Credit9 Review for 2023
If you’re searching for reputable lending options, debt relief, or a personal loan, this Credit9 Lending review is a good place to start your research. Credit9 offers debt consolidation loans through various websites, including Credit9.com, Apply.credit9.com, and Loans.credit9.com. Their loans are issued through Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender.
Compared to other online lenders, Credit9 Lending reviews across the internet have a higher ratio of positive to negative reviews. Consequently, Credit9 Lending is one of our top choices for a debt consolidation loan. But overall, debt consolidation lenders have lots of complaints and negative reviews at the BBB especially. We’ll share the insight we’ve collected in the following Credit9 Lending review and at the end provide some recommendations to help point you in the right direction.
Debt relief options can benefit Americans experiencing financial hardship who owe high unsecured debt balances. However, with hundreds of debt relief, settlement, and consolidation companies to choose from in 2023, you might need help determining which company is best for you and what program may be best for your situation; debt settlement, a consolidation loan, or consumer credit counseling.
About the Author: Here at NoMoreCreditCards.com, we seek to provide our readers with in-depth knowledge of their debt relief, consolidation, and settlement options. We share comprehensive reviews of prominent financial institutions offering these services. These reviews are intended to be unbiased based on the information gathered by scouring the web for customer reviews and business listings from the most credible sources.
It is always advisable to compare several financial companies offering credit card debt assistance due to variances in the quality of service, fees, and payment structures. Ultimately, the best way to settle mounting credit card debts for you will be based on your personal situation. Your income, financial crisis, hardship if you have one, and debt sources are all determining factors.
- Legal Name: Credit9, LLC
- Industry: Debt Consolidation Loans
- Address: 18200 Von Karman Ave Ste 500 Irvine, CA 92612-7145
- Website: https://credit9.com/
- Phone: (800) 291-0172
- Credit9 LLC is a licensed lender under DFPI (Department of Financial Protection and Innovation) as LLC CA CFL 60DBO-83965
- Available in Alabama, Arizona, California, Colorado, Florida, Georgia, Idaho, Iowa, Kentucky, Louisiana, Michigan, Missouri, New Mexico, Oklahoma, Pennsylvania, Texas, Utah, and Wisconsin.
- Certifications and Accreditations: BBB Accredited Business (A+)
What type of company is Credit9?
Credit9 is a private lending company that offers personal loans, debt consolidation loans, and business loans to consumers with different credit scores. Credit9 is not a debt settlement company, as comments on the internet often insinuate. Both debt settlement and consolidation loans are forms of debt relief, but they are different. Therefore, it’s essential to understand the differences between these debt relief options before you can choose the right path.
What is Credit9 Debt Consolidation?
Credit9 is a debt consolidation company offering loans to eliminate credit card debt while establishing a single monthly payment for its customers. The company boasts of customers being able to receive their loan funds within 24 hours of their application, and receiving lower interest rates than their credit lines, with loan terms lasting only a few years, and no hidden fees.
How much does a Credit9 personal loan cost? The cost of the loan is usually expressed in the form of an interest rate and other fees associated with the loan. Credit9 Loans are installment loans which charge simple interest at a fixed interest rate, making it a lot easier to pay back in a shorter period of time. Verify on your loan agreement all fees charged by Credit9 and any additional fees (including interest rates) charged by Cross River Bank. Additionally, Credit9 may broker loans through other lenders at times, so be sure to review your loan agreement carefully for all fees related to the loan.
Cost of Credit9 Loan Example:
- Loan Amount: $4300.00,
- Annual Percentage Rate: 24.00%,
- Number of Payments: 30,
- Monthly Payment: $191.99
Source: Credit9’s FAQ section on their website:
How Does Credit9 Debt Consolidation Work?
Credit9 offers debt consolidation in the form of a loan intended to pay off all of your outstanding credit debt accounts. The process begins when you contact Credit9 either by phone or by completing the contact form on their website. Credit9 will then automatically check if you qualify for a loan after running your credit report and score, and electronically deliver loan terms to your email. You may also receive a call from them to discuss the terms of the loan.
Once you have received a decision on your loan and the potential terms of the loan, you can electronically sign your documents, and Credit9 will deposit the loan funds into your bank account. From there, you are not legally required to use the loan to pay off your credit cards, but it is strongly suggested that you use the loan for that purpose in order to prevent yourself from becoming over-extended with credit card and loan debt.
The goal of a Credit9 loan is to consolidate your monthly credit and loan payments into a single loan payment with Credit9, thus eliminating credit card debt and potentially improving your credit score while making your monthly payment simple, easy, and automatic.
Can You Still Use Your Credit Cards While Enrolled in a Credit9 Loan?
Yes, you can continue to use your credit cards as Credit9 has no affiliation with your creditors and credit lines. However, we strongly warn against the continued use of your credit cards when the purpose of your loan with Credit9 is to eliminate credit card debt. While it may be tempting to spend on things, this often prolongs your debt payment period and can have serious negative implications on your credit report and your ability to pay off your total debt.
If you have other debts aside from credit cards, you can include the total amount of these debts in your Credit9 loan, as long as you can afford continued monthly consolidated payments.
How Quickly Can You Pay Off Your Bills with Credit9 Lending?
According to the Credit9 website, if approved for a loan, you can pay off your credit cards in as little as 24 hours after you apply.
Debt consolidation differs from debt settlement and debt relief. With debt consolidation, you are not reaching a settlement with creditors and collection agencies, but instead, you are choosing to take on a single monthly payment before your accounts are in default and go to collections. The process of securing a debt consolidation loan with Credit9 must take place before you default on any monthly minimum credit card payments.
Debt consolidation loans are effective at improving your credit score immediately while providing a clear path forward for the complete payoff of your debt.
What is the Difference Between Debt Settlement and Debt Consolidation?
In debt settlement (which Credit9 does not offer), you have defaulted on your credit card debt and one or more of your creditors has sold your debt to a collection agency. Your creditor receives at least some recovery funds for your account, and the collection agency will contact you to come to a resolution.
In debt consolidation, your accounts have not defaulted or been sold to a collections agency. In this situation, debt consolidation can be offered in the form of a loan that is intended to pay off all credit card debt. When providing your requested loan amount to a company like Credit9, be sure to calculate and add together the debts from ALL of your credit lines, including those without a credit card, such as from lenders like PayPal, Affirm, Klarna, and others.
What Fees are Associated with Credit9 Debt Consolidation Loans?
In addition to the fees we already discussed above, Credit9 claims that there are no application fees, and no prepayment fees associated with their loan process. However, it is common for debt consolidation lenders to charge a processing fee for the loan fulfillment. Often times lenders are charged by the banks to process transactions, and lenders will pass that expense on to their customers.
Depending on the state you reside in, you may also find yourself paying state taxes on the loan as it is classified as a source of income. Factor in these expenses when calculating the loan amount you will request from Credit9.
What are the Minimum Credit Score Requirements for a Credit9 Loan?
No minimum FICO credit score minimum is listed on Credit9’s website, or elsewhere. This is a common practice among debt consolidation companies because they would like to first accept your contact information and gather more information from you before making a decision. Credit9 has a minimum score threshold that they hold internally as part of their determination process, but the only way to know what that score is would be to contact Credit9 via phone or email to inquire.
In most cases with debt consolidation lending, an applicant will need to have at least a 550 credit score to qualify, but the closer to 600 you can get, the better your chances will be for securing a debt consolidation loan.
Is Credit9 Legitimate?
Credit9 runs a legitimate business. Credit9 is a licensed lender in all states where they provide loans. However, they have many recent complaints on their Better Business Bureau page, with 37 customer complaints within the last 90 days.
The complaints range from aggressive marketing communication tactics to misleading information and sudden issues with customer accounts.
It is worth noting that Credit9 is equally as active in responding to these complaints.
On Trustpilot, Credit9 has a rating of 4.7/5 stars, with over 2,100 reviews at this write-up. The reviews mention several sales team members by name. In addition, customer reviews do often say positive comments about the service they received.
Overall, Credit9 is running a legitimate debt consolidation loan business. However, be wary of low-interest rate offers you receive in the mail that seems outrageously affordable. Credit9 is known for its direct mail offers with a “personalized reservation code” and an extremely low-interest rate (4%-5% APR). Unfortunately, unless you have a stellar credit score, you are more likely to see an average interest rate of 18%-25%.
Is Credit9 Lending Licensed?
According to Credit9’s website, they are licensed to practice in all states where services are available. For a full list, visit their website here.
“Credit9 a licensed lender under DFPI (Department of Financial Protection and Innovation LLC CA CFL 60DBO-83965)”. For detailed information concerning Credit9, LLC’s licensing information please visit credit9.com/loan-licenses. Visit NMLS # 1700005 for further information about the Credit9 licenses managed by the Nationwide Multistate Licensing System & Registry.”
Will a Credit9 Debt Consolidation Loan Hurt My Credit Score?
Most debt consolidation loans that are used to eliminate revolving credit card debt will, over time, improve your FICO credit score.
A soft credit pull, or soft inquiry, will be recorded when you first apply for the loan, but this does not affect your credit score. However, credit inquiries will appear on your credit report when applying for a debt consolidation loan. And credit inquiries can temporarily lower your credit score.
If you complete an application with Credit9, that is the time when Credit9 will perform a hard inquiry on your credit, and that will negatively impact your credit score. However, the negative impact of a hard inquiry is usually negligible when you are approved for the loan and use it to pay off your credit cards. This is why it is vitally important to know your current FICO credit score, and have confidence that you will be approved for a loan before you even apply.
Credit9 Debt Consolidation Program Pros
- Receive a free quote
- Accept the terms online without a lengthy sales conversation
- Receive funds within 24 hours of application if approved
- Loan rates such as APR are often lower than credit card rates
- Call center support to answer any questions you may have about the application process, your loan terms, or payment.
- No prepayment or application fees
- BBB Accredited Business (A+)
Credit9 Financial Debt Relief Program Cons
- May not interact with a human being during your loan application/funding process
- A hard inquiry will be posted to your credit report when you submit an application
- You may not receive that very low APR offered in the letter you first responded to
- If you fail to make timely payments, you may be sent to collections, negatively impacting your credit score
- Credit9 has received several, recent complaints on BBB
- Some reviews complain of repeated aggressive sales messages from Credit9
Summary of Credit9 Lending Reviews Online:
Credit9 is a valid lender offering debt consolidation loans. However, many reviews complain of aggressive marketing communications in the form of frequent calls and emails. But this is not an uncommon complaint for online lenders (also known as “fintech”).
For example, another online lender we recently reviewed is LendingTree. Their average customer rating at the BBB is 1.3 out of the best possible score of 5, which is a low overall rating. However, digging in deep, we discovered that most 1-star reviews talked about being harassed with unsolicited ads from lenders.
Top-rated debt settlement company reviews:
Top-rated credit counseling company reviews:
Other top-rated debt consolidation lenders:
Warning About Online Debt Consolidation Lenders:
Be careful about dealing with online lenders because it appears what most of them do is work out relationships with as many lenders as possible. Then after you apply for a loan, they shoot your personal information to all of their partners and hope someone approves you for a loan.
These online lenders then get a commission from their partner, who approves you for a loan. There are pros and cons to this strategy. A pro is that you’ll likely find a lender to approve you for a loan. And you’ll get many different quotes to choose the loan option with the most favorable terms easily.
You won’t have to go to all these lenders on your own, applying for a loan at each spot. The downside is that you’ll feel you’re getting solicited, which can get extremely annoying, especially if you’re getting disapproved left and right.
So before applying for a debt consolidation loan, use some common sense. Take your time and apply at a lender you’ve researched with the best credentials. Include major banks and lenders, including Sofi and Discover. And start with a credit union local to you. Credit unions often provide the most favorable loan terms.
If you are in over your head with credit card debt and other types of debt but have yet to default on any credit lines, considering debt consolidation is the smart choice. Just do the groundwork research and ask critical questions before completing an application.
Do not apply for a loan if you have high debt balances and a low credit score. Instead, consider debt resolution programs.
NoMoreCreditCards.com does its best to provide factual and truthful information aimed at helping the public by giving honest debt relief, settlement, and consolidation loan reviews. However, please email us at Info@NoMoreCreditCards.com if you believe any of the information in this Credit9 Lending review is inaccurate, and we will make appropriate edits. Always do your research, and do not rely solely on the information provided in this review. We are not responsible for the results of any program you choose to join. Check multiple sources for reviews about Credit9 Lending, including your state’s AG office, FTC, and BBB. Reviews about Credit9 on Yelp and Reddit may also be helpful.