, automobile, boat, trailer, or another similar consumer asset.

Advertisement

Alternatives to Reliable Credit Loans

Loans up to $4,000 – No credit check required

• Get your cash as soon as the next business day
• Affordable payments and personal service

Learn More

Loans from $2,000 to $35,000 – No collateral required

• Apply in as little as 5 minutes
• Funds available as soon as tomorrow

Learn More

Basic Information: Rates, Terms, Fees, and Limits

The rates and fees that each individual borrower gets with Reliable Credit depend on a number of factors, including the structure of the loan, the borrower’s credit score, and any applicable laws in the different jurisdictions.

If you are an active duty service member (or one of their covered dependents), then your rates with Reliable Credit will be set within the limits of The Military Lending Act.

The minimum amount for a personal loan from Reliable Credit is $1,000 with loan terms between 12 months and 24 months.

Reliable credit charges no prepayment fee. This lender does charge a loan origination fee and a late payment fee.

As for interest rates, the lender website doesn’t supply figures – but some customer reviews demonstrate that they can be higher-than-average.

Benefits

The main benefit of Reliable Credit’s lending solution is that it allows people who have a low credit score access to a loan. It is a lender that may give people a chance while lenders with lower rates might not.

Downsides

There’s a potential for high interest rates if you borrow from Reliable Credit. Another downside is that, while many online lenders can give you a quote in minutes, Reliable Credit can take up to seven days.

Reliable Credit has gotten unfavorable customer reviews. While this lender scored an A+ rating from the BBB, its reviews on that site are mostly bad – with eight negative reviews and three positive reviews. On the same site, there are 20 customer complaints filed against this company – 13 billing complaints and seven related to the product.

Some customers complained about overcharges that couldn’t be refunded directly to their accounts – leaving them waiting for a refund to arrive.

Bottom Line on Reliable Credit

Reliable Credit could be an option for borrowers with less-than-perfect credit, but they might run into issues with customer service when things go wrong.

However, there are lenders who have faster application periods, lower credit score requirements, and low starting APRs. If you do your research before you choose a lender, you’ll have a better idea of what to expect and whether you can get a better deal elsewhere.