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 for a Loan?
Loan is available to eligible members who are California residents. We are working on expanding our loan offers to other states. If you're eligible, B9 will notify you with a push notification and you will see the loan offer displayed on the Wallet page.
What are the 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 |
What are the Loan terms?
Disbursement Fee
B9 loans include a one-time disbursement fee of 5% of the loan amount. This fee is deducted before funds are deposited.
Example:
For a $600 loan, a $30 fee is charged, and the full $600 is credited to your account.
Loan Interest
Yes, B9 applies a 24% annual interest rate on loans, in addition to the disbursement fee.
Monthly Payment Date
Your payment date stays the same each month, based on when the loan was disbursed.
Example:
- Disbursed on January 12 → Payment due on the 12th of each month
- Disbursed on January 30 → Payment due on February 28 (if February has 28 days)
What happens if I miss a loan payment?
Missed payments can negatively impact your credit score because B9 reports your loan activity to the credit bureaus. Make sure to make all your payments on time.
If you miss a payment, a $10 late fee is added for each missed monthly payment.
Example:
Three missed payments = $30 in late fees.
Missing a loan payment can also affect your Advance:
- If your loan payment was late, your next Advance will be reduced to $50.
- If your loan payment is still overdue, you will not receive any Advance offers.
Autopay Option
You can enable autopay from your B9 checking account to avoid late fees and stay on track.
Early Repayment
You can repay your loan early with no penalty.
However, early repayment does not lower interest costs—your final payment amount remains the same.
How to check if I'm eligible for a Loan?
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 do I 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.
Will loans impact my credit score?
B9 doesn't perform a credit check when offering Loans. However, we do report your loan payment activity to credit bureaus. Missing payments can negatively affect your credit score.
When will my instant loan updates show on my credit report?
B9 reports your loan activity at the start of each month, but credit bureaus may take a few weeks to update your score so you might not see the changes to your credit until later in the month.
Can I increase my current Loan amount?
No, you can’t increase the amount of a loan you’re currently repaying. To borrow more, you must first pay off your existing loan. However, paying it off doesn’t guarantee a new loan offer. You must still meet eligibility requirements to qualify for another loan.