$1,100 loan—my payoff is now $2,703.12
CreditNinja called it a $1,100 loan—my payoff is now $2,703.12 UPDATE 08/07/2026 — Following CreditNinja’s response to this review: CreditNinja responded that the terms were available before signing, that it operates as a licensed Credit Access Business in Texas, and that the agreement included a three-day cancellation window. I acknowledge that the APR and CAB fee appeared in the electronic contracts. My concern remains how the transaction was described and its practical effect. I followed the Texas licensing link CreditNinja provided. Its own sample disclosure identifies a $1,100 transaction as a “Payday Loan” and shows a $1,595 fee paid to CreditNinja, $66.93 in lender interest, total repayment of $2,761.93 and a 501.53% APR. That sample has a different payment schedule from mine; my agreement discloses a 440.27% APR and $2,765.57 in total scheduled payments. Nevertheless, CreditNinja’s own webpage confirms that its fee is greater than the cash the customer receives. CreditNinja’s approval email described my transaction as a “$1,100 CreditNinja loan.” I received $1,100, but its $1,595 CAB fee created an immediate $2,695 principal obligation and a payoff exceeding $2,700. Licensing and contractual disclosure do not address that disparity. Calling this unsuitable as a “long-term” solution does not make a 440.27% short-term loan affordable. The cancellation option required returning the entire $1,100 within three days, after which the $1,595 fee became fully earned and nonrefundable. CreditNinja’s response offered no fee reduction or meaningful account assistance. CreditNinja has contacted me, and I remain open to a substantive written resolution. If meaningful relief is provided, I will update this review truthfully. ORIGINAL REVIEW: CreditNinja called it a $1,100 loan—my payoff is now $2,703.12 I strongly regret using CreditNinja. I was experiencing financial hardship when I received an approval email explicitly stating: “Your $1,100.00 CreditNinja loan is officially approved.” The attached screenshot shows exactly how CreditNinja presented it to me. Another screenshot from my account now shows a payoff amount of $2,703.12, with my first $230.46 payment due August 14—less than three weeks after the loan’s July 27 effective date. After carefully reviewing the contracts, I discovered that CreditNinja charged a $1,595 “credit access business” fee to arrange the loan. That fee was added to the balance, immediately turning the $1,100 deposited into my account into a $2,695 principal obligation. The agreement discloses: • Amount deposited to me: $1,100 • CreditNinja CAB fee: $1,595 • Starting principal balance: $2,695 • APR: 440.27% • Total scheduled repayment: $2,765.57 • Current payoff shown: $2,703.12 The contract also says the entire $1,595 fee is earned when the loan originates, so it is not refunded if I repay early. I acknowledge that these figures appeared in the electronic contracts. However, the approval message prominently described the transaction as a “$1,100 CreditNinja loan.” That presentation did not communicate the practical reality that receiving $1,100 would almost immediately leave me owing approximately $2,700. In my opinion, this is an extremely predatory and exploitative loan structure aimed at people experiencing financial emergencies. I was desperate and needed temporary help. Instead, I received $1,100 and was placed nearly $1,600 deeper into debt immediately. Before accepting a CreditNinja loan, download and read every document. Look specifically for the CAB fee, principal loan amount, Amount Financed, APR and Total of Payments. Do not rely solely on the deposit amount or the advertised payment size.