The following documents are required to apply:
The initial loan application screening is completed by using a soft credit pull. Soft credit pulls do not impact your FICO® credit score.
A hard credit pull is completed once a final decision has been made on your application. Hard credit pulls can have an impact on your credit score if you’ve had multiple inquiries in a short period of time.
We do not charge any application processing fees.
In the event that a loan is approved, we also do not charge any loan origination fees.
In the event that a loan is approved and stipulations are given, we do not accept counter offers.
No, we do not currently accept cosigners. All loan applicants are solely responsible for their debt obligation.
The initial application process consists of answering a short questionnaire. If all proper documentation is readily available the application should only take a few minutes.
Factors considered for approval may consist of FICO credit score, credit history, debt-to-income ratio, and/or ability to repay loan. These factors alone will not hinder application approval. We may consider other factors as well.
The application review process takes a few hours after submission. In most cases, approval and disbursement of funds can be made within the same day.
Applications can only be withdrawn prior to signing the contract and the disbursement of funds. If the contract has been signed and funds have already been disbursed then an application cannot be withdrawn.
All applications remain in “Pending Status” for 30 days. If no action is taken to accept the loan within 30 days of applying, the loan application will be removed.
You can use any of the following options to make your payments:
You can arrange for your loan payments to be due on a monthly, bi-weekly, or weekly basis. Whichever is most convenient for you.
Yes. Any amount you pay that is above your monthly payment will be applied towards any outstanding fees or interest if owed. The remaining amount will be applied towards the principle balance.
Your monthly payment is calculated based on the amount borrowed, the length of time of the loan, and the interest rate of the loan. The interest rate is fixed which means your monthly payment amount will remain the same throughout the life of the loan.
Keep in mind that any late fees, uncollected funds fees, and past due amounts assessed during a billing cycle will result in the inclusion of those fees in the following monthly payment.
No, payment due dates cannot be modified.
Yes, you are able to pay off your personal loan early. Our personal loan service does not charge prepayment penalties so there are no fees associated with paying off your loan early.
The Train by CrediFai is a referral program that gives you an opportunity to reduce your payment by referring others to join our service.
Upon applying for a loan you receive an individual referral code. Give that referral code to everyone you know. When someone clicks on your referral code, they’ll automatically be transferred to the application portal.
Once their application process is complete, we will notify you to let you know your referral has joined your train. The moment their loan is approved and your referral begins making payments, you’ll start to receive your incentive.
There is no limit to the amount of customers that can be referred! You can refer as many customers as you can and receive all of the incentives that come with them.
You can enroll in The Train’s referral program without having to apply for a loan.
Simply visit our Train enrollment portal, follow the steps to enroll, receive your referral code, and begin referring.
When you start your train, your referrals remain with you. This means if a customer you previously referred is approved for a different loan in the future, you will start earning again.
The Train is a referral program that is available for everyone!
If you have a loan that you’re currently paying on and you refer someone that gets approved for a loan, you will receive a discount on your payment based on the amount of their approved loan and the interest they are paying.
If you don’t have a loan, you can still benefit from your referrals by receiving your incentives monetarily.
Your incentive is based on the approved amount of your referral’s loan. If you refer more than one person, you will receive individual incentives for each referral based on each approved loan amount.
If you have an existing loan that you are paying on, we will apply your incentives towards your loan payment.
If your loan has been paid off, you can accumulate your incentives and choose how you would like to receive them. You can choose to have your incentives transferred to your personal bank account. You can also accumulate your incentives and apply them towards a future loan or other services we provide.
If you no longer have an existing loan, you can continue referring customers to join your train!
Rather than have your incentive applied to your payment, you can accumulate your incentives and have them transferred directly to your personal bank account. You can also accumulate your incentives and apply them towards a future loan or other services we provide.
We are a lender that caters to the necessities of our community. Whether those needs are aspirational or due to something obligational, we are here to help give everyone an equal opportunity to make good and succeed.
We provide personal loan opportunities for everyone including those with no credit, and little credit history.
We report to all 3 credit bureaus so customers can establish, improve, and maintain their credit confidently.
We provide financial education so our clients can make the monetary decisions that are best for them.