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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Leap Credit


About lender

Leap Credit is a financial service that allows its customers to cover their financial needs. 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.

Pros and cons

Leap Credit offers several benefits, including:

  • Easy access to funds

  • Affordable repayment terms

  • No hidden fees

  • Flexible repayment options.

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.

Terms and conditions

Leap Credit allows its customers to borrow installment loans on terms depending on the state of their residents.

  • In Alabama, the loan amount you can receive is 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%.

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.

Funding a loan

When you take a loan from Leap Credit, the money is transferred to you in a few different ways. The cash might be delivered straight to your bank account or deposited into a separate savings account you may access through Leap Credit's website.

Getting your money from Leap Credit generally takes 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 on Saturday from 8 am to 5 pm EST.



What is an installment loan from Leap Credit?

An installment loan is a loan that allows you to borrow a set amount of money and then make fixed payments over a set period.

How much can I borrow from Leap Credit?

The amount you can borrow from Leap Credit will depend on your income and credit history. However, loans typically range from $500 to $5,000.

Is Leap Credit legit?

Leap Credit is a company that has been in business since 2017. They are not BBB-accredited businesses and have B rating.

Company documents

Privacy Policy
Terms and Conditions

Leap Credit offers installment loans to help bridge the gap in your financial security.

© Leap Credit, LLC

Calculate loan payments in Leap Credit

Leap Credit calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount

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Loan term

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What to focus on before applying for a loan with Leap Credit

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Leap Credit and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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All Leap Credit’s reviews by September 2022
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