Backed is an online lender whom uses a simple co-signer model which allows a person with stellar credit (typically a family member or friend) to “back” a borrower. You can qualify for a personal loan without a backer (co-signer), but the addition of one will reduce your interest rate — the company says by as much as 41%. Backed typically wants to give low-interest loans to millennials with un-established credit. Backed’s starting interest rate is the lowest we have seen for borrowers who have well-qualified co-signers. Apply today!
The British Airways Visa Signature® Card offers up to 100,000 Avios. Earn 75,000 Avios after you spend $5,000 on purchases within the first three months of account opening and earn an additional 25,000 Avios after you spend $20,000 in the first 12 months of account opening.
• 3 Avios per $1 spent on purchases with British Airways, Aer Lingus, Iberia, and LEVEL.
• 2 Avios per $1 spent on hotel accommodations when purchased directly with the hotel.
• 1 Avios per $1 spent on all other purchases.
This card comes with a $95 annual fee and no foreign transaction fees. You'll be able to get 10% off British Airways flights starting in the US when you book through the website provided in your welcome materials. In addition, every calendar year you make $30,000 in purchases on your British Airways Visa card, you'll earn a Travel Together Ticket good for two years.
Backed General Information:
- Lender: Backed
- APR: 2.9%-16%
- Loan Amount: $3,000-$25,000
- Term Length: 1-3 years
- Origination Fee: 0.8% – 2%
- Prepayment Fee: None.
- Unsuccessful Payment Fee: $15 unsuccessful payment fee.
- Late Fee: $20 after 15-day grace period.
- Minimum Gross Income: None for co-signed loans; $18,000 for loans without a co-signer.
- Minimum Credit Score: 660 for borrower without co-signer; 720 for co-signer.
- Availability: Nationwide
- Additional Information: Time to receive funds is 2 to 4 business days.
Backed Personal Loan Eligibility:
If you have a co-signer, there are no minimum requirements for your own credit score, but the co-signer’s credit score must be 720 or above, confirmed with a hard pull when the loan is finalized.
If you don’t have a co-signer, you must have:
- A minimum credit score of 660.
- Minimum annual income of $18,000.
- At least six months of credit history.
Having a co-signer can reduce your interest rate, but Backed also rewards borrowers for sharing more information about themselves such as:
- Applicants provide basic data about loan purpose, income, debts and education level to seek qualification of a loan.
- Backed assigns borrowers a grade and gives them an initial quote.
- Borrowers can choose to accept the quote or provide more information about themselves to reduce the APR. A Facebook account helps the lender verify identity; a LinkedIn account backs up education and employment history; and linking a bank account provides detailed information about cash flow.
- Backed utilizes an algorithm to calculate risk which reduces the borrower’s interest rate and origination fee accordingly.
Borrowers usually add a co-signer during the application process, but they can also add a co-signer after receiving a loan. Doing so, the old loan is then closed and a new one created. At the moment, borrowers are only able to add one co-signer.
Backed is a great option if you are new to credit or have poor credit and want to improve your score. With the option for lower rates via a co-signer, your co-signer is still at risk if you miss payments or default. In the event that you do miss a payment or default, Backed’s notification system and grace period are designed to give you leniency and a chance to protect your credit. If you don’t need the credit-building potential of this loan, it may be better option to ask a family member or friend for an interest-free loan. That way you can workout a better payment plan and you won’t have to worry about the consequences of missing a payment or defaulting. Are you interested in this personal loan from this lender? Please let us know in the comment section below on your experience! If you want to search for more options on taking out the best personal loan, check out our full list of Best Personal Loans.
The Ink Business Preferred® Credit Card offers 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That's $1,250 toward travel when redeemed through Chase Ultimate Rewards®.
You'll earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year; 1 point per $1 on all other purchases - with no limit to the amount you can earn. Furthermore, points are worth 25% more when you redeem for travel through Chase Ultimate Rewards.
This card does come with a $95 annual fee but does not have any foreign transaction fees.