CreditNinja Review | Installment Loans Starting at $500

What does CreditNinja offer?

CreditNinja offers installment and payday loans, ranging from $500 and $5,000, depending on your state. You can also get debt consolidation loans, but you might not get a better interest rate.

The term is usually 12 – 18 months, although CreditNinja does encourage prepayments. The website repeatedly states that its products aren't meant to be long-term solutions.

Eligibility Criteria

According to the CreditNinja website, your creditworthiness (500 or higher) and state are the primary criteria for eligibility. There are a few other criteria as well. You need to be 18 or older, or 19 in Alabama and 21 in Mississippi. You should also have a steady income and a verified bank account.

If you’re covered by the Military Lending Act, you’ll not be able to apply on CreditNinja.

How to apply for a CreditNinja Installment Loan?

Before you apply for a CreditNinja installment loan, check the eligibility requirements. If you qualify, you can apply by clicking on the ‘Apply Now’ button at the top of the website. The entire application process happens online.

First, you’ll need to enter your personal information, including name, contact details, date of birth, residency, address, social security number, and your state ID. CreditNinja will also ask for your employment status and income, as well as your financial information.

Make sure that all the information is accurate since the provider does conduct checks. Note that you’ll have to tick if you’re covered by the Military Lending Act. If you are, CreditNinja will not be able to provide you with a loan since their APR exceeds the legal limit.

Next, select how much you want to borrow. Depending on your state, you can apply for an amount between $500 and $5,000. Click ‘Submit’ and wait for the decision. It usually takes about 30 seconds.

If your loan is approved, you’ll see the loan terms displayed, your repayment terms, and the interest rates. If you’re happy with these, enter your account details and accept the agreement.

Rates, Terms, and Fees

While CreditNinja has a disclaimer at the bottom of its website regarding APRs, it doesn’t list its rates upfront. Instead, the rates are determined when you’ve applied and they aren’t the same for all individuals. Some reports list it as going as high as 349%.

There’s also an origination fee, and CreditNinja will charge late fees if you fail to make a payment. It doesn’t charge any prepayment fees, however.

Bottom line

If speed is your top priority, and you struggle with a poor credit, CreditNinja might be an option for you. However, little information is disclosed about its rates and terms. If cost is an issue, you might want to consider a more forthcoming provider, such as SoFi or Prosper.

CreditNinja is somewhat flexible in its terms and only makes a soft credit inquiry if requested. That said, always read the fine print before accepting an online loan.