What Every Borrower Should Know
Our Review of Credit Cube Loans
– Can borrow as little as $100
– Returning customers can borrow more; up to $5,000
– An option for people with bad credit that cannot obtain financing via other less expensive sources
– Astronomical interest rates — as high as 779.97% APR
– Allows existing customers to borrow an excessive amount of money (up to $5,000)
– Not a good option for long term expenses
Overview of Credit Cube Loans
Right away, heading to their website you will land on a professional and well laid out homepage. You will see information such as fast approvals, no prepayment fees and even a premium loyalty program.At the top of the page you will find links to the rates and terms, resources and even a blog. From there, you’ll scroll down and they present you with a welcome message and a bit of information on Credit Cube. You can see how the process works, which is submitting the application, e-signing your documents and receipt of loan proceeds.
Many tribal lenders have a process that simple and Credit Cube must as well to compete. The final section goes over the questions you need to ask yourself before applying for a loan. Right out of the gate it appears Credit Cube does an excellent job at giving actionable information to their current and potential customers.
Currently, Credit Cube does not lend to the following states:
- New York
- West Virginia
This list is fairly small to many of the tribal lenders in the marketplace.
Also, you must meet the following requirements:
- Be at least 18 years of age
- Live in a state serviced by Credit Cube
- Have an active and valid checking account
- Have a job or regular proven source of income
- Have an email address and verifiable phone number
Loan Rates and Terms
Moving to the products, you will find that Credit Cube offers potential customers three different types of loans. The loan types are short-term loan, quick loans and low-interest loans, but we’ll be focusing on the short-term loan terms. Quick loans are too much like a payday loan and can quickly inflate your financial issues while an installment loans gives you the flexibility to repay the note over several months.
With a short-term loan, you can potentially borrow between $100 and $5,000 and the interest rates will vary between 259.94% to 779.97%. These rates are competitive within the tribal lending marketplace but are certainly expensive compared to more traditional methods. Keep in mind that short-term installment loans are not for long-term financial solutions and shouldn’t be used as such.
To quickly touch on the other products, the payday loans are repaid on your next payday and typically have very high fees and interest rates, which can make your financial issue worse. This is why it’s best to stick with short-term installment loans if you are in a need to borrow.
How to Apply for a Loan
To begin the application process, you need to begin with your name, email address and account password. From there, you will be required to input the typically information about yourself, such as address, social security number and driver’s license. Next, you will move to your work information that helps Credit Cube ensure the have a higher probability of being repaid. Once you’ve done that you can review your information and submit the form for a decision. The application is fast and secure according to most Credit Cube reviews.
Once you’ve submitted your application your results should be available within seconds, but Credit Cube may need to contact you to verify your identity, income and banking information. After you’ve completed that process you will be ready to receive your loan proceeds. If you’ve completed the loan process and been approved prior to 3pm EST, you can expect your funds to be deposited on the next business day. Before signing your loan agreement, you need to diligently read the terms and rates because this is what you’ll be legally held too. Should something not seem correct, be sure to reach out to the company to have it clarified before signing.
Now that you have your loan proceeds you can begin spending how you wish. Also, you will begin the repayment process. There are two methods you can go with and they include paying as the repayment schedule states or prepaying your note as quickly as possible. Credit Cube does indicate repaying your note early is the better option as it saves you money on interest expense. According to quite a few Credit Cube reviews, this is exactly what many borrowers do.
You can either repay your loan through the bank information you provided, or you can submit a certified check.
The Bottom Line
As you can see, Credit Cube reviews are mixed. Some borrowers speak highly of them, while others are likely to never borrow money from this lender again. The company makes it a point to ensure you are borrowing responsibly because not only does it help you, but it ensures Credit Cube is lending to the appropriate individuals. Overall, Credit Cube exceeds to standards by not only informing potential customers as best as possible, but also offering resources that can be used going forward. Certainly give Credit Cube a look if you are in need of a short-term loan, you may find it to be worth your while.