New Credit America is a licensed lender providing various debt consolidation services and loans to help individuals manage their finances. Their services are advertised on their website newcreditamerica.com.
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New Credit America Overview
Considering a loan? Everyone has different objectives when it comes to borrowing funds. Some people wish to merge their debt, while others need to address sudden costs. With so many loan providers, it’s hard to pick one. Recently, debt consolidation loan from New Credit America have been gaining traction. Could this lender be the best fit for you? Let’s investigate the features they offer so you can decide.
We identified several significant aspects from our review of their website and terms and conditions.
- The percentage of interest varies from 19.99% to 29.7%.
- APRs go up to 29.99%.
- An origination fee of up to 5% may be included in the total loan amount, which causes the Annual Percentage Rate to be as high as 29.99%.
- All credits are initiated by Cross River Bank, a financial institution in New Jersey
- New Credit America does not offer services such as debt settlement, debt relief, or credit repair.
- The duration of the loan will be unchanging and is based on the amount of the payment.
What is New Credit America?
New Credit America is a licensed financial institution that specializes in personal loan products tailored to each individual’s needs. Their goal is to make personal loans to aid individuals throughout the country in regaining financial stability. With nine years of experience, they are headquartered in Portland, Oregon.
The Better Business Bureau has assigned Credit America an A+ rating, but customers have not been as impressed, with an average of 1.8 out of 5 stars, based on 5 customer reviews and 7 complaints closed in the past
How does New Credit America operate?
To start the application process, enter your Client ID, birth date, and Social Security number. Once you’ve filled out the form, click “Apply Now” to continue. You will be required to fill out a credit application and include all pertinent information before signing off electronically. Afterward, your income will have to be verified by providing your online banking details to view your account statements.
Once you send in your loan request, it will be examined by their authentication team. Afterwards, you’ll get an email with a link to sign the loan forms.
Qualifying for New Credit America
To finish your application, make sure you have the following necessary info and documents at the ready:
- 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).
New Credit America BBB Reviews
New Credit America has earned a fair and prestigious A+ rating from the Better Business Bureau. It has averaged 5 consumer reviews along with 7 grievances settled in the last 3 years, granting it a 1.8-star rating
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 financial health, 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 due late fees 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 cost?
New Credit America provides attractive rates of interest that range from 19.99% to 29.7%. Their Annual Percentage Rate (APR) reaches a maximum of 29.99%, and a 5% origination fee
Are there any pre-payment penalties?
No prepayment fees are associated with New Credit America, so you can settle your loan prior to the due date without any repercussions. This makes it an ideal choice for borrowers who wish to have the liberty to settle their loans according to their own timeline.
How does New Credit America affect your credit?
Prior to obtaining a loan, it is important to take certain factors into account, such as your credit score. Most lenders will do a soft credit check to determine the interest rate and loan terms you are eligible for. This has no impact on your credit score.
After you submit a loan request, the lender will do a thorough check of your credit background through a hard credit inquiry and provide you with the final rates. Unfortunately for consumers, this type of inquiry can cause a reduction in your credit score.
How to cancel New Credit America
Getting a personal loan can provide you with the money you require, however, it is crucial to be sure of your choice before you commit to one. Once the money is put in your checking account, you can’t reverse or cancel the payment, so it is necessary to make sure you are certain before taking the loan to avoid complications down the road.
Are you having difficulty making enough money? Here is some guidance that we hope may assist you in getting back on your feet.
Are you anxious about your financial situation? You’re not the only one. It can be intimidating to organize your finances, but it doesn’t have to be challenging. Just take these straightforward steps and soon your finances will be back to normal.
- It is essential for financial stability to make and adhere to a budget. This will help to keep expenditures in check and make wiser decisions when it comes to spending.
- Consulting with a financial advisor is an excellent method to organize your finances. They can evaluate your present situation and offer useful guidance on how to progress depending on your individual situation.
- Do not be overly concerned about debt. Many businesses are prepared to work with individuals in order to make payments more feasible. Therefore, contact their customer service team to get more information.
Is New Credit America legit or a scam?
For the past nine years, New Credit America has been assisting individuals and companies in overcoming their debt. They provide debt consolidation loans to their customers and have earned an A+ rating from the Better Business Bureau. Nonetheless, their customers have only rated them 1.8 stars out of 5, with 7 grievances filed in the last three years.
Prior to obtaining a loan, it is essential to consider the interest rate and payment plan. Investigating and contrasting rates from multiple loan providers can assist in finding the best option. Additionally, checking customer ratings can give insight into which choice may be the most advantageous. By carrying out these steps, one can keep away from acquiring a loan that cannot be paid for.
Are you familiar with New Credit America? Please share your experience in the comments below!
Thank you for reading!