You all are probably here because you wanna know the deal with Crediterium loans, am I right? As a guide who’s helped tons of people figure out the loan landscape, let me break it down for you. I’ve worked with Crediterium and many other loan providers, so I know the score. In this comprehensive Crediterium Loan review, we’ll cover everything you need to know – who Crediterium is, what they offer, pros and cons, customer experiences, alternatives, and even address some common Qs you have. Let’s get to it!
What is Crediterium Loan?
Crediterium Loan is an online lender that offers personal installment loans up to $5k. I know that doesn’t sound like much, but for some folks, it’s enough to consolidate debt, cover unexpected expenses, or just get some breathing room in their budget.
They launched in 2015 in California and have since expanded to offer loans in over 30 states. They position themselves as a company that helps put people first – focusing on understanding customers’ unique situations.
In a nutshell, Crediterium provides a simple, fast borrowing experience all online, making getting extra cash more convenient than going to your local bank. But are they right for you? Let’s explore further.
Overview of Crediterium Loan Options
When it comes to what Crediterium offers, they keep it simple with just personal installment loans up to $5,000. Here are some key things to know:
- The minimum is $500
- Maximum is $5k
I know some other online lenders offer higher max amounts, but $5k is still decent for covering various borrowing needs.
Interest rates & fees
- Rates range from about 7% – 35% APR
- Origination fees of up to 6% of the loan amount
Now those rates might initially make you balk – why are they higher than my bank or credit union rates? I’ll explain the deal with that in a bit.
Loan term lengths
Terms range from 3 months up to 3 years. Having different term options allows customers flexibility in finding an affordable monthly payment.
You generally need:
- Minimum credit score of 550
- Monthly income over $1,200
- Valid Social Security Number
- Active checking account
So they aren’t quite as strict on credit scores as some lenders I’ve seen. This gives applicants with less-than-perfect credit a shot.
That gives you a general overview of what kinda loans Crediterium provides. Up next, let’s talk about…
The Pros of Going With Crediterium Loan
I wanna share what I see as several solid pros this company offers that make them worth considering:
1. Fast online process
Once approved, ya can get funds as soon as the next business day after accepting your loan agreement. Everything from the application to managing your payments is handled on Crediterium’s website or app.
Forget driving to a bank branch and piles of paperwork! I find their tech and efficiency quite convenient.
2. Flexible loan uses
Ya, ain’t limited in how ya spend your loan money, unlike with some specialized loan types. Wanna pay medical bills? Crediterium allows it. Need cash for home renovations or to repair your truck? Go for it!
They offer general-purpose personal loans with flexibility.
3. No early repayment penalties
Sometimes life happens and ya manage to come into some extra money allowing you to pay your loan off faster. Excellent! With Crediterium, you won’t get slapped with any prepayment penalties for doing so.
This isn’t always the case with loans, so it’s a definite perk worth highlighting. Pay extra when ya can to pay less interest!
4. Referral program
If you end up happy with your experience – hey, why not spread the word? Ya can refer friends and earn up to $100 each time someone ya refer gets approved. Who couldn’t use a little extra cash?
Important Downsides and Considerations
Of course, it’s not all rainbows and sunshine. As with most lenders, there are some potential drawbacks for customers:
1. High interest rates
Earlier I touched on Credtierium’s rates ranging from 7% up to a whopping 35% APR. That’s definitely on the high end compared to options like banks or credit unions.
It comes down to risk – Crediterium serves borrowers traditional institutions might turn down or not offer attractive rates to. So they offset that risk with higher rates.
2. Can only borrow up to $5k
Some other online loan companies allow ya to borrow up to $100k. While $5k is decent, customers wanting to consolidate HEFTY credit card balances or bigger expenses are out of luck with Crediterium.
3. Origination fee takes a chunk
Expect your loan amount to be reduced anywhere from $30 up to $300 depending on the origination fee. It stinks to lose part of what you borrow to a fee, but such is life with personal loans sometimes.
4. Late fees add up
I advise all customers the same: do your darndest to pay on time! Crediterium tacks $15 late fees daily, so it ain’t long before it really adds up. Some grace periods are given, but still – set payment reminders!
So those are several drawbacks borrowers should be aware of with Crediterium.
What Do Customers Have To Say?
Alright, enough just hearing from me. Let’s take a look at actual Crediterium customer reviews to get insights from real experiences…
Positive Crediterium Loan Reviews
There are thankfully lots of glowing 4 and 5-star reviews describing positive loan encounters. Here are some themes that customers highlight:
Quick and easy process
Many describe the convenience of handling everything online quickly with friendly service reps available to help via phone and chat if needed. The general ease scores big points.
Reasonable rates for credit situations
Customers with fair credit are grateful to be approved when they’d likely not qualify elsewhere. And they feel rates, while high compared to ideal credit, are reasonable enough still.
Help pay off high-interest debt
Numerous folks are thrilled to use their loans to finally pay off nagging credit card balances with crazy 30% rates. Doing so helps their savings and quality of life.
Negative Crediterium Reviews
No lender is flawless though. Here are reasonable complaints some customers cite:
Loan amount limits
As I touched on earlier, borrowers wanting over $5k are out of luck. The small max loan size doesn’t work for larger financing needs.
High origination fees
Some borrowers underestimate the chunk the origination fee takes until they see their final loan amount. So that causes frustration thinking they’d receive more.
Website navigation issues
This ain’t super common, but some reviews describe problems logging into their accounts or difficulty navigating the site interface. Any tech issues obviously cause headaches.
So in summary – seems most problems come from wanting bigger loans or misaligned exceptions vs reality. But overall, many positive experiences abound.
Crediterium Loan Alternatives to Consider
While Crediterium works for plenty of folks’ situations, it always helps to shop around. Everyone’s credit and money needs differ after all.
Here are two solid alternative personal loan providers I’d suggest checking out as well:
Upgrade offers loans up to $50k and all the way down to rates around 6% APR for those with excellent credit history.
While they approve a range of credit scores, Upgrade rewards those with stellar scores the most. So if your credit shines, consider them!
At LendingClub, loan amounts go up to $40k with competitive fixed rates as low as 7-8% for borrowers meeting requirements.
They connect borrowers and investors directly rather than using their own funds. Overall another great option!
As ya can see, Crediterium sits among several quality choices for borrowers needing decent personal loan amounts and terms. I advise checking eligibility at multiple places before deciding. Now then, let’s get into another important section…
Frequently Asked Q’s About Crediterium Loan Reviews
I get a TON of questions from folks about Crediterium. What credit score is needed? How fast is funding? Blah blah blah. Let me tackle some of the most common Q’s for ya here:
What credit scores does Crediterium Loan accept?
As I touched on earlier, they set their minimum score requirement at 550 FICO. Do be aware the higher your score, the better chance you have at lower interest rates offered.
Does Crediterium Loan do hard or soft credit checks?
When you apply, they conduct a ‘soft check’ allowing you to see potential rates available with no ding to your score. But before officially approving a loan, a ‘hard check’ is run to secure specifics affecting approval and pricing.
How long does the Crediterium application process take?
It depends, but expect around 5-10 minutes to complete the online application providing all your details. Then if approved, expect to sign loan docs within 24 hours. Really speedy!
How quickly does Crediterium deposit approve loans?
As soon as the next business day you e-sign the loan agreement! Funds are sent electronically to your provided bank account.
Can I get a loan from Crediterium Loans with no credit history?
Unfortunately, Crediterium requires a credit history and score for review before approving loans. So brand new credit profiles are likely out of luck.
Does Crediterium Loans service in my state?
Remember, they currently operate in about 30 states. So residents in AZ, CA, FL, GA, IL, and TX for example have access while other state residents might not. Check their site!
Alrighty I believe I covered a whole heap of the key questions borrowers have around Crediterium loans! Hopefully learning all this good stuff helps as you move forward with your borrowing decisions.
The bottom line on Crediterium loans based on all my research and experience: They provide a legit option for personalized installment loans, especially for those with just low credit scores and histories. Applicants enjoy a super fast and convenient process.
However, be mindful that you sacrifice lower rates in return for approval likelihood and flexibility. So for some borrowers, Crediterium loans won’t make financial sense long term. As always, tread carefully my friends when taking on debt!
And there you have it friends – the down-low on Crediterium loans. Hopefully, this review gave you all the meat and potatoes around what this lender offers and who they might work for. Thanks for tuning into my ramblings – Hit me up with any other lending deets you need help with!
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I'm Ellie, a freelance writer with years of experience in the loan industry. Based in the United States, I founded cuploan.net, a loan finance blog providing expert advice and insights. I specialize in creating high-quality content promoting financial literacy and consumer rights to ensure fair and transparent lending access.