Understanding the Credit Loan Product
The Credit Loan Product is a personal loan designed to provide eligible customers with access to funds for managing expenses. This loan offers fixed amounts, transparent terms, and a straightforward repayment process.
Who is Eligible?
Only California residents are eligible. This loan is currently available to a limited number of clients. We are working on expanding our loan offers to other states.
Loan Offers
Qualified customers can access one of the following loan options:
| Offer | Loan Amount | Loan Period | Disbursement Fee |
|---|---|---|---|
| Offer 1 | $600 | 12 months | $30 |
| Offer 2 | $800 | 24 months | $40 |
| Offer 3 | $900 | 36 months | $45 |
Loan Rules
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Disbursement Fee
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A one-time disbursement fee of 5% of the loan amount is deducted before the funds are deposited.
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Example: If you take a $600 loan, a $30 fee is deducted, and $600 is credited to your account.
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Payment Date
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The payment date remains the same each month.
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Example: If the loan was disbursed on January 12, the payment date will be 12th of every month.
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If disbursed on January 30, and February has only 28 days, the payment date will be February 28.
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Penalties for Late Repayment
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A $10 late fee is applied for each missed monthly payment.
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Example: If a payment is 3 months late, a total of $30 in late fees will be applied.
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Autopay Option
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To avoit late penalties, you can enable autopay from their B9 checking account.
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Early Repayment
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Clients can repay the loan early without penalties.
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However, early repayment does not reduce interest costs, as the final payment amount remains the same.
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How to Check Eligibility
If you are eligible, you will see the loan offer displayed on the Wallet page. If you do not see an offer, you are not currently eligible.
How to Apply for the Loan
If you see the loan offer in your wallet, follow these steps to Activate it:
Step 1. Click on Activate under B9 Loan.
Step 2. Choose an Offer.
Step 3. Review Loan Conditions:
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Tap I have read and authorize to confirm.
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Click B9 Loan Terms & Conditions to review, save, or print the document.
Step 4. Agree & Continue:
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The disbursement fee will be deducted before funds are credited.
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Ensure you have enough funds to cover the disbursement fee; otherwise, the loan will not be issued.
Loan Disbursement and Repayment
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Once the loan is disbursed, the Available Balance will update to reflect the Current Balance.
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To make payments, click on the Loan from the Wallet Tab to view the payment schedule and select Make a Payment.