Backed

Overview

Backed is an innovative online lending company offering more borrowers easier access to a fair loan, through our fully automated and user-friendly process.

With our unique proprietary risk model, Backed is the only platform that enables borrowers to add a Backer (co-signer reinvented) to a loan in order to receive a discounted APR or to assist them to qualify for the loan. This optional feature allows us to offer unmatched rates and to qualify more borrowers than any other existing platform, while significantly reducing the risk of default.

Loan Features

We offer 1, 2, and 3-year unsecured personal loans for diverse purposes, ranging from $3,000 – $25,000 and with APRs as low as 2.9%. Whether its credit card debt, a home renovation, or even your next vacation, Backed is here to back you up for any of your financial needs.

Backed Inc. is a provider of unsecured loans to citizens or permanent residents of New York, New Jersey, Arkansas, West Virginia and Florida. Our loans are offered to borrowers with a FICO score of 660. The APR is determined by the application information, your FICO score, and if you have a Backer.

In order to be eligible for the Backed loan, there is no minimum FICO or annual income requirement but, among other criteria, we do require you to have no recent derogatory item on your credit report. Since it won’t hurt your credit score to see if you’re preapproved or eligible to bring on a Backer, I suggest you apply and find out.

Other requirements we have is that you must be older than 18 and reside in one of the states where we operate: New York, New Jersey, Florida, Arkansas, Arizona, West Virginia.

Application Process

We will first review the information you provide in the prequalification form and obtain a soft pull of your credit report including your credit score from Experian. The soft pull will not affect your credit score. We will not verify any of this information at this time. This unverified information and your soft pull credit report will be used to determine whether you qualify for a preliminary approval.

We will notify you immediately of the results of our preliminary review. If you qualify for a preliminary approval, the notice will include our initial determination of your finance charge rate, loan amount, origination fee, monthly payment, term and APR. This preliminary approval is not a firm offer of credit because it is based on incomplete information that has not been verified.

You may also receive a notice that your application has been denied or that your application cannot be approved without a qualified Backer(s). If a cosigner(s) is required or if you have received a preliminary approval and want to improve the finance charge in our initial determination, you can submit Backer information under the “Backers” tab in your loan application

We will then require additional information from you (and any cosigner) including:

A color copy of your photo ID
A copy of your last 3 pay stubs. If you are self-employed you may upload your most current tax return and last 2 bank statements
Access to various online accounts to help us establish your creditworthiness and verify the information you have provided
Obtain a hard pull of your credit report from Experian that will affect your credit score
Utility bill (excluding mobile phone bill) to verify home address
Verification of your email address and bank account
You may submit any missing information within 30 days; once we receive all of the required information, funds are usually transferred within 5 business days and no longer than two weeks. We will also allow you to provide additional references in the form of Vouchers, who can verify your information to expedite the process and reduce your interest rate further.

Additionally, you may reduce your origination fee simply by completing our short loan application form and securely linking your accounts from 3rd party platforms LinkedIn, Facebook and Plaid (checking/savings account overview)

We will notify you, and your Backer, if applicable, of our final credit decision within 30 days of the date you submit your initial application and generally much quicker, within 3 business days. If you qualify for an approval, the notice will include your finance charge rate, loan amount, origination fee, monthly payments and term and the dollar amount of any cosigner’s obligation, if applicable. You will then have the opportunity to review your proposed Loan Agreement and related documents. If you execute the Loan Agreement and related documents, we will deposit the loan proceeds into your designated bank account within 2 business days.

You may be denied a loan for the following reasons:

Your address is outside of the states we do business in. We are not legally allowed to offer loans in the state you live in.
You are not a US citizen, or permanent resident. We want to make sure you are likely to still be in the United State for the duration of your loan term.
You are under 18 years old. We legally cannot give loans to anyone younger than 18 years old.
You are currently unemployed
You are on some kind of blacklist. We want to make sure we are not funding any illegal or terrorist activities.
You have a bankruptcy in the last 7 years.
You do not have a verifiable bank account. We want to make sure we can deposit the money into your bank account.
You received a loans through us in the past, but you were unable to pay it back.
You currently are past due in other debts you may have.
You were declined for a loan through our platform within the last 30 days.
You already have a loan with us. We only allow one loan at a time.

Soft Declines (Can proceed as long as cosigner meets prequalification requirements):
Your FICO is below 660
Your total annual income is less than $18,000

Repayment Terms

Backed allows you to check what interest rate you will be charged without an impact to your credit score. If you choose to proceed you may apply for a loan free of charge. After receiving your initial rate you will have a chance to improve your assigned interest rate by inviting Backers to co-sign on your loan. You may also reduce your origination fee by completing the full loan application.

If you are approved you will be assigned an interest rate. You will have fixed monthly payments that will not increase. You can prepay your loan at any time without a prepayment fee. When you apply for a loan, your loan will receive a grade ranging from AAA to E with a corresponding interest rate, origination fee, and annual percentage rate (“APR”). The APR shows you the cost of borrowing money on a yearly basis inclusive of interest rate and all known fees, such as the Origination Fee. This can help you compare offers on a level playing field.

The range of interest rates, origination fees, and APRs for each loan grade is listed on the table below. You may not be eligible for the full range of rates or loan terms displayed here. Your monthly payment will vary based on the interest rate, the loan amount, and the term selected.

Loan Grade/ Interest Rate / Origination Fee / APR 12 Mth / APR 24 Mth / APR 36 Mth
AAA 2.24% – 2.90% 0.8% – 1.25% 3.73% – 4.77% 3.22% – 4.12% 2.90% – 3.73%
A 5.21% – 7.73% 0.8% – 2.0% 8.72% – 9.62% 6.80% – 7.72% 7.30% – 8.10%
B 7.32% – 12.01% 0.8% – 2.0% 10.84% – 13.92% 8.92% – 12.04% 9.42% – 12.41%
C 9.54% – 14.54% 0.8% – 2.0% 13.07% – 15.99% 11.15% – 15.96% 11.66% – 15.97%
D* 12.62% – 14.54% 0.8% – 2.0% 15.53% – 15.99% 14.26% – 15.60% 14.76% – 15.97%
E* 11.01% – 14.54% 1.6% – 2.0% – 12.63% – 15.60% 13.14% – 15.97%

Customer Support

106 W 32nd St
New York, New York

+1 716-562-8280

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