New Credit America Review: Is it a Scam or Legit? An In-Depth Look!

New Credit America Review: Is it a Scam or Legit? An In-Depth Look! 1

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New Credit America is a licensed consumer finance company that provides debt consolidation loans to help customers manage their financials. Their debt consolidation services can be found on the website


New Credit America Review: Is it a Scam or Legit? An In-Depth Look! 2

New Credit America Overview

When searching for a loan, people often have individualized wants and needs. Some people seek to merge multiple debts, while others are just trying to pay for unforeseen costs. With lots of lenders out there, deciding can be difficult. Recently, New Credit America has been receiving a lot of attention. Is this creditor the best selection for you? Here is an in-depth analysis of what they have to provide so you can come to an informed conclusion.

We ascertained several noteworthy points through our review of their website and regulations.

  • Interest rates are between 19.99% and 29.70%.
  • APRs can go up to 29.99%.
  • A starting cost of up to 5% could be factored into the original loan sum, resulting in an Annual Percentage Rate of up to 29.99%.
  • Cross River Bank, a New Jersey-chartered bank, is responsible for all loans.
  • New Credit America does not offer any form of debt settlement, debt relief, or credit repair services.
  • The length of the loan will be predetermined and based on your amount of payment.

New Credit America Pros and Cons


  • New Credit America is offering debt consolidation services to assist individuals who have multiple loans to organize their finances and lessen their monthly payments.
  • This business offers personal loans that can be employed for a variety of reasons, such as making home improvements, paying for medical bills, and debt consolidation.
  • Loans from New Credit America are funded by Cross River Bank – an FDIC-member, New Jersey-chartered bank – which offers peace of mind with a reliable financial institution.
  • This organization provides a fresh start for people with poor credit ratings who may be unable to obtain loans from other sources.
  • Navigating New Credit America’s website is straightforward, and it is possible to submit loan applications electronically.
  • This business offers outstanding service to customers and has a resourceful and knowledgeable assistance staff.


  • New Credit America can charge a maximum of 5% in origination fees, which would add to the overall expense of the loan.
  • The fees associated with repaying a loan ahead of schedule can be a deterrent for those wishing to do so, as the company’s loans may come with prepayment penalty fees.
  • Penalties may be incurred if individuals do not pay their dues punctually.
  • New Credit America does not offer services such as debt negotiation, financial aid, or credit repair services.

New Credit America’s Services

New Credit America offers two major services – debt consolidation loans and personal loans. Debt consolidation loans are meant to combine multiple debts into one loan, making it easier to manage monthly payments. Personal loans are available for a variety of reasons, such as home renovations, medical bills, and debt consolidation.

What is New Credit America?

New Credit America Review: Is it a Scam or Legit? An In-Depth Look! 3

New Credit America is a financial institution that offers tailored loan solutions. Their objective is to assist people all over the country to improve their financial well-being. This company has been operating for 9 years and is headquartered in Portland, OR.

The Better Business Bureau has given New Credit America an A+ rating; however, customers have not been as kind, providing the company with an average of 1.8 stars out of 5 based on 5 customer reviews and 7 complaints closed in the last 3 years.

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How does New Credit America work?

To start your application, you must provide your Client ID, date of birth, and Social Security number. After that, press the “Apply Now” button. Following this, you will be required to fill out a credit application and sign consent to it electronically. Lastly, you must verify your income which may involve giving them access to your online banking statements.

Once you put in your loan request, the confirmation team will go over it. Afterwards, they will send you an email containing a link to electronically sign the loan paperwork.

How to qualify for New Credit America

To finish your application, have the following data and documents ready:

  • Your full name.
  • Your phone number.
  • Your email address.
  • Your date of birth.
  • Your home address.
  • Your Social Security number.
  • Employment information (including proof of income).

Does New Credit America provide debt consolidation loans?

New Credit America provides debt consolidation loans to help people with multiple debts merge them into one loan. This can make managing their finances easier and lower their monthly payments. These loans are provided by Cross River Bank, which is a New Jersey chartered bank and a member of the FDIC, and may include an origination fee up to 5% and an APR up to 29.99%.

Does New Credit America charge an origination fee?

New Credit America charges a loan origination fee which is up to 5% of the loan amount. This fee is included in the total amount you owe and can make the loan more expensive. When comparing loan options from different creditors, it is important to take the origination fee into account.

What APR does New Credit America offer?

The annual percentage rate (APR) for loans from New Credit America can fluctuate according to various elements, like the loan size, your credit score, and other elements. The APR is generally between 5.99% and 29.99%. It is essential to remember that the APR takes into consideration not just the interest rate but also any fees connected with the loan, like the origination fee. That is why the APR is a more precise reflection of the complete cost of the loan than the interest rate by itself.

What is Cross River Bank?

Cross River Bank is a banking institution, licensed in New Jersey, that is part of the Federal Deposit Insurance Corporation (FDIC). This business offers clients an array of services and products to individuals and companies, in partnership with financial technology establishments such as New Credit America. As a chartered bank, it is monitored and regulated by both state and federal agencies to guarantee that it exercises safe and responsible banking practices.

What states does New Credit America work in?

New Credit America operates in different locations in the US, though the states where they are based can change periodically. It is advisable to check their website or call their customer service to find out if they are currently working in your state.

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How to apply for a New Credit America loan

New Credit America Review: Is it a Scam or Legit? An In-Depth Look! 4

To apply for a loan with New Credit America, go to their website and fill out an online form. This process is usually quick and straightforward, and you can get a response to your application within a short amount of time. These are the steps you need to take to apply for a loan from New Credit America:

  • Open up your browser and go to the New Credit America website.
  • Press the “Apply Now” button located on the homepage.
  • Complete the web-based form with your personal details, like your name, address, and Social Security number.
  • Give details regarding the loan you are seeking, such as the amount of the loan and the reason for applying.
  • Submit your application.
  • Await a verdict on your request. If accepted, you will be provided with details on the loan conditions, including the interest rate and any associated charges.
  • Agree to the loan conditions, sign the loan contract, and give any extra information asked for by the loan provider.
  • Your loan money should be deposited into your checking account within one to seven days of business, depending on the size of the loan and your bank.

If you require help with the application or have any queries, you can reach out to New Credit America’s customer service for support or contact them.

Does New Credit America offer credit repair services?

New Credit America does not offer credit repair services. Instead, they focus on debt consolidation loans and personal loans. If you want to improve your credit score or repair your credit, there are other companies that provide credit repair services. Be careful when selecting a credit repair company, as some may use fraudulent practices. Do your research and read any contracts or agreements thoroughly before working with a credit repair company.

New Credit America BBB Reviews

New Credit America has an impressive A+ rating from the Better Business Bureau. On average, they have received 5 customer reviews and have managed to close 7 complaints in the last 3 years. Unfortunately, customers have given them a 1.8-star rating.

Here are some reviews:

New Credit America Review: Is it a Scam or Legit? An In-Depth Look! 5

They are a deceitful business. I borrowed 8k and agreed to ****** for 40 months. there was no paper contract just a phone conversation. After 39 months of paying for pets. they say I still owe 6k. And puts will go on to 58 months. That roughly computes out to charging me 8k to borrow 8k, totaling 16k to pay off the loan. I have paid ****** a month for 39 months only to have 2k of principal paid. This company scammed me and took advantage of my age and lack of understanding of technology.

Pamela T.


New Credit America Review: Is it a Scam or Legit? An In-Depth Look! 6

Buyer Beware. I suppose I could sum this up very simply. They offer a valuable service to folks who are not as financially savvy. It is often a fact of life that the people who can least afford absurdly high-interest rates are the ones who are not creditworthy enough to get lower ones. That being said this company is just plain greedy. It is one thing to offer a service and advertise it as a helpful step towards independence, and then end up charging nearly 30% interest on that money. I do not deny any company the right to make money, but at some point, they become predatory, and this is such an example. I have seen more than one comment like this, and this is not the only one of these vultures who prey on those in a bad situation and make it worse. DO YOUR HOMEWORK. Don’t get trapped into an absurdly high monthly payment for an extraordinarily long term. Don’t let them fool you, the only thing they care about is lining their own pockets.

David T


New Credit America Review: Is it a Scam or Legit? An In-Depth Look! 6

I call to negotiate for help with my payments and they take the negotiated amount plus the original amount owed. With COVID-19 affecting my life in money constraints, this was not an expected thing to occur. I am now late on other bills like electricity and water, which are more important to me in my eyes. They need to realize they are hurting people when they are already hurting.

Mandi C


New Credit America FAQ

How much does New Credit America cost?

New Credit America has appealing interest rates varying from 19.99% – 29.7%. The Annual Percentage Rate (APR) can be as high as 29.99%. The origination fee, which may be incorporated in the principal loan amount, is of 5%.

Do they charge a prepayment penalty?

New Credit America does not require any fees for early repayment, so it is an ideal choice for those who would like to pay off their loan whenever they want. This provides them with the liberty to settle their debt in their own way.

How does New Credit America affect your credit score?

Prior to obtaining a loan, it is important to consider factors such as your credit rating. Many lenders will do a soft credit check to determine what interest rate and loan terms you may be eligible for. This type of check will not have an effect on your credit score.

After you fill out a loan application, the lender will do a hard check of your credit history and give you the final rates. Unfortunately for consumers, these hard checks can reduce your credit score.

What is a debt consolidation loan?

A debt consolidation loan is a type of loan that is taken out to pay off multiple outstanding debts. This can make managing your finances easier and lower the amount of money you pay each month.

How does a debt consolidation loan work?

When you obtain a debt consolidation loan, you can use the money to pay off all your other debts. This will in turn result in just one loan payment that is simpler to keep up with than multiple payments.

What is an origination fee?

Lenders will sometimes charge a fee for the expenses incurred in the processing of a loan. This fee is usually a proportion of the total loan amount.

What is the APR?

The annual percentage rate (APR) is a measure of the total cost of a loan, which includes both interest and fees, expressed as a proportion of the loan amount.

What is a prepayment penalty fee?

Lenders may impose a prepayment penalty fee if a loan is paid off before its due date, which may dissuade borrowers from settling their loans early.

What is a personal loan?

A loan that can be taken out for a range of reasons, including renovations, medical bills, and combining other debts, is a personal loan.

What is financial freedom?

Having financial independence is being able to live without worrying about money. It entails having enough money to pay for costs and pursue aspirations without being limited by financial issues.

Do I need a checking account to get a loan from New Credit America?

In order to receive funds from New Credit America, you must have a checking account as the money will be directly deposited into it.

What happens if I don’t pay on time?

If you fail to pay your loan by the due date, you may be charged with additional fees and your credit rating may be affected. Furthermore, the lender may take steps to retrieve the money you owe them.

Does New Credit America offer financial resources?

New Credit America has a blog with helpful information and advice about how to handle money wisely.

How to cancel New Credit America

New Credit America Review: Is it a Scam or Legit? An In-Depth Look! 8

Before deciding to take out a personal loan, it is important to be sure that it is the right decision for your own situation and financial health. As the funds cannot be reversed or cancelled once they are deposited into your account, it is essential to be confident in your choice to avoid any issues in the future.

Are you having difficulty making ends meet? Here are some tips that could assist you in getting back on course.

Worried about your financial state? It’s a common problem. Structuring your finances may seem daunting, but it doesn’t have to be. Simply take these easy measures and you’ll soon have your finances in check.

  • Having a budget and adhering to it is key for keeping your finances in check. Doing so will ensure that you don’t spend more than you should, and make wise decisions about your spending.
  • Consulting a financial expert is an excellent method for organizing your finances. They can provide an assessment of your financial status and provide you with personalized guidance on how to progress.
  • Ultimately, don’t stress about owing money. Plenty of companies are open to helping customers establish a reasonable payment system. Therefore, get in touch with the customer service representatives for extra details.

Is New Credit America legit or a scam?

New Credit America has been providing assistance to individuals with debt issues for nine years. To help pay off debts, they offer consolidation loans and they are proud to have an A+ rating with the Better Business Bureau. Unfortunately, customers have only given them an average of 1.8 out of 5 stars with 7 issues closed in the last three years.

Prior to obtaining a loan, it is essential to consider the rate of interest and payment plan. It is beneficial to explore and compare rates from various lenders to secure the most advantageous deal. Furthermore, reading customer feedback can provide you with a better understanding of which option may be most suitable for you. By doing so, you can prevent taking out a loan that you can not afford.

Are you familiar with New Credit America? Share your opinion and review in the comments below.

Thank you for reading!

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