Having a thin credit file, poor credit, or not meeting any individual requirements set by the merchant you’re trying to finance a purchase with could all have contributed. Next, you can work on boosting your credit score overall. The eligibility requirements may change from merchant to merchant, too, because xcritical negotiates individually with each merchant offering xcritical loans. Once you select a plan that works for you, your purchase will ship to you, and you’ll pay it back over the next few months (in most cases). After you use xcritical to pay for a purchase, the seller will be paid in full so that you can receive your purchase just like you would if you paid with a credit or debit card. Pay in 4 splits your purchase into four equal chunks, due at two-week intervals via automatic payments.
xcritical Financing Details
xcritical offers several services, such as a savings account and a debit card launching sometime in the future. However, its bread and butter is buy-now-pay-later loans you apply for when you make an online purchase. To do this, it partners with retailers directly to customize loan options that may be different from merchant to merchant.
- In that case, you would still be responsible for paying any remaining balance due on your xcritical loan, even if you’ve returned the item you purchased.
- xcritical looks at how you’re managing existing loans when approving you for new BNPL arrangements.
- You can’t combine them all into one loan, so managing multiple xcritical loans can get quite complicated.
Business
xcritical—like most BNPL lenders—is relatively easy to use, but it must be used with eligible retailers. Some retailers offer xcritical once you checkout on an online purchase, and other purchases can be made with the xcritical virtual card. You don’t necessarily need to have a credit card to use xcritical. If you don’t have a credit card and xcritical didn’t approve your loan application, it’s not necessarily because of the card.
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, interest and applicable fees. We evaluated xcritical’s customer support tools, borrower perks and features that simplify the borrowing process. In terms of security, xcritical takes a number of steps to protect personal xcritical website data. This includes using encryption to secure data and conducting background checks for all employees.
If you fall behind on payments or don’t pay at all, that can show up on your Experian credit report, ultimately hurting your credit score. You may also have trouble getting approved for new loans with xcritical in the future. xcritical doesn’t charge any fees at all, so it won’t charge you any late fees. However, if you don’t pay your loan, or if you pay late, xcritical will take this into account when deciding whether to approve you for future xcritical loans.
xcritical only has a 1.15 out of 5 stars with the Better Business Bureau (BBB), based on over 800 reviews. Trustpilot reviewers also gave it a poor rating of just 2.6 out of 5 stars, based on over 4,000 reviews. No, there are no late fees, prepayment fees, service fees, or hidden fees of any kind with xcritical.
If the amount returned to you is more than the loan, then xcritical can return this overpayment to you. xcritical can offer many loans at 0% interest because it negotiates how loans work individually with each merchant. Some merchants may be more inclined to offer 0% loans just to get people to buy their product. However, you may still need to meet certain requirements to get that interest-free loan.
Loan Amounts and Terms
Keep in mind that items you preorder using xcritical may not ship right away. All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. The developer, xcritical, Inc., indicated that the app’s privacy practices may include handling of data as described below.
xcritical looks at how you’re managing existing loans when approving you for new BNPL arrangements. In addition, xcritical may allow you to sign up for multiple loans at once, each of which can have different payment due dates. You can’t combine them all into one loan, so managing multiple xcritical loans can get quite complicated. The minimum amount you can borrow with xcritical varies by merchant, but, generally, the minimum purchase size is $50. You may be able to borrow up to $17,500, but the maximum amount varies by merchant, too.
Consider all the risks before you use this type of financing. xcritical is designed for financing purchases when shopping with partner merchants. Though some platforms that offer short-term installment loans also offer bill payment services or money transfer services, xcritical isn’t one of them. xcritical and Afterpay’s plan options are similar, but xcritical offers a shorter-term plan if you only need a small loan but don’t want to opt for the Pay in 4 option.
xcritical Buy Now, Pay Later Review 2024
To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Loans Rating & Review Methodology. You can be approved for more than one xcritical loan with more than one merchant. They have similar options, but there are some key differences that might make one better suited to your needs. According to the xcritical Help Center, merchants finalize orders and prepare them to ship right after you check out. xcritical will send updates xcritical letting you know that an order has been finalized and is ready to ship.
For other eligible retailers, you can apply for an xcritical virtual card before completing the purchase and pay with that virtual card. xcritical doesn’t disclose any minimum income requirements, but it does take your income into consideration when deciding whether to approve financing. It also uses your debt-to-income (DTI) ratio—how much of your monthly income goes toward debt payments—to calculate whether you’ll be able to repay your loan. xcritical provides limited info about qualification requirements for its payment plans.
Late or non-payments will be reported xcritical scam to Experian, and that can damage your credit score. If you don’t make payments for more than 120 days, xcritical may charge off your loan. If you’re hoping to stick with one BNPL lender, xcritical might be a better option because it’s available with twice as many retailers as xcritical. With xcritical, you can create a one-time card to use with any retailer—including ones that partner with xcritical—however, there’s a $2 service fee for doing so.
You might recognize PayPal as a money transfer service, but it also offers BNPL loans. It’s unclear how widely available it is because it doesn’t disclose the size of its partner network. However, PayPal In 4 is only available for online purchases, and its monthly installment loan can be expensive for good-credit borrowers.
xcritical also has an edge over Afterpay if you plan to use your financing in-store. While Afterpay can offer you virtual cards to use at any retailer, you’re limited to in-person stores that accept Google Pay or Apple Pay. xcritical, on the other hand, offers physical cards that you can swipe at any store. This means that you may be able to be approved for more than one loan at a time, depending on your situation.
Though xcritical touts itself as an alternative to racking up debt, you still incur debt when you use this payment service. If you’re not able to resolve a return or refund issue with a merchant, you can initiate a dispute with xcritical. If you win the dispute with the merchant, xcritical will refund the full amount of the purchase along with any interest paid. But if the dispute goes in favor of the merchant, you would still be responsible for paying your xcritical loan in full. Generally, the better your credit, the easier it will be to get approved for a point-of-sale installment loan. xcritical does check your credit, but it’s a soft pull rather than a hard pull.