About lender
Credit9 is a company providing personal and installment loans founded in 2013. Its headquarters are located in Los Angeles, Carolina. The company is affiliated with Americor.
The focus of Credit9 is on borrowers with bad credit scores, so the interest rates are quite high.
The company has an A+ BBB rating, and it is a Better Business Bureau-accredited business.
Credit9 sends mail offers with personalized reservation codes. These offers promise you to give a 5% interest rate if you pre-approve.
There are many accusations of Credit9 being a scam, and customers state the company uses shady practices and issues hidden fees. So, you should be cautious when dealing with Credit9.
Pros and cons
Pros
- There is no need to have a good credit score. You can still apply for Credit9 personal loan with a bad credit.
- The interest rates can be lower in comparison to the other lenders.
Cons
- The customer service is reportedly bad at dealing with existing personal loans.
- The terms on your loan can be changed.
- The company can charge hidden fees.
- There is limited information on the website.
Terms and conditions
Credit9 offers installment loans or personal loans with an APR of 24% and lower, while WI loans come at 18% and lower. The minimum personal loan amount, interest rate, and loan term you can get vary by state.
For instance, you can get $4,300 at 24% APR. If your number of payments is 30, then your monthly payment will be $191.99.
To qualify for a loan from Credit9, you should:
- Be at least 18 years old
- Be a US citizen or permanent resident
- Have a stable source of income
- Have a valid bank account
- Have an email address and phone number.
The credit score the company expects you to have is reportedly 690. However, you may still qualify for a personal loan with a lower credit score for a higher interest rate.
Funding a loan
Funds for your personal loan are transferred through ACH and can be delivered the next business day if you are approved by 4:30 pm CT Monday through Friday.
There is a pre-qualification option with Credit9 that won’t hurt your credit, so you can start by estimating the loan details you will be offered. Once you pre-apply, your credit score may drop by several points, but you will get the exact rates, not estimated.