loans like lendly

Trying to fix a financial emergency quickly can seem overwhelming, especially when there are so many options available. When looking at options like cash advance loans, payday loans, or a bad credit personal loan, it can be hard to tell which type of financial product will work best for you. 

Here, you will learn about loans like Lendly, a financial institution that advertises personal loans. You will also learn about other lenders and financial products that may be able to assist you when it comes to covering your expenses. After learning about your financial assistance options, you can better decide which one will be able to help you out the most! 

Finding the Right Personal Loan

There is no shortage of financial products available to borrowers in need. But how do you know which loan option is the best one for you? 

If you are feeling overwhelmed by debt, you may want to look into options such as debt consolidation loans. If you are worried about your credit score preventing you from finding approval, you may want to look into bad credit installment loans. After doing a little analysis of your current financial situation and reviewing your options, it may be easier to tell which kind of loan is best suited for you. 

What Should You Do Before You Apply for a Personal Loan?

Before you apply for a loan, take a few steps to prep your finances and help make sure you find the best loan deal possible. 

Check Your Credit Score

The first step towards preparing your finances for a loan is to check your most recent credit report and credit score. The better your credit, the more loan options you most likely will have available to you. Borrowers with low credit scores may have more limited options when it comes to loan types, loan amounts, and interest rates. 

Below is a breakdown of how the credit bureau, Equifax, categorizes the quality of credit scores. 

  • A Score of 800 or More – Excellent credit. 
  • A Score of 740 to 799 – Very good credit
  • A Score of 670 to 739 – Good/average credit. 
  • A Score of 580 to 699 – Fair credit. 
  • A Score of 579 or Lower – Poor/bad credit. 

Research Lenders and Financial Products

Next, after you have an idea of what kind of loan products you could qualify for, research lenders and the different financial products they offer. Borrowers may find a better deal on one loan offer over another just by researching a different type of lender or financial product. Borrowers could also use different loan offers as leverage in order to get a better deal from another lender. 

When researching lenders, be sure to check out their qualification requirements, as well as the products, terms, rates, and loan amounts they offer. It may also be a good idea to check out online reviews and see what type of loan experience other borrowers had. 

Calculate Your Debt

You will also want to make sure you have a clear understanding of your existing debt before you apply for a loan. 

When calculating your debt, consider expenses like: 

  • Student loans. 
  • Medical bills. 
  • Credit card payments. 
  • Auto payments/insurance. 
  • Mortgage or rent payments. 
  • Recurring bills (phone bill, utilities, etc.). 
  • Balances from existing loans. 
  • Other required payments (alimony, child support, etc.). 

If you already have a high amount of debt or have trouble keeping up with your current debt payments, you may want to reconsider applying for a loan. Adding more debt into the mix may cause more problems for your finances than it will solve. Or, you may want to consider adjusting your financial plan and look into debt consolidation loans instead of additional funding from another product.

Plan Your Repayment 

Lastly, plan how you want to repay your loan. Think about if you are willing to use collateral for your loan or if you want to ask a co-signer to sign your loan agreement with you. Ask yourself how much money you can afford to contribute towards paying back your loan each month. Will you pay via autopay or manual payments? Many lenders offer slight discounts to borrowers who sign up for automatic payments. 

Planning out your loan repayment can reduce financial stress and make paying back your loan more manageable. 

How Will Personal Installment Loans Affect My Credit?

Depending on how you handle your funding, you may find personal loans can have a positive or negative effect on your credit history and credit score. Most credit bureaus, including the three major credit bureaus, Equifax, Experian, and TransUnion, consider five different categories when compiling a consumer’s credit report. 

Payment History (35%)

The most important factor that contributes to credit scores is a consumer’s payment history. When borrowers have an established history of making their various debt payments on time, lenders and other financial institutions tend to see them as being financially responsible borrowers. Lenders and creditors alike are always concerned with getting back the money they lend out, which is why they tend to favor borrowers who show a solid history of paying back their debts on time.

While paying back your debts on time can have a major positive impact on your credit report and credit scores, being inconsistent on payments can have a significant negative impact on your finances. As discussed, having a history of delinquent or late payments may indicate to lenders that you are a potential lending risk. Having just one late payment on your credit report can follow you for up to seven years, so paying back your loans, bills, and other financial obligations on time should always be a top priority.  

Amounts Owed (30%)

After payment history, the next most impactful factor contributing to your credit score is going to be how much debt you have. If you have already calculated your debt before applying for a loan, you should already have an idea of what your total amount owed is. 

Length of Credit History (15%)

The next most impactful factor used to calculate your credit score is the length of your credit history. The longer you’ve had open and active financial accounts, the more you could see your credit score benefit. Accounts that may help boost your length of credit history are bank accounts, checking accounts, credit card accounts, and more. 

New Credit (10%)

Credit bureaus also keep track of how often consumers apply for new credit. Usually, every time you apply for a loan, credit card, or another form of funding, the lender will request a hard credit check. 

Hard credit checks are official inquiries into a consumer’s financial history and usually come from one of the three major credit bureaus. A hard credit check typically won’t affect your score too much, as you may see it drop about five points or so. However, multiple hard credit checks within a short time can end up negatively affecting your credit score more. 

Consumers can check their own credit scores with no negative consequence via soft credit checks, also called a soft credit pull. Soft credit pulls do not affect credit scores, meaning borrowers can request them as often as they like. In fact, it’s even encouraged that borrowers trying to improve a bad credit score check their reports frequently.

Credit Mix (10%)

The different types of financial accounts you have also plays a role in determining your credit score. Generally, debts can be divided between “good debts” and “bad debts.” 

Good debts include funding that offers the borrower additional benefits besides money. For example, student loans and mortgages are both typically considered “good debts.” Student loans result in the borrower receiving a higher education, and mortgages result in borrowers becoming real estate owners. 

Bad debts are loans that offer the borrower nothing except funding. Bad debt could also worsen a borrower’s overall financial situation as well. Payday loans are a common example of “bad debt” due to their high rates, brief repayment terms, and tendency to put borrowers into a cycle of debt. 

Personal Loan Breakdown

Most types of loans, including personal loans, are composed of several factors. Below is more information on the different elements that make up a loan.  

Qualification Requirements

You will want to look into your prospective lender’s qualification requirements right off the bat. That way, you won’t waste your time applying with a lender who may have never been a good fit for you in the first place. 

Some financial institutions, such as a bank, may have strict credit score requirements and only work with borrowers who have exceptional credit. Other lenders, like bad credit lenders, may not have strict credit score requirements but could have other qualification standards, such as requiring customers to have a bank account or a minimum amount of money in their checking account. There are even some lenders, such as payday lenders, who typically have little to no qualification requirements. 

If you find a lender you’d like to work with but have concerns about getting approval, you may consider asking a co-signer to sign your loan agreement with you. A co-signer is a consumer with a healthy financial history who is willing to use their creditworthiness to secure another borrower’s loan funding. Having a co-signer could help bad credit borrowers get approved for higher loan amounts or lower interest rates. Keep in mind that asking someone to be a co-signer is a big responsibility and should not be taken lightly. While making timely payments on your loans is always the best practice, it is perhaps more important to do so when you have a co-signer. If a borrower misses payments or defaults on their co-signed loan, that leaves the responsibility of paying back the balance to the co-signer. 


Collateral is personal property with equity that borrowers use to secure loan funding. Loans that require collateral are called secured loans. Borrowers can use a wide variety of personal property as collateral, including homes, cars, jewelry, and more. Typically, the more equity (or value) that is in the collateral, the better. Borrowers who are willing to contribute high-equity collateral for a loan may be able to get approved for higher loan amounts, even if they have a poor credit score. 

Loan Amount

It is important to decide what type of loan amount you are looking for before you apply for a loan, or at least very early on in the application process. If you applied for a loan and realized you need additional funding after you have already been paid, you will have to re-apply and go through the application process all over again. Not only could this be extremely inconvenient, but it may also knock your credit score down a few points. Save yourself the hassle and decide exactly what you want to use your loan funds for early on. That way, you’ll have a clear picture of what loan amount you are looking for to cover your expenses. 

There are also different financial products that specialize in certain loan amounts. For example, it’s common for a payday loan to come exclusively in low loan amounts. Other types of funding, such as home equity loans or home equity lines of credit, tend to have higher loan amounts. 

Factors that contribute to what kind of loan amount you are eligible for include: 

  • Income. 
  • Any assets you are willing to use as collateral. 
  • Type of lender. 
  • Type of financial product. 

Interest Rates vs. APR

You will also want to pay close attention to the interest rates as well as the APR of your loan. Regular interest rates are usually calculated using your current loan balance, while APR is calculated including the current loan balance plus any other charges included with your loan. 

Types of Interest

Typically, lenders offer installment loans with either fixed or variable rates.  

CriteriaFixed RateVariable Rate
DefinitionInterest rate remains constant throughout the loan termInterest rate can change based on an underlying benchmark interest rate or market conditions
ProsPredictable monthly paymentsProvides stability in budgeting No risk of rate increaseTypically starts lower than fixed ratesPotential for lower total interest if rates remain low or decreaseCan benefit from falling market interest rates 
ConsMight miss out on lower interest rates if market rates fallTypically starts higher than variable ratesMonthly payments can increaseUnpredictable, harder to budget forPotential for higher total interest if rates increase 
Best Suited ForBorrowers who prefer stability and predictability in their monthly paymentsBorrowers willing to take a risk for potentially lower rates, or those who believe market rates will decrease
Potential RisksMissing out on potential savings if market rates decreaseIncreasing monthly payments which can strain the budget if rates rise significantly. 
Recommendation Ideal for long-term loans where stability is preferred, especially in a high-interest-rate environmentSuitable for short-term loans or when starting rates are low, and the borrower believes they will stay low or decrease 

Repayment Terms

Repayment terms indicate how long it will take to completely pay off your loan balance. Usually, higher loan amounts come with longer repayment terms, while lower loan amounts come with shorter terms. Keep in mind that the longer your loan terms are, the more you may end up paying in interest rate charges. 

Monthly Payments 

Your monthly payments represent how much money you are required to contribute each month to pay off your loan balance. While you may want to agree to the highest monthly payment possible in order to pay off your balance faster, this may not be the smartest choice. Making sure your monthly payments fit in with your current budget will help keep your personal loan manageable and affordable. You may want to agree to monthly payments you know you can afford consistently and then pay more towards your loan when you can. 

Fees, Penalties, and Other Charges

Below are a few types of additional charges you may come across on some personal loans:

  • Origination Fees – An origination fee is a common type of charge included with most loans. The purpose of an origination fee is to essentially compensate your lender for the underwriting process they go through when creating your loan contract. It’s extremely common for lenders to include an origination fee with their loans. 
  • Late Payment Fees – Late payment fees are charged to borrowers who fail to make their loan payments on or before their designated due date. Virtually every lender includes late fees in their loan agreements. However, late fees may be completely avoided by making your loan payments on time. If you have trouble remembering to make your loan payments on time, consider signing up for automatic payments.  
  • Prepayment Fees – Prepayment fees are charges that some lenders include for borrowers who make their loan payments before their designated due date. Not every lender changes early payment fees, and it actually may be in your best interest to find a lender who does not include these kinds of charges. Making payments on your loan early could potentially help you save money on interest rates, so discouraging the practice isn’t really in the best interest of the borrower. Before you sign your loan contract, you may want to confirm with your lender that they do not charge prepayment fees; that way, you have the freedom to make loan payments before your due date whenever you like. 
  • Balloon Payments – Balloon payments are a large lump sum charge that some lenders require at the maturity date of the loan. Fortunately, not every lender charges balloon payments, as they can be a major financial burden to borrowers. Similar to prepayment fees, it’s a wise choice to confirm with your lender that they do not charge balloon payments before you sign your loan agreement. 

Loans Like Lendly: What You Need To Know

Lendly loans are offered by Capital Community Bank, also referred to as CCBank. CCBank is a Utah chartered bank located in Provo, Utah, and is a member of the Federal Deposit Insurance Corporation (Member FDIC). 

Lendly has business hours of 8 a.m. to 10 p.m. EST Monday through Friday and 9 a.m. to 6 p.m. EST Saturday through Sunday. Lendly also does not charge prepayment fees and allows borrowers to pay back their loan funds either via a payroll direct deposit or ACH. Furthermore, Lendly also considers several financial factors when determining a borrower’s approval status. 

Below are more details on those financial factors. 

  • Employer – Your employer is the person or company for whom you work. 
  • Time on the Job – Time on the job refers to how long you’ve been employed at your current job. Usually, people who have held a job position consistently (about one year or more) are favored over people who show a history of jumping from job to job. 
  • Repayment Confirmation – Repayment confirmation refers to how a borrower plans to pay back their loan. Usually, lenders will consider the borrower’s yearly income when determining their ability to repay their loans.

Another important aspect of Lendly loans to note is that borrowers are only allowed to have one loan at a time. However, if borrowers find they need additional funding, Lendly does allow borrowers to request a loan refinance after 90 days when they have a good repayment history. 

Lendly personal loans are currently available in the following states: 

  • Alabama 
  • Alaska 
  • Arizona
  • Arkansas 
  • Delaware 
  • Florida 
  • Idaho 
  • Indiana
  •  Kansas 
  • Kentucky 
  • Louisiana 
  • Michigan 
  • Minnesota 
  • Mississippi 
  • Missouri 
  • Montana 
  • Ohio 
  • Oklahoma 
  • South Carolina 
  • Tennessee
  • Texas
  • Utah
  • Wisconsin
  • Wyoming

While these are only currently the states where borrowers may access Lendly loans, you may want to check their site periodically as they claim to be adding states all the time. 

Do I Need an Active Bank Account To Get a Loan With Lendly?

Yes. Lendly does require that borrowers have a bank account in order to receive loan approval. If you do not have a bank account of your own, Lendly may help you set up a bank account with CCBank. 

Comparison of Lendly Personal Loans 

As discussed, comparing loan offers is crucial if you want to make sure you find a deal that is both manageable and affordable. Once you have decided on your desired loan amount, play around with different terms, rates, and monthly payments to see what kind of loan deal would work best for you. Each aspect of your loan will play a role in determining the total cost of your funding, so it’s important to consider each one carefully. 

Let’s take a look at how a few different loan offers from Lendly might look using the handy CreditNinja debt repayment calculator

According to Lendly, the average APR for loans that are repaid with a payroll direct deposit is approximately 199%. Say you received approval for the full Lendly loan amount of $2,000 with 199% APR. With monthly payments of $335, you could pay off your loan balance in about 31 months. In this case, the total cost of your loan would be about $8,065.44. 

Or, you could pay off a loan with the same funding amount and APR with monthly payments of $450 in just nine months. In this case, the total cost of your loan would be about $1,917.49. Paying just $115 more a month knocks down the terms of this loan by 22 months and reduces the total loan cost by a whopping $6,147.95.

But what if you don’t plan to pay back your loan with payroll direct deposit? According to Lendly, the average APR for loans that are not repaid with a payroll direct deposit is approximately 225%. Let’s look at two loan scenarios that use this other APR. Again, say you received the full loan amount possible for a Lendly loan, $2,000. With monthly payments of $380, you would be able to pay off your loan balance in 26 months, resulting in a total loan cost of $7,576.24. Or, if you made monthly payments of $475, you could pay off the balance in 10 months. These loan details would result in a total loan cost of $2,306.77. With this loan scenario, you could reduce the loan terms by 16 months and save approximately $5,269.47 by paying just $95 more per month. 

Borrowers from Kansas or Minnesota should be aware that the payroll direct deposit repayment method is not an option. So, it may not be possible for borrowers from these states to receive loans with an annual percentage rate of 199%. 

Alternative Loan Options

Personal loans from Lendly aren’t your only financial solution to consider. Below is more information on the various financial institutions, lending products, and non-loan alternatives you may be able to take advantage of! 

Non-loan Alternatives

There may be ways to cover your expenses that don’t require applying for a loan at all! Before you decide to submit a loan application, you may want to try all non-loan alternatives first. That way, you can take care of your expenses and not have to accumulate additional debt. Below are a few options to consider.

Dip Into Your Savings / Emergency Fund

If you have a savings account or an emergency fund, you may consider using a portion of it to cover your expenses. Depending on what you are looking to pay for, you may be able to take care of the costs by using a portion of the funds in your savings or emergency account. Or, if your expenses exceed the amount you currently have in your savings, you may consider using a portion of it to pay for expenses and then apply for a lower loan amount to cover the rest. Either way, you may reduce the amount of debt you accumulate by using your savings or emergency fund before you apply for loan funding. 

Ask a Close Friend or Family Member

If you don’t have sufficient funds in your savings or emergency account, you may consider asking a trusted friend or family member to loan you the money you need. By getting a loan from a friend or family member, you may be able to save money on interest rate charges and origination fees and forgo the application process altogether. 

However, if you do plan to ask a friend or family member for a loan, be sure to discuss the details thoroughly. In addition to talking about how much money you need, you should also discuss how long you expect to take to pay back the loan and how you plan to pay back the loan. Will you make consistent monthly payments or a few lump sum payments? The more details you can hammer out, the better. Having a clear understanding of how the loan will work can make the process much smoother and less stressful for both you and the person you are asking for money. 

Find Another Income Stream

You may also consider finding an additional income stream instead of applying for a loan. Consumers may be able to get additional sources of income from investing, having a garage sale, or by getting a second job. 

Investing is a great way to earn passive income. Passive income is a revenue stream that requires little to no effort to maintain. However, investing may also be risky and shouldn’t be used by consumers who are working with limited incomes. The most important rule of investing is to never invest money you aren’t willing to lose. 

If you don’t want to deal with the risks that can come from investing, you may consider selling some of your belongings that you no longer need or use. Chances are, if you go around your home, you will find at least a few things that no longer play a role in your everyday life. You can sell these items for a profit on websites like eBay, Amazon, or Facebook Marketplace. You may also sell your items in person by having a garage sale. 

Lastly, you may also be able to earn extra income from getting a second job. Depending on your availability, you may find that a remote or in-person job will work best for you. However, make sure you keep your mental health a priority. 

Some tips about how to work two jobs without burning out are: 

  • Plan out your work schedules ahead of time 
  • Prioritize downtime 
  • Give yourself time off
  • Set financial goals and reward yourself for reaching them
  • Know when it’s time to stop

Personal Installment Loans

A personal installment loan is perhaps the most versatile funding type available to borrowers. Installment loans may come in either high or low loan amounts, long or short repayment terms, and often have adjustable monthly payments. Due to this flexibility, personal installment loans are often well-suited to cover just about any financial emergency or expense. 

Unsecured vs. Secured Loans

Personal installment loans typically come in the form of either secured or unsecured loans. A secured loan is funding that requires collateral. Two popular types of secured loans are car title loans and home equity loans. 

A car title loan uses the borrower’s free-and-clear vehicle title as collateral, while a home equity loan uses the borrower’s home or real estate property as collateral. With both of these loan types, the borrower risks losing their collateral should they miss a certain amount of payments or default on their loan. Lenders for secured loans typically care more about the equity in the collateral over the borrower’s financial history. Therefore, secured loans tend to be a popular choice for bad credit borrowers. 

An unsecured loan is funding that does not require collateral. Instead of looking at the equity in a borrower’s collateral, lenders for unsecured loans will instead look into the borrower’s credit score and financial history. However, there are bad credit lenders who specialize in unsecured personal loans, which means that it may be possible to find funding with this loan type even if you have a less-than-perfect credit score. 

Car Title Loans

Car title loans are secured loans that use a borrower’s vehicle title as collateral. Usually, a borrower’s vehicle title must be free-and-clear in order for it to qualify for an auto title loan. When a vehicle title is free-and-clear, this means the car owner owns their vehicle outright and is no longer making payments on it. Sometimes, car title lenders are willing to lend higher loan amounts to borrowers who don’t have a free-and-clear vehicle title, allowing them to pay off their car and remove any liens. While this may sound like a convenient option, it will significantly increase the loan amount for your car title loan, making it even more difficult to pay off. 

Home Equity Loans 

Home equity loans are secured loans that use a borrower’s home or real estate property as collateral. If you decide to apply for a home equity loan, an appraiser may come to your home and look around to evaluate its condition. Based on this inspection, you will find out the current equity in your home. If your home has equity that is more than the amount you currently have left to pay off your home, then your home is considered to have positive equity. While home equity loans can be used to pay for a variety of expenses, the most common reason people take out home equity loans is to refinance their original mortgages. 

Payday Loan

Payday loans are a type of cash advance loan designed for borrowers who need money while in between paydays. Given their design, payday loans are usually due when the borrower receives their next paycheck (about two weeks or less). Since payday loans have such brief repayment terms, loan amounts usually stay relatively low—about a few hundred dollars or less. 

What’s the biggest difference between installment and payday loans? The answer would probably be the interest rates. No matter how good a borrower’s credit score is, payday loans will almost always come with very high-interest rates. Installment loans, on the other hand, can be much more competitive when it comes to the interest rate. 

Credit Union Loans

Credit unions are a special type of financial institution that provides loans to its members. Unlike a bank, credit unions are nonprofit organizations owned and operated by their members instead of profit-seeking investors. 

While credit union membership qualifications can vary, they may include the following: 

  • Living within a certain county or township. 
  • Working within a particular field. 
  • Having a credit score within a specific range. 

Loan Brokers

A loan broker is a financial service company who connects borrowers to possible lenders. Usually, brokers cannot guarantee that consumers will get approved for funding from the lenders they suggest, making them a potentially unreliable source of finding funding. Also, brokers often work with third-party lenders and may suggest you apply somewhere simply so they may receive a commission for providing a loan lead. You are usually better off doing research and comparing offers on your own rather than trusting a broker. 

Bank Loans

Banks are typically strict and traditional lenders, which means they usually only offer loans to borrowers with good credit scores. According to the credit bureau Equifax, good credit scores fall within the range of 670 to 800 and up.1 Unless you have a credit score within this range, you may not want to waste time applying for a loan from a bank. 

Credit Cards

You may also want to decide between installment loans vs. revolving credit. Installment loans work best for lump sum expenses that only need to be paid once. Revolving lines of credit may work better if you are expecting recurring expenses. Credit cards are one of the most common types of revolving credit. With credit cards, you have renewed access to a predetermined credit limit that you may borrow from continuously. 

However, if you plan to use a credit card regularly, make sure you are consistently making payments on the balance as well. If possible, try not to carry a balance on your credit card at all. Carrying a credit card balance could put you at risk of falling into credit card debt, which is notoriously difficult to pay your way out of. 

Cash Advances

Cash advances are small sums of money made available quickly to borrowers who are short on money while in between paychecks. A payday loan is the most common type of cash advance loan. Consumers may also access cash advances via mobile apps or lenders for quick cash loans

CreditNinja: How Does It Compare?

CreditNinja is a direct lender specializing in personal installment loans. We have been a proud lender since 2018 and have been able to help over 275,000 people so far.  

Benefits of CreditNinja Loans

Below are just some of the benefits you can enjoy when you get a personal installment loan with the help of CreditNinja. 

Convenient Online Service

CreditNinja offers a streamlined online loan process, with a qualified customer service representative available should you need any assistance. Apply for the emergency funding you need without ever having to leave your house, and feel free to call or email if you need help with anything! You can submit an application any time you like and speak with a loan agent any time during our active business hours. 

Fast Loan Process

CreditNinja knows that when you are in the middle of a financial emergency, you need money fast. That’s why we won’t waste your time with in-person meetings or other hassles that stand in the way of you and your approved funding. From the time you fill out your application and get approved, you can expect funds to be delivered to your bank account as soon as the same day or the very next business day!*

A Wide Range of Borrowers Accepted

At CreditNinja, we know you are more than your credit score. That’s why we consider applicants from a wide variety of financial backgrounds. All borrowers in need, including those with bad credit, no credit, and even past bankruptcies, are encouraged to apply for a personal loan with CreditNinja when they need emergency funding. 

No Hidden Fees

CreditNinja wants to set you up for financial success, which is why we won’t bog you down with prepayment penalties or balloon payments. Borrowers can feel free to make their loan payments any time on or before their due date. You can also make extra payments on your loan some months if you want to pay off your loan even faster! 

Competitive Rates

CreditNinja offers personal loans with competitive fixed rates. That means your rates can stay consistent while you pay back your loan, allowing you to plan for each and every payment. Furthermore, CreditNinja considers other factors besides your credit when determining loan details. We also consider income, assets, and the borrower’s ability to repay their loan! 

Flexible Terms

Unlike a payday loan, CreditNinja loans come with repayment terms designed to be manageable for most borrowers. However, it’s important to keep in mind that CreditNinja personal loans are meant for short-term financial emergencies! 

Manageable Monthly Payments 

We want to make sure your monthly payments fit in well with your current budget and financial situation. You can also sign up for automatic payments to take the stress of having to remember to make your loan payments manually each month. 

Refer a Friend Bonus

CreditNinja offers extra perks to borrowers who refer a friend for a personal installment loan. Talk to a loan agent for more details on how this benefit works! 

Free Financial Resources Available 

Financial education should be available to anybody who wants it. Consumers can access blogs, debt calculators, and other financial resources for free at the online CreditNinja Dojo!  

How Do CreditNinja Personal Loans Work?

Here’s how the process for online installment loans with CreditNinja works: 

STEP 1: Apply Online 

The first step is to complete the easy application form online. Your initial loan application will ask for information like: 

  • Your name, address, and Social Security number 
  • Your employer and general income
  • Your desired loan amount

STEP 2: Receive an Approval Decision

After you submit your application, you should receive an approval decision shortly. 

STEP 3: Get Paid  

Lastly, CreditNinja will send you a contract to sign electronically. Read your agreement carefully, and feel free to ask a loan agent if you have any questions or need any details clarified. After you feel comfortable with your terms, rates, loan amount, etc., you can go ahead and sign your contract. After that, you can expect your approved loan proceeds to be delivered to your bank account via direct deposit. 

Tips for Paying off Your Personal Loan Faster

Below are a few tips you can utilize to help pay off your loan balance even faster! 

Pay More When You Can

If possible, try to contribute more than your minimum monthly payment due. Paying more than your minimum loan payment each month can not only help you pay off your balance faster, it can help you save money on interest rate charges as well! The lower your total balance, the less funding there is on which to charge interest. 

To free up more money in your budget for your loan, look at your budget and assess your wants vs. needs. You may find that you are spending money frequently on things you don’t necessarily need. For example, you may see that you order takeout and eat out regularly when you could be saving money by cooking at home and eating leftovers. 

Prioritize On-time Payments 

As mentioned, making your monthly loan payments on time is essential if you want to maintain or improve your credit score. Making on-time payments can also help you avoid late fees or other charges that can prevent you from paying off your debt efficiently. 

Avoid Accumulating More Debt

Focus on paying off your current debt before diving into another loan or financial endeavor. Adding more debt to your budget may take away from your ability to pay off your existing loans and financial obligations. If you are having trouble paying off your debts, you can try debt repayment methods like the avalanche or snowball methods. With the debt avalanche method, you would focus on paying off your largest debts first, working your way down to your smallest debts. The snowball repayment method involves the opposite, where borrowers focus on smaller balances first and work their way up to paying off their largest debts. 

Loans Like Lendly FAQ

How does the loan pre-approval process work?

Pre-approval is a preliminary evaluation by a lender to determine if you qualify for a loan. It gives borrowers an idea of how much they might be eligible to borrow. This process typically requires a soft credit check, which doesn’t impact your credit score.

Can I get a personal loan if I’m self-employed or a freelancer?

Yes, self-employed individuals and freelancers can obtain personal loans. However, lenders might require additional documentation, such as tax returns, bank statements, or proof of income, to verify the stability and consistency of your earnings.

What’s the difference between a secured and an unsecured personal loan?

A secured loan requires collateral, such as a car or home, which the lender can take if you default on the loan. In contrast, an unsecured loan doesn’t require collateral, but might have higher interest rates due to the increased risk to the lender.

How can I increase my chances of getting approved for a personal loan?

Improving your credit score, reducing existing debt, having a stable income, and providing all necessary documentation can enhance your chances of approval. Additionally, applying with a co-signer who has a good credit history can also help.

Are there any additional fees associated with personal loans?

Apart from interest rates, lenders might charge origination fees, late payment fees, prepayment penalties, or other administrative charges. Always read the loan agreement carefully and ask the lender about any additional costs.

Who is CreditNinja For?

CreditNinja loans are for borrowers going through stressful financial situations with no other solutions available. Usually, the only loan option readily available for bad credit borrowers are predatory loans, like payday loans or loans like Lendly. CreditNinja seeks to be a better alternative by offering affordable loans to borrowers in need!  


  1. What Is A Good Credit Score? | Equifax®
  2. How are FICO Scores Calculated? | myFICO
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