Xact

An Xact loan is an online installment loan of $1,000 - $5,000 with an APR of 145% - 225% and a repayment period of up to 18 months. Xact also offers funding as soon as the next business day after your application information is verified.

These loans are available in 32 U.S. states. Additionally, the company suggests borrowers use the loans for debt consolidation.

Key Facts About Xact Loans

• Loan amounts: $1,000 - $5,000
• APRs: 145% - 225%
• Repayment periods: up to 18 months
• Origination fee: 0%
• Prepayment fee: 0%
• Funding timeline: As soon as the next business day after the company verifies your information
• Credit score requirement: Not disclosed
• Residency requirement: Live in one of the 32 states where Xact operates (New York, Pennsylvania, Illinois, Georgia and North Carolina are the biggest states excluded)
• Loan use: The company suggests borrowers use the loans for debt consolidation

To learn more, check out reviews and key information about Xact on WalletHub.

Xact does not disclose a specific credit score needed to get a personal loan, unlike many personal loan providers. Most other lenders' credit score requirements for personal loans range between 585 and 700. 

Keep in mind that Xact will look at more than just your credit score when evaluating your application for a personal loan. Xact will consider your entire financial profile, including things like your income, existing debts and recent credit inquiries, when deciding whether to approve you.

If you're unsure of what your current credit score is, you can check it for free on WalletHub.

Yes, Xact personal loans are legit because Xact is registered to do business in the states it services, which is a legal requirement to be a legitimate lender. Another reason why Xact personal loans are legit is that the lender has a Better Business Bureau rating of C+. That isn't great, but it's not a red flag.

Still, you should note that Xact personal loans aren't “legit” if you use that word as a synonym for “good.” Xact personal loans are very expensive, charging an APR of 145% - 225%.

Yes, you can pay off Xact loans early, which is a smart idea because it will save you money on interest. Xact does not charge a prepayment penalty, meaning that you will not be charged extra if you pay off the loan sooner than you're required to.

Example of How Much You Can Save By Paying Off a Xact Personal Loan Early

• Situation: A $1.500 loan with a repayment period of 18 months, an APR of 157.42% and no origination fee.
• Normal Payments: You will spend approximately $2,466.21 on interest.
• Early Pay Off: If you pay off the loan in 12 months, you will save about $908.22 on interest.

To estimate the cost of your Xact personal loan with different repayment schedules, check out WalletHub's free personal loan calculator.