Daric Review
Compare the P2P lending platform Daric to The Loan Exchange and LendingClub. Learn about Daric's benefits, shortcomings, rates, and fees.
Updated on January 16th, 2023
The SMB Guide is reader-supported. When you buy through links on our site, we may earn an affiliate commission. Learn more
Daric is a peer-to-peer lending platform that provides unsecured, fixed-rate loans up to $50,000. Aside from facilitating peer to peer loans, Daric also offers software solutions designed to assist financial institutions with risk management, compliance, credit origination, and fraud detection.
Pros and Cons:
Pros
- Quick and simple application process.
Cons
- Stringent qualification requirements.
- Only small loan amounts and limited term options.
Review:
Daric offers digital solutions for financial institutions and is also a peer-to-peer lending platform. Daric only offers small loan amounts, up to $50,000 for businesses, with either three or five-year terms. According to their website, the loan approval process is generally very fast, within the hour.
Daric provides little resources to assist potential borrowers in the decision-making process and hardly has a social media presence or customer reviews and ratings.
Highlights:
- Quick and simple application process.
- Competitive interest rates for well-qualified borrowers.
Shortcomings:
- Stringent qualification requirements.
- Small loan amounts and limited payment term options.
- Daric performs a hard pull credit inquiry for loan applications.
Reputation:
Daric is not BBB accredited and currently does not have a BBB rating. As of writing, Daric has not been rated or reviewed by customers on popular platforms, such as the BBB or Consumer Affairs.
Rates & Fees:
Rates:
Loan Type | Loan Amount | Interest Rate | Terms |
|---|---|---|---|
Term loan | $1,000 - $50,000 | 6.03% - 28.69% | 3 or 5 years |
Fees:
Fee | Amount |
|---|---|
Origination Fee | Up to 5% |
Unsuccessful Payment Fee | $15.00 /failed transaction attempt |
Late Payment Fee | 5% of the unpaid amount or $15.00, whichever is greater |
Daric vs. The Loan Exchange:
Compared to The Loan Exchange, Daric falls short on several counts. Daric offers only small loan amounts with either 3 or 5-year terms and has far more stringent qualification requirements than The Loan Exchange. Well qualified candidates can, however, receive better rates with Daric than they would with The Loan Exchange.
Daric vs. The Loan Exchange Comparison:
Offer | Daric | The Loan Exchange |
|---|---|---|
Loan Type | Term loan | Term loan |
Max. Loan Amount | $50,000 | $250,000 |
Terms | 3 & 5 years | 6 - 120 months |
Interest Rate | 6.03% - 28.69% | From 14.90% |
Min. Credit Score | 660 | 500 |
Daric vs. LendingClub:
Daric offers far smaller loan amounts with less flexibility than LendingClub does. Highly qualified applicants can get excellent rates with Daric, but if you need substantial funding and want more flexibility, LendingClub is the better option.
Daric vs. LendingClub Comparison:
Offer | Daric | LendingClub |
|---|---|---|
Loan Type | Term Loan | Term Loan |
Max. Loan Amount | $50,000 | $500,000 |
Terms | 3 & 5 years | 60 - 60 months |
Interest Rate | 6.03% - 28.69% | 9.77% - 35.71% |
Min. Credit Score | 660 | 640 |
Daric Digital Solutions:
Aside from running a peer-to-peer lending platform, Daric also offers software solutions for financial institutions.
Digital lending solution.
Daric's digital lending solution helps financial institutions enhance their loan origination processes with features like automatic income, employment, and credit verification, data integration with property, customer, and title records, e-sign capabilities, compliance management, and lead management and analytics.
Risk solution.
Daric's AI-driven risk solution is designed to help financial institutions optimize credit risk management. The software is used for credit modeling, scenario analysis, credit policy management, and more.
Daric at a Glance:
Loan Type Offered | Term loans |
Max. Loan Amount | $50,000 |
Min. Credit Score | 660 |
Interest Rate | 6.03% - 28.69% |
Autopay | Yes |
Mobile App | No |
Customer Support | Phone and Email |
Key Information:
Legal Name | Daric, Inc. |
Founder | |
Founding Date | Jan 01, 2012 |
Address | 805 Veterans Blvd., Redwood City, California, 94063, USA |
Number of Employees | 27 |
Number of Customers | 99 |
Telephone | |
Website |
FAQs:
What interest rates can you get with Daric?
The interest rates potential Daric borrowers can receive range from 6.03% to 28.69%.