Lender
Rating by Finanso®
i

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.

2.5
(20 Ratings)

Leap Credit

Advertiser Disclosure

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:

  1. 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.
  2. 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.
  3. 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.
  4. Customer support. Leap Credit offers excellent customer support, with representatives available by phone or email to answer customers' questions or concerns.
  5. 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.

Leap Credit

Reviews

FAQ

How Do you Qualify For a Leap Credit Loan?

To qualify for a Leap Credit loan, there are certain requirements that you must meet. These requirements may vary depending on the state in which you reside but typically include the following:

  1. Age and residency. You must be at least 18 years old and a resident of the state where you are applying for the loan.
  2. Income. You must have a steady source of income, such as a job, and be able to provide proof of income.
  3. Checking account. You must have an active checking account that accepts ACH transfers. Prepaid debit cards and savings accounts are not accepted.
  4. Creditworthiness. Leap Credit does not require a minimum credit score to qualify for a loan.
  5. Compliance with state regulations. Leap Credit is licensed to operate in certain states, and borrowers must comply with state regulations in order to qualify for a loan.

It's important to note that meeting these requirements does not guarantee that you will be approved for a loan. Leap Credit will review your application and determine your eligibility based on its internal underwriting criteria. If approved, the terms and conditions of your loan will depend on the state where you reside and the amount of the loan.

How Much Can You Borrow From Leap Credit?

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.

Does Leap Credit Approve Everyone?

No, Leap Credit does not approve everyone who applies for a loan. While the company has a streamlined application process and relatively flexible eligibility requirements, not all applicants will meet the criteria necessary for loan approval.

Leap Credit evaluates each loan application on a case-by-case basis, taking into consideration factors such as income, creditworthiness, and compliance with state regulations. While the company does not require a minimum credit score to qualify for a loan, it will still conduct a soft credit check to assess an applicant's creditworthiness.

Additionally, while Leap Credit may be able to approve loans for individuals with less-than-perfect credit, they still need to ensure that borrowers are capable of repaying the loan. If a borrower's financial situation suggests that they may not be able to repay the loan, Leap Credit may decline the application.

Overall, while Leap Credit provides a convenient and flexible lending option for individuals who need access to quick funds, it is not guaranteed that everyone who applies will be approved.

Is Leap Credit a Legitimate Company?

Yes, Leap Credit is a legitimate company that provides online lending services to customers in several states. The company is licensed and operates in compliance with state-level lending regulations in the states where it offers loans.

Leap Credit has been in business for several years and has an online presence that includes a website and social media accounts. The company has also received a BBB A rating, indicating that it has met certain trust and transparency standards. However, it is important to note that Leap Credit is not BBB-accredited and has received negative customer reviews on BBB and Trustpilot.

In terms of online security measures, Leap Credit uses GoDaddy to protect its website and user information. GoDaddy is a reputable website hosting service that is commonly used by businesses to secure their online presence.

Overall, while Leap Credit has some negative reviews from customers, it is a legitimate company that is licensed and operates in compliance with state regulations. As with any lending service, it is important to carefully review the terms and conditions of the loan agreement and make an informed decision before accepting a loan.

Is Leap Credit a Good Lender?

Whether or not Leap Credit is a good lender depends on individual circumstances and preferences. The company offers online installment loans to individuals who need quick access to funds and has a relatively streamlined application process and flexible eligibility requirements. Additionally, Leap Credit reports customers' repayment history to the major credit bureaus, which can help customers build or improve their credit scores over time.

However, it's important to note that Leap Credit's loans have high APRs, which can be a concern for some borrowers. Additionally, the company has received negative customer reviews on BBB and Trustpilot, suggesting service issues.

Overall, if you are in a situation where you need access to quick funds and are comfortable with the APRs associated with short-term loans, Leap Credit may be a viable option. However, it is important to carefully review the terms and conditions of the loan agreement and read customer reviews before making a decision.

Company documents

Privacy Policy
Terms and Conditions

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

© Leap Credit, LLC
Leap Credit service available in US States
  • Idaho
  • Alabama
  • Wisconsin
  • Missouri
  • Texas
  • South Carolina
  • Utah
Leap Credit service available in US States
Financial products
Leap Credit
Personal loan
Rating by Finanso®
i

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.

2.45
(20 Ratings)
Recommended FinScore™
0
300
650
1000
$500-$5,000
Rate
i

Effective interest rate on the product

up to 795%
Term
i

Loan term for the financial product

up to 8 months
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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.

Recommended FinScore™
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100.00 – 20000.00 $
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Effective interest rate on the product

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Rating by Finanso®
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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.

Recommended FinScore™
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650
1000
500.00 – 4000.00 $
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Effective interest rate on the product

99.00 – 350.00 %
Term
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Loan term for the financial product

8 months – 33 months
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Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
800.00 – 3000.00 $
Rate
i

Effective interest rate on the product

to 274.85 %
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
250.00 – 250.00 $
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
500.00 – 10000.00 $
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Leap Credit calculator
Interest rates are given in accordance with the rates of the Leap Credit of 27.03.2024
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All Leap Credit’s reviews by march 2024
Leave feedback
1.8
Disadvantages
I received approval for my loan, but it's been a week, and the funds still haven't been transferred to my account. I'm quite disappointed with this delay.
Complain
4.2
Advantages
This company is truly exceptional to work with! While their finance charges are high, they conduct their business in a transparent and professional manner. Thank you!
Complain
2.6
Disadvantages
This company's actions are unequivocally fraudulent. Despite my previous complaint about them accessing my account without authorization, they have repeated this action this month. Their actions are egregious and warrant immediate closure. To clarify, I never applied for a loan from this company, yet they inexplicably deposited money into my account two years ago. Despite assurances in September that they would rectify the situation due to a supposed computer glitch, they have once again deducted funds from my account this month, providing no plausible excuse this time. It's important to note that I have never initiated a loan with this company.
Complain
1.2
Disadvantages
The customer service experience is extremely poor. It's concerning how they initiated deductions from my account almost two years later without my consent. Whenever I attempt to contact them, I am unable to speak with a representative.
Complain
1.8
Disadvantages
Exercise caution when dealing with this company, as they allowed someone to obtain a loan using my identity. Now they are demanding repayment from me for a loan I never took out. I want to emphasize that I did not borrow any money from them. It's advisable to avoid sharing your information with them, as they do not respond to calls, texts, or emails.
Complain
2
Disadvantages
My account was charged $947.65 without my authorization for a loan that I never took out. I insist that this charge be promptly reversed, and my funds returned to my account. Such an action is nothing short of theft and is absolutely outrageous. This situation is completely unacceptable, and I consider it a criminal act.
Complain
1.8
Disadvantages
I never initiated a loan with this company, and it only came to my attention recently when $500 was deducted from my account. Upon calling them, I was informed that I had supposedly taken out a $1,000 loan in 2021, which I can confidently say I never did. Their supposed indicators are unreliable, and I suspect that my ex may have taken out this loan, leaving me to foot the bill. I ended up paying $3,000 for a mere $1,000 loan that I never received. It's truly unbelievable.
Complain
1.4
Disadvantages
It's been an ongoing challenge to reach their customer service whenever needed. I consistently receive notifications claiming missing payments, even though I have indeed made my payments. Furthermore, the app displays an error when attempting to make payments, yet it still deducts money from my account.
Complain
1.8
Disadvantages
I've made numerous attempts to contact Leap Credit via phone and email, but I have yet to receive a return call or response to my emails. I specifically requested a review of my payment plan, and despite my account being enabled, I am unable to get anyone to address the issue and allow me to submit the necessary documents to change my plan.
Complain
2.2
Disadvantages
I detected unauthorized withdrawals from my account and was able to demonstrate that it was indeed a case of fraud. Fortunately, the wrongfully taken money has been fully returned to my account.
Complain
Overall company rating
2.5
/ 5
20 reviews
Execution of an application
2.6
Support service
2.1
Mobile app
2.7
Service quality
2.4
Your satisfaction level
2.5
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