About Lender
CreditBox is an online lender that provides personal loans to customers in select states in the United States. The company was established in 2013 and is headquartered in Des Plaines, Illinois.
CreditBox offers personal loans ranging from $100 to $5,000, with repayment terms of up to 24 months. The application process is entirely online, and approved customers can receive funds as soon as the next business day after approval.
CreditBox began offering its online loans in 2013 in Illinois and expanded to Wisconsin, Missouri, New Mexico, Nevada, South Caroline, Tennessee, and Utah. You can get same-day funding.
The company is not accredited by Better Business Bureau but has an A+ rating.
The company prides itself on offering loans to individuals with less-than-perfect credit, and they claim to have a high approval rate for applicants. They also offer flexible payment options, allowing customers to choose a payment schedule that works best for them.
Key Features
CreditBox is an online lender that offers personal loans to customers in select states in the United States. Here are some key features of their website:
- Simple application process. CreditBox offers a quick and easy application process that can be completed online in just a few minutes.
- Loan amounts. They offer loans ranging from $100 to $5,000, depending on the customer's state of residence and creditworthiness.
- Flexible repayment terms. CreditBox offers flexible repayment terms, with the option to repay the loan over 24 months.
- Competitive rates. The company's rates are competitive, and they offer fixed interest rates, which means that the monthly payment is the same throughout the repayment period. For example, in Illinois, the maximum APR is 35.99%. The term length is 12-24 months, and the loan amounts are from $100 to $5,000.
- No prepayment penalty. CreditBox does not charge any prepayment penalties, which means that customers can pay off their loans early without any extra fees.
- Customer service. They offer customer support via phone and email to assist customers with questions or concerns they may have.
- Security. They use advanced encryption technology to protect customer information and ensure that all transactions are secure.
Pros and Cons
Pros
- Online application. CreditBox's online application process is fast and convenient, allowing borrowers to apply for a loan from the comfort of their own homes.
- High approval rate. CreditBox claims to have a high approval rate for applicants, even those with less-than-perfect credit.
- Fast funding. Borrowers may receive their funds as soon as the same business day after approval.
- Small loan amounts. CreditBox offers small personal loans, which may be helpful for individuals who need a small amount of money for a short-term financial need.
Cons
- High interest rates. CreditBox's interest rates can be high, which can result in borrowers paying significantly more in interest over the life of the loan. For the loan amount of $1,000 and the loan term of 12 months, the APR will be 35.99%.
- Limited availability. CreditBox only operates in Illinois, Wisconsin, Missouri, New Mexico, Nevada, and Utah, so not all borrowers may be able to use their services.
- Origination fees. There may be origination fees associated with CreditBox loans of up to 8%, which can add to the overall cost of the loan.
- Short repayment terms. While some borrowers may prefer shorter repayment terms, others may find it challenging to repay the loan in full within 12 to 24 months.
CreditBox has low eligibility requirements, same-day funding, and a referral program. But the loans come with high-interest rates and short repayment terms, making them very expensive.
You should only apply for a CreditBox personal loan if you've tried other payday loan options and banking institutions and need to cover urgent expenses. Consider a longer personal loan or an alternative loan from a federal credit union.
Products
CreditBox allows its customers to apply for installment loans, credit reporting, flex loans, and loyalty programs.
For installment and credit reporting loans, the loan amounts vary from $100 to $5,000. For flex loans, you can get up to $4,000 only for residents of Tennessee.
The maximum APR on all loans is 35.99%. The loan terms are from 90 days to 24 months. In this case, bi-weekly repayment will be around $46.06, and the total of payments will be $1,197.55, with a cost of $197.55.
Interest rates vary depending on the state, and high-interest loans should be used only for short-term financial needs and not as alternatives to long-term financial solutions. The company also states that customers with credit difficulties should consult with professionals before getting any high-interest loan transaction. You can improve your FICO score by making on-time payments.
Reliability
Here are some factors that may help evaluate the reliability of CreditBox:
- Licensing. CreditBox is licensed to operate as a lender in the states where it offers loans. Customers can verify the company's licensing information on the website of their state's regulatory agency for lenders.
- Better Business Bureau (BBB) rating. CreditBox has an A+ rating with the BBB, which is a good indication of the company's commitment to resolving customer complaints and providing high-quality service.
- Transparency. CreditBox provides clear information about its loan terms, fees, and repayment options on its website. This transparency can indicate that the company is trustworthy and reliable.
- Security. CreditBox takes measures to protect its customers' personal and financial information. The company uses encryption and other security measures to keep customer data safe.
In summary, CreditBox appears to be a legitimate online lender with licensing and an A+ rating from the BBB. However, as with any financial decision, it's important to carefully review the loan terms and fees before accepting an offer and to do due diligence on the company's reputation and reliability.
Funding a Loan
When you apply before 11:30 am CST with all the required documents and approval from the lender, you will be eligible to receive cash on the same business day. If you applied later and had some problems with documents, money will be transferred to you on the next business day. Money is deposited directly into the customer's checking account.
Credit Box is available from Monday to Friday from 8 am to 8 pm CST. On Saturday from 8 am to 5 pm CST.
The company is closed on Sunday. In any emergency situation or in case of having questions, contact the call center by calling +1 (888) 669-4227.
