About Lender
Xact is an American installment loan agency that offers loans to consumers in need of financial assistance. The company has been in business for several years and has helped countless individuals and families overcome financial challenges.
An installment loan is a type of loan that allows borrowers to pay back the money they borrowed in fixed monthly payments over a set period of time. Unlike payday loans, which require borrowers to pay back the entire amount they borrowed plus interest in one lump sum payment, installment loans offer more flexible repayment terms.
Xact offers loans ranging from $1,000 to $5,000 with up to 36 months of repayment terms. The application process is simple and straightforward, and borrowers can typically receive their funds within one to two business days of approval.
One of the benefits of working with Xact is their focus on responsible lending practices. They strive to provide loans to borrowers who are able to repay them and work with customers who may be struggling to make payments to find a solution that works for everyone.
In addition to providing loans, Xact also offers financial education resources, services, and tools to help customers improve their financial literacy and make informed decisions about their finances.
Overall, Xact is a reputable installment loan agency providing much-needed financial assistance to needy individuals and families. If you are considering an installment loan, it is worth exploring the options offered by Xact and comparing them to other lenders to determine the best fit for your specific financial situation.
Key Features
Here are some key features of Xact, an American installment loan agency:
- Simple and easy application process: Xact offers a simple and straightforward online application process, allowing customers to apply for loans from the comfort of their own homes. The application process typically takes less than 10 minutes to complete.
- Flexible repayment terms: Xact offers flexible repayment terms ranging from 6 to 36 months, allowing borrowers to choose a repayment plan that fits their budget and financial situation.
- Loan amounts: Xact offers loan amounts ranging from $1,000 to $5,000, which can be used for a variety of purposes, such as consolidating debt, paying for unexpected expenses, or making home repairs.
- Quick funding: Xact strives to provide customers with their funds as quickly as possible, with most customers receiving their funds within one to two business days of approval.
- Focus on responsible lending practices: Xact is committed to responsible lending practices and works with customers to find solutions if they are struggling to make payments. They also offer financial education resources and tools to help customers improve their financial literacy.
- No prepayment penalties: Xact does not charge prepayment penalties, allowing customers to pay off their loans early without incurring additional fees.
Overall, Xact offers a convenient and reliable option for individuals and families in need of financial assistance. Their focus on responsible lending practices and commitment to customer service make them a reputable choice for those considering an installment loan.
Pros and Cons
Like any financial product, there are both pros and cons to using Xact loans. Here are some key pros and cons to consider:
Pros
- Easy application process: Xact loans have a simple and straightforward online application process that can be completed quickly and easily.
- Flexible repayment terms: Xact offers flexible repayment terms that range from 6 to 36 months, which can help borrowers choose a repayment plan that fits their budget.
- Quick funding: Xact strives to provide customers with their funds as quickly as possible, with most customers receiving their funds within one to two business days of approval.
- No prepayment penalties: Xact does not charge prepayment penalties, allowing customers to pay off their loans early without incurring additional fees.
- Financial education resources: Xact offers financial education resources and tools to help customers improve their financial literacy and make informed decisions about their finances.
Cons
- High-interest rates: Xact loans typically have higher interest rates than other types of loans, making borrowing expensive in the long run.
- Limited loan amounts: Xact offers loan amounts ranging from $1,000 to $5,000, which may not be enough for some borrowers who need larger amounts of money.
- Late payment fees: Xact charges late payment fees if customers do not make their payments on time, which can add to the overall cost of borrowing.
- Limited availability: Xact loans may not be available in all states, which can limit access for some borrowers.
- Risk of debt: As with any loan, there is a risk of debt if borrowers are unable to repay the loan on time or in full, which can negatively impact their credit score.
Overall, Xact loans can be a helpful financial tool for those in need of short-term financial assistance. However, borrowers should carefully consider the pros and cons before applying and ensure they can repay the loan on time and in full to avoid any negative consequences.
Products
Xact offers installment loans to customers who are in need of financial assistance. The company offers loans ranging from $1,000 to $5,000, with up to 36 months of repayment terms. The loan amount and repayment term that a customer qualifies for depends on various factors such as their credit score, income, and other financial information.
Xact loans are intended to be used for a variety of purposes, including:
- Debt consolidation: Customers can use Xact loans to consolidate high-interest credit card debt into a single loan with a lower interest rate.
- Home repairs: Xact loans can be used to cover unexpected home repairs or renovations, such as fixing a leaky roof or replacing a broken appliance.
- Medical expenses: Customers can use Xact loans to cover unexpected medical expenses or finance medical procedures not covered by insurance.
- Car repairs: Xact loans can be used to pay for car repairs or to purchase a new car if the customer's current car is no longer reliable.
- Other expenses: Xact loans can also be used to cover a variety of other unexpected expenses, such as a sudden job loss or a family emergency.
Overall, Xact offers installment loans that can be used for a variety of purposes. However, customers should carefully consider their financial situation and ability to repay the loan before applying to avoid falling into debt.
Reliability
It appears that Xact is a generally reliable installment loan agency. Here are some factors to consider:
- BBB Rating: Xact has a C+ rating with the Better Business Bureau (BBB) and is not accredited by the BBB. While this is not the highest rating, it is important to note that the BBB rating is just one measure of a company's reliability.
- Trustpilot Rating: Xact has a 4.5 rating on Trustpilot, with many customers citing their positive experiences with the company's customer service and easy application process.
- Licenses: Xact is licensed to do business in several states. This indicates that the company is operating within the legal framework set by state regulators.
It is important for people to note that while ratings and licenses are important indicators of a company's reliability, they are not the only factors to consider. Customers should also do their own research, read reviews, and carefully review the terms and conditions of any loan agreement before applying. Additionally, borrowers should ensure they can repay the loan on time and in full to avoid any negative consequences.
Funding a Loan
Once your loan is approved by Xact, the funds will be disbursed to you via direct deposit into your bank account. This means you will need to have an active checking account in your name to receive the loan funds.
Typically, Xact strives to disburse loan funds within one business day to two business days of approval, although the exact timing may vary depending on your bank's processing times.
To ensure a full experience and smooth and timely disbursement of funds, make sure that you provide Xact with accurate and up-to-date information during the loan application process, including your bank account information.
Once you receive the loan funds, you can use them for the purpose outlined in your loan agreement. Using the funds responsibly and making timely payments is important to avoid any negative consequences, such as late fees or damage to your credit score.
Loan conditions
It is important to note that loan conditions offered by Xact may vary depending on several factors, including the customer's credit score, income, and other financial information. However, some general loan conditions for a Xact loan are:
- Loan amount: Xact offers loan amounts ranging from $1,000 to $5,000.
- Annual Percentage Rate (APR): The APR for a Xact loan ranges from 145% to 225%, which can be higher than some other types of loans. Borrowers should carefully consider the cost of borrowing before applying for a Xact loan.
- Repayment period: The repayment period for a Xact loan can be up to 18 months, with fixed monthly payments. Customers can choose a repayment plan that fits their budget and financial situation.
- Late payment fees: Xact may charge late payment fees if customers do not make their payments on time, which can add to the overall cost of borrowing.
- Prepayment penalties: Xact does not charge prepayment penalties, allowing customers to pay off their loans early without incurring additional fees.
Overall, a Xact loan is a short-term installment loan that can be used for a variety of purposes. However, borrowers should carefully review the loan terms and conditions, including the APR and repayment period, before applying to make sure they can afford the loan and make timely payments.
