Reprise Financial Personal Loans Review

Our take on Reprise

Reprise Financial is one of a few Credible lending partners that considers bad-credit borrowers. It offers a wide range of loan purposes and relatively low origination fees — a standout in the bad credit loans space. If you have a sub-580 credit score, Reprise should be at the top of your list. However, rates run high and loan amounts are limited along with state availability. 

Who (or what) is Reprise best for?

• Low origination fees on bad credit loans: Reprise is one of the few personal loan lenders that consider applicants with credit scores below 580, but it stands out further because of its relatively low origination fees. This is how lenders offset their risk, by charging upfront fees (sometimes large). Reprise's origination fees top out at 6% — much lower than competitors Avant (up to 9.99%) and OneMain Financial (up to 10%). 
• Secured loans: Reprise offers personal loans that can be secured by your vehicle or the fixtures in your home. You might have an easier time qualifying for a secured loan, and at a lower rate. You can also get an unsecured loan through Reprise but may pay a higher rate.

Who (or what) is Reprise not best for?

• Borrowers with good or better credit: Although Reprise's average rates remain somewhat competitive for fair-credit borrowers, borrowers with good credit can likely find lower rates elsewhere. Among borrowers with credit scores above 670, average rates were lower for a large majority of Credible lending partners, and in some cases more than 50% lower.
• Self-employed borrowers: Reprise considers income from self-employment as a primary income source for secured loans, although not for unsecured loans. That restriction means that you might have trouble qualifying for an unsecured loan if you're self-employed — and if you do qualify, your rate could be higher.

Check Out: 7 Personal Loans To Consider When You're Self-Employed

Pros and cons

Details on the pros

• Next-day funding available: If you accept your loan terms before 3 p.m. CT on a weekday, you may receive your loan funds as soon as the next day. However, secured loans could take up to 7 business days.
• Secured loans: Reprise allows you to secure your personal loan with a vehicle or the fixtures in your home, which can lower your APR. However, keep in mind that defaulting on a secured loan also means the lender can repossess your collateral.
• Extended customer service: Agents are available 7 days a week for application support and Monday through Saturday for regular customer service.

Details on the cons

• Not best for self-employed: Reprise accepts self-employed income as a primary source of income only on secured loans. With unsecured loans, self-employed income is considered only as a secondary source of income.
• Low loan maximum: Reprise personal loans are capped at $25,000, which is lower than many competitors. 
• Origination fee: You may have to pay a loan origination fee of up to 6%, depending on the state you live in and your credit profile. An origination fee can cut into your loan proceeds and adds to the cost of borrowing.
• Not available in all states: You can’t get a Reprise Financial loan in Colorado, Connecticut, Hawaii, Iowa, Maine, Maryland, Massachusetts, Nevada, New Jersey, New York, Pennsylvania, South Dakota, Vermont, Washington, West Virginia, or Washington, D.C.

How to qualify for a Reprise personal loan

Reprise's personal loan requirements are generous compared to some other lenders, but borrowers must still meet certain requirements. They include: 

• A credit score of 550 or higher: Reprise sets a very low minimum credit score requirement, 30 points lower than the 580 FICO threshold for bad credit. 
• Income of $30,000: Reprise's minimum income requirement of $30,000 is lower than that of some other lenders, but not the lowest. (Those who earn $25,000 or less can compare low-income personal loans with lower income requirements.) 
• Employment: You don’t necessarily need to be employed to qualify with Reprise, but you must have sufficient qualifying income. Reprise doesn’t accept self-employed income as a primary source of income on unsecured loans — it only counts as a secondary source.
• Age and state of residence: You must be of the age of majority in a state where Reprise offers loans.

In addition,  you can’t have received more than two Reprise loans in the last 12 months. You’ll also need to have sufficient collateral value for secured loans. The assessed value of your car could affect the interest rate and loan amount you qualify for.

Reprise personal loan purposes

Approved purposes for Reprise personal loans include:

• Debt consolidation
• Credit card refinancing
• Emergencies
• Major purchases
• Auto repair
• Medical and dental needs
• Moving expenses
• Weddings and special occasions
• Vacation and travel

Reprise doesn't offer personal loans for business expenses. Lenders typically prohibit using personal loans for purposes such as gambling, illegal activities, purchasing investments, or paying for college. Read the terms of any loan offer to confirm that you're using it for an approved purpose.

Learn More: What You Can't Use a Personal Loan For

Reprise fees and penalties

Reprise fees can vary by your state of residence and your creditworthiness and may include: 

• Origination fees (up to 6% of your loan amount)
• Late fees
• Non-sufficient funds fees
• Document preparation fees
• Lienholder fee (secured loans only)

Read your loan agreement carefully to see which fees apply to your loan and how much they cost.

Reprise vs. other lenders

Reprise company details and history

Reprise Financial was founded in 2012 and has helped more than 200,000 customers access more than $3 billion in loans. The company, headquartered in Coppell, Texas, has more than 200,000 customers. Reprise personal loans are originated by WebBank in select states. Reprise Financial receives 4.7 out of 5 stars on Trustpilot.com and is Better Business Bureau-accredited with an A+ rating.

Contact information

You can contact Reprise Financial by phone at 877-505-6780. Hours are all Central time. 

For application support: 

• 7 a.m. to 10 p.m. Monday through Friday
• 8 a.m. to 6 p.m. Saturday
• 9 a.m. to 1 p.m. Sunday

For general customer support:

• 8 a.m. to 9 p.m. Monday through Friday
• 8 a.m. to 6 p.m. Saturday 

You can also contact Reprise by email at [email protected] or by filling out the form on the lender’s contact page. 

You can mail Reprise at the following address:
P.O. Box 9585, Coppell, TX 75019

Methodology

Credible evaluated 32 lenders across 1,184 data points to choose the best lender overall plus top picks for different borrowers and use cases. Across lenders, we collected data on customer experience and service options, minimum and maximum fixed interest rates, minimum and maximum loan amounts, funding times, loan terms, fees, discounts, third-party reviews, and more.

We assigned a score to each attribute based on how that feature compared with the same feature for every other lender in the set. Scores were weighted according to their relative importance — for instance, maximum origination fee scores received a high weight since loan cost is among the most important factors in determining loan value. Individual attribute scores were then added to determine each lender's overall star rating. 

Attributes were grouped into categories; each category contributed to lender scores as follows: 

• Borrower cost (22.5%): Origination fee ranges and minimum and maximum APRs measure upfront and overall costs and lender accessibility across credit score groups.
• Flexibility (22.5%): Maximum loan terms, number of loan purposes, minimum and maximum loan amounts, and availability of joint and secured loans measure the range of options for loan size, repayment terms, and loan types.
• Eligibility and availability (22.5%): Minimum income requirements, funding speed, minimum credit score requirements, and state availability measure how easily and how quickly borrowers can access personal loans.
• Reputation (15%): Trustpilot, Better Business Bureau, and J.D. Power ratings measure customer satisfaction.
• Discounts, customer service, and account management (12.5%): Discounts for autopay and direct pay, plus availability of mobile apps and live customer support chat, measure borrower perks and ease of loan management.
• Partner lender data (5%): Data from loans closed by our partners, including average rates, loan amounts, funding time, and eligibility criteria, measure real-world performance and borrower outcomes.

Non-partner lenders were evaluated based on the same criteria but not assigned star ratings. Learn more about how Credible rates lenders by exploring our full personal loans lender rating methodology.

Disclosure: Some lending partners that participate in Credible’s comparison marketplace offer loans to borrowers with scores as low as 550. Borrowers with low scores will have fewer lending options than borrowers with higher credit scores.