New Credit America is a licensed consumer finance company. It offers debt consolidation loans to help you get your finances in order. They advertise their services at newcreditamerica.com.
New Credit America Summary
When it comes to taking out a loan, everyone has different needs and preferences. Some people want to consolidate their debt, while others are simply trying to cover some unexpected expenses. With so many lenders available, it can be difficult to decide where to turn. New Credit America is one option that has recently been getting a lot of attention. But is this lender the right choice for you? Here is a closer look at what they have to offer so you can make an informed decision.
Here are a few key points that stood out from our investigation of their website and terms and conditions.
- Interest rates range between 19.99% – 29.7%.
- APRs go up to 29.99%.
- An origination fee of up to 5% may be included in the principal loan amount which results in an APR of up to 29.99%.
- All loans are originated by Cross River Bank, an NJ chartered bank.
- New Credit America does not provide debt settlement, debt relief, or credit repair services.
- The loan term will be fixed and will depend on your payment amount.
Pros and Cons:
Pros:
- New Credit America offers debt consolidation services, which can help individuals with multiple debts to simplify their finances and reduce their monthly payments.
- The company provides personal loans that can be used for various purposes, including home improvements, medical expenses, and debt consolidation.
- New Credit America’s loans are originated by Cross River Bank, an NJ chartered bank, member FDIC, which means that they are backed by a reputable financial institution.
- The company offers a second chance opportunity to individuals with bad credit who may not be able to get loans from other lenders.
- New Credit America’s website is easy to use, and applicants can apply for loans online.
- The company provides excellent customer service and has a helpful and knowledgeable support team.
Cons:
- New Credit America charges an origination fee of up to 5%, which can increase the cost of the loan.
- The company’s loans may come with prepayment penalty fees, which can discourage borrowers from paying off their loans early.
- Late fees may apply if borrowers do not make their payments on time.
- New Credit America does not provide debt settlement, debt relief, or credit repair services.
New Credit America Services:
New Credit America offers two primary services: debt consolidation loans and personal loans. Debt consolidation loans are designed to help individuals with multiple debts consolidate them into a single loan. This can simplify their finances and reduce their monthly payments. Personal loans can be used for various purposes, including home improvements, medical expenses, and debt consolidation.
What is New Credit America?
New Credit America is a licensed consumer finance company specializing in loan products that are customized to fit each unique situation. Their mission is to help consumers across the nation restore their financial health. They have been in business for 9 years and are based in Portland, OR.
According to the Better Business Bureau, Credit America has an A+ rating. However, customers have given the company a 1.8-star rating, with an average of 5 customer reviews and 7 complaints closed in the last 3 years.
How does New Credit America work?
In order to apply, input your Client ID, date of birth, and Social Security number. Once you have completed this form, click “Apply Now” to begin your application. First, you will need to complete a credit application. Fill out all required information and electronically sign the form before submitting it. After that, you will need to verify your income. They will ask for your online banking credentials so they can access your account statements.
After you submit your loan application, their verification team will review it. You’ll then receive an email with a link to sign your loan documents.
How to qualify for New Credit America?
You will need the following information and documents handy in order to complete your application:
- Your full name.
- Your phone number.
- Your email address.
- Your date of birth.
- Your home address.
- Your Social Security number.
- Employment information (including proof of income).
Does New Credit America offer debt consolidation loans?
Yes, New Credit America offers debt consolidation loans as one of its primary services. These loans can help individuals with multiple debts to consolidate them into a single loan, which can simplify their finances and reduce their monthly payments. The loans are originated by Cross River Bank, an NJ chartered bank, member FDIC, and may come with an origination fee of up to 5% and an APR of up to 29.99%.
What is the origination fee for loans from New Credit America?
The origination fee for loans from New Credit America can be up to 5% of the principal loan amount. This fee covers the cost of processing the loan and is added to the total loan amount, which can increase the cost of the loan. It’s important to consider this fee when comparing loan options from different lenders.
What is the APR for loans from New Credit America?
The APR for loans from New Credit America can vary depending on several factors, including the loan amount, your creditworthiness, and other factors. However, the company’s APR can range from 5.99% to 29.99%. It’s important to note that the APR includes not only the interest rate but also any fees associated with the loan, such as the origination fee. This is why the APR is a more accurate representation of the total cost of the loan than the interest rate alone.
What is Cross River Bank?
Cross River Bank is a New Jersey-chartered bank that operates as a member of the Federal Deposit Insurance Corporation (FDIC). It is a financial institution that provides banking services to businesses and individuals. Cross River Bank partners with financial technology companies, like New Credit America, to provide loans and other financial products and services to their customers. As a chartered bank, it is subject to regulatory oversight by state and federal agencies to ensure it follows safe and sound banking practices.
What states does New Credit America operate in?
New Credit America operates in several states across the United States. However, the specific states where the company operates can vary over time. It’s best to check the company’s website or contact their customer service team to confirm if they operate in your state.
How can I apply for a loan from New Credit America?
You can apply for a loan from New Credit America by visiting their website and completing an online application. The application process is typically fast and easy, and you can receive a decision on your application within minutes. Here are the steps to apply for a loan from New Credit America:
- On internet explorer visit the New Credit America website.
- Click on the “Apply Now” button on the home page.
- Fill out the online application form with your personal information, including your name, address, and social security number.
- Provide information about the loan you are applying for, including the loan amount and the purpose of the loan.
- Submit your application.
- Wait for a decision on your application. If approved, you will receive information on the loan terms, including the interest rate and any fees.
- If you accept the loan terms, sign the loan agreement and provide any additional information requested by the lender.
- Receive the loan funds in your checking account within one to seven business days, depending on your bank and the loan amount.
If you have any questions or need assistance with the application process, you can contact New Credit America’s customer service team for help.
Does New Credit America provide credit repair services?
No, New Credit America does not provide credit repair services. The company specializes in providing debt consolidation loans and personal loans, but it does not offer credit repair services. If you are looking to improve your credit score or repair your credit, there are other companies that specialize in credit repair services that you can consider. However, it’s important to be cautious when working with credit repair companies, as some may engage in fraudulent practices. It’s best to do your research and carefully read any contracts or agreements before working with a credit repair company.
New Credit America BBB Reviews
New Credit America has an A+ rating from the Better Business Bureau. With an average of 5 customer reviews and 7 complaints closed in the last 3 years. The company has a 1.8-star rating from customers.
Here are some reviews:
They are a deceitful business. I borrowed 8k and agreed to ****** for 40 months. there was no paper contract just a phone conversation. After 39 months of paying for pets. they say I still owe 6k. And puts will go on to 58 months. That roughly computes out to charging me 8k to borrow 8k, totaling 16k to pay off the loan. I have paid ****** a month for 39 months only to have 2k of principal paid. This company scammed me and took advantage of my age and lack of understanding of technology.
Buyer Beware. I suppose I could sum this up very simply. They offer a valuable service to folks who are not as financially savvy. It is often a fact of life that the people who can least afford absurdly high-interest rates are the ones who are not creditworthy enough to get lower ones. That being said this company is just plain greedy. It is one thing to offer a service and advertise it as a helpful step towards independence, and then end up charging nearly 30% interest on that money. I do not deny any company the right to make money, but at some point, they become predatory, and this is such an example. I have seen more than one comment like this, and this is not the only one of these vultures who prey on those in a bad situation and make it worse. DO YOUR HOMEWORK. Don’t get trapped into an absurdly high monthly payment for an extraordinarily long term. Don’t let them fool you, the only thing they care about is lining their own pockets.
I call to negotiate for help with my payments and they take the negotiated amount plus the original amount owed. With COVID-19 affecting my life in money constraints, this was not an expected thing to occur. I am now late on other bills like electricity and water, which are more important to me in my eyes. They need to realize they are hurting people when they are already hurting.
New Credit America FAQs
How much does New Credit America charge?
New Credit America offers competitive interest rates that range from 19.99% – 29.7%. Their APRs go up to 29.99%. An origination fee of 5%, may be included in the principal loan amount; Their APR goes up to 29.99%.
Are there any pre-payment penalties?
New Credit America does not charge prepayment fees, so you can pay off your loan early without any penalties. This makes it a great option for borrowers who want the flexibility to pay off their loans on their own terms.
How does New Credit America affect your credit?
There are a few things to consider before taking out a loan, such as your credit score. Many lenders will do a soft credit check before giving you an estimate of the interest rates and loan terms you could qualify for. This doesn’t affect your credit score.
But once you fill out a loan application, the lender will do a hard credit inquiry to get a full view of your credit history and offer you final rates. These hard inquiries can lower your credit score.
What is a debt consolidation loan?
A debt consolidation loan is a loan that is used to pay off multiple debts. This can simplify your finances and reduce your monthly payments.
How does a debt consolidation loan work?
When you take out a debt consolidation loan, you use the funds to pay off your existing debts. This leaves you with a single loan payment, which can be easier to manage than multiple payments.
What is an origination fee?
An origination fee is a fee that lenders charge to cover the cost of processing a loan. It is typically a percentage of the loan amount.
What is the APR?
The APR, or annual percentage rate, is the total cost of the loan, including interest and fees, expressed as a percentage of the loan amount.
What is a prepayment penalty fee?
A prepayment penalty fee is a fee that lenders charge if you pay off your loan early. It can discourage borrowers from paying off their loans early.
What is a personal loan?
A personal loan is a loan that can be used for various purposes, such as home improvements, medical expenses, and debt consolidation.
What is financial freedom?
Financial freedom refers to the ability to live your life without worrying about money. It means having enough money to cover your expenses and achieve your goals without being limited by financial constraints.
Do I need a checking account to apply for a loan from New Credit America?
Yes, you will need a checking account to receive funds from New Credit America. This is because the funds are directly deposited into your account.
What happens if I don’t make my loan payments on time?
If you don’t make your loan payments on time, you may incur late fees and damage your credit score. Additionally, the lender may take legal action to recover the money that you owe.
Does New Credit America offer any financial education resources?
Yes, New Credit America offers a blog that provides financial education resources and tips for managing your finances.
How to cancel New Credit America?
Personal loans can be a great way to get the money you need, but it is important to be sure of your decision before taking one out. Once the funds are dispersed into your account, you cannot reverse or cancel the transaction, so it is important to be certain upfront to avoid any problems later on.
Do you find yourself struggling to make ends meet? Here is some advice that may help you get back on track.
- One of the most important things you can do for your finances is to create and stick to a budget. This will help prevent overspending and make better spending decisions overall.
- Another great way to get your finances on track is by speaking with a financial advisor. They can help assess your current situation and offer helpful advice on how to move forward based on your unique circumstances.
- And finally, don’t sweat debt too much. Many companies are willing to work with customers to create a manageable payment plan. So reach out to their customer service team for more information.”
Is New Credit America legit or a scam?
At New Credit America, they’ve been helping people get out of debt for nine years. They offer consolidation loans to pay off your debt, and they’re proud to have an A+ rating from the Better Business Bureau. However, their customers have given them an average of only 1.8 stars out of 5, with 7 complaints closed in the last three years.
Before taking out a loan, it is important to think about the interest rate and repayment terms. It can be helpful to research and compare rates from different lenders to find the best deal. Additionally, reading customer reviews can give you a better idea of which option might be best for you. By doing this, you can avoid taking out a loan that you cannot afford.
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