Xact Loan Review: Is It Legit?

Xact Loan Review: Is It Legit? 1

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Navigating the world of personal loans can be a daunting task. With a multitude of lenders available, it’s crucial to find a reliable and transparent service that aligns with your financial needs. This is where Xact Loan enters the picture as a lending platform aimed at providing personalized loan solutions. In this comprehensive review, we’ll take a close look at Xact Loan, exploring its services, the pros and cons, user reviews, costs, and much more to help you determine if it’s the right choice for your financial requirements.


Xact Loan prides itself on offering online-only installment and debt consolidation loans with the promise of larger loan amounts, extended terms, and a straightforward application process. Whether it’s for debt consolidation, emergency expenses, or other personal financial goals, Xact Loan positions itself as a swift and secure option for obtaining funds. With a commitment to responsible lending and customer satisfaction, they present an intriguing option for borrowers. Join us as we delve into the details and dissect every aspect of Xact Loan’s offerings.

Overview of Xact Loan Services

Xact Loan

Xact Loan provides financial services that cater to consumers looking for personal installment loans. Their platform presents a streamlined approach for accessing funds online, tapping into a market of borrowers who appreciate quick service and digital convenience. Below we outline the services and the steps involved in the loan application process that distinguishes Xact Loan from other lending institutions.

Key Features of Xact Loan:

  • Loan amounts up to $5,000, catering to a variety of financial needs.
  • The repayment term offered is an 18-month installment plan.
  • A feature that sets Xact Loan apart is the access to a free credit score for borrowers, allowing them to monitor their financial health while repaying the loan.

Loan Application Steps:

  1. Start with an Online Application: Potential borrowers begin by completing a straightforward application form online, providing necessary personal and financial details.
  2. Quick Decision Making: Using proprietary assessment algorithms, Xact Loan provides applicants with a quick decision on their loan approval status.
  3. eSignature and Finalization: Upon approval, borrowers are required to eSign the loan agreement, signaling their acceptance of the loan terms.
  4. Receiving the Funds: Once the loan agreement is finalized, the funds are transferred to the borrower’s account, often as soon as the next business day.

This clear-cut process is designed for efficiency and user-friendliness, cutting down the waiting times typically associated with traditional bank loans. Furthermore, Xact Loan’s partnership with Capital Community Bank (CCBank) ensures that consumers are dealing with a reputable lender subject to regulatory oversight.

Commitment to Security: Xact Loan puts a strong emphasis on security and privacy. They employ best-in-class identity authentication solutions to protect borrowers’ personal and financial data, enhancing trust and peace of mind for their clients.

Support and Resources: Xact Loan doesn’t just provide loans; they offer a suite of support options and resources. Their customer service is operational on weekdays from 8 AM to 8 PM ET, although they are closed on weekends. For any inquiries or support requests, customers can reach out via their dedicated phone service or through the mailing address provided on the Xact Loan website.

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By offering a mix of convenience, security, and rapid service, Xact Loan’s products and services are tailored to meet the immediate financial needs of a diverse set of customers. The commitment to a transparent lending process and the support provided throughout the loan term are significant advantages that Xact Loan promotes.

The Pros and Cons of Xact Loan

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When considering a financial service like Xact Loan, it’s important to weigh the advantages and disadvantages to make an informed decision. Through user experiences and industry research, we’ve identified several key pros and cons associated with Xact Loan’s services.

Pros of Xact Loan:

  • Rapid Funding: Funds can be deposited as soon as the next business day, which is ideal for urgent financial needs.
  • Accessible Credit Scores: Borrowers have free access to their credit scores, aiding in personal financial management and helping them stay informed.
  • Digital Convenience: The entire process, from application to funding, can be completed online without the need to visit a physical branch.
  • Responsible Lending: Xact Loan’s partnership with CCBank, an FDIC member bank, ensures adherence to responsible lending practices.
  • Security Measures: A focus on data security helps protect personal and financial information, using advanced identity authentication technologies.

Cons of Xact Loan:

  • High APRs: The Annual Percentage Rates (APR) for Xact Loans range from 145% to a steep maximum of 225%, which is significantly higher than traditional personal loan rates.
  • Limited Availability: The loans might not be available in all states, restricting access to potential borrowers based on geographic location.
  • Weekend Service Gap: Customer service is closed on weekends, possibly delaying support for issues that arise during that time.
  • Cost Considerations: With no prepayment fees but high-interest rates, borrowers must carefully assess the total cost of the loan.

Customer Feedback Points:

  • Some customers expressed satisfaction with the quick application process and the ease of receiving funds.
  • A few users highlighted concerns over the long-term cost implications due to high-interest rates applied by Xact Loan.

Deciding to take up an installment loan with Xact Loan requires careful analysis of these factors. The advantages of instant access and user-friendly services might outweigh the relatively higher costs for some borrowers. However, for those sensitive to interest rates and overall loan affordability, the cons may prompt the exploration of other lending options.

One key aspect to consider is the alignment of the loan with your financial strategy and long-term affordability. For example, if consolidating higher-interest debt is the goal, the structure of a Xact Loan might prove beneficial despite its higher APRs. On the contrary, for consumers who can access lower-cost alternatives, the convenience factor might not justify the expense.

User Reviews and Ratings of Xact Loan

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Evaluating client feedback can provide us with real-world insights into the performance of a service like Xact Loan. Analyzing customer reviews across different platforms, such as the Better Business Bureau (BBB), Trustpilot, and WalletHub, helps paint a comprehensive picture of customers’ experiences, both positive and sometimes less so.

Overview of User Reviews:

  • Better Business Bureau (BBB): Although not accredited by the BBB, Xact Loan has received a mixed set of reviews on the platform. Some customers commend the company for its swift service and user-friendly interface, while others have reported concerns related to billing and collection issues.
  • Trustpilot: Trustpilot reviews illustrate a more favorable view of Xact Loan, with many customers appreciating the simplicity of the loan application process and the speed at which they received funds. Additionally, numerous clients expressed satisfaction with Xact Loan’s customer service responsiveness.
  • WalletHub: On WalletHub, users have noted that Xact Loan is legitimate and praised the fact that the company is registered to do business in the states it services, a legal requirement that instills a level of trust.

Common Praise from Reviews:

  • Rapid approval and funding process.
  • Transparent and easy application.
  • Helpful and polite customer service staff.

Shared Criticisms:

  • High APR rates leading to expensive loans.
  • Limited flexibility in terms of payment due dates.
  • Some reported difficulty in understanding the full terms because of complex language.

Analysis of Customer Satisfaction:

Positive reviews often highlight how Xact Loan stands out in terms of speed and simplicity. Clients in urgent need of funds who receive them promptly tend to leave more favorable reviews. The provision of credit score access also receives particular praise, as it aids customers in financial management.

Conversely, negative reviews commonly center around the costs associated with the loans. High APRs can lead to substantial repayments over the loan term, resulting in dissatisfaction among some customers. Complaints about billing and customer service emerge periodically, though these seem to be less frequent and often resolved by Xact Loan’s support team.


While user reviews lean towards the positive side, reflecting well on Xact Loan’s promise of quick and straightforward lending, potential borrowers must be aware of the high-interest rates, which are a repeating theme in the criticisms. It’s advisable for customers to ensure they fully understand the loan terms, particularly the financial impact over the entire repayment period, before committing to a loan.

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Costs and Interest Rates Associated with Xact Loan

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Understanding the costs and interest rates of a loan is essential for any potential borrower, and Xact Loan is no exception. The financial commitments associated with an Xact Loan are driven by its APR and fee structure, which can significantly impact the overall cost of borrowing. Here, we break down these elements to help readers gauge the affordability of an Xact Loan.

APR Range:

  • Annual Percentage Rates (APR) for Xact Loans can span from 145% to 225% based on credit qualifications and loan amounts.
  • The maximum APR caps at 225%, positioning Xact Loan at the higher end of the market compared to traditional personal loans.

Understanding the True Cost:

  • High APRs can translate into substantial interest accrued over the life of the loan. For instance, a $1,000 loan at an APR of 225% with a term of 18 months can lead to total payments that are significantly higher than the original principal.

Fee Structure:

  • Xact Loan markets itself on transparent fee practices, with no application, origination, or pre-payment fees.
  • However, it’s important to be aware of potential late payment and returned payment fees that may increase the cost if you’re unable to meet the payment schedule.

Example Scenarios:

  • Scenario 1: Good Credit Borrower
    • Loan Amount: $3,000
    • APR: 145%
    • Loan Term: 18 months
    • Total Interest Paid: [Calculated based on terms]
  • Scenario 2: Average Credit Borrower
    • Loan Amount: $3,000
    • APR: 185%
    • Loan Term: 18 months
    • Total Interest Paid: [Calculated based on terms]
  • Scenario 3: Lower Credit Borrower
    • Loan Amount: $3,000
    • APR: 225%
    • Loan Term: 18 months
    • Total Interest Paid: [Calculated based on terms]

These examples illustrate how APR directly affects the total repayment amount. The higher the APR, the more a borrower will pay over the term of the loan, which can almost double or triple the initial borrowed amount in some cases.


  • Possible Savings: Borrowers can save on interest costs by paying off their loan early, as Xact Loan does not charge pre-payment penalties.
  • Overall Affordability: The interest rates dictate that Xact Loan may be best utilized for short-term financial needs where other credit options with lower APRs are not available.

Conclusion: Potential borrowers should conduct a thorough analysis of their financial situation before taking on a high-APR loan like Xact Loan. Although no up-front fees are an appealing feature, the compound interest over time could place a significant strain on one’s budget, potentially outweighing the immediate benefits of quick cash access.

Xact Loan Availability and Restrictions

Xact Loan’s geographic reach and specific loan parameters set the stage for who can benefit from their services. As with many lenders, availability and credit requirements can limit the borrower pool. In this section, we’ll consider the accessibility of Xact Loan’s offerings and any constraints they may have.

Loan Accessibility:

  • Xact Loans are available to consumers in several—but not all—states across the U.S. Potential borrowers need to verify whether their state of residence is serviced by checking the Xact Loan website or contacting customer support.
  • The reach of Xact Loan’s services may expand or contract over time as regulations and business strategies change. It’s therefore advisable for consumers to keep abreast of such updates.

Credit Requirements and Restrictions:

  • While the company doesn’t publicly disclose specific credit score requirements, such scores can significantly influence the APR offered to a borrower.
  • Unlike payday loans, which typically require proof of a job or steady income, Xact Loan might assess applicants’ entire financial picture, including credit history, when considering loan eligibility.

Other Considerations:

  • Xact Loan has a maximum loan amount of $5,000, which may restrict consumers looking for higher loan amounts tied to more significant expenses, like home improvements or major debt consolidation.
  • The online nature of Xact Loan’s services necessitates that applicants have a certain level of digital literacy and access to an internet connection.

Points to Ponder:

  • Before applying, consumers should evaluate whether an Xact Loan suits their financial situation, specifically in terms of loan amounts and potential APRs.
  • Applicants need to be realistic about their repayment ability, especially since failing to keep up with high-interest loans can lead to tougher debt cycles.

Conclusion: Xact Loan provides a lifeline for those needing quick access to funds, especially if traditional lending avenues are not an option. However, the limitations in terms of state availability and loan caps should be weighed against individual needs. It’s of paramount importance that potential borrowers consider the long-term impact of a high-interest loan within the context of their personal financial strategy.

Customer Support and Additional Services

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Customer support and additional services can significantly influence the overall experience with a financial institution. Xact Loan focuses on delivering not just loan products but also a support system that guides customers throughout the loan process and beyond. Let’s explore the commitment Xact Loan makes toward customer service and the ancillary resources they offer.

Customer Support:

  • Availability: Xact Loan’s customer support team is available to assist borrowers weekdays from 8 AM to 8 PM ET. However, they’re not available on weekends which might pose a challenge for some users.
  • Contact Channels: Customers can reach out for help via phone or email, with the added convenience of managing their accounts online through the Xact Loan account portal.

Additional Resources:

  • Credit Score Checking: As part of their services, Xact Loan provides borrowers with the capability to check their credit score for free, empowering them to understand and improve their financial status.
  • Financial Education: Through their platform, Xact Loan offers guidance and tips to help users make more informed financial decisions, contributing to a better understanding of personal finance.

Focused on User Experience:

  • Xact Loan’s website and user platform design emphasize ease of use and accessibility, ensuring even those with limited tech experience can navigate the loan process efficiently.

Aftercare and Ongoing Service:

  • Once a loan is issued, the support doesn’t stop. Customers have access to the portal for regular account management and can reach out to the support team with any follow-up concerns or questions.

While reviews suggest that customer support is generally helpful and responsive, the lack of weekend support is an area where Xact Loan could improve. However, the inclusion of resources like credit score access and financial tips demonstrates a commitment to supporting customers’ overall financial health, not just their immediate loan needs.

Final Thoughts: Xact Loan appears to prioritize a comprehensive service experience, bolstering their lending solutions with strong customer support and additional value-added services. This holistic approach to financial services underscores their role not just as a lender but as a financial partner.


Xact Loan presents a contemporary solution for those seeking online personal loans with a blend of speed, simplicity, and supportive customer care. As this review highlights, Xact Loan offers a range of services tailored to meet the immediate financial needs of various consumers through its online platform, with an emphasis on security and transparency.

Despite these benefits, the high APR range underscores the need for potential borrowers to consider the full implications of such a financial commitment. While some users praise the rapid funding process and the provision of additional resources like free credit score access, others caution against the long-term cost burden due to steep interest rates.

For those in immediate need of funds, willing to navigate the digital realm of financial services, and understanding of the cost structure, Xact Loan may prove to be a viable option. Remembering that such loans should ideally be a short-term financial solution rather than a long-term strategy is paramount. Xact Loan’s commitment to customer service and additional financial education resources extend their offering beyond mere lending, positioning them as a potential partner in the broader journey of personal financial management.

In conclusion, Xact Loan’s suitability will vary depending on an individual’s financial circumstances, requirements, and understanding of the loan agreement’s conditions. Therefore, prospective clients are encouraged to perform due diligence, compare alternative options, and reflect on their financial resilience before proceeding with an Xact Loan or any personal loan product.


What factors should I consider when choosing a personal installment loan?

Consider the interest rate, repayment terms, fees, required credit score, and flexibility of payments. Also, review lender reputation and customer feedback.

How can I determine if an installment loan is affordable for me?

Create a budget including your current income and expenses. Compare the potential loan’s monthly payment with your available surplus income to assess affordability.

What is the impact of loan APR on the total cost of a personal loan?

The higher the APR, the more interest you will pay over the loan term, increasing the total cost. It is important to understand the APR to evaluate the loan’s affordability.

Can early repayment of a personal loan save money?

Yes, early repayment can save on interest accrual, especially with high-APR loans. However, confirm that the lender does not impose prepayment penalties.

What should I do if I encounter issues with my loan repayment?

Contact your lender’s customer service immediately to discuss potential solutions like a revised payment plan. Prompt action can prevent the problem from escalating.

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