Xact Loan Review

Xact Loan Review

A direct lender offering online installment loans up to $5,000. Find out if Xact Loan is right for you in this review.

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This online lender offers larger installment loans that help customers build credit, however, you’ll need to watch out for high fees.

  • Best for: People who want to consolidate debt and need to build their credit at the same time.
  • What to watch out for: Watch out for high APRs that can add hundreds or thousands to the original loan amount.
Table of Contents
    • No minimum credit score
    • Loans up to $5,000 with bad credit
    • Funding in 1 business day
    • APRs up to 225%
    • Maximum repayment term is 18 months
    • Not available in all states

    Xact Loan features

    The standout features of Xact Loan include:

    • Loan amount – $1,000 to $5,000
    • Loan term – Varies depending on the loan amount, but up to 18 months
    • APR – 145% to 225%
    • Fees – $0 origination and prepayment fee. 
    • Available in the following states: Alabama, Alaska, Arkansas, Arizona, California, Delaware, Florida, Hawaii, Idaho, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming.

    Product details

    • Credit score range for approval – No minimum credit score
    • Turnaround time – As soon as the next business day
    • Requirements – An active checking account that is at least 30 days old, a working and verifiable telephone number, be able to verify gross income, income after tax, and pay frequency using a pay stub or bank statement. Be at least 18 years old in one of the operating states. 
    • Income and job status’ accepted – Accepts full time and part time W2 jobs and gig work, but you have to be able to verify your income. They will approve people with past bankruptcies if they don’t have an ongoing case. 
    • Loan security – Unsecured installment loans 
    • Fees – Late payment and returned payment fees; no application, origination, or prepayment fees.

    What are the benefits of Xact Loan?

    Xact Loans is a company that looks very appealing to a broad range of applicants. The biggest benefits include:

    • Loans up to $5,000
    • Funding in one business day
    • No minimum credit score
    • Allows refinancing

    What to watch out for

    Unfortunately, there are a few big things you have to watch out for when you consider this lender, and they include: 

    • APRs from 145% to 225%
    • Not available in every state
    • Maximum repayment term is 18 months
    • Hard credit check required

    Is Xact Loan legit? 

    Yes, Xact Loan is a legit online lender. However, this company isn’t accredited by the Better Business Bureau, and it currently has a 1.11/5 star ranking. There have been 24 complaints in the last 12 months, and the majority of these complaints talk about how most of the payments go toward the interest instead of the actual principal balance:

    Redditors also talked about how high the interest rates on these loans are, with one Redditor saying they took out an Xact installment loan for $1,000 with a 214.07 % interest rate and biweekly payments of $89.12. While this isn’t objectively terrible, they’re still paying over $2,000 in interest on top of the principal balance if they don’t pay it off early. 

    Am I eligible?

    Xact Loans makes it relatively easy to obtain one of their installment loans, and you’ll need the following to be eligible: 

    • An active checking account in good standing
      • Must accept direct deposits 
      • Must be a minimum of 30 days old
    • A verifiable, working telephone number
    • Be at least 18  years old
    • Live in one of the accepted states
    • Can’t have an ongoing bankruptcy case

    How do I apply for a loan with Xact Loans?

    At the time of writing this, the only way to apply for an Xact Loan is to do so online using their portal. To do so, you’ll: 

    1. Go to Xact Loan and click Apply Now
    2. Fill in your:
      1. First name
      2. Last name
      3. Email 
      4. State
      5. Click Save and Continue
    3. Create and account at the prompt
    4. Personal Details
      1. Home address with city, state, and zip
      2. Time at current residence in years and months
      3. Phone type 
      4. Phone number
      5. ID type, ID number, state, and expiration date
      6. Social security number
      7. Birthday
      8. Click Save and Continue
    5. Select Your loan amount and terms
    6. Accept the loan terms
    7. Click Save and Continue
      1. You’ll get an acceptance or rejection
        1. If accepted, read and agree to the terms, add your banking information, and allow them to process the request

    What documents do I need to apply?

    Before you apply, it can be helpful to gather everything you need to streamline the application process, including: 

    • Driver’s license or government-issued ID or passport to prove your address/identity/age
    • Be able to prove income
      • Provide check stubs or bank statements
        • Need to prove your gross income, net income, and pay frequency
    • Account and routing number for your checking account

    What are other loans like Xact Loans? 

    If you’re having trouble getting approved with Xact Loan, there are other options available for people with bad or no credit:

    • Money Key – This is a solid choice for people with bad credit who need a loan up to $2,000, and they offer three funding options. 
    • 5K Funds – 5K Funds is a secure online marketplace that connects applicants to a host of lenders to help them secure the best rate. 
    • Creditninja -This lender offers installment and payday-style loans up to $5,000 with fast funding for people with credit scores 500 and up.

    Bottom line

    Xact Loan offers a handy option for those needing quick cash, even without perfect credit. They can lend up to $5,000, usually within a day. However, the interest rates are steep, going up to 225%, so it’s important to think over the costs. It’s widely available and could be a good choice if the terms are clear to you.


    Even though this is a legit lender, it operates a bit differently than a lot of online lenders, and this leads to questions, including:

    How often do you pay the loan back?

    Loan repayments are based on your pay schedule, and Xact Loan offers monthly and biweekly payment options.

    Can you refinance your loan?

    Yes, you can refinance your original loan to get more money or to get more time to pay if you’re having trouble paying your current loan.

    How does Xact Loan protect customer information?

    Each account gets secured by multi-factor authentication (Pocket360) where you have to enter a specific code when logging in to ensure it’s you. 

    What ways are available to repay the loan?

    You can enroll your account in Autopay where they pull the payment from your checking account. Other options include debit card, cashier’s check, money order, or MoneyGram. 

    Transform Credit

    Loans: $1,000 - $5,000

    APR: 145% - 225%

    Credit score: No minimum credit score 

    Application simplicity
    User experience
    Customer Service
    3.0 Overall Rating

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    Xact Loan Review