CreditFresh
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Author: Kaitlyn Short
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, Member FDIC.
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.
Continue reading for an in-depth review of this service provider.
The Good
- Flexible Credit Limits
- Easy Online Request Process
- Fast Funding
Flexible Credit Limits
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 lines of credit lenders offer much larger maximum credit limit amounts, upwards of $50,000. A line of credit through CreditFresh might be a more viable option 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.
Easy Online Request Process
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.
Fast Funding
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.
The Bad
- State Availability
- Not Ideal for Large Purchases or Expenses
State Availability
A line of credit through CreditFresh is only available in the following states:
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If you do not live in one of these states, you will not be able to borrow through CreditFresh.
Not Ideal for Large Purchases or Expenses
A line of credit may be used to borrow money how and when you please. It is not generally advised to use a line of 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.)
The Bottom Line
A line of credit through CreditFresh is a great option for consumers who are in need of a smaller loan amount than they would receive with a personal loan.
Lines of credit are a type of loan with a credit limit so borrowers are charged only when they draw money from the account. Thus, borrowers have greater flexibility in when and how they use the credit available to them.
Lines of Credit through CreditFresh range from $500 to $5,000, which is a smaller range than is generally offered by larger lenders.
With an easy request and approval process, and the opportunity to receive funding as soon as the same business day, a line of credit through CreditFresh could be a great option for your borrowing needs.
If you have borrowed from this lender, please tell us about your experience by leaving a review.
