Vouch is a choice you can make out of many for taking out personal loans. Vouch has a unique distinction from the other lenders as you might be able to tell from the name; friends and family members are able to “vouch” for you (your financial responsibility and trustworthiness), so you can be able to qualify for a lower interest rate! Vouch is about being able to amend your network to receive a great loan. Vouch introduced a “trust-based” lending system in today’s lending. Vouch funds loans with their own assets unlike other lenders that fund their loans from outside investors otherwise known as peer-to-peer lending. The reason being is that Vouch is attempting to revert back to the days when lending was actually personal and based on trust. Apply today!
Vouch General Information:
- Lender: Vouch
- APR: 10.68% – 29.99%
- Loan Amount: $2,000 – $15,000
- Term Length: 1 – 3 years
- Origination Fee: 2%
- Prepayment Fee: None
- Unsuccessful Payment Fee: None.
- Late Fee: 5% of your payment amount with a minimum of $15
- Minimum Gross Income: Unknown.
- Minimum Credit Score: 600
- Additional Information:
Vouch Personal Loan Eligibility:
Asking friends and family members to put in a good word for you would help you receive the best loan term possible. Vouch is clear on what information is shared in its privacy policy, so it’s important that whoever is vouching for ou does not provide any personal information. If you have someone vouching for you, they will be given 3 – 5 questions to answer and submit. Your voucher will be notified when you accept Vouch’s loan offer, but amounts and terms aren’t disclosed.
Those that vouch for you can also pledge money toward your loan, in case you’re unable to make payments. This is not necessary for them to do, but they can choose to vouch a dollar amount starting from $25. If you default on the loan, your vouchers can pledge money towards your loan in the case if you default or become unable to make loan payments. Doing so, the voucher(s) will be required to pay the amount they pledge.
In order to qualify for a loan with Vouch, you must meet these requirements:
- Must be 18 years or older
- Be a legal U.S. resident
- Have a verifiable bank account
- Have a FICO score of 600 or greater
- Must be current on existing accounts and not in bankruptcy or foreclosure proceedings
To make the most out and get the best benefit out of your Vouch loan, it is recommended that you have a strong support network. Vouch is ideally looking to give loans out to those who can afford to make payment, but Vouch has recently launched a beta testing stage so the company may be more flexible.
How To Apply For Vouch Personal Loan:
Alike the other lenders, the application stage doesn’t hurt since there’s only a soft pull. Applying for a Vouch loan is fairly easy! To start off, visit the Vouch website, and at the top, you will be asked to provide your phone number to be sent a security code. Once you receive the security code, enter the security code to enter. By entering the security code, you are agreeing to their privacy policy.
The process should take you about 5 minutes or less! Vouch will ask you to provide personal information such as your name, address, date of birth, housing payment info, and your current occupation (job). Upon completion, Vouch will need about 24-48 hours to get back to you and provide you with a loan offer. During the waiting period, you should receive an email from Vouch giving you a heads up of what to expect.
Bottom Line
Vouch has a unique concept in personal lending compared to the other lending companies. Vouch seems to be the only lender that takes this type of approach when approving their clients for a loan. Vouch isn’t a peer-to-peer lending company like the others and acts like the actual form of personal lending hence the name personal. To enhance the concept, you can have your family members and friends vouch for you so you can receive the best loan possible. This is merely a must since you will receive a better term doing so. With Vouch, you can enlist the help of family and friends, as you might be inclined to do regardless. It’s also a great way for your network to show support, and you can pass along the favor by vouching for others. This type of personal loan is like how personal loans used to be given – based on trust. 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.
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