CreditShop Questions and Answer Index

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Who is CreditShop?

CreditShop is a consumer lending company, headquartered in Austin, Texas. We are dedicated to providing consumers with convenient personal loans at fair prices. We work to make CreditShop loans easy to apply for and easy to understand. CreditShop is a member of the Better Business Bureau.


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What is my Annual Percentage Rate (APR)

You will be provided with your exact APR in your loan agreement if you are approved. CreditShop APRs range from 29.9% to 36%. Please note that the Annual Percentage Rate (APR) reflects the total annual cost of credit, which can be higher than a loan’s base interest rate, if a loan processing or origination fee is charged.

If you are an existing customer, your APR (Annual Percentage Rate) can be found on your loan agreement you received when you accepted your loan or you can sign into the customer portal.

If you have an installment loan, at the bottom of the left hand corner you can click "Read Truth in Lending Act". This will contain the details around your APR.

If you have a Line of Credit, after signing in to the customer portal
2) Go to the Account Details tab in the upper menu
3) Select Documents tab from the drop down menu
4) Click on the Open-End Line of Credit Agreement link


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What does 'preapproved' mean?

If you have been "pre-approved" … this means that you should be able to get a loan from CreditShop, unless:
(1) you have had a recent and significant adverse change in your credit profile,
(2) your debts are too high as a percentage of your income, or
(3) we are unable to verify your identity


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How do I know my personal information is protected?

CreditShop Security Policy:
CreditShop is committed to making sure your payment and personal information is always safe. Our Secure Sockets Layer (SSL) software is the industry standard and among the best software available today for secure commerce transactions. SSL encrypts all of your personal information, including debt card number, name, and address, so that it cannot be read over the internet.


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How will applying impact my credit?

Getting any loan can affect your credit score either positively or negatively, depending on many factors. Please refer to the financial education link on our website for more information.


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How does the application process work?

CreditShop mails pre-approved loan offers based on criteria and data we receive from credit bureaus. When you receive a pre-approved offer from us, you will be provided a reservation number. When you access www.gocreditshop.com you may enter your reservation number in order to begin the application process.. We will have some information about you already pre-filled, such as name and address, but will need you to confirm the accuracy of the information and enter and read through important information about the loan. Once you agree to the terms and submit your application, in most cases, you should receive a decision immediately. In some cases, we may need to verify it is you applying for the loan before disbursing the loan proceeds.


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How will I get my loan proceeds if approved?

Funds are transferred via ACH directly into the bank account you provide during the application process.


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When will I get my funds?

Once you’ve accepted your loan, we will transfer your funds via ACH to the bank account you provided in your application. This typically takes 1-2 bank business days. If you accept before the daily transfer cutoff time, the funds may be in your account the next day.


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How do installment loans work?

An installment loan is a loan that is repaid over time with a set number of scheduled payments and a set payment amount. The payment includes not just the principal borrowed, but interest as well. As long as all required payments are received by their due date, with no checks returned unpaid by your bank, the loan will be paid in full upon receipt of the last scheduled loan payment.


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How does a line of credit work?

A line of credit is a pool of money available to you that you can borrow from, repay and then borrow from again (up to your credit line as long as your account is in good standing). You can borrow all of your available credit line at once, or take smaller amounts over time, as you see fit. With a line of credit, you do not start paying interest until you borrow the funds. You can request funds and then have them transferred to your bank account by logging into your password protected account at creditshop.com.


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What is interest? What is principal?

Interest is the amount of money paid by a borrower to a lender for a loan. At CreditShop, our interest rates range from 29.9% to 36%, depending on the loan amount and state. Principal is the amount of money given to the borrower directly, which is separate from interest. Both interest and principal will be included in your monthly payment.


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What does ‘no prepayment penalty’ mean?

Paying off your loan early will reduce the amount of interest you will have to pay for the loan. At CreditShop, we want to make it easy for you to pay off your loan early so we do not charge a fee if you chose to do so!


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Can I apply for a CreditShop loan?

You can apply for a CreditShop loan if you have been pre-approved and received an offer/reservation number from us. You may also apply if you have been directed to CreditShop from one of our pre-qualification partners. Currently, CreditShop does not accept loan applications without a reservation number. Please keep checking back as we plan to make loans available for everyone in the future.


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About Us

CreditShop provides affordable personal loans for everyday and emergency needs. Interest rates range from 18% to 36% and conform to the federally mandated threshold of 36% ... which many consumer advocates consider essential to keep borrowers out of the debt trap. While not everyone will qualify for a loan, many consumers use unsecured simple-interest installment loans to save money and pay less every month.