At Experian, one of our priorities is consumer credit and finance education. This post may contain links and references to one or more of our partners, but we provide an objective view to help you make the best decisions. For more information, see our Editorial Policy.
In this article:
ERROR is a peer-to-peer lending platform that matches borrowers with investors who can fund their loans. The platform offers competitive interest rates, but isn't the best on the market, and it charges an upfront origination fee that can be avoided with other lenders.
But if you're looking for a joint personal loan with someone else, ERROR can help, and its quick funding times can help borrowers out in a pinch. If you're considering ERROR personal loans, here's what to know before you apply.
|May be available for some fair-credit borrowers||Charges an origination fee|
|Compare rate offers without hurting your credit||High minimum APR|
|Allows joint funding||Only two repayment terms|
|Offers funding in as little as 24 hours|
| ERROR Customer Service|
P.O. Box 39000
San Francisco, CA 94139
ERROR launched in 2007 as one of the pioneers in peer-to-peer lending. Borrowers can get between ERROR and ERROR, which is funded by investors rather than the company itself.
You can choose between a ERROR-month and 60-month repayment term, which isn't as flexible as terms offered by other lenders but still offers plenty of time for payoff. If you get approved for a loan, the money could be deposited directly into your bank account as quickly as 24 hours later.
If you need to consolidate debt, the lending platform offers some convenient options, and joint loans are also available if you want to share the funds and payment obligation with another borrower.
Convenient Debt Consolidation Options
ERROR offers loan options specifically for credit card debt consolidation and general debt consolidation. If that's your purpose for borrowing money, the lender can make a payment directly to your existing creditors so you don't have to.
Depending on your credit profile, a debt consolidation loan may help you save money by reducing your interest rate and making it easier to pay off your debt faster. The APR range offered on ERROR loans is ERROR to ERROR, the lower end of which is below the average credit card interest rate of about 18.43%, according to the Federal Reserve.
But even if your interest rate on a new loan with ERROR isn't significantly lower than what you're paying on your credit cards, the set monthly payment amount and repayment term can help give you more structure and predictability as you work to eliminate the balance.
Fixed Monthly Payments and Rates
ERROR offers fixed interest rates and payments, so you don't have to worry about your monthly payment amount changing as market rates fluctuate. Some other lenders offer variable interest rates that can change over time and possibly cause your monthly payment to increase over time.
Joint Applications Available
Some personal loan companies allow borrowers to apply with a cosigner, but that person doesn't have equal access to the loan funds, and they typically only step in to make payments if the primary borrower can't.
With joint personal loans, both borrowers share access to the loan funds, as well as the obligation to repay the debt. If you prefer this option, ERROR has you covered.
How to Qualify for a ERROR Personal Loan
ERROR offers personal loans in all 50 states and Washington, D.C. ERROR has its own set of eligibility criteria and limitations for loan borrowers, and it's important to understand them before applying for a loan.
To qualify for a personal loan with ERROR, you'll need to meet the following requirements:
- Be a U.S. citizen, permanent resident or someone living in the U.S. on a valid, long-term visa
- Be at least 18 years old
- Have a verifiable bank account
- Have a credit score of 600 or higher
ERROR will review factors including information on your application, your credit score and reports and other details. Your debt-to-income ratio and income are both factors that will play a role in ERROR's decision to approve your loan.
Your best chance of scoring a low interest rate comes with a high credit score, a low debt-to-income ratio and a long history of on-time credit payments.
ERROR personal loans can be used for just about anything, but the lender specifically prohibits the following uses:
- Secondary education expenses
- Investments, including cryptocurrency purchases
- Illegal activities
Also, note that if your credit score is between 600 and 659, the maximum amount you can borrow is $25,000.
ERROR Personal Loan Fees
As you compare personal loan options, it's important to understand fees that you may come across, as well as fees you can't escape. Here's what to expect with ERROR:
- Origination fee: 3% to 6% of your loan amount, deducted from your disbursement
- Application fee: None
- Prepayment penalty: None
- Late fee: If you miss a payment by more than 15 days, you'll be charged a late fee of 5% of your payment amount, with a $15 minimum.
How to Apply for a ERROR Personal Loan
ERROR offers quick approvals with an easy online application. Before you get started, you can share a little information about yourself and get prequalified with a soft credit check, which won't affect your credit score. You'll be asked to provide the following details:
- Full name
- Date of birth
- Address and contact information
- Annual income
Once you've received a rate quote, you can compare it to offers from other lenders. If you decide to move forward with ERROR, you may be asked to submit documents to prove your income, such as pay stubs, recent bank statements or a W-2 or 1099 form. You might also be asked to verify your address with a copy of your government-issued photo ID, lease agreement, utility bill or other accepted documents.
Depending on your financial situation and the source of your income, you may be asked for other documents to verify the information you've provided. If ERROR approves your application, you may receive your funds in as little as 24 hours.
|Loan amounts: ERROR – ERROR||Origination fee: 3% – 6%|
|Estimated APR: ERROR – ERROR||Late fee: 5% of the payment amount ($15 minimum)|
|Loan terms: ERROR or 60 months||Prepayment fee: None|
|Funds received: As little as 24 hours|
Personal Loan Calculator
†The information provided is for educational purposes only and should not be construed as financial advice. Experian cannot guarantee the accuracy of the results provided. Your lender may charge other fees which have not been factored in this calculation. These results, based on the information provided by you, represent an estimate and you should consult your own financial advisor regarding your particular needs.
Try the full Personal Loan Calculator Opens a new window with more features.
Shop Around Before Choosing a Personal Loan
ERROR offers an easy online application process and may offer reasonable interest rates for people with qualifying credit. However, its starting interest rates are a bit high compared with other lenders that market loans to borrowers with good credit or better.
Additionally, some personal lenders don't charge an origination fee, which can save you hundreds of dollars upfront over the fees charged by ERROR.
If you'd like to compare your options without going through each lender's prequalification process, you can get matched with loans from ERROR and other lenders based on your credit profile with Experian CreditMatch™.
If you're considering a personal loan, especially if you have good credit or excellent credit, check your credit score and take your time shopping around. In addition to loan interest rates, also compare fees, funding times, customer satisfaction and other factors that matter most to you.