CompareFirst Review

ByJonathan MillerFeb. 11, 2019

In a Nutshell

CompareFirst offers straightforward personal loans that focus on providing an effective way for customers to get the cash they need. With a simple prequalification process and an extensive network of lenders, it provides a rapid turnaround time for a flexible range of loan alternatives.

pros

  • Easy prequalification application
  • Flexible range of repayment terms

cons

  • Support only available only via email
  • Only include representative rates and terms

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CompareFirst at a Glance

Loan typeUnsecured personal loans
Loan amountFrom $1,000 to $50,000
Repayment terms12-60 months
APR2.99% - 35.99%
Best forComparing pre-approved offers from multiple lenders

Overview

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?

One of CompareFirst’s biggest advantages is its fast application and matching process, which is great if you want to compare competitive pre-approved offers from multiple lenders. It’s also great if you are searching for a multi-purpose financing solution. CompareFirst doesn’t place any restrictions related to the use of loans offered by its partners and you can use the money to cover family vacations, unexpected costs, medical expenses, and even handle debt consolidation. 

Loan Features

One of main the strengths of CompareFirst is that it offers a straightforward service and completing the prequalification process only takes a few minutes. 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 network of partners delivers interest rates that are competitive for the industry alongside a strong range of loan term choices. If you are looking for a safe way to find an unsecured loan you will also benefit from the 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

You can start your application process directly from CompareFirst’s website. 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, a matching algorithm finds the best available loan options for each applicant. Once you select your preferred choice, you continue the application process directly with your 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

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 35.99% 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 time frames, 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 terms that start at 12 months, all the way up to 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.

Privacy & Security

One of the biggest advantages CompareFirst delivers to users is security and privacy and it 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

If you have any inquiries or comments you can contact CompareFirst via email. Wait times for responses are generally 1 business day, and the company representatives are readily able to answer 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.

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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

CompareFirst