CreditFresh partners with financial institutions to provide fully integrated technology and service solutions to expand their current product offerings and provide consumers with access to credit. Lines of Credit through CreditFresh are originated by one of several Bank Lending Partners, including CBW Bank, Member FDIC, and First Electronic Bank.
It is important to note that a line of credit is a type of loan. Similar to a personal loan, the consumer is borrowing money from a lender, but a line of credit is not intended for large one-time purchases or expenses, such as buying a home or auto repair.
Instead, a line of credit allows consumers to have more flexibility, borrowing money from their account when and how they please, and only incurring charges on money drawn.
Thus, a line of credit through CreditFresh is a great option for those who may need some extra cash throughout the month.
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Lines of credit through CreditFresh have credit limits ranging between $500 to $5,000. The credit limit you will receive will be dependent on certain criteria, including your credit score and other financial background details. The flexibility of a line of credit allows you to take draws, repay, and redraw as you need.
Other line-of-credit lenders offer much larger maximum credit limit amounts, upwards of $50,000, but receiving a credit limit of this size will likely require an excellent credit score. Thus, a line of credit through CreditFresh might be a more viable option for you if you are looking to borrow less.
Additionally, a lower credit limit can ensure that you will be able to pay back what you borrow, and you will be less likely to spend more than you can afford.
The request and approval process through CreditFresh is quick and easy. You begin the process online by submitting a line of credit request that will only take a few minutes. This request will ask for your personal details, as well as your desired credit limit. If approved, you sign your agreement and can request a draw. Funds may be in your bank account as soon as the same business day.
The request process is quick and easy. If approved, funds may be available in your bank account as soon as the same business day, depending on the time of the request. Be aware that funding timelines may vary and are subject to change.
It is important to note that the timing on funding will also be dependent on your bank's policies.
A line of credit through CreditFresh is only available in the following states:
If you do not live in one of these states, you will not be able to borrow from CreditFresh.
A line of credit is similar to a credit card, in that a consumer can use their borrowed money how and when they please. It is not generally advised to use credit for large expenses as you are meant to pay off the borrowed amount much sooner, and it may be difficult to repay money used for a large expense in a short period of time.
A line of credit through CreditFresh may be best used for small purchases or emergency expenses. You may want to avoid using a line of credit in place of a student loan or auto loan — two types of loans that are used for larger expenses that would be best served by a traditional loan (that allows you to pay off the overall principal amount loaned over an extended period of time.)