Signature Select Loans: Are They Worth It? My In-Depth Review

I’ve been researching personal loans lately, and Signature Select Loans kept popping up in my searches. As someone with average credit who needs to consolidate some high-interest debt, I was intrigued. But are Signature Select Loans right for me?

In this review, I’ll give you an in-depth look at what Signature Select Loans are, their pros and cons, interest rates and fees, eligibility criteria, and whether I ultimately decided to move forward with one. Spoiler alert – I did end up getting approved for a Signature Select Loan, and overall I’m satisfied so far. Keep reading to understand why.

What are Signature Select Loans?

Signature Select Loans are a type of unsecured personal loan offered by Credit One Bank. The “signature” part means they are approved based on your signature and promise to repay, rather than collateral like a house or car.

Signature Select Loans can be used for any purpose – common uses are consolidating debt home improvements medical expenses, major purchases, vacations, and more.

Loan amounts range from $300 – $10000. You can choose loan terms from 12-60 months. Unlike payday loans or title loans Signature Select Loans offer reasonable term lengths so you aren’t stuck in an endless debt cycle.

As an unsecured loan, interest rates are higher than secured options like mortgages or auto loans. But Signature Select aims to offer competitive rates compared to alternatives like credit cards or payday loans.

Signature Select Loan Pros

• Available for borrowers with fair credit (usually 640-679 FICO)
• No collateral required
• Funds deposited as soon as the next business day
• Fixed interest rates and predictable monthly payments
• Online application and automated approval process
• U.S.-based customer service 7 days a week

Signature Select Loan Cons

• Origination fee of 1-5% deducted from loan proceeds
• Late fee of up to $39
• Prepayment penalty of 50% of interest accrued in first 30 days
• High interest rates compared to excellent credit loans
• Max loan amount lower than some lenders ($10,000)

Interest Rates and Fees

Interest rates for Signature Select Loans range from 15.24% – 29.99% APR. The rate you receive depends on factors like your credit history, income, and current debt obligations.

All Signature Select Loans have an origination fee of 1-5% of the loan amount. This fee is deducted from the loan proceeds when funds are disbursed.

For example, if you receive a $5,000 loan with a 5% origination fee, $250 will be deducted so the net loan amount is $4,750.

There is also the potential for a $39 late fee if a payment is more than 15 days late. And prepaying the loan within the first 30 days comes with a hefty 50% penalty on the interest accrued so far.

Eligibility Criteria

To qualify for a Signature Select Loan, here are the main requirements:

• Minimum credit score of 640
• Monthly income of at least $1,200
• U.S. citizen or permanent resident
• At least 18 years old or 19 in Alabama and Nebraska
• Valid Social Security number
• Current government-issued photo ID

Joint applications are allowed to meet income requirements or offset fair credit. Keep in mind all applicants’ credit will be checked.

My Application Process and Experience

After weighing the pros and cons, I decided the reasonable loan amount, fixed interest rate, and predictable payments of a Signature Select Loan outweighed the higher APR and fees compared to excellent credit loans. My credit score is currently 660, so I seemed to meet the eligibility criteria.

Step 1: Pre-Qualification

I started by using Credit One’s pre-qualification tool to get an initial read on potential loan offers. This soft credit check gave me an estimated APR range and loan amount options.

I received offers ranging from $2,000 – $7,500 at APRs of 17.25% – 26.24%. This gave me a ballpark idea of what to expect.

Step 2: Online Application

Next, I submitted the full online application including my personal details, income, employment, and banking info. This initiated a hard credit check.

The application process was simple enough, though I found the employment section a bit clunky when entering 10+ years of history.

Step 3: Loan Offer & Acceptance

Within a few minutes of applying, I was approved for a $5,000 loan at 21.36% APR with a 60 month repayment term.

The origination fee was a whopping 5% – so I had to decide if the $250 deduction was worth it for the lower monthly payments. After thinking it over, I accepted the offer.

Step 4: Funding

I electronically signed the loan documents that evening using Credit One’s portal. The next morning, $4,750 was deposited into my bank account via ACH transfer.

The funding really was fast! Now I’m working on paying off two maxed out cards with the proceeds.

Is a Signature Select Loan Right for You?

While I think my Signature Select Loan will save me money compared to credit card interest, it’s not the right choice for everyone needing a personal loan.

You’ll want to think carefully about your credit score, current interest rates, whether you can get a co-signer, and other financing options. Signature Select Loans are best for borrowers with fair credit who need a reasonable loan amount and predictable payment schedule.