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Simple Path Financial Credit Score Requirements

Simple Path Financial is a lending marketplace that connects borrowers with lenders. The company was founded in 2016 and is headquartered in Irvine, California. Simple Path Financial offers a variety of loan products, including personal loans, business loans, and mortgage loans. The company also offers debt consolidation loans and loans for medical expenses.

It’s a non-bank lender, which means that Simple Path Financial does not have its own lending capital. Instead, the company partners with a network of lenders to provide loans to borrowers. This allows Simple Path Financial to offer a wider range of loan products and interest rates than traditional banks.

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Is Simple Path Financial A Legitimate Company?

 

Yes, Simple Path Financial is legit and a reputable lender with a good track record. The company has a 4.69 out of 5-star rating on Trustpilot, based on over 550 reviews. Simple Path Financial is also a member of the Better Business Bureau, and has an A+ rating. Read the full reviews of simple path financial.

If you are looking for a loan, Simple Path Financial is a good option to consider. The company offers a variety of loan products and interest rates, and has a good reputation. You can apply for a loan online or by phone

Simple Path Financial Credit Score Requirements

 

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Simple Path Financial does not have a minimum credit score requirement, but your credit score will affect the rates you’re offered. According to their website, borrowers with good credit (FICO score of 660 or higher) can typically qualify for interest rates starting at 5.99%.

Borrowers with fair credit (FICO score of 580-659) can typically qualify for interest rates starting at 7.99%. And borrowers with poor credit (FICO score of 579 or lower) can typically qualify for interest rates starting at 10.99%.

It’s important to note that these are just starting rates, and your actual rate may be higher or lower depending on your individual circumstances. Simple Path Financial will also consider other factors when making a lending decision, such as your income, debt-to-income ratio, and employment history.

If you’re not sure what your credit score is, you can get a free copy of your credit report from each of the three major credit bureaus once per year at annualcreditreport.com. This will give you a good idea of where your credit stands and what you can do to improve it.

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Here are some tips for improving your credit score:
  • Pay your bills on time. This is the most important factor in determining your credit score.
  • Keep your credit utilization low. Your credit utilization ratio is the percentage of your available credit that you’re currently using. Aim to keep your utilization below 30%.
  • Get a credit card and use it responsibly. This will help you build a history of on-time payments.
  • Dispute any errors on your credit report. If you see any errors on your credit report, be sure to dispute them immediately.

By following these tips, you can improve your credit score and qualify for a lower interest rate on a personal loan from Simple Path Financial or another lender.

Advantages And Disadvantages Of Simple Path Financial

Here are some of the pros and cons of Simple Path Financial:

Pros:

  • Wide range of loan products
  • Competitive interest rates
  • Non-bank lender, so more options available
  • Good reputation
  • Easy online application

Cons:

  • Not available in all states
  • May require a credit check
  • Not the best option for borrowers with bad credit.

Summary

Overall, Simple Path Financial is a good option for borrowers who are looking for a variety of loan products and competitive interest rates. The company has a good reputation and is easy to work with. However, Simple Path Financial may not be the best option for borrowers with bad credit.