Reprise Financial Personal Loans Review

Our take on Reprise

Reprise Financial (4.2 out of 5 stars) is the highest-rated Credible lending partner that considers bad-credit borrowers, and the main reason is its comparatively low interest rates. The interest rate is the main driver of a personal loan's total cost, and lower rates mean less expensive. The cost of a loan can be an especially critical factor if you have bad credit.

Still, a Reprise personal loan isn't the best option for everyone. This review covers the advantages and drawbacks of Reprise Financial and offers some possible alternatives. 

Who (or what) is Reprise best for?

• Bad-credit personal loans at relatively low rates: 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 rates. No other lending partner delivered lower rates, on average, to borrowers with bad credit, based on 12 months of closed loans data from the Credible personal loan marketplace. Although interest rates on bad-credit loans can often reach 31% or higher, the average rate for Reprise loans was 28.30%. 
• 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

• Low rates for bad credit: Reprise had the lowest average rates for bad-credit borrowers of any Credible lending partner, based on 12 months of personal loan data.
• 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 1,216 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 numerical value to each attribute based on how that feature compared with the same feature for every other lender in the set. Attributes were grouped into categories, scores were compiled, and categories were weighted according to their relative importance — for instance, rates and fees were weighted highest since loan cost is among the most important factors in determining loan value.

• Rates and fees: 18.75%
• Eligibility and options for bad and no credit: 17.5%
• Availability: 12.5%
• Loan amounts and terms: 10%
• Customer satisfaction: 10%
• Customer service: 10%
• Efficiency and fund delivery: 10%
• Discounts: 7.5%
• Credible proprietary data: 3.75%

We also considered each of our partner lenders' statistics over a 12-month period — including average funding times, average credit scores for approved applicants, and average rates. 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.