Applying for a Xact loan is a straightforward process that begins by visiting their website and clicking "Apply Now." Applicants need to provide personal details, including their name, address, Social Security Number, and income information. After specifying the loan amount and purpose, they finalize the application and submit it. Loan approval depends on meeting certain requirements, such as being at least 18 years old, having a steady income, an active checking account, and being a resident of states where Xact operates. The loan terms offer flexibility, with amounts up to $5,000 and terms of up to 18 months.
How to Apply for a Xact Loan
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Visit the Website. Go to the Xact website.
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Click Apply Now. Click the "Apply Now" button to begin the loan application process.
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Enter Basic Info. Provide your name, email, and state, then click "Save and Continue."
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Enter Personal Details. Fill in your address, time at your current residence, phone number, ID, Social Security Number, and date of birth, then click "Save and Continue."
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Provide Loan Details. Enter the loan amount you are applying for and the purpose of the loan.
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Enter Income Info. Provide details about your income, including the type of income, monthly income, and employment information.
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Finalize and Submit. Review and finalize your loan application, then submit it for processing.
Conditions
Loan Amount. Borrow up to $5,000 depending on eligibility and approval.
Loan Term. Terms are available for up to 18 months, providing flexibility in repayment duration.
APR Range. Annual Percentage Rates (APRs) range from 125% to 225%, varying based on factors such as loan amount and repayment term.
Requirements
Age Requirement. Borrowers must be at least 18 years old to apply.
Income Requirement. A steady source of income is required, whether from employment, disability benefits, or retirement income.
Bank Account. Borrowers must have an active checking account in their name that is in good standing.
Residency. Borrowers must be residents of the states where Xact operates.
Credit Score. While not always requiring a high credit score, Xact considers credit scores during the approval process. Higher scores may lead to better rates and terms.
Reasons for Rejection
Insufficient Income. If your annual income is below the required minimum, your application may be rejected due to an inability to meet the repayment obligations.
Lack Of Required Documentation. Failure to provide necessary documents, such as a copy of your paycheck stub, can result in your application being denied.
No Bank Account Or Credit Card. Not having a bank account or credit card as an alternative payment method can lead to rejection since it is a mandatory requirement.
Employment Verification Issues. Inaccurate or unverifiable employment information, such as discrepancies in your employer's details or job title, can cause your application to be rejected.
Age Restriction. Applicants under the age of 18 are not eligible for the program, and any application from individuals below this age will be automatically rejected.