Backed
1.0
Author: Kaitlyn Short
Backed is a privately held US-based online lending company that was founded in 2014 and is headquartered in New York, NY. Backed operates in six states and focuses on offering their borrowers easy access to fair loans. They also strive to offer their users reduced risk and unmatched rates.
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The Good
- Personal Loan Plans
- Low Listed APR Rate
- Backing Protection
Personal Loan Plans
Backed offers three personal loan plans to choose from: the one year plan, the two year plan, and the three year plan:
- With the one year plan, borrowers can make payments as low as $253.94 per month.
- The two year plan allows borrowers to make repayments as low as $128.81 per month.
- Lastly, the three year plan lets borrowers make payments as low as $87.11 per month.
Backed loans range from $3,000 to $25,000.
Low Listed APR Rate
The company's website lists a wide range of APR rates; however, their lowest listed APR rate of 2.9% gives them a competitive advantage.
Backing Protection
According to their website, Backed recommends that parents become "backers" and co-sign on their children's personal loans. This specific type of co-signing is different than traditional co-signing because Backed guarantees that it greatly reduces risk and allows parents to protect their credit. With Backed, parents get notified immediately when there is a missed payment. Backed also allows a 15-day grace period to pay back the missing amount and payments made on time builds credit.
The Bad
- Undisclosed Credit Score Requirements
Undisclosed Credit Score Requirements
Backed does not disclose credit score requirements on its website.
The Bottom Line
Backed provides some solid options as well as a low listed APR rate of 2.9% which provides a competitive advantage. Another thing that Backed prides themselves on is their unique co-signer protection which allows parents and others to co-sign without traditional worry of delinquency. However, Backed lacks a multiple loan option and gives too much of an emphasis on their co-signer program and not enough emphasis on those without co-signers.
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Tyler C Westfield, IN
5 years ago
