Reprise Financial Personal Loans Review

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Our take on Reprise Financial’s personal loans

• Offers secured and unsecured personal loans to borrowers with all credit levels 
• No best-for designation
• Not rated

Reprise Financial offers secured and unsecured personal loans to borrowers with all credit levels. For individuals with fair or thin—a.k.a. little-to-no—credit, who might otherwise not qualify or not qualify for the loan amount they need, Reprise offers secured loans, where borrowers can use their vehicles as collateral. 

Our team hasn’t rated the company or assigned it a best-for designation because the company is newer, having started in 2021. Information about its loan terms and rates is also less transparent than rated competitors. This lack of clarity suggests borrowers might find more favorable terms elsewhere.

However, Reprise Financial remains an option for borrowers who might struggle with traditional loan approvals. Its secured loan provides an avenue for those with less-than-perfect credit to access funds. 

Here is our full review of Reprise Financial’s personal loans. Continue reading to learn more about its products, so you can make an informed borrowing decision.

About Reprise Financial

Founded in 2021, Reprise Financial is newer to the personal lending market, but it’s established a mission focused on providing accessible and flexible personal loans to those who need them.

Reprise Financial helps individuals obtaining funds for various personal needs, such as debt consolidation, medical expenses, and other significant purchases. It stands out in the lending market by offering secured and unsecured loan options, catering to a wide range of credit profiles.

The option to secure a loan with a vehicle as collateral is beneficial for those who own assets but lack a robust credit history. By reporting to all three national credit reporting agencies, Reprise Financial helps borrowers build or improve their credit scores through disciplined repayment.

Reprise Financial personal loan at a glance

The following table provides an at-a-glance overview of the key aspects of Reprise Financial’s personal loans. We’ll explore each feature in greater detail below.

Terms	Details
Fixed rates (APR)	9.99% – 36%
Loan amounts	$2,500 – $25,000*
Repayment period	Varies
Unsecured or secured	Both
Time to funding after approval	Next business day

* The minimum loan amount in Georgia is $3,500 and $10,500 in New Mexico

How does a Reprise Financial personal loan work?

Reprise Financial’s personal loan process begins with a simple prequalification, where Reprise assesses your financial situation with a soft credit check that doesn’t affect your credit score. This allows you to check your rate before submitting a full application that requires a hard credit inquiry.

Reprise Financial offers loans with fixed APRs ranging from 9.99% to 36%, with loan amounts varying between $2,500 and $25,000. This range allows borrowers to tailor their loan to to their fonancial needs. Residents of Georgia and New Mexico have higher minimum loan amounts due to state-specific regulations.

The uniqueness of Reprise Financial’s product lies in its dual loan structure—borrowers can choose between unsecured loans and secured loans.

Unsecured loans

These loans don’t require collateral, meaning you don’t need to pledge assets, such as a car or house, to obtain the loan. Unsecured loans are primarily based on the borrower’s creditworthiness. 

This option is less risky for the borrower because you won’t lose your property if you can’t make payments, but it often comes with higher interest rates, especially for those with lower credit scores. These loans could be suitable for for individuals without significant assets to use as collateral who have a decent credit history.

Secured loans

Secured personal loans require collateral. At Reprise Financial, borrowers have the option to secure their loan with their vehicle. So the borrower pledges their car as a guarantee for the loan. 

Securing a loan with an asset can improve your chances of approval and even increase the loan amount you are eligible for. It gives the lender the added security of the collateral, which it can claim in case of default on the loan. 

Secured loans often come with lower interest rates than unsecured loans, making them a more cost-effective option, especially for borrowers with lower credit scores or thin credit histories. They can also boost your approval chances and your loan amount.

Securing a loan with an auto at Reprise Financial involves evaluating the vehicle to determine its value and using it as collateral. You must provide proof of ownership and insurance for the vehicle. 

Loan management

You’ll primarily manage a loan with Reprise Financial online. Borrowers can use the My Account page on the company’s website to manage payments, view loan details, and interact with customer service. 

For those preferring a more hands-on approach, phone-based services are available for payments and autopay arrangements, but a processing fee applies for phone transactions.

Overall, the process is straightforward, with funds typically available as soon as the business day after approval.

What can a Reprise Financial personal loan be used for?

Reprise Financial offers personal loans you can use for many purposes. 

Reprise Financial does not impose stringent restrictions on the use of loan funds. Borrowers are not required to inform the lender about the specific purpose of the loan during the application. However, being transparent about the loan’s intended use can sometimes aid in tailoring the loan terms to the borrower’s needs.

Here are common uses for a Reprise Financial personal loan:

• Credit card refinancing: Borrowers can use the loan to pay off high-interest credit card debt, saving on interest costs.
• Debt consolidation: Consolidating multiple debts into a single loan can simplify payments and reduce the overall interest rate.
• Dental and medical expenses: Covering costly procedures or needs not covered by insurance.
• Large purchases: Funding for significant purchases, including appliances and furniture.
• Moving expenses: Covering costs associated with relocating, such as movers or transportation.
• Special occasions: Financing for events such as anniversaries or significant birthdays.
• Unexpected expenses: Managing sudden financial needs such as emergency repairs.
• Travel: Funding for vacations or necessary trips.
• Weddings: Covering expenses including an engagement ring, venue, and catering.

Using the loan responsibly and for purposes that align with your financial goals and capabilities is important. Reprise Financial may not strictly monitor the use of funds, but irresponsible use that leads to financial distress could affect your ability to repay and harm your credit score.

Who’s eligible for a Reprise Financial personal loan?

Reprise Financial must ensure borrowers meet certain standards of creditworthiness and stability to take out a personal loan. 

Reprise Financial requires borrowers to be employed and doesn’t accept self-employed income as a primary income source. This stipulation highlights the lender’s focus on steady, verifiable income streams.

Reprise Financial doesn’t disclose minimum credit score requirements, but it will lend to individuals with bad to fair credit, expanding access to those who might be ineligible for loans from more traditional lenders. 

Requirement	Details
Citizenship	United States citizen or resident
Employment status	Employed; self-employment as secondary income
State of residence	Listed states only (below)
Minimum age	Age of majority in your state (typically 18)
Minimum credit score	Not disclosed; lends to bad and fair credit
Minimum income	Not disclosed; stable income required
Additional requirements	Maximum of 2 loans in 12 months

Reprise Financial lends to the following states: Alabama, Alaska, Arkansas, Colorado, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, New Hampshire, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin.

What are the costs and fees of a Reprise Financial personal loan?

Understanding the costs and fees associated with a Reprise Financial personal loan is crucial so you can gauge the total expense of borrowing. The cost of a loan from Reprise Financial comprises the interest rates and any applicable fees.

Interest rates

The rates for Reprise Financial personal loans range from 9.99% to 36% APR. These rates influence the total cost of borrowing. The APR represents the yearly cost of the loan, including interest and fees, expressed as a percentage. 

Reprise Financial determines borrowers’ rates based on several factors, including credit history, income, employment status, and the amount and term of the loan. Borrowers with better credit profiles often qualify for lower rates.

Fees

In addition to interest rates, borrowers should be aware of any fees Reprise Financial charges. It doesn’t disclose specific fee details, but origination fees and late payment fees are common for personal loan lenders. 

Example

To illustrate, imagine you take out a $10,000 loan from Reprise Financial at an APR of 20% for a term of five years. This includes an origination fee. Here is what the costs would look like:

• Assuming no additional fees, the monthly payment would be approximately $265. Over the five-year term, you would pay a total of about $15,900—about $5,900 in interest. 

This example demonstrates how the APR affects the monthly payment and the total amount you repay over the life of the loan.

How do you repay a personal loan from Reprise Financial?

To repay its personal loans, Reprise Financial offers multiple options to suit different preferences and financial situations.

Repayment options

• Online payments: Borrowers can make one-time payments using a debit card or through ACH transfers by logging into the My Account page on Reprise Financial’s website.
• Automatic electronic draft (autopay): This option allows for the automatic deduction of payments from a checking or savings account. To sign up or modify autopay, borrowers can call customer service. Reprise Financial does not provide a discount for autopay enrollment.
• Phone payments: Pay by phone using checking or savings accounts, or a debit card. A processing fee of $5.50 applies for this service.
• Checks: Traditional check payments are accepted.
• Cash payments: These can be made at MoneyGram locations.

Repayment cost

The repayment method and term you choose can influence the overall cost of the loan. Opting to pay more than the minimum or making additional payments can reduce total interest charges, and late or minimum-only payments can increase overall costs.

Early repayment

A notable feature of Reprise Financial’s loans is the absence of prepayment penalties. Borrowers have the freedom to pay off their loans early without incurring extra fees, which can lead to significant interest savings.

Pros and cons of Reprise Financial

Pros

• Lends to bad- and fair-credit borrowers

  Reprise Financial is inclusive, offering loans to those with lower credit scores, a significant advantage for individuals many traditional lenders overlook.

• Option for secured or unsecured personal loan

  The ability to choose between secured and unsecured loans provides flexibility for borrowers with different financial situations and needs.

• Fast funding

  Getting funds as soon as the next business day is a major benefit for those in urgent need of financial resources.

• Good customer reviews

  Positive customer feedback indicates a reliable borrowing experience and quality customer service.

Cons

• Maximum loan amount is $25,000

  This limit is lower than many other online lenders offer, which may be restrictive for those needing larger loans.

• Loan details aren’t disclosed before prequalification

  Lack of upfront transparency in loan details can be a hurdle for borrowers comparing options.

• No loans for primary self-employed income

  This policy excludes a significant segment of potential borrowers who are self-employed.

• Not available in all states

  Limited geographical availability restricts access for some U.S. residents.

Competitors Lightstream and Upgrade might be better suited for those requiring higher loan amounts. For self-employed borrowers, Upstart could offer more tailored solutions. 

Potential borrowers should weigh these factors and compare Reprise Financial’s services with other lenders to determine the best fit for their needs. 

Check out our top picks for personal loans and our complete list of reviewed personal loan lenders.

Is Reprise Financial a reputable lender?

Source	Customer rating	Number of reviews
Trustpilot	4.6 out of 5	5,132
Better Business Bureau	3.95 out of 5	158
Google	4.4 out of 5	1,415

Data collected December 19, 2023

We can assess Reprise Financial’s reputation through various customer review platforms, each offering insights into the lender’s performance and customer satisfaction levels. 

• Trustpilot, a well-known review site, highlights good customer service and a timely process. The high ratings, coupled with a substantial number of reviews, indicate a positive overall customer experience.
• The Better Business Bureau (BBB) is a trusted resource for business credibility and ethical practices. An BBB accreditation reflects the lender’s commitment to resolving customer issues and maintaining trustworthy business practices. Most reviews commend the company’s customer service, but some have raised concerns over payment issues, such as extra payments or issues with canceled checks.
• On Google, many customers praising the lender’s customer service. However, several reviews mention higher rates and payments compared to local banks and credit unions. Google reviews can offer a broad perspective of customer experiences because they’re accessible and widely used by consumers.

Reprise Financial appears to be a reputable lender with generally positive reviews across multiple platforms. The common theme across these reviews is the lender’s strong customer service, but areas for improvement exist, particularly in payment management and competitiveness of rates. 

These reviews, from well-established and trusted sources, can provide valuable insights into the lender’s operations and customer satisfaction levels.

Does Reprise Financial have a customer service team?

Reprise Financial’s customer service team provides support and assistance to borrowers and potential customers. This team is responsible for addressing inquiries, assisting with the application process, and helping manage loan accounts. 

Headquartered in Coppell, Texas, Reprise Financial’s customer service team is equipped to handle a wide range of customer needs, ensuring that borrowers receive timely and effective support throughout their loan journey.

The customer service at Reprise Financial is recognized for its accessibility and responsiveness. Borrowers and applicants can reach out for support in various ways, ensuring that assistance is readily available.

Ways to contact Reprise Financial:

• Email: Contact via the form on the company’s contact page.
• Phone number:
  • Application support: 877-505-6780, available 8 a.m. – 10 p.m. Central Monday – Friday, 8 a.m. – 6 p.m. Central Saturday, and 9 a.m. – 1 p.m. Central Sunday.
  • Customer service: 877-505-6780, available 8 a.m. – 8 p.m. Central Monday – Friday, and 8 a.m. – 2 p.m. Central Saturday.
• Mailing addresses:
  • General inquiries: P.O. Box 9585, Coppell, TX 75019
  • Payment mailing: P.O. Box 660252, Dallas, TX 75266

How to apply for a Reprise Financial personal loan

The ability to apply for a Reprise Financial personal loan used to be invitation only. The lender would send you an invitation code if it felt you met its credit and income requirements. Reprise has since expanded the ability for anyone to apply by visiting the site.

To apply for a Reprise Financial personal loan, start by checking rates through a soft credit inquiry, which does not affect your credit score. This is a common practice among many lenders and allows applicants to prequalify and compare options without any impact on their credit. 

However, once a borrower proceeds with the full application, Reprise Financial conducts a hard credit inquiry to verify the application’s accuracy, which can lower your credit score. This is in line with industry standards.

Here are the steps to apply for a Reprise Financial personal loan: 

1. Check rates

• Visit Reprise Financial.
• If you have an invitation code, you can input the information and check your rates.
• If you don’t have an invitation, complete the rate check form to undergo a soft credit inquiry, which doesn’t affect your credit score.

2. Complete the full application

• If you decide to proceed after prequalifying, fill out the detailed application form.
• This step involves a hard credit inquiry, which can lower your credit score.

3. Gather required documents

When completing your application, be prepared to provide the following information:

• Identity verification: Provide a copy of your driver’s license, state identification card, or passport. If needed, include recent utility bills or bank statements for proof of residency.
• Income verification: Submit a copy of your most recent bank statement, dated within 30 days of your application.
• Additional documents for secured loans: If applying for a loan secured by your vehicle, provide proof of insurance and photos of the vehicle.

4. Submit application and await response

• After submitting all required documents and information, wait for the loan approval process.

5. Loan approval and fund disbursement

• Upon approval, review and accept the loan terms.
• Funds are disbursed as soon as the business day after acceptance.

This process is efficient, ensuring that applicants are well-informed at each step. Most personal loans lenders require similar documentation because it helps safeguard them and the borrower by accurate information and the ability to repay the loan.

What if I’m denied a personal loan from Reprise Financial?

If you’re denied a personal loan from Reprise Financial, the lender should informs you about the reasons, allowing you to take specific actions to enhance your eligibility for future applications.

Reason for denial	Recommended action
Insufficient credit history	Use secured credit cards or as authorized user to build history.
High debt-to-income ratio	Pay down debts and consider ways to increase income.
Unstable employment history	Secure stable employment to demonstrate financial reliability.
Insufficient income	Explore additional income sources or apply for a smaller loan.

Addressing these issues might allow you to reapply successfully with Reprise Financial or other lenders. Meanwhile, leveraging resources such as credit counseling services and financial professionals can help you improve your credit score and manage debts. 

Reprise Financial personal loan FAQ

Can you have more than one Reprise Financial personal loan?

Reprise Financial restricts the number of loans a borrower can have at any one time. 

This policy is in place to encourage responsible borrowing and ensure that clients are not overextending themselves financially. Borrowers interested in having more than one loan with Reprise Financial should contact the lender to understand the specific limitations and criteria that apply.

Can you pay off a Reprise Financial personal loan early?

Yes, borrowers can pay off a Reprise Financial personal loan early without incurring any penalties. This is a significant advantage for those who may find themselves in a position to clear their debt sooner than anticipated. 

Early repayment eliminates future interest payments and can help the borrower’s credit score.