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Reprise Financial Reviews in 2024 – Complaints, Pros & Cons

Looking for a personal loan? Reprise Financial may be the right solution.
Looking for a personal loan? Reprise Financial may be the right solution.

Based in Texas and founded in 2021, Reprise Financial continues to receive a fair amount of attention for their personal loan options that help borrowers in a variety of financial situations. Their personal loans help borrowers consolidate high interest debt, cover emergency expenses, start new businesses, and much more.

Their loan programs fund borrowers in as little as one day, offering a nearly instant source of capital to solve a variety of financial needs. But Reprise Financial personal loans aren’t meant for everyone, and in fact not all borrowers will qualify. Their loans also come with high APRs and origination fees that may make you want to look elsewhere for a personal loan.

Are you interested in learning more about Reprise Financial and their personal loan programs? This article discusses Reprise Financial, its pros and cons, and online Reprise Financial reviews so you’ll receive an accurate assessment of this innovative personal loan company before getting started.

Understanding Personal Loans

What is a personal loan and why do you need one?
What is a personal loan and why do you need one?

Just like car loans, student loans, and mortgages, a personal loan is issued by a lender or institution on a fixed repayment schedule. The borrower receives funding from a personal loan and can use the money for a variety of different purposes. 

However, unlike car loans and mortgages, a personal loan is an unsecured loan and has no physical collateral backing it. Borrowers must also submit an application and consent to a credit check for the lender to verify their credit score before approval. Lenders may also consider a borrower’s employment history, income, and other financial factors. 

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What is Reprise Financial?

Let's talk about Reprise Financial reviews and why you should consider working with Reprise.

Some national lenders offer a variety of loan programs for various purposes under the same umbrella. Reprise Financial, however, specializes in personal loans ranging from $2,500 to $25,000 for qualified borrowers. 

Their motto is “Simple. Reliable. Reprise,” which emphasizes their simplified approach to issuing personal loans and the ease for borrowers to get started. They’ll provide you with a loan offer in seconds when applying online and offer flexible options to meet the needs of anyone seeking a personal loan. 

Although Reprise Financial started in 2021, they’ve already made a big impact in the personal loan industry. Over $1.5 billion in loans have been funded since their inception and Reprise continues to grow at an incredible pace with operations in all 50 states in the US. 

» MORE: Get Started with Reprise Financial

Advantages of Reprise Financial

Here's what we love about Reprise Financial's personal loan services.
Here’s what we love about Reprise Financial’s personal loan services.

Reprise Financial is a popular personal loan company for a number of reasons, including:

  • Easy Application Process: Reprise Financial has an extremely easy application process for your next personal loan. Simply log on to the Reprise Financial website, fill out your information, and get a decision on your personal loan approval in as little as one day. Reprise Financial funds your loan immediately upon approval so you won’t need to wait long for your personal loan to arrive. 
  • Consolidate High Interest Debt: Using a personal loan to consolidate high interest debt can be a smart decision for many borrowers. You’ll assume a simplified payment schedule and often receive a lower interest rate compared to credit cards and other high interest debt. Using a personal loan to consolidate debt may also help raise your credit score over time and allow you to apply for additional credit down the line.
  • No Prepayment Penalties: A prepayment penalty is an additional fee incurred by the borrower for paying their personal loan off early. With Reprise Financial, you won’t have to worry about prepayment penalties and can pay your loan off early if you’re able to do so. You’ll also have the ability to save on interest over the life of your loan by paying off the balance ahead of schedule.
  • Ideal for Borrowers with Fair Credit: Some personal loan companies require borrowers to have excellent credit and income qualifications to receive approval for their loans. On the flip side, Reprise Financial considers applicants with fair credit and makes it possible for average borrowers to receive a personal loan and help improve their financial situation.

Disadvantages of Reprise Financial

Reprise Financial reviews show there are several disadvantages to keep in mind before getting started.

While there are plenty of benefits to using Reprise Financial for a personal loan, there are some downsides and additional considerations to take into account before applying:

  • High APR: The Annual Percentage Rate (APR) is the total cost of borrowing over the course of an entire calendar year. Depending on your credit score and income qualifications, a personal loan with Reprise Financial may come with a high APR that results in higher interest costs and a longer debt repayment period. 
  • Origination Fees: While many lenders charge origination fees on personal loans, Reprise Financial charges up to 6% of the full loan amount as the fee for issuing the loan. This fee is either paid upfront or subtracted from your loan amount and can worsen your financial situation if not accounted for. We recommend shopping around with other lenders to compare their origination fees and potentially find a better deal.
  • Hard Credit Pull for Approval: Some lenders allow applicants to apply online with a soft credit pull before approval. This gives applicants peace of mind knowing that their credit score will not be affected if they fail to receive approval for the loan. Reprise Financial, however, doesn’t offer a pre-approval decision without a hard credit pull which temporarily decreases your credit score. 
  • No Ability to Co-Sign: A co-signer is someone often personally close to a borrower who agrees to assume responsibility for the loan if it’s not paid back according to the repayment agreement. Co-signers make it possible for borrowers who don’t have the necessary credit score to receive the personal loan, but with Reprise Financial, you won’t have the option to use one.

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Reprise Financial Reviews

Here's what real customers have to say about Reprise Financial.
Here’s what real customers have to say about Reprise Financial.

Reprise Financial reviews across online platforms show that customers are happy with the service and reliability of the company. Here is a breakdown of Reprise Financial reviews as of 2024:

  • Trustpilot: 4.6/5 out of 7,702 reviews
  • Google Reviews: 4.2/5 out of 1,667 reviews
  • Better Business Bureau: 3.73/5 out of 235 reviews
  • Investopedia: 3.9/5 out of 70 lender reviews

As you can see, Reprise Financial’s reviews are generally positive and highlight their helpful customer service and ease of the application process. Some borrowers also attested to the quick funding process and that they kept their promises when it comes to dispersing the funds of the personal loan. 

On the flip side, some customers claim they were told through the website they were approved for their personal loan only to receive an additional message several days later indicating they were declined. Additionally, customers complained that their credit score took a significant hit after being declined for a personal loan from Reprise Financial.

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Reprise Financial Cost & Fees

What is the true cost of a personal loan with Reprise Financial?
What is the true cost of a personal loan with Reprise Financial?

Just like all personal loan companies, there’s a cost to doing business with Reprise Financial. We strongly encourage all borrowers to engage with other lenders to find the best deal for their situation since Reprise may not always offer the best terms.

Here’s a breakdown of the costs and fees associated with Reprise Financial’s personal loans. 

APRs Starting at 9.99%

Reprise Financial’s personal loans start with an Annual Percentage Rate (APR) as low as 9.99%. This rate is favorable when compared to the typical range for personal loan interest rates falling between 9% and 35%. 

With starting rates on the lower end of the spectrum, Reprise Financial provides borrowers with an opportunity to access affordable financing, but borrowers with fair credit may receive APRs up to 36%.

Origination Fees

Like we mentioned, Reprise Financial charges borrowers an origination fee up to 6% of the loan amount. For example, a 6% origination fee on a $20,000 personal loan means borrowers must pay an additional $1,200 to the lender or have the fee subtracted from the loan amount. 

Borrowers requiring an exact amount of money with their personal loan must consider the origination fee before working with Reprise Financial or other personal loan companies. 

Income Requirements

Although it’s not a cost that comes with the personal loan, potential borrowers should understand that they must have a yearly income of at least $40,000 to qualify for a loan with Reprise Financial.

Additionally, Reprise does not accept self-employment income as a primary source of income, which means sole proprietorships, LLCs, and other business owners may need to work with Reprise Financial for approval if their income is solely from self-employment. 

Final Thoughts

Reprise Financial is an innovative company that’s taken a different approach to personal loans. Their streamlined online application process makes it easy for borrowers with fair or good credit to receive a personal loan for a variety of purposes.

However, it’s important to consider the fact that Reprise Financial may not always offer the best terms. APRs can reach as high as 36% and drastically increase the cost of the loan, while a hard credit pull before approval and the inability to use a co-signer may cause some borrowers to look elsewhere for their personal loan.

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