CompareFirst Review

CompareFirst ID Card

Loan type: Unsecured personal loans

Loan amount: From $1,000 to $50,000 

Repayment Terms: 12 to 60 months

Top ProsWorks with a network of heavily vetted and trusted lenders

Top Cons: No educational resources

Best forborrowers who want to compare competitive pre-approved offers from multiple lenders

Vist CompareFirst

CompareFirst at a Glance

CompareFirst was founded in 2016 by a team of US consumer credit industry experts with the goal of expediting the personal loans discovery process. The company developed its platform to remove roadblocks to approval and ensure that customers exhibiting all levels of creditworthiness have a greater chance of accessing the funds they need when they require them most. CompareFirst does not originate loans, but works with a network of heavily vetted and trusted lenders that are eager to work with customers to uncover the right financing solution. The company is supported by Backed Inc., a loan originator that employs a powerful underwriting mechanism to streamline the entire lending process.

Best for Whom?

  • Borrowers who want to compare competitive pre-approved offers from multiple lenders 

Many times, borrowers seeking a personal loan are trying to cover unforeseen costs or emergencies which require fast financing. One of CompareFirst’s biggest advantages is its fast application and matching process.

  • Customers searching for a multi-purpose financing solution

CompareFirst does not place any restrictions related to the use of loans offered by its partners. Customers can easily locate loans to cover family vacations, unexpected costs, medical expenses, and even handle debt consolidation. Customers do not need to specify what their loan is for to receive approval, and once the funds are distributed to their account, borrowers are free to disburse them as they see fit.

Loan Features​

One of main the strengths of CompareFirst’s solution is that it offers a straightforward service. The company grants access to its loan application on the home page and completing the prequalification process only takes a few minutes. To help borrowers understand the usefulness of having an accessible financing resource, the company provides several pages of insightful information outlining personal loans and their advantages. CompareFirst also welcomes borrowers with all kinds of credit, so even customers with credit scores that could use improvement can obtain financing if needed. The company’s network of partners delivers interest rates that are competitive for the industry alongside a strong range of loan term choices. Customers on the hunt for a safe way to find unsecured loans will also benefit from the company’s easy matching system, which provides several viable alternatives without a complicated back-and-forth process.

Highlights for CompareFirst:

  • Straightforward prequalification application is completed in minutes
  • Useful information hosted on the website helps customers learn about loans
  • Completely online system means applications are instant
  • A network of vetted and reliable lending partners
  • No restrictions on loan purposes
  • Competitive APR rates available
  • Flexible range of repayment terms
  • Add a cosigner to lower rates

The Application Process​

Prospective borrowers can begin their application process with CompareFirst directly from the company’s landing page. The process starts with inputting the desired loan amount, along with basic income and credit details. Once complete, the application will request other basic contact details. After the initial form is finished, the company’s matching algorithm will find the best available loan options for each applicant. Borrowers will receive their offers, and once they select their preferred choice, will continue the application process directly with their selected lender. It’s important to keep in mind that CompareFirst is not directly a lender, so any terms and interest rates are finalized with the loan provider underwriting the financing agreement. The company is willing to work with customers exhibiting all levels of credit, so even those borrowers with weaker credit scores can access financing.

Loan Terms​ - Fast, Without Sacrificing Flexibility

Although it does not originate loans, CompareFirst’s network of partners provide a great variety of loan terms and amounts. Borrowers who are searching for quick financing without requiring large sums can choose from loan amounts ranging between $1,000 to $50,000. The exact amounts available may vary from lender to lender and depend on a borrower’s credit score.

CompareFirst’s network offers an array of APRs depending on the requested loan amount and selected repayment term. Applicable APRs start at a competitively low 2.99% and can reach up to 36.00% for individuals with a more checkered credit history. Borrowers can obtain even lower interest rates if they add a cosigner to their loans.

The company’s partners work with customers with all levels of credit, and their flexible loan amounts and interest rates mean individuals can always gain access to needed funding no matter their credit background.

Repayment Terms

Borrowers pursuing a more flexible repayment schedule will appreciate the range of terms available from CompareFirst’s partner network. Personal loans tend to be issued over shorter timeframes, but the company offers some longer-term options as well to suit borrowers that need extra time or want to lower monthly payments. Prospective customers can select from personal loan durations that start from 12 months and go as high as 60 months. It’s important to keep in mind that terms can be lower or higher depending on specific lenders, and repayment periods listed on CompareFirst’s website are representative. Approved borrowers will always determine the final repayment terms with the lender they have selected during the matching process.

How Safe is It?

One of the biggest advantages CompareFirst delivers to users is security and privacy. The company does not add its customers to any calling lists and takes great steps to protect their identities. Furthermore, CompareFirst does not share user information with any unauthorized third parties, although it does give data to service providers and partners to improve operations. The company’s privacy policy is transparent, clearly delineating how and why it collects user information. To round out its focus on data security, CompareFirst uses industry-standard encryption protocols when transmitting and storing user information.

Help & Support

Customers that have inquiries or comments can direct their correspondence to CompareFirst’s company email address. We would have liked to see more channels of communication available, but the service offered via email was well received. Wait times for responses were generally 1 business day, and the company representatives were readily able to answer our questions effectively. Questions regarding specific loan terms should be addressed directly with customers’ chosen lenders, as CompareFirst is not involved with setting the final terms of loan agreements.

Deep Dive into Pros and Cons

ProsCons
Easy prequalification applicationSupport only available only via email
Flexible range of repayment termsOnly include representative rates and terms
Competitive interest ratesInformation is hard to find on the company’s site
Funds available as quick as next day 

 

CompareFirst offers a strong service, but there are areas where it can improve its matching solution:

  • The company could expand its support channels to be more accessible for prospective customers
  • Rates and terms listed on the company’s site are hard to find, and only representative of what may be available
  • There is no FAQ or similar section on the website which covers common subjects encompassing the borrowing process

Even with some minor shortcomings, CompareFirst stands out thanks to several aspects of its offerings:

  • The company’s partners offer a flexible range of repayment terms and loan amounts
  • Borrowers can receive funds as quickly as next day
  • Available interest rates are competitive for the industry and cosigners can reduce rates further
  • The company’s streamlined prequalification application only takes a few minutes to fill in

Summary

When it comes to fast and straightforward personal loans, CompareFirst stands out favorably amongst its competition. The company avoids the bells and whistles and focuses on providing an effective way for customers to gain access to the financing they need when they need it. Thanks to a simple prequalification application and an extensive network of qualified and capable lenders, the company provides customers with a rapid turnaround time for a flexible range of loan alternatives. Overall, CompareFirst represents an excellent choice for customers who require a fast cash infusion regardless of their credit score.

Physical Address

106 West 32nd Street, suite 111

New York, NY 10001

Visit CompareFirst

 

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