Reprise Financial Review: Fast Lender for Borrowers with OK Credit
- Max. Loan Amount
- $25,000
- APR
- 9.99% to 36%
- Min. credit score
- N/A
Our verdict
Get personal loans for various needs, but loan terms may differ from what's advertised.
Reprise Financial is a decent lending company with positive reviews and low interest rates. But borrowers should know that some customers have complained about receiving appealing loan terms during preapproval, only to be offered high interest rates that require collateral during final approval steps.
Best for: Borrowers who need a small loan quickly and don’t have excellent credit.
Pros
-
Review offers in seconds without affecting your credit score
-
Receive funds one business day after approval
-
Custom options to meet your needs and payment preferences
Cons
-
Origination fees of 6% of the amount financed
-
Does not accept self-employed income as a sufficient source
-
Customers report inconsistent loan terms throughout the application process
What makes Reprise Financial shine?
Reprise Financial stands out in the personal loan market with its customizable payment plans and terms to fit various budgets, along with a track record of excellent customer service. Fees are transparent, and it accepts co-applicants to enhance approval chances and offer better rates. It also offers several types of loans for home appliances, debt consolidation, weddings and more.
Where Reprise Financial falls short
Several customers complain of receiving a higher APR than advertised once their application is actually approved. And, on the fee side, loans come with a 6% origination fee plus a $25 document preparation fee. If you have excellent credit and the luxury to shop around, you might want to look at lenders that don’t require origination fees, like SoFi or LightStream.
Reprise Financial loan details
Here are the details Reprise Financial discloses about its loan products.
| Minimum credit score/credit range | N/A |
| APR | 9.99% to 36% |
| Loan amounts | $2,500 to $25,000 |
| Terms | 3 to 5 years |
| Approval turnaround | As soon as one day |
| Availability | Not available in: Colorado, Connecticut, Hawaii, Iowa, Maine, Maryland, Massachusetts, Nevada, New Jersey, New York, South Dakota, Vermont, Washington, West Virginia |
| Fees | 6% originantion fee |
| Other fees |
|
How to qualify for Reprise Financial
Reprise Financial discloses a short list of requirements to access its secured and unsecured loans:
- Must be a US citizen
- No more than two loans with Reprise in the last 12 months
- Be employed or have sufficient income from other sources
- Self-employed income cannot be the primary source of income
Note: Loan offers are determined based on your credit, banking history, verified income and other information provided in your application.
How to apply
Reprise states it has a simple and quick application that doesn’t take much longer than minutes:
- Prequalify online. Start your application online through its website. Preapproval can be granted in minutes.
- Review loan offers and accept loan terms. Read the fine print to be sure you understand the actual rates and terms you’re being offered. Once you’ve found your best option, sign the loan agreement.
- Receive funds. Reprise states you can receive your funds as soon as the next business day after approval.
- Follow the repayment plan. Stick to on-time loan repayments to avoid hefty fees.
Reprise Financial makes a “soft credit inquiry” when you check your rate that does not lower your credit score. However, if you proceed with their application, it will make a “hard credit inquiry.” This action may impact your credit score.
What is required for my loan application?
- ID, driver’s license or passport.
- Most recent bank statements dated within the last 30 days.
- If you’re submitting your vehicle as collateral, Reprise Financial requires proof of insurance and photos of the front and back of the vehicle.
How Reprise Financial compares to other lenders
Reprise Financial reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | B |
| BBB customer reviews | 3.69 out of 5 stars, based on 271 customer reviews |
| Trustpilot Score | 4.6 out of 5 stars, based on 9,264 customer reviews. |
| Customer reviews verified as of | 09 July 2024 |
Positive Reprise Financial loan reviews report excellent customer service and an easy application process. Reprise Financial has been BBB-accredited since 2022 and has over 7,500 5-star reviews on Trustpilot.
As for negative reviews, customers complain about receiving contradicting information throughout the application process. Users have reported feeling deceived by promotions on Credit Karma that suggest they are preapproved for a loan. Some mention they were promised an unsecured loan with attractive rates, only to be offered a secured loan with higher interest rates and collateral requirements during the final approval steps.
Is Reprise Financial legit?
Reprise Financial is a legitimate financial company that is verified by Trustpilot and the Better Business Bureau. However, borrowers should be cautious about conflicting advertised APRs and approval statuses compared to actual loan terms during the approval process. If you’re considering taking out a loan with Reprise Financial, you may want to look over their positive and negative reviews from real customers.
Frequently asked questions
What type of loans does Reprise Financial offer?
Reprise offers secured and unsecured loans between $2,500 and $25,000. Some loans don’t require collateral, while others are backed by assets like your car.
Will checking offers affect my credit score?
Reprise Financial makes a “soft credit inquiry” when you check your rate, which does not lower your credit score. However, if you proceed with their application, they will make a “hard credit inquiry.” This action may impact your credit score.
Your reviews
Gabriel Finder
Writer
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