About Lender
Leap Credit is a financial service that offers installment loans to help you pay for medical bills, home or car repairs and unexpected life events. They were founded in 2017 and based in Atlanta, GA. They are currently available in Alabama, Idaho, Missouri, South Carolina, Texas, Utah and Wisconsin.
They help customers get out of debt and improve their financial health. Leap Credit offers various loan products to use for different purposes. These products include personal loans, business loans and student loans. No credit score required to apply for a loan.
Key Features
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Quick Application. The application process is fast and easy and can be done online. Customers can apply in minutes and get funds in as little as 1 business day.
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No Hidden Fees. Leap Credit is transparent with fees and charges and customers won’t be hit with surprise fees during the loan process.
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Customer Service. The company has great customer service, reps available by phone or email to answer your questions or concerns.
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Credit Reporting. Leap Credit reports your payment history to the major credit bureaus so you can build or improve your credit score over time.
Pros and Cons
Pros
Fast Access to Funds. Leap Credit has quick application process, funds available in as little as 1 business day for urgent needs.
Simple Application. Application is easy, quick decisions on loan approvals in minutes.
Flexible Repayment. Borrowers can choose from various repayment terms to fit their financial situation, convenient and flexible.
Cons
High Interest Rates. Leap Credit loans have high APRs.
Limited State Availability. Services are only available in certain states so borrowers outside those areas may not be eligible.
Short Repayment Terms. With short terms, borrowers may find the repayment period too short if they need more time to pay off the loan.
Reliabilty
BBB Rating. Leap Credit has an “A-” rating with the Better Business Bureau (BBB) but not accredited, so some level of trust but not accredited.
BBB Customer Review. 1.07/5 on BBB website, many customer complaints so mixed reliability based on customer reviews.
Trustpilot Rating. 2.7/5 on Trustpilot, moderate satisfaction among users, some complaints or issues in reviews.
Regulatory Compliance. Leap Credit is licensed under the Alabama Consumer Credit Act to lend in Alabama, so it meets certain regulatory requirements, more reliable in authorized states.
How to Apply for a Leap Credit Loan?
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Visit The Website. Go to the Leap Credit website.
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Select Residence State And Loan Details. Choose your residence state, loan amount, and loan purpose.
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Click Apply Now. Click the "Apply Now" button to begin your loan application.
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Create Your Account. Enter your email, social security number (SSN), and date of birth, and agree to the privacy policy.
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Click Save And Continue. After filling in the required details, click "Save and Continue."
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Enter Personal Information. Provide your name, phone number, address, driver’s license number, state, and active military status.
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Enter Income Verification Info. Submit your income verification details to proceed.
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Enter Banking Info. Provide your banking information to facilitate loan transactions.
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Complete Final Authorization. Review your application, give final authorization, and submit your loan request.
Conditions and Requirements
Conditions
Loan Amounts. You can borrow up to $3,500 depending on your state and eligibility.
Loan Terms. Loan terms up to 8 months, short term financing.
Interest Rates. Interest rates up to 795%, so be aware of the cost of borrowing.
Requirements
Verifiable Income. You must have a verifiable source of income that is deposited directly into your checking account.
Open Checking Account. You must have an open checking account that meets Leap Credit’s minimum account duration requirement.
Age And Citizenship. Applicants must be at least 18 years old and a United States citizen.
Minimum Income. Your take-home pay must meet Leap Credit’s minimum income requirements.
Bankruptcy Status. You must not be in a bankruptcy case or plan to file for bankruptcy relief.
Military Status. You must not be an active service member or a dependent of an active service member.
Ways to Recieve the Money
When you borrow from Leap Credit, the money is sent to you in different ways. The cash may be deposited directly into your bank account or into a separate savings account you can access through Leap Credit’s website. Leap Credit says they fund loans in 1-3 business days. The time to receive your funds may vary depending on your bank but you can get the money in your account in a few business days. You can contact the company and get funded from Monday to Friday 8am-8pm EST and Saturday 8am-5pm EST.
Products
Leap Credit offers installment loans in many states, loan amounts and terms vary by state. APRs vary by state and loan amount. While the APRs are high, they are for short term loans with fast approval. Customers should read the terms and conditions of the loan agreement before accepting the loan. Leap Credit is a flexible and convenient option for those who need quick cash.
Other Personal Loans
Reasons for Loan Refusal
Leap Credit may decline a loan application for several reasons. Common factors include a low credit score, which indicates a history of missed or late payments, and a high debt-to-income ratio, suggesting that the applicant may struggle to manage additional debt. Insufficient income to cover loan repayments, unstable employment history, or failure to meet basic eligibility criteria—such as age, residency, or having an active bank account—can also lead to denial. Additionally, providing incomplete or inaccurate information during the application process may result in refusal.
How to Repay a Leap Credit Loan?
To pay back a Leap Credit loan, you can set up automatic payments from your bank account so you don’t have to do anything. Payments are scheduled based on the installment plan you agreed on which can be managed through Leap Credit’s online portal where you can view your balance, payment dates and make additional payments if you want. You also have the option to pay early without any prepayment penalty and reduce the overall interest if paid ahead of schedule.
OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey. RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight. OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid. Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.Loans like Leap Credit
OppLoans
Rise Credit
OneMain Financial
Universal Credit
Editorial Opinion
Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability. Carefully review all the terms and conditions of your payday loan contract. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.Important
How to Choose a Lender
Additional Resources
- Full Credit Leap Account Review
- How to Apply for a Leap Credit Loan
- How to Repay a Leap Credit Loan
- Leap Credit Mobile App
- All Leap Credit Coupons and Promo for March 2025
