CreditNinja Personal Loan Review

CreditNinja offers payday loans and installment loans up to $5,000 to borrowers with bad and less than excellent credit. The loan application process is speedy and the funds may hit your bank account within 48 hours. APRs begin at 199% and they also charge an origination fee — which is non-refundable.

With high APR loans, you could end up paying more than double what you borrowed. If you have not exhausted all your borrowing options, you can seek a cheaper option with an annual percentage rate not exceeding 36%.

Although CreditNinja doesn’t disclose the minimum credit score to get approved, we estimate for a loan of $250 – $1,500 you’ll need a minimum credit score of 500 and steady monthly income. In order to be approved for more than $1,500 you’ll likely need a credit score of 650 or higher.

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CreditNinja is best for:

• People in an emergency loan within 1 or 2 business days
• Have low credit scores of 500-600
• Have proof of income – even welfare or government income
• Looking for an unsecured loan or payday loan of up to $5,000.

CreditNinja Personal Loan Features

Comparing personal loans gives you an idea of the costs, fees, terms, and conditions so that you can get the best offer available to you. Here are the conditions for CreditNinja loans:

• CreditNinja Intrest rate: Starting at 199% APR, this is higher than the industry range of 22% from lenders like SoFi for example. However, in order to qualify for those rates you will need a minimum credit score of 650 and higher income where CreditNinja is an alternative to a payday loan for applicants with poor credit and low income.
• CreditNinja credit score requirements: They don’t state on their website directly what their minimum credit score is for approval, however we expect it is between 500-600. Instead they mention they use an alternative underwriting system to approve applicants. What we do know is with APRs as high as these, they will likely approve Americans with poor credit scores.
• An origination fee of 5%: This is a fee that some lenders charge to cover things like processing the loan application and underwriting. 5% is the average for lenders and it is deducted from your loan funds.
• Third-party lenders:  Once CreditNinja processes and disburses your loan, you can only receive the loan through a third-party bank or lender depending on the state you reside in.
• Fast access to funds: Once approved, you can receive your money within 1 business day for some cases.
• Rates and costs fees are “hidden”: CreditNinja states that “many factors” determine the interest rate. These include your credit score, credit history, income, and state law. However, from their disclosures page, some specific info reveals up to triple-digits in rates and fees.
• Loan term: Repayment terms range from 12 to 18 months.

What Makes CreditNinja Stand Out

• You can borrow Up to $5,000: This is however dictated by your state laws and creditworthiness. Not all applicants will be offered a $5,000 loan if approved.
• CreditNinja offers bad credit loans: Even if you have bad credit, the only conditions you have to meet are having a regular income and being a US resident.
• Flexible repayment options: You can repay your loan with a personal check, checking account, debit card, or money order.
• Seamless online application: The entire application process is completed online.

Why you’ll want apply elsewhere:

• You won’t know your APR rates until you submit your application: CreditNinja looks at diverse factors when deciding how much APR rate you’ll pay. These include your loan amount, repayment period, the state you live in, your current income and debt-to-income ratio, and your employment status.
• APRs are high– CreditNinja APRs start at 199%-349% which is quite high when compared to typical personal loan interest rates of 36% or less. If you have a credit score over 650, you should apply elsewhere to get a better interest rate.  

Is CreditNinja Legit?

Yes, based on our research, CreditNinja is legit. CreditNinja was founded in 2017 by a Chicago-based direct lender called KMD Partners LLC. They began offering loans in 2018 and have since originated almost 300,000 loans.

• Trustpilot score: Creditninja has a 4.5 star rating on Trustpilot with 7,267 total reviews, with 81% rating this lender as excellent.
• BBB rating: Creditninja has a B- rating on the Better Business Bureau and 2.83/5 stars. There have also been 26 complaints closed in last 12 months and 56 complaints closed in the last 3 years

How To Apply For A CreditNinja Personal Loan

Here’s what you’ll need in order to have the best chance of approval when applying for a loan with CreditNinja:

• Minimum age: 18 years or older depending on your state
• CreditNinja is licensed in the following states: Alabama, California, Delaware, Idaho, Louisiana, Mississippi, Missouri, New Mexico, South Carolina, Texas, Utah and Wisconsin. The maximum loan amount also depends on the state you live in.
• Minimum credit score: We recommend applying if your credit score is 500 or higher.
• Minimum income: You must show proof of steady income in order to have the best chance of approval. Our estimate on the minimum income to get approved with CreditNinja is $1,500 per month.
• Proof of income: Have these two documents ready when you apply: bank statements showing regular deposits into your bank account or pay stubs from your employer dating back 2 months.

To apply for a CreditNinja loan, fill out an online request process on their website which is a fast and easy process. You’ll fill out your details and your CreditNinja personal loan approval takes about 2 hours. You may receive your funds within 1 or 2 business days.

Wrapping up

CreditNinja a legit lender that offers short term loans for people in an emergency who have bad credit. They are a licensed lender in 13 states and offer loans up to $5,000 with funding in as little as 24 hours. If you have good credit and access to a loan from a bank you’ll find it more affordable with interest rates near 10%.