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Basix is an online lending platform that provides personal loans. Personal loans can be used for nearly any purpose like paying for credit card debt, medical bills, home improvement, or even a vacation. Let’s see if is a good choice for you.

Application process

There is no application fee, and you must be over 18 years old to apply. Each applicant must have a qualified bank account and a regular source of income. A valid email address is also required to apply for a loan from Basix. Loans are currently available only for borrowers living in Alabama, California, Delaware, Georgia, Illinois, Missouri, New Mexico, South Carolina, South Dakota, Utah, and Virginia.

Unlike most lenders, applicants with credit scores as low as 600 are eligible for a Basix loan. The application process is entirely online, and response times are fast.

Lending terms

The range of a Basix personal loan is from $3,000 to $5,000. The APR ranges from 25.99 percent to 35.99 percent. Loan length is set at 36 months for all loans. Basix makes lending decisions based on a variety of factors, not just credit score. Things like where you live, income, history of bankruptcy, or rental payments help Basix decide who qualifies for their loans.

According to the Basix website, a typical loan would be for $4,000 which you receive within two business days after approval. Payments would be $171.80 per month for 36 months. The total paid would be $6,184.80. Basix does not charge origination fees, prepayment fees, or any other hidden fees.

Basix also offers a 15-day grace period. This means you have 15 days to pay from the loan due date before a $5 late fee is applied. Interest fees still apply during the grace period.

Loan funding

Basix is a product of ZestFinance Inc. which was founded by Douglas Merrill, former CIO of Google. ZestFinance recently raised $150 million in financing from Fortress Investment Group. Thousands of loans totaling millions of dollars have been made through the Basix platform.

The application process is completed 100 percent online. Applications are processed rapidly, and loans are deposited directly in the borrower’s bank about within two business days.

Consumer complaints and reviews

Basix has been accredited by the Better Business Bureau since September 2012 and carried a BBB A- rating as of December, 2015. There is not enough data on the BBB website to make any conclusions about Basix customer satisfaction.

On negative reviews were associated with people getting preapproval only to be turned down for a loan later. Positive reviews name savings and customer service as strong points. Overall, Basix receives 3 out of 5 stars on, but the total number of reviews is few.

Is Basix a good choice?

For borrowers with low credit scores, Basix is an excellent choice. The founders realized that many other factors can determine creditworthiness beyond credit score. Even though the loan maximum is only $5,000, a loan from Basix might be perfect to get you out of a financial pinch or for quick cash to start a business.

The interest rate on Basix loans is very good for the near-prime and subprime lending sector. Also, if you get a loan from Basix and pay it off on time, your credit rating will improve.

Compare rates and terms offered by multiple, vetted lenders at

Vincent Chough is a writer who earned his medical degree from the University of Pittsburgh School of Medicine and practiced in the U.S. for 10 years. He now lives in Argentina, where he’s involved in NGO management at the executive level.