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Credit9 is an online lender specializing in unsecured personal loans for the purpose of debt consolidation. Credit9 offers fixed-rate personal loans ranging from $2,500 to $45,000, with repayment terms from two to five years. You can use this funding to pay off other existing unsecured loans or high-interest credit card debt, ideally at a lower interest rate. Credit9 is a partner of Americor.
Pros & Cons
- Check your interest rate in one minute
- Possible to receive funds the next day after approval
- Works with consumers with credit challenges
- Charges a loan origination fee
- Doesn’t advertise range of APR
- Not available in CO, ND, OR, VT, WV or WY
Credit9 offers a 100% online pre-qualification process for a debt consolidation loan, or you can work with a Credit9 consultant if preferred. If approved, you’ll obtain a personal loan with a fixed interest rate and can use the funds toward other unsecured loan payments.
What is Credit9?
Credit9 is an online lender specializing in personal loans for consolidating unsecured, high-interest debt, although it also offers personal loans for purposes other than paying off debt. While Credit9’s headquarters are in Irvine, California, it services loans nationwide.
The entire pre-qualification, application and approval process takes place online, or you can choose to work with a Credit9 customer consultant during parts of the process.
Credit9 promises that if you’re approved, you’ll have a single, fixed-rate monthly payment — versus the varied minimum monthly payments you may have with other higher-interest unsecured loans or credit cards. Credit9 says predictable monthly payments will not only potentially save you money in interest fees each month, but can simplify your finances for easier budgeting.
How does Credit9 work?
If you’re interested in obtaining a loan through Credit9, the first step is to fill out a quick prequalification form on the website. Credit9 initially only asks for your name, phone number, address and other basic information. This part of the process does not have any impact on your credit score.
If you decide to move forward with a loan application through Credit9, you’ll provide financial documentation, including proof of income. The underwriting team at Credit9 reviews your financial information, including your credit profile, to determine both your approval and loan terms. This part of the process will show as a hard inquiry on your credit report and may have a minor impact on your score.
If approved and you decide to move forward, you’ll agree to the terms and e-sign the loan documents. This process takes place online, or you can request to work with a Credit9 loan consultant at any point.
It’s possible to have the funds deposited into your bank account as soon as the next business day once approved.
Credit9 does not advertise its interest rates on its website, and your interest rate will have a major impact on the overall cost of the loan. While there are no application fees or prepayment penalties with the loan, Credit9 does charge an undisclosed origination fee, which is typically a small percentage of the overall loan amount.
Several factors determine your interest rate for a loan through Credit9, including your credit score, credit history, debt-to-income ratio (DTI) and income. Credit9 does not specify what minimum credit score is required for approval.
Does a consolidation loan impact my credit?
Pre-qualification for a consolidation loan does not typically impact credit, but if you choose to proceed with the loan, then it will. A hard inquiry will show on your credit report once the lender pulls your credit information, and will show on your report for up to two years. Your credit report will also include your monthly payment activity on the loan.
What credit score is needed for a consolidation loan?
There is no specific credit score needed for a debt consolidation loan; however, each lender has its own specific criteria and minimum score requirements for loan approval.
Is debt consolidation the same as debt settlement?
No, debt consolidation is different from debt settlement. Debt consolidation involves taking out a new loan to pay off your other existing loans or credit cards. Debt settlement is the process of hiring a company (or you can take it on as an individual) to negotiate settlement of a debt for an amount lower than you owe.
How do I choose the right lender for a debt consolidation loan?
Start by checking your credit score so you know which lenders are more likely to offer you the best rates and terms. Then, research several lenders and confirm the availability of their products and services in your state and what types of fees (such as origination or application fees or prepayment penalties) the lenders charge. As you narrow down your selection, read reviews and compare the specific loan offers to find what’s most beneficial for your financial goals.
Is Credit9 legit?
Credit9 is a legitimate personal loan option for those who want to consolidate their high-interest credit cards or other unsecured debt. It will appeal to borrowers who prefer an online application process, but also offers a human touch with customer service representatives.
While Credit9 advertises it can help you save thousands of dollars in interest by consolidating, it’s important to remember each loan is based on your own creditworthiness and personal financial factors, which affect the interest rate you receive from Credit9.
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Updated review: Sept. 23, 2023
This is an update to a prior post I made in regards to a payment being taken out on an earlier date. I had an issue but was resolved by Charity D. from their management team. She was a great help and I appreciate the steps she took to help resolve this.
Original Review: Sept. 21, 2023
I had my payment date updated from the 12th to the 23rd. They (Aldo from Credit9) confirmed the change. They still took out the payment without me authorizing it. Now jumping through hoops to get my money back after they assured me the refund would not take more than 5 business days.
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