CreditFresh Personal Line of Credit: 2024 Review

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Personal Line of Credit

• Caters to borrowers with poor or no-credit borrowers
• Repayment schedule based on income frequency
• Build your credit and possibly reduce charges and increase line limit with on-time payments

• No interest is charged, but billing cycle fee could be 10 – 15% of your balance
• You’ll likely find better options with other lenders if you have decent credit

Interest rates	Doesn’t charge an interest rate, but you’ll pay a billing cycle fee, which can be 10% to 15% of your balance (disclosed in your credit line agreement)
Loan amounts	$500 – $5,000
Repayment terms	Due biweekly or monthly based on when you get paid
Unsecured or secured?	Unsecured
Funding time	Same business day if request is made before 3:30 p.m. Eastern, otherwise next business day
Fees	None

CreditFresh offers a personal line of credit—a finance product that blends aspects of a personal loan and a credit card. CreditFresh has less stringent credit requirements than other personal line of credit and personal loan lenders. However, you can expect to find better options elsewhere if you have decent credit.

Still, if you need cash quickly, you might find CreditFresh a solid option compared to payday lenders and similar loan types that target borrowers with poor or no credit. Keep reading to learn more about how CreditFresh’s product works—and how it stacks up to competitors.

About CreditFresh

Founded in 2019, CreditFresh aims to offer quick access to cash to those who might otherwise have limited borrowing options. It accomplishes this through a streamlined application process and swift approval decisions.

It doesn’t disclose a minimum credit score for eligibility—and it runs a hard credit check when you apply—but CreditFresh is likely an option for individuals with low- to mid-range credit scores. It doesn’t list credit score as a top factor for qualifying. 

If you find traditional lenders unapproachable due to your credit history, CreditFresh serves as a more accessible alternative—but with higher fees.

How does a CreditFresh personal line of credit work?

A CreditFresh personal line of credit is an open-ended credit option that allows you to be approved for a set amount and then draw funds from the account as needed up to that limit. 

Here’s how it works:

• Get approved for a credit amount. CreditFresh offers lines of credits between $500 and $5,000. You can prequalify to check eligibility and see the limit you qualify for before proceeding with the full online application.
• Request a draw online. Once approved, you can request to draw funds from the line through your online account. You only need to draw the amount you need. Draws initiated before 3:30 p.m. Eastern on weekdays typically arrive the same business day. 
• Make at least minimum payments on the amount you draw. You only need to make payments if you have a balance due, but in that case, CreditFresh will assign a minimum payment that includes a billing cycle charge of 10% to 15% of your balance You’re only responsible for charges on the amount you draw, but if your credit line has a balance, you must make minimum payments. This payment consists of a mandatory principal contribution and a billing cycle charge—for example, 10% to 15% of your balance.
• Make your payment online. Your loan payments are set up to sync with your income frequency—meaning you make biweekly or monthly payments based on when you get paid. Managing your loan is simple with the online interface and automatic ACH payments.
• Build your credit, and have the chance to reduce your charges over time. CreditFresh reports the on-time payment to the credit bureaus so that, over time, you can increase your credit score. Plus, establishing a history of on-time payments can make you eligible for reduced billing cycle charge or a credit line increase.

What can a CreditFresh personal line of credit be used for?

Unlike some lenders that require the purpose of the loan to be declared during the application process, CreditFresh doesn’t restrict how the funds are used. You can use the money for various purposes,  including emergency expenses, home improvements, and even vacations.

The lack of use restrictions gives borrowers the leeway to manage their financial needs as they see fit. However, the absence of restrictions doesn’t eliminate the obligation to make timely payments. Failing to do so could result in penalties, a higher billing cycle charge, and a negative impact on your credit score.

Who’s eligible for a CreditFresh personal line of credit?

Eligibility for a CreditFresh personal line of credit is straightforward. CreditFresh does not provide information on whether it allows co-applicants, so we recommend being prepared for eligibility to rest on your individual financial status and circumstances.

Here’s a breakdown of the eligibility criteria:

Requirement	Details
Citizenship	U.S. citizen or permanent resident
Employment status	Must have a regular, consistent source of income
State of residence	Available in 25 states* (listed below)
Minimum age	Legal age to contract in your state of residence (18 in most states)
Minimum credit score	Not disclosed
Minimum income	Must have a regular, consistent source of income
Bank account	Must have an active bank account

*Available in the following states: Alabama, Alaska, Arizona, Arkansas, Delaware, Florida, Hawaii, Idaho, Indiana, Kentucky, Kansas, Louisiana, Michigan, Mississippi, Missouri, Nebraska, New Mexico, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah, Washington, and Wisconsin

This table provides an at-a-glance look at what CreditFresh requires for you to be eligible for its personal line of credit. 

Given the absence of a minimum credit score and the emphasis on a consistent income source, CreditFresh is a solid option for those trying to build credit who have a reliable source of income.

What are the costs and fees of a CreditFresh personal line of credit?

Unlike traditional personal loans, CreditFresh doesn’t come with a standard APR. Instead, your costs are determined by two factors:

• Mandatory principal contribution: This portion is calculated based on your average daily principal balance during each billing cycle.
• Billing cycle charge: Calculated by summing up the average daily principal balance for each day within the billing cycle and dividing it by the number of days in the cycle.

CreditFresh provides examples that make the costs clearer. These examples assume you make a $1,500 draw at the start of the first billing cycle with only minimum payments made and no additional draws requested.

Example 1: Monthly income frequency (each minimum payment is about 30 days apart)

Billing cycle	1	2	3
Balance	$1,500	$1,470	$1,440.60
Principal payment	$30	$29.40	$28.81
Billing cycle charge	$184	$184	$184
Min. payment	$214	$213.40	$212.81
New balance	$1,470	$1,440.60	$1,411.79

In the first three months, you’d pay $552 toward your $1,500 draw—but you’d still owe more than $1,400 due to the high billing cycle charge.

Example 2: Non-monthly income frequency (each minimum payment is about 14 days apart)

It’s a similar story using the non-monthly payment frequency, with a mandatory principal payment and $85 billing cycle charge.

Billing cycle	Balance	Min. payment	New balance
1	$1,500	$100	$1,485
2	$1,485	$99.85	$1,470.15
3	$1,470	$99.70	$1,455.45
4	$1,455.45	$99.55	$1,440.90
5	$1,440.90	$99.41	$1,426.49
6	$1,426.49	$99.26	$1,412.23

CreditFresh doesn’t charge any extra fees on top of its billing cycle fee. This is a benefit, but keep in mind that the billing cycle charge can be higher compared to the APRs of traditional loans.

For example, if you took out a traditional personal loan for $1,500 at 12% APR, your monthly payments would be around $70.61. You’d owe approximately $211.83 after 90 days of on-time payments, and it would take 24 months to repay the loan. 

How do you repay a personal line of credit from CreditFresh?

Understanding how to repay a personal line of credit from CreditFresh is vital for making informed financial decisions. Here is a look at the details.

• Payment structure: CreditFresh tailors your repayment structure based on your income frequency, meaning you’ll typically have payments due biweekly or monthly, depending on when you get paid.
• Managing your line of credit: Most borrowers opt to manage their repayments online through a dedicated account portal, but phone payments are also an option. 
• Charges are on only what you draw: The nature of the line of credit model is that your payments are based on your outstanding balance. So the higher your balance, the higher your payments. Likewise, the sooner you pay off your balance, the lower your overall costs will be. 
• No prepayment penalties: CreditFresh allows you to settle your personal line of credit early without incurring any penalties, providing further opportunities to minimize the line’s total cost.

Pros and cons of CreditFresh

When considering a CreditFresh personal line of credit, weigh the pros and cons to make a decision.

Pros

• No hidden fees

  CreditFresh doesn’t charge any hidden fees—just the billing cycle charge, which is a percentage of your balance and laid out in your credit line agreement. 

• Fast funding

  Access funds on the same business day if you’re approved and make a draw request by 3:30 p.m. Eastern.

• Pay only for what you use

  You’re charged only on the amount you borrow, offering financial flexibility.

• Positive impact on credit score

  CreditFresh reports to credit bureaus, giving you a chance to improve your credit score with on-time payments.

• Incentives for responsible behavior

  On-time payments can result in credit limit increases and lower billing cycle charges.

• Check eligibility without a hard inquiry

  You can check whether you qualify for a loan without affecting your credit score.

Cons

• High monthly billing cycle charge

  This large fee tacked on to each payment you make adds to the overall cost of your loan and makes repayment lengthy.

• Interest rates unclear

  The absence of a standardized APR can make it difficult to gauge the cost of borrowing.

• Limited information on eligibility

  CreditFresh doesn’t fully disclose its eligibility criteria, which can make your application feel uncertain.

• Lower credit limits

  Compared to other lenders, such as Truist, which offers up to a $50,000 limit, CreditFresh has a lower maximum of $5,000.

• Not available in every state

  As of October 2023, CreditFresh personal lines of credit are only available in Alabama, Alaska, Arizona, Arkansas, Delaware, Florida, Hawaii, Idaho, Indiana, Kentucky, Kansas, Louisiana, Michigan, Mississippi, Missouri, Nebraska, New Mexico, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah, Washington and Wisconsin.

CreditFresh can be a solid option for those with limited or bad credit history who need fast funds, but we recommend exploring our best personal lines of credit recommendations and other personal loan companies before making a decision.

Read More

We’ve rated several lenders’ personal lines of credit. Check out our top recommendations on our best personal lines of credit page.

Is CreditFresh a reputable lender?

Reading customer reviews is one way to understand the credibility of a lender.

Trustpilot and Google reviews generally offer crowdsourced opinions and can be useful when taken as part of a larger picture. The Better Business Bureau (BBB) is a trusted platform for assessing how well a company serves its customers.

Source	Customer rating	Number of reviews
Trustpilot	4.5 / 5 stars	2,787
Better Business Bureau	N/A	0 reviews; 23 complaints (closed)
Google	2.1 / 5 stars	21

CreditFresh earns mixed reviews across different platforms. On Trustpilot, the lender scores an “excellent” 4.5 out of 5 stars, with customers praising the company’s fast funding. However, high charges and extended repayment periods are cited as drawbacks. 

Google reviews paint a different picture, with a lower 2.1-star rating. Negative comments focus on high fees, high interest rates, and poor customer service. 

The BBB doesn’t provide a customer rating for CreditFresh but lists 23 closed complaints over the past 12 months, many of which revolve around billing and high interest rates. 

Overall, we feel comfortable confirming that CreditFresh is a reputable lender; however, it’s not right for everyone because many borrowers may qualify for loans or lines of credit with lower fees.

Does CreditFresh have a customer service team?

CreditFresh’s customer service team assists borrowers throughout their credit experience. Whether you have questions about your application, need clarification on charges, or seek guidance on repayment options, the customer service team is available to help. 

The team operates seven days a week, offering an extra layer of convenience for borrowers who might need to reach out during weekends or holidays.

Ways to contact CreditFresh:

• Email: [email protected] 
• Call or text: 1-800-766-2007
• Mail: CreditFresh, 200 Continental Drive, Suite 401, Newark, DE 19713

Customer service hours:

• Monday – Friday: 8 a.m. – 9 p.m. Eastern time
• Saturday: 10 a.m. – 6 p.m. Eastern time
• Sunday: 10 a.m. – 6 p.m. Eastern time
• Holiday hours: 10 a.m. – 6 p.m. Eastern time

How to apply for a CreditFresh personal line of credit?

CreditFresh offers a streamlined application process that stands out for its simplicity and speed. The lender allows you to check eligibility without affecting your credit score. Here are the steps to apply for a CreditFresh personal line of credit.

1. Visit the website: Navigate to the CreditFresh website to initiate the application process, and click the “Get Started” button.

2. Provide details: Fill in required personal information, your state of residence, contact information, including employment status and income source. Be prepared to provide documents that verify your identity and income.

3. Get approved: Wait for CreditFresh to review your application, which typically happens within a few hours.
4. Request a draw online: Once approved, funding can happen as soon as the same business day, and you can request a draw from your line of credit through your online account.

What if I’m denied a personal line of credit from CreditFresh?

If you find yourself denied a personal line of credit from CreditFresh, it’s crucial to understand why. CreditFresh typically provides reasons for loan denial, offering you insights into what needs improvement.

Common reasons for denial and recommended actions include:

• Low credit score: CreditFresh doesn’t specify a minimum score, but it will check your credit score and history when reviewing your application. Work on improving your credit by paying off debts and maintaining low credit utilization.
• Insufficient income: Consistent income is a main requirement for CreditFresh approval. If you don’t have that, finding additional sources of income is critical.
• High debt-to-income ratio: Work on lowering this ratio by paying off debt or boosting your income.
• Incomplete application: Make sure all fields are completed and accurate when applying.
• Limited employment history: Consider reapplying after you’ve built up a longer, stable employment history.

CreditFresh personal line of credit FAQ

Can you have more than one CreditFresh personal line of credit?

CreditFresh generally limits borrowers to one personal line of credit at a time. The company warns potential borrowers its line of credit is an expensive financial solution, and only one is allowed open at a time.

Can you pay off a CreditFresh personal line of credit early?

Yes, borrowers have the flexibility to pay off their CreditFresh personal line of credit ahead of schedule. Doing so will not result in any prepayment penalties or additional fees. Paying off the loan early also reduces your overall repayment amount. 

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