Ascend Consumer Finance has been operating since 2015 with the main objective of changing the world of personal loans. They specifically focus on individuals with low credit scores who need financial assistance and improve their FIFCO status. Ascend Consumer Finance has a program called RateRewards that incentivizes the settling of debts, depositing savings and limiting the use of credit.
Requirements of the Ascend Consumer Finance RateRewards Program
If you meet the requirements of the RateRewards program then you are eligible for a one-time deduction in the monthly interest repayment. The more consistent you are at paying back the lender the higher is the percentage of discount. Ascend Consumer Finance allows its customers to save up to 50 percent every month on the interest amount if they keep meeting the RateRewards terms. However, because of the rules of the program the customer can only avail the 50 percent discount once. For all other months different amounts of discounts are offered based on their spending history.
How to Apply for the Ascend Consumer Finance RateRewards Program
Ascend Consumer Finance has an online application for the RateRewards program and it also offers quick decisions. If the applicant gets approved then they can receive the loaned amount within 24 hours. The loan spans over 3 years.
The eligibility criterion is as follows:
- Applicant should be at least 18 years old
- Provide verification name, email address, date of birth as well as social security number
- Independent annual income of at least $35k
- Minimum FIFCO score of 580
- 3 months of good credit history with no bankruptcies
- Primary checking account at least 3 months old
Ascend Consumer Finance lends amounts ranging from $2,600 up to $12,500 with a fixed annual percentage rate anywhere between 27 and 36 percent. There is no additional application fee, prepayment fee, origination fee or membership fee. However, Ascend Consumer Finance does charge interest and a late payment fee.
The RateRewards program is currently only available to individuals from the States of Alabama, Missouri, Utah, California, Oregon, Illinois and California.