Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.4
(20 Ratings)

CreditFresh PayOff

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After creating an account, you can request a credit limit of $500 to $5,000. Once you receive your funds, you will be charged, and they will calculate the Billing Cycle Charge based on the amount you borrow. If you have an outstanding principal balance, you will be required to pay a Mandatory Principal Contribution on each minimum payment and the Billing Cycle Charges.

CreditFresh will then send you a bill at least 14 days before your minimum payment is due. Your payment frequency, such as monthly or bi-weekly, will influence the amount you owe. Monthly payments are paid 6% of the outstanding debt or $30, whichever is greater, but non-monthly wages are paid 3% of the outstanding principal or $15, whichever is more.

If your charge is less than the minimum for chosen payment frequency, such as less than $30 for monthly payments, the entire amount is outstanding, and you must pay the whole amount.

Steps to repay

When you request a draw and the money is transferred to your account, you will receive a Periodic Statement that details your minimum repayment and payment due date.

The bill will be emailed at least 14 days before the minimum payment is due. When you pay off your debt, you use a routing number on your ACH (Automated Clearing House) transfer or pay manually with a debit or pre-paid card.

With ACH, you can transfer money from your checking account to CreditFresh without using paper checks, credit card networks, or wire transfers through online banking. Additionally, ACH activates automated payments, which authorize funds to be automatically withdrawn from your checking account during the repayment period, eliminating the need for you to make arrangements for each transaction. You can also make payments manually online using a debit or pre-paid card.

These are the steps to follow when making payments using online banking:

  1. Go to the CreditFresh website.

  2. On the top right corner, click Login. If the website takes a long time to load, scroll to the bottom and click Account Login.

  3. Choose your state.

  4. Enter your login details, such as your email address and password.

  5. Click on Payment and select the option you want then enter your routing number.

Conditions of loan extension

If you call CreditFresh and explain your situation, like bankruptcy, they may be willing to extend the loan repayment period. Even though there are no penalties for late or missed payments, you must notify them if you are in a tight situation and cannot make the required minimum payment on time. They will work with you to devise a more convenient payment arrangement to repay your loan sooner.

Early payoff

You can repay your line of credit early with no penalty if you have saved up enough money. CreditFresh urges its lenders to repay their debts whenever possible to reduce their financial burden. When you are ready to pay off your loan early, log in to your account and follow the loan repayment procedure. Confirm the balance of the principal and make the last payment. However, if you do not have the total amount, you can still make partial payments as you pay off your line of credit in the following ways:

  • Make advance payments. Even though CreditFresh includes bi-weekly and monthly payment options, you can still contact customer care and set up a regular payment schedule.

  • Pay a small amount extra for each installment cycle. Rather than paying the minimum payment stated on your bill, you can pay off more because it is deducted from your principal balance, guaranteeing that you are always paying down your debt.

  • Never miss a payment. Make sure you set up automatic payments or a reminder so you never skip a repayment.

FAQ

How do I make a payment on CreditFresh?

You can make payments automatically from your checking account or manually using the CreditFresh website.

What happens if you do not pay back CreditFresh?

If you do not pay back CreditFresh on time, you will not be penalized. However, you should notify them if you will be late on a payment so that they may advise you on how to proceed so that your credit score report is not harmed. Even if they do not run a hard inquiry credit check when you apply for a line of credit, they will still report your account activity to TransUnion, which may affect your credit score.

Can you pay CreditFresh early?

Yes. CreditFresh can be repaid early at no extra cost.

Can CreditFresh sue you?

Yes. However, only if you have not paid your loan in full after the agreed-upon repayment period or if you have not contacted Credit Fresh to explain why you are late on payments.

Does CreditFresh have an app?

No. CreditFresh is only available through their website and phone.

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All CreditFresh’s reviews by may 2024
Leave feedback
4.8
Advantages
The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
Complain
4.2
Advantages
Credit Fresh is a reliable lender when you're facing a significant financial squeeze. However, as they openly acknowledge, it's a very costly option. It's wise to pay off the debt as quickly as possible, but consider keeping the account open. You never know when you might need it again.
Complain
2.4
Disadvantages
This is my second experience using their services, and the first time was satisfactory. I managed to pay off the loan early without any issues. However, this time, the situation took a turn for the worse. The customer service agent was incredibly rude. I made an overpayment before the due date, and she informed me that, because I paid online the day before the due date, the entire amount went toward the principal. This felt unreasonable. When I requested to speak with a supervisor, my request was denied. Their conduct is becoming increasingly problematic.
Complain
2
Disadvantages
This is an outright scam. I'm shelling out $400 every month, but my balance remains stagnant, leaving me in perpetual debt. It's essential for everyone to steer clear of such companies that exploit hardworking individuals struggling to make ends meet.
Complain
4.6
Advantages
They are incredibly cooperative and accommodating. While I haven't made a draw from them yet, their payment terms appear to be more reasonable compared to other companies in this industry.
Complain
4.6
Advantages
CreditFresh was a lifeline when I faced financial hardship. Their application process was incredibly straightforward, and I received the funds without any hassles. I highly recommend them.
Complain
4.6
Advantages
The approval process is straightforward, easy, and quick. My only concern is not knowing the monthly payments upfront before signing the agreement. I believe they should provide this information beforehand. However, it's a quick and simple solution for emergency cash needs. Additionally, they are prompt in responding to email inquiries, which is quite helpful.
Complain
4.2
Advantages
The CreditFresh website has an inviting design, and it's user-friendly with easy navigation. The terms of service are presented clearly, and the chat assistance is excellent. They provide fast and clear answers to all my questions.
Complain
2.8
Disadvantages
The interest rate is incredibly steep, and reducing the balance is a real challenge. They deduct payments from my account every two weeks, and even when I make extra payments, it seems like the majority of it goes towards interest. I regret ever taking money from them, even though it was a necessity at the time. The fees they charge for each billing cycle are outrageous compared to the loan balance. It's clear that they take advantage of individuals with poor credit.
Complain
2
Disadvantages
The fees are exorbitant. I'm hit with a $90 charge every time I make a payment, and I've borrowed $1,400. To make matters worse, every time I pay $100, they tack on an additional $50 to the outstanding balance. It feels like an endless cycle, and it's extremely challenging to pay off this loan.
Complain
Overall company rating
3.4
/ 5
20 reviews
Execution of an application
3.5
Support service
3.3
Mobile app
3.6
Service quality
3.3
Your satisfaction level
3.5
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