Credit Shop, Inc. Questions and Answer Index

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Who is Credit Shop, Inc.?

Credit Shop, Inc. 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 Credit Shop, Inc. loans easy to apply for and easy to understand. Credit Shop, Inc. is a member of the Better Business Bureau.


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What is my Annual Percentage Rate (APR)

Credit Shop, Inc. APRs range from 19.9% to 36%. Please note that in some states, we may charge a loan processing fee or account set-up fee ranging from $25 to $100 when we establish a loan. If a loan processing fee or account set-up fee is charged, it will be clearly disclosed to you before you accept your loan and will be reflected in your APR.

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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How do I know my personal information is protected?

Credit Shop, Inc. Security Policy:
Credit Shop, Inc. 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 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.

 

Use this calculator to estimate the overall cost of a loan and how payments may be allocated.
This calculator is a courtesy of Practical Money Skills.

 

 

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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-inc.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. 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 Credit Shop, Inc., 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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