Pros & Cons of Reliable Credit Loans
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Reliable Credit is a direct lender that has been in business since 1958 that offers consumer loans to borrowers who are residents of Oregon, Idaho, Arizona, and Washington.
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, medical bills, vehicle repairs, vacations, education, and other financial needs that happen to pop up.
On this page:
- Requirements of Reliable Credit Loans
- Rates, Terms, Fees, and Limits
- Benefits of Reliable Credit
- Downsides of Reliable Credit
What are the Requirements of Reliable Credit Loans?
You can apply for a loan from Reliable Credit completely on its website. Again, only residents from Oregon, Idaho, Arizona, and Washington are eligible.
As far as eligibility requirements go, there are competing lenders that have reasonable interest rates that allow for lower credit scores. For example, Upgrade’s minimum score is 620, and it generally has better customer reviews on the 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.
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.
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.
What are the 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.
What are the 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.
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