Broken washing machines, leaking pipes, and your teenager who just revealed the massive dent in your car—which obviously wasn’t his fault. The bills are heading your way, and your fighting power is at an all-time low. If going into hiding isn’t for you, there are plenty of online lenders that are happy to help you out. CreditNinja is one of them.
Our CreditNinja review will uncover whether the loan company has what it takes, or if it’s just a disappointing decoy.
This article will tell you—
- What CreditNinja can offer you.
- CreditNinja pros and cons.
- The company’s online credit loans.
- CrediNinja’s credit score requirements.
- CreditNinja interest rates and APR.
- Reviews on CreditNinja.
- Sites like CreditNinja.
Find out more about getting a loan:
What Is Credit Ninja?
CreditNinja is a Chicago-based direct lender that offers online personal loans for those with low credit scores. The company was founded in 2017 and has since originated 300,000 loans to around 200,000 people.
CreditNinja prides itself on giving you access to simple online loans without worrying about your credit history. The company says they can offer a speedy helping hand if you ever find yourself in a financial emergency.
Credit Ninja Pros & Cons
| Pros | Cons |
| Application process is quick and simple | Lack of transparency on high APR and interest rates |
| Those with poor credit can apply for a loan | Loans are only available in twelve states |
| Adjustable repayment schedule | Non-refundable origination fees |
| Chance to get same-day funding | Loan amount limit of $5,000 |
| Plenty of customer service options | Necessary to have an online checking account |
Credit Ninja Loans
CreditNinja offers personal installment loans up to $5,000. The loans are unsecured, so you won’t need to provide any collateral.
The company says their loans are there to help those who have bad credit scores, and for borrowers who could struggle to get a loan from other lenders.
If you’re eager to get a loan—and quickly replace the freezer that decided to stop freezing—the application process is pretty painless.
You’ll just need to fill out some personal information through the online application and you should get approved (or rejected) almost instantly.
After getting approved, you’ll get your loan by the next working day.
You’ll then get a length of repayment term for you to pay back in installments. The term and number of payments will depend on the type of loan you get and the state where you live.
You’ll have to wait to buy the matching refrigerator, though—you’ll only be able to get one loan at a time. Once you’ve paid your existing loan, you’re free to apply for another one.
(Stay ahead of the next emergency by getting yourself out of consumer debt. Here’s our free debt snowball spreadsheet.)
Loan Requirements
As there’s no collateral, CreditNinja runs a soft check to make sure you can pay back the loan. This involves looking at your credit history to see if you’re financially responsible.
And no worries—soft checks have no impact on your credit score.
Here are some other factors CreditNinja takes a look at:
- Name and address
- Date of birth
- Social security number
- Source of income
- Checking account
- Loan borrowing history
The frequency of your income will also help CreditNinja decide how often you pay back the installments (which could be weekly, bi-weekly, semi-monthly, or monthly).
And with income being a pretty big factor, it makes sense that they also require borrowers to be employed.
But if you have no checking account—you’re out of luck.
CreditNinja only dishes out loans if you have an active checking account. There’s no way you can get around it, as they use a Bank Verification tool to check your activity.
Bad news for any technophobes out there too—you’ll need an online bank account to get verified and approved.
Related: SoFi Review: Personal Loans in 2023
Credit Ninja Credit Score Requirements
CreditNinja is dedicated to helping those with poor credit. So if your credit isn’t up to par, you’ve come to the right place.
Credit Ninja’s minimum credit score is low—but the higher the score, the better.
Your credit score and past borrowing history help CreditNinja decide on the conditions of the loan and your interest rates.
If your credit score isn’t anything to shout about, they also check other personal and financial details to make their final decision.
And if your credit score doesn’t stack up, follow our top credit-building tips.
Does Credit Ninja Affect Credit Scores?
CreditNinja does a soft check when you apply for a loan—so applying doesn’t affect your credit score.
The loan company also doesn’t report to the three main credit bureaus. This is bad news if you want to use on-time loan repayments to build your credit score, but good if you make a few late payments.
But you’re not completely out of the woods. CreditNinja reports to another credit service called Clarity, which tracks your credit information and gives you a score so CreditNinja can see how trustworthy you are.
If you want to keep tabs on your credit score, check out MyFico for up-to-date FICO scores.
Credit Ninja Interest Rates
Your interest rate can depend on many factors, like your credit score or income. If you have good credit history and your credit score isn’t too bad, you should get decent interest rates.
So it’s worth trying to build up your credit score before applying for a loan to get the best deals.
The APR (annual percentage rate) is the total cost of credit, covering interest and other financial charges. This is where things get more ambiguous.
CreditNinja makes it pretty difficult to find your exact interest and APR rates before applying, simply saying that it depends on your personal and financial details.
But if you dig a little deeper into their terms and conditions, they admit that their APR rates are high and not recommended as a long-term financial solution.
Some more detective work reveals that CreditNinja doesn’t provide loans to military members as the Military Lending Act doesn’t allow lenders to offer loans with an APR over 36% to anyone serving in the military.
Long story short, CreditNinja APR rates are high (certainly higher than 36%). Something to consider when you’re planning loan repayments.
(If you struggle to manage your repayments, try out our weekly budget planner.)
Credit Ninja Fees
When you’re applying for a loan, you’ve probably got the repayments and interest rates at the front of your mind. But don’t get caught out by all the extra fees.
CreditNinja’s fees include:
- Origination fee
- Non-sufficient funds (NSF) fee
- Late fee
The late fee is pretty self-explanatory—if you don’t make your CreditNinja payment after ten days, you’ll get charged $7.50.
And if there’s not enough money in your account, you’ll get charged an NSF fee of $30.
Origination fees are the extra charges you pay for loan processing and underwriting. They can vary depending on which state you’re living in. CreditNinja charges 5% of the loan amount (which they remove from your overall loan amount).
On top of the high origination fee, it’s also non-refundable (even if you prepay the loan, you won’t get that money back).
Credit Ninja Website and Application
The CreditNinja website is fairly easy to navigate, and the application process only takes a few minutes.
Here are the steps you need to follow for the CreditNinja application:
- Make sure you fit the eligibility requirements.
- Go to the website and use your CreditNinja login.
- Find the online application.
- Enter your personal details.
- Wait for approval after CreditNinja runs a soft check.
If you want to do your homework before applying, CreditNinja also has a ton of information about different types of loans (and plenty of pages explaining all the terminology you might find confusing).
Credit Ninja Customer Service
If you have any questions about your loan (or you’re just in the mood for a good rant), CreditNinja has plenty of customer service options to tickle your fancy.
If you want to go old-school and speak with a real human being, you have two CreditNinja customer service number options:
|
Customer Support |
855–646–5201 |
Mon–Fri: 8 a.m.–6 p.m. CT |
|
Collection Team |
855–646–5288 |
Mon & Fri: 8 a.m.–6 p.m. CT Tue–Thu: 8 a.m.–8 p.m. CT |
If chatting away on the phone isn’t your thing, you can also email CreditNinja with the following addresses:
And if you want to channel your inner Hemingway, you can send them a letter to:
CreditNinja, Attn: Customer Service Group
27 North Wacker Drive, Suite 404
Chicago, Illinois 60606
Credit Ninja Reviews
Reviews on CreditNinja are mixed, but generally pretty positive.
Currently, CreditNinja has a score of 4.5 on TrustPilot (from 7,438 reviews).
Positive reviews focus on the—
- Fast approval services
- Helpful customer support
- Easy online loans
- Straightforward payment plan
Negative reviews call CreditNinja a scam and point out how high the interest and APR rates are.
One reviewer said, “their system is deceptive and fraudulent—they approve credits without giving you complete information on the APR and interest rates with their percentages exceeding 200% which you only find out after your loan is approved.”
So, a word of warning—if you’re going to apply for a loan with CreditNinja, be aware of the high rates that come with it and plan ahead.
Loans Like Credit Ninja
We’ve given you the complete rundown. But how do other sites like CreditNinja compare?
Here’s a quick summary of all the top loan companies like CreditNinja:
|
Lender |
Loan amount |
Term length |
APR |
Min. credit score |
Origination fee |
Late fee |
|
Up to $5,000 |
12–18 months |
Over 36% |
None |
5% |
$7.50 |
|
|
$5,000–$10,000 |
2–7 years |
7.99%–23.43% |
None |
None |
None |
|
|
$5,000–$100,000 |
3–6 years |
6.74%–24.74% |
660 |
None |
None |
|
|
$2,500–$35,000 |
3–7 years |
6.99%–24.99% |
660 |
None |
$39 |
|
|
$1,000–$50,000 |
2–7 years |
8.24%–35.97% |
560 |
1.85%–8.99% |
$10 |
|
|
$2,000–$36,500 |
2–6 years |
7.99%–35.99% |
620 |
0%–8% |
Up to $30 |
|
|
$5,000–$100,000 |
2–7 years |
6.99%–23.99% |
660 |
None |
None |
How Do Online Credit Loans Work?
Online credit loans let you apply for a set amount of money through an online lender. Most online loans are unsecured—so the process can be pretty easy, as you don’t need to provide any collateral.
But if you fail to make a payment, your credit score could drop, and you might get charged a late payment fee.
Online loans tend to have lower interest rates and are more flexible with who can borrow money (with many accepting those with poor credit scores).
An online lender will usually run a soft check and review your personal information before giving you the loan. Once you’ve got the cash, you’ll have to pay it back in installments, with added interest and APR rates.
Online personal installment loans can be paid anywhere from one to ten years, depending on which lender you go with and what type of loan you’ve taken out.
These loans are generally safe, as long as you opt for an established lender (don’t skimp on your research).
A survey involving 11,000 US adults found 12% of borrowers were behind on payments. So our top tip is to make sure you plan how you’re going to pay back the loan—or you might get hit with extra charges and a drop in your credit score.
Key Takeaway
CreditNinja is an established online lender and has received a lot of positive feedback (as well as some justified criticism).
But is CreditNinja the right choice for you?
CreditNinja is great for—
- Those with poor credit.
- Borrowers who need money fast.
- Those who value good customer service.
A major drawback is CreditNinja’s high rates and lack of transparency.
You’ll only find out your exact rates after you apply— make sure you consider this when you’re planning how to pay back your installments.
And remember, loans should only be used in financial emergencies and if you can afford to pay it back. Otherwise, it might be more trouble than it’s worth.
FAQ
Is Credit Ninja legit?
Yes, CreditNinja is a legit company and has been used by over 200,000 borrowers.
However, the loan company has received complaints about its lack of transparency surrounding high interest and APR rates.
Taking out a loan can be risky, so it’s always best to do your research and compare different loans before making a decision.
What is the interest rate for Credit Ninja?
CreditNinja interest rates can vary depending on the amount you borrow and your personal and financial information.
If your credit score is poor and you’ve had a rocky history with borrowing money, you’ll likely be charged higher interest rates.
For those struggling with their credit, here’s our guide to reaching a 700 score from 0.
Does Credit Ninja check credit?
CreditNinja runs a soft credit check after you apply—but this won’t affect your credit score.
CreditNinja checks your credit and other factors to see how financially responsible you are and what type of loan you’ll get.
The difference between a soft and hard credit check is that the latter will damage your credit (although your score will probably only drop by a few points).
If your credit score has been affected, check out our credit-building tips to give you a boost.
What kind of loan is CreditNinja?
CreditNinja offers installment loans. This means you have to pay back the money you borrowed over a set period (which is decided depending on the amount of money, where you live, and your financial situation).
To apply for the loan, you’ll need to fill out your personal details through an application form. You’ll find out if you’re successful almost immediately.
If you like the idea of paying back in installments, there are also plenty of buy-now-pay-later apps that can help make shopping more affordable.
Is Credit Ninja safe?
Yes, CreditNinja is just as safe as other major online lenders.
The company uses SSL encryption to protect your information. You can also opt out of CreditNinja using your personal details for marketing purposes by contacting customer service.
