New Credit America is a licensed consumer finance company that provides debt consolidation services and loans to help you manage your finances. Their services can be found on their website, newcreditamerica.com.
New Credit America Summary
When looking for a loan, everyone has different requirements and wishes. Some are looking to combine their debt while others are trying to cover sudden expenses. With multiple loan providers out there, it can be hard to pick the right one. New Credit America has been gaining attention recently, so is this the best lender for you? Read on to find out more about their services and make an educated decision.
Our examination of their website and rules uncovered a few noteworthy highlights.
- The interest rate varies from 19.99% to 29.7%.
- The Annual Percentage Rate can go up to 29.99%.
- A fee up to 5% of the loan principal could be added to the loan amount, resulting in an annual percentage rate of up to 29.99%.
- Cross River Bank, a banking institution based in New Jersey, is the source of the loans.
- New Credit America does not offer any services that involve reducing, settling, or repairing debt.
- The length of the loan will be determined by the size of the payments you make.
Pros and Cons
- New Credit America provides debt consolidation assistance, enabling people with multiple debts to simplify their finances and lower their monthly payments.
- This business offers individual loans that can be used for a variety of things, such as renovations, medical bills, and debt merging.
- Loans offered by New Credit America are supported by Cross River Bank, a federally-insured New Jersey-based bank. This ensures that the loans are backed by a reliable financial institution.
- The corporation provides a fresh start to those with poor credit who may have difficulty obtaining loans from other sources.
- Navigating New Credit America’s website is straightforward, and it is possible to apply for loans through the site.
- The firm offers outstanding client assistance and has a helpful and well-informed assistance staff.
- New Credit America imposes an initiation fee that can be as high as 5%, which can add to the cost of the loan.
- The company’s loans could have prepayment penalty fees, which can discourage borrowers from settling their loans ahead of time.
- Penalties may be charged if loaners do not pay their bills by the due date.
- New Credit America does not offer any services related to debt settlement, debt relief, or credit repair.
New Credit America Services
New Credit America provides two main services: debt consolidation loans and personal loans. Debt consolidation loans are intended to assist individuals who have multiple debts to combine them into one loan which can make budgeting easier and reduce monthly payments. Personal loans can be taken out for a range of reasons, such as home improvements, medical expenses, and debt consolidation.
What is New Credit America?
New Credit America is an accredited lender that focuses on providing loan solutions that are tailored to every individual’s needs. Their objective is to assist people from all over the country to improve their financial status. They have been around for 9 years and are based in Portland, Oregon.
The Better Business Bureau has granted New Credit America an A+ rating, yet customers have rated it at 1.8 stars, with a total of 5 customer reviews and 7 complaints dealt with in the last 3 years.
How does New Credit America work?
To begin the application process, you must enter your Client ID, date of birth, and Social Security number. Once you have completed this, click “Apply Now” to continue. The next step entails filling out a credit application and signing it digitally. Finally, you will be asked to provide your online banking credentials to verify your income.
Once you have sent in your loan application, they will check it over. Afterwards, you will be sent an email containing a link so that you can sign the loan documents.
How to qualify for New Credit America
For the purpose of submitting your application, make sure that you have the necessary data and paperwork at hand:
- 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?
New Credit America provides debt consolidation loans as a main offering. Individuals who have multiple debt obligations can consolidate them with this single loan, making it easier to manage their finances and lower their monthly payments. Cross River Bank, an NJ chartered bank, member FDIC, is the originator of the loans, and they 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?
New Credit America may charge up to 5% of the loan principal as an origination fee. This covers the cost of completing the loan paperwork and is added to the balance of the loan, which could make the overall loan more expensive. It is important to take this fee into consideration when you are looking at different loan offers from various lenders.
What is the APR for loans from New Credit America?
New Credit America’s APR varies and is dependent on various elements, such as the loan sum, your credit score, and other elements. This company’s APR can stretch from 5.99% to 29.99%. It’s essential to bear in mind that the APR contains not only the interest rate but also any fees attached with the loan, like the origination fee. This is the reason the APR is a more exact depiction of the entire cost of the loan than the interest rate alone.
What is Cross River Bank?
Cross River Bank is a financial institution that is regulated by both state and federal agencies and is a member of the Federal Deposit Insurance Corporation (FDIC). It offers banking services to individuals and businesses, as well as partnering with technology companies like New Credit America to provide loans and other financial products and services. This bank is governed by strict rules to ensure it follows sound banking practices.
What states does New Credit America operate in?
New Credit America is present in multiple states around the US. However, the exact states in which they do business can alter periodically. To make sure that they are available in your state, it is recommended to look at their website or reach out to their customer support staff.
How can I apply for a loan from New Credit America?
To apply for a loan from New Credit America, simply go to their website and fill out the online application form. This process is usually straightforward and speedy, and you can usually get a response in minutes. Here is how to apply for a loan from New Credit America:
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- Go to the New Credit America website.
- Press the “Apply Now” button on the main page.
- Complete the web-based application by entering your individual details, such as your name, address, and social security number.
- Give details regarding the loan application, such as the sum being borrowed and what the money is intended for.
- Send in your application.
- Await a response regarding your request. If accepted, you will be provided details about the loan, such as the interest rate and any applicable charges.
- Agree to the loan conditions, sign the loan contract, and furnish any extra data requested by the creditor.
- You should have the loan money deposited into your checking account in one to seven working days, depending on your bank and how much money you are taking.
If you require any assistance with the application or have any inquiries, you can reach out to New Credit America’s customer service team for support.
Does New Credit America provide credit repair services?
New Credit America does not offer credit repair; they specialize in debt consolidation loans and personal loans. If you need help improving or repairing your credit, there are other companies that offer those services. However, do your research and read over any contracts or agreements before working with a credit repair company, as some may be fraudulent.
New Credit America BBB Reviews
New Credit America has been awarded an A+ rating by the Better Business Bureau. On average, they have accumulated 5 customer reviews and have successfully closed 7 customer complaints during the past 3 years. However, customers have rated them with an average of 1.8 stars.
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 FAQ
How much does New Credit America charge?
New Credit America provides interest rates that go from 19.99% to 29.7%. The annual percentage rate (APR) can be as high as 29.99%, with a 5% origination fee that may be included in the total amount.
Are there any pre-payment penalties?
No prepayment fees are charged by New Credit America, thus allowing you to pay off your loan in advance without any repercussions. This makes it a great choice for borrowers who desire the freedom to settle their loans in accordance with their own conditions.
How does New Credit America affect your credit?
It is important to think about a few factors before taking out a loan, such as your credit score. Many lenders will do a soft credit inquiry to provide you with an idea of the loan terms and interest rates that you may be eligible for. This will not have an impact on your credit score.
When you submit a loan request, the lender will conduct a thorough assessment of your credit background, which will result in a hard inquiry and could lead to a decrease in your credit score. They will then provide you with the final rates.
What is a debt consolidation loan?
A debt consolidation loan is an option to combine multiple debts into one loan, which can make managing finances easier and lower monthly payments.
How does a debt consolidation loan work?
By taking out a debt consolidation loan, you can use the funds to pay off all your existing debt obligations. This simplifies matters, since you’ll only be responsible for making a single loan payment, which can be easier to keep than multiple monthly payments.
What is an origination fee?
Lenders will charge an origination fee to cover the costs of processing a loan, usually expressed as a percentage of the loan sum.
What is the APR?
The annual percentage rate (APR) is the sum of all loan expenses, such as interest and charges, displayed as a percentage of the loan’s total amount.
What is a prepayment penalty fee?
Lenders may impose a penalty fee if a borrower pays off their loan before the due date. This fee is intended to deter people from settling their debts in advance.
What is a personal loan?
A loan that an individual can take out for a variety of reasons, including home renovations, medical bills, and debt consolidation, is known as a personal loan.
What is financial freedom?
Financial freedom is the ability to live life without financial worries. It entails having sufficient funds to meet expenses and attain ambitions without being limited by financial difficulties.
Do I need a checking account to apply for a loan from New Credit America?
In order to receive money from New Credit America, you must have a checking account as the money will be deposited directly into it.
What happens if I don’t make my loan payments on time?
If you fail to pay your loan back in a timely manner, it could result in extra charges and a decrease in your credit rating. The lender could even take legal action to obtain the amount that is due.
Does New Credit America offer any financial education resources?
New Credit America has a blog that provides guidance and advice for taking control of one’s finances.
How to cancel New Credit America
It is essential to be sure of your choice before taking out a personal loan, since once the money is deposited into your account, it cannot be undone or revoked. Making sure of your decision ahead of time is important to prevent any issues with your financial health down the line.
Are you having difficulty making enough money to cover your expenses? Here is some guidance that could assist you in regaining financial stability.
- Creating and adhering to a budget is essential for managing your money. This will help keep you from spending too much and make wiser financial choices.
- Consulting with a financial expert is a great way to organize your finances. They can review your financial situation and provide tailored recommendations on how to proceed based on your individual needs.
- Ultimately, don’t worry excessively about debt. There are numerous companies that are willing to negotiate with customers to set up a realistic payment plan. Contact their customer service representatives to learn more.
Is New Credit America legit or a scam?
New Credit America has been providing debt relief for nine years and has earned an A+ rating from the Better Business Bureau. Nonetheless, their customers have only given them an average rating of 1.8 out of 5 stars, and 7 complaints have been resolved in the last three years.
Prior to borrowing money, it is essential to consider the interest rate and repayment plan. Investigating and comparing rates from different sources can help you find the best option. Additionally, reading customer reviews can provide you with an insight into the most suitable choice for your situation. By doing this, you can make sure you do not take out a loan that you are unable to repay.
Are you familiar with New Credit America? Please share your review in the comments below.
Thank you for reading!