Credit9 Review: Is It Legit? Is it a scam? Can we trust?
Credit9 offers personal loans and debt consolidation loans on 3 different websites: Credit9.com, Apply.credit9.com and loans.credit9.com. They also use the name Credit 9 Lending.
Summary of Comments
Why are we asking if Credit9 can be trusted? We gave Credit9 a one-star rating and here’s why:
Credit9 sends direct mail offers to consumers who say CONGRATULATIONS! YOU HAVE BEEN PRE-APPROVED. The amount was $28,000 and the pre-approved interest rate was 5.99% (see sample Credit9 direct mail offer below). There was even a personalized reservation code. It seemed like a lot. Who wouldn’t be thrilled to be pre-approved for a loan at such a low interest rate? But then I checked the fine print and was disappointed.
A few things stood out:
- APRs will range from 5.99% to 24.00% and include a 2.5% origination fee
- Low interest loans and loans over $35,000 are likely to be negotiated.
Also, the fine print on the Credit9 website causes me additional problems:
- Installment loans with an APR of 24.00% and below are granted by Credit9 or according to state law.
- The actual loan amount, term, and loan APR amount a customer is eligible for may vary based on credit determination and state law.
- *Example: Loan amount: $4,300.00, Annual percentage rate: 24.00%, Number of installments: 30, Monthly payment: $191.99
Moreover, if you Credit9 License page, you’ll see he quotes rates in the majority of states where he holds loan licenses at 18% to 24%.
Who is Credit9?
Credit9, LLC is a Delaware Limited Liability Company Approved Lender under DFPI (Department of Financial Protection and Innovation LLC CA CFL 60DBO-83965).
Credit9 was founded in 2021 and has an impressive A+ rating with BBB. The company has 36 complaints filed in the last 3 years and 1,413 customer reviews as of September 5, 2022
The company is based at 18201 Von Karman Ave Ste 700, Irvine, CA 92612-1058. Credit 9 is affiliated with Americor, Fast Loans Funding, and uses Credit9 Holdco Inc as an alternate name. The company can be reached at (800) 291-0172.
What are the fees for Credit9?
Although Credit9 advertises rates as low as 5.99%, they typically charge 18% to 24% APR including origination fees. They also state that they negotiate low interest loans and loans over $35,000. Common personal loan fees include interest, origination fees, late fees and prepayment penalties.
How Does Credit 9 Affect Your Credit Score?
Looking at your credit score won’t affect it, but applying for credit through Credit9 will. Checking your rate generates a soft inquiry on your credit report, which is only visible to you and has no impact on your credit score. However, when you apply for credit through Credit9, they will do a thorough investigation which may affect your credit rating.
Reviews on Credit9 BBB
Credit9 has an A+ rating with the BBB and an excellent score with Trustpilot, but some of the negative reviews are cause for concern: here are 3 positives and 3 negatives Reviews on Credit9 BBB:
Stanley V 30/08/2022
This. The company helped me restructure a debt. Great to work with. Easy communication and was able. Complete everything from my phone.
Barbara J 08/30/2022
***** helped me a lot. I am very happy with Credit9 and how they are helping me get my credit back on track.
Desiree C 08/30/2022
Nice experience. The process was easy and went quickly. I am a VERY satisfied customer. Thanks for your help. I am thrilled to be able to pay off my credit card debt and increase my credit score.
Daniel S 16/05/2022
It’s not really a loan company, it’s more of an intermediary. Commission based call center processing, and no way to see what you are entitled to without speaking to someone to enter your information. No way to do a web-safe filling of the process. Just ask yourself what type of lender can know whether or not they can give you a loan before they have any information about you? When you call, they must “get your information” to determine what they can do for you.
Go to the site of any major lender and you will immediately see the difference. I’m not saying they can’t help people, I’m just saying they probably won’t be able to help you the way you’ve been told. Think of it more as a “debt repair clinic” than a real lender.
If you call this company instead of many of the reputable and well-known companies, you will most likely be dealing with their “debt relief program” which is basically stop paying credit card companies and pay them a lower amount to hold. as bargaining chips to get them to settle for less. It’s not a big debt consolidation loan company.
Monique A 05/09/2022
Credit9 sent a mail offering a debt consolidation loan, but what they offered was a type of credit counseling service where they would contact my creditors and negotiate to reduce my loan amount. This is definitely a bait and switch business. Don’t trust them. I want to consolidate my loans, reduce my monthly payments and help improve my credit rating.
This program would not help my credit score for at least 3-4 years. Again, don’t trust them! The loan they offered me was not for me because I don’t have A1 credit. This company doesn’t really want to help people; they only work with certain creditors and charge you a fee to negotiate lower amounts. If you are looking for a real debt consolidation loan, look elsewhere. People who would qualify for their loans probably don’t need this service. I am able to negotiate refunds for my current credit cards.
Trish M 05/05/2022
Wow, this company is sneaky. I read a “pre-approval” letter for a “consolidation line of credit” up to 70k. They even attach a fake check in your name with the amount of $79,000. But they don’t offer loans to pay off debt unless you have a 680+ credit score – they don’t tell you that in the letter. I have good credit, but they want excellent.
They want someone with a struggling lower score to do some kind of debt relief where they call your creditors (but only the ones they “work” with) to settle for a lower balance and charge you fee for it; the salesperson I spoke with said that most of their customers are those who have faced difficulties and need help with their creditors. They do not do “consolidation loans”. Do not fall into the trap.
How does Credit9 work?
A Credit9 personal loan is an unsecured loan that can be used for a variety of purposes, including consolidating debt, paying for a major purchase, or covering the cost of a major expense. Personal loans generally have lower interest rates than credit cards, making them a good option for borrowers who need to finance a major purchase or consolidate debt.
There are several ways to get a loan – from online lenders, local banks and credit unions. The process is usually quite simple – you complete an application, provide documents and, if approved, receive the funds in a lump sum. After that, all that remains is to make payments until the debt is paid off.
One of the main advantages of personal loans over credit cards is that they offer a fixed interest rate and fixed repayment terms. This can provide borrowers with greater certainty and peace of mind when planning their finances.
How Much Does Credit 9 Save You?
If you’re struggling to pay off credit card debt, a Credit 9 personal loan can be a great way to save money. By getting a lower interest rate, you can save a lot of money in the long run. Plus, if you manage to get a loan that you can easily repay, it can help free up some extra cash for things like your dream wedding or vacation. However, it is important to avoid taking out a loan that you cannot afford. If you miss a payment or are in default, it could ruin your credit score and put you in a difficult financial situation.
Is Credit 9 a debt settlement company?
The answer is no. Credit 9 offers personal loans. Debt settlement is a process where you negotiate with your creditors to pay less than you owe. This can be done by yourself or with the help of a third party company. Not all lenders accept debt settlements, and there are instances where doing so could cause more harm than good. However, Credit9’s subsidiary, Americor, is a debt settlement company.
What are the Credit 9 fees?
If you’re looking for a loan with more flexible repayment terms and lower interest rates than a credit card, a personal loan is probably your best bet. The popularity of personal loans has grown in recent years for good reason.
Is Credit9 legit?
Credit9 is a legitimate company. The company has mixed reviews online, with some people praising the company while others claim the company is a scam.
If you’ve had any experience with Credit9, please share your story in the comments. We would like to hear from you.
Thanks for the reading!
Credit Review 9
Why are we asking if Credit9 can be trusted? We gave Credit9 a one-star rating and here’s why: Credit9 sends direct mail offers to consumers who say CONGRATULATIONS! YOU HAVE BEEN PRE-APPROVED. The amount was $28,000 and the pre-approved interest rate was 5.99% (see sample Credit9 direct mail offer below). There was even a personalized reservation code. It seemed like a lot. Who wouldn’t be thrilled to be pre-approved for a loan at such a low interest rate? But then I checked the fine print and was disappointed.