Daric is a lender that offers personal loans and business loans. The rates, fees and terms compare well with other P2P lenders like Pave and Prosper. However, support is not available over the phone or through live chat, and we never received a response to our emails. So despite offering reasonable figures, we have reservations recommending this company as a P2P loan provider.
If you consider using this company for a loan, know that its credit and debt-to-income requirements fall in line with other lenders. We could not verify if the company offers a soft credit pull to determine initial eligibility, though a soft pull is normal for this type of loan. If you qualify, your application is posted on the platform, where it stays active for two weeks while investors review and decide to fund your loan. If after 14 days your loan is not fully funded, you may choose to accept or decline the raised amount if it is at least 60 percent of your target amount. We could not confirm how many days after acceptance it takes to process your loan.
This P2P lender's fees are typical for the industry. Our reviewers scored each P2P lender’s fees from 1 to 100 and Daric received an 80, which is roughly average. Some of the fees we considered are loan origination fees, late fees, unsuccessful payment fees and check processing fees. Like all P2P lenders, there is no prepayment penalty. It’s important to note that the fees depend on your particular loan.
As mentioned above, we were never able to get ahold of customer service, which is discouraging. The website answers many basic questions, so you may not need to contact customer service before applying. But we cannot guarantee you will have any easier time contacting customer service after applying, given that there is no telephone support and email support is unreliable. As far as we can determine, Daric does not offer any dedicated advisors for its borrowers.
On paper, Daric looks to be a viable choice, with amounts, rates, fees and terms all comparable to its competition. However, the complete lack of customer support suggests that this company may be difficult to work with, even with figures that look impressive.