About Lender
Leap Credit is a financial service that provides installment loans to allow its customers to cover such financial needs as medical expenses, home or car repairs, and unexpected life events. It was started in 2017 and is headquartered in Atlanta, Georgia.
Leap Credit is currently available in Alabama, Idaho, Missouri, South Carolina, Texas, Utah, and Wisconsin.
The company is dedicated to assisting its customers in getting out of debt and improving their financial well-being. Leap Credit offers a variety of loan products that can be used for different purposes. These products include personal loans, business loans, and student loans. Leap Credit does not demand a particular credit score to apply for a loan.
Key Features
Leap Credit is an online lender that provides short-term loans to individuals who need quick access to funds. Some key features of Leap Credit include:
- Fast application process. Leap Credit's application process is quick and easy and can be completed online. Customers can apply for a loan in just a few minutes and can receive funds in as little as one business day.
- Flexibility. Leap Credit offers loans up to $3,500, with up to eight months of repayment terms. This allows customers to choose a loan amount and repayment schedule that works best for their needs.
- No hidden fees. Leap Credit is transparent about its fees and charges, and customers will not be hit with unexpected fees or charges during the loan process.
- Customer support. Leap Credit offers excellent customer support, with representatives available by phone or email to answer customers' questions or concerns.
- Credit reporting. Leap Credit reports customers' repayment history to the major credit bureaus, which can help customers build or improve their credit scores over time.
Overall, Leap Credit is a convenient and flexible option for individuals who need access to quick funds, with transparent fees and excellent customer support.
Pros and Cons
Pros
Leap Credit offers several benefits, including:
- Easy access to funds
- Affordable repayment terms
- No hidden fees
- Flexible repayment options.
Cons
However, there are some disadvantages of Leap Credit you should know before you decide to use the service:
- Limited availability
- High-interest rates
- Short repayment terms.
If you are considering using Leap Credit, consider the pros and cons carefully before making a decision.
Products
Leap Credit offers installment loans to customers in various states, with loan amounts and repayment terms varying based on the state of residence. The Leap credit loans range from $300 to $3,500, with six to eight months repayment terms. The APRs for these loans range from 546% to 795%, with the exact APR depending on the state and loan amount. While the APRs may seem high, they are typical for short-term loans with fast approval processes. Customers should carefully review the terms and conditions of the loan agreement before accepting the loan. Leap Credit aims to provide a flexible and convenient option for individuals who need access to quick funds.
Reliability
When assessing Leap Credit's reliability, it is important to consider several factors, including customer reviews, ratings from reputable organizations, and online security measures.
While Leap Credit has an A rating with the Better Business Bureau (BBB), it is not BBB-accredited. Additionally, the company has a customer review rating of 1.07/5 on the BBB website, which indicates a significant number of negative reviews from customers who have used the service.
On Trustpilot, another platform for customer reviews, Leap Credit has a 2.7 rating out of 5. While this is a slightly better rating than on BBB, it still suggests that there are concerns or issues with the company's service.
In addition to the factors mentioned earlier, it's important to note that Leap Credit has been granted a license to make consumer loans and/or take assignments of consumer credit contracts pursuant to the Alabama Consumer Credit Act. This means that the company has met certain regulatory requirements and is authorized to provide lending services in Alabama.
Finally, in terms of online security measures, Leap Credit uses GoDaddy, a reputable website hosting service, to protect its website and user information. This indicates that the company takes the necessary precautions to ensure the security and privacy of its customers' data.
Overall, while Leap Credit has a high BBB rating and uses GoDaddy for online security, the low customer review ratings on both BBB and Trustpilot suggest that there are concerns with the company's service. Therefore, individuals considering using Leap Credit should carefully review the terms and conditions of the loan agreement and read customer reviews before making a decision.
Funding a Loan
When you take a loan from Leap Credit, the money is transferred to you differently. The cash might be delivered straight to your bank account or deposited into a separate saving account you may access through Leap Credit's website.
Leap Credit promises to fund loans in one to three days. The time to receive your funds may vary depending on your bank, but you can typically receive money in your account within a few business days.
You can contact the company and receive funds from Monday through Friday, 8 am to 8 pm EST, and Saturday, from 8 am to 5 pm EST.
Loan conditions
Leap Credit allows its customers to take out installment loans on terms depending on the state of their residents.
- In Alabama, you can receive a loan amount from $2,000 to $3,500 for eight months. The APR for you will range from 667% to 795%.
- In Idaho, you can borrow from $400 to $3,500 for eight months. Your APR will range from 648% to 795%.
- Missouri residents can borrow $500-$3,000 for the same eight months. Your APR will start at 586% and can go up to 795%.
- Leap Credit offers loan amounts of $601-$3,500 for eight months at 546%-795% APRs.
- Texas residents are able to take an installment loan of $400-$2,500 for only six months. The APRs here are from 552% to 795%.
- In Utah, you can get amounts from $400 to $3,500 for eight months with 603%-795% APR.
- For Wisconsin residents, Leap Credit offers $300-$3,000 loan amounts for eight months at APRs starting from 587% and ending at 795%.
However, your signed loan agreement will specify all the loan details, such as the term, the APR, and the fees.
In order to apply for Leap Credit's installment loans online, it is required to have a checking account that is capable of accepting ACH transfers. It is important to note that prepaid debit cards and savings accounts are not eligible for use in this process.
To quickly apply for a Leap Credit loan, you can visit their website and use their online application portal. The application process is straightforward and can be completed in just a few minutes. You will need to provide basic personal and financial information, such as your name, address, employment details, and banking information. Once your application is submitted, Leap Credit will review your information and make a decision on your loan request. If approved, funds can be deposited into your bank account as soon as the next business day. The online application portal is a convenient and easy way to apply for a Leap Credit loan from the comfort of your own home.
Leap Credit doesn’t issue any prepayment fees. However, there are late fees in amounts of either $10 or 5% if you haven't paid in full within ten days.
Additional Services
Leap Credit maintains a blog called "Friendly Advice" on its website that provides helpful tips and resources for managing personal finances, improving credit scores, and making informed decisions about borrowing money. The blog features a range of articles on various financial topics, including budgeting, debt management, and credit reports.
One of the benefits of the Friendly Advice blog is that it provides practical advice that can be applied to everyday life. For example, some recent articles include "I Missed a Payment, Now What Do I Do?" and "Top 5 Mobile Apps for Managing Your Personal Loan."
Another advantage of the Friendly Advice blog is that it provides a useful resource for individuals who may be considering taking out a loan with Leap Credit. By reading articles on the blog, potential customers can better understand personal finance and make more informed decisions about borrowing money.
Overall, the Friendly Advice blog is a valuable resource for anyone looking to improve their financial literacy and make better decisions about their money. By offering practical advice and resources, Leap Credit demonstrates its commitment to helping its customers manage their finances responsibly.