About
LoanByPhone offers fast online loans and serves various categories of borrowers, including those with a bad or zero credit history.
This financial institution is a subsidiary of the Check Into Cash credit organization. It has been operating since 2003 and is one of the best mobile lenders that issues fast payday loans for urgent needs.
Check Into Cash (and its subsidiaries, including LoanByPhone) operates under the Financial Services Association of America (CFSA) supervision and is licensed by the government. The LoanByPhone service runs on its parent company platform and is currently one of the largest financial service stores.
The lender did its best to make getting loans convenient and fast. For instance, you can send an application to receive money online from anywhere directly from your mobile phone. It is possible to receive money quickly and see your cash appear in your bank account the next day.
LoanByPhone offers three loan options: payday, installment, and lines of credit. The company does not disclose transparent information on any of its loan products, so you will know all terms only after you get approval.
A client of the LoanByPhone credit service may receive a payday loan in the amount of $100–$1,500 — depending on credit history, credit type, and other factors.
Key Features
Here are the key features of LoanByPhone:
- Ultimate Mobility: Loan By Phone provides customers with the convenience and mobility of applying for a payday loan or cash advance anytime and anywhere.
- Confidentiality: Loan applications and requests are guaranteed confidential, and all transactions are governed in accordance with the laws of your state of residence.
- Compliance: Loan By Phone adheres to the high standards established by Check Into Cash and the Community Financial Services Association of America (CFSA).
- State Licensing: LoanByPhone is state licensed in the United States and offers cash advance and payday loan services online in states where its parent company, Check Into Cash, has an operating license or through a licensed operating affiliate of LoanByPhone in a specific state, which is stated on this financial institution's website.
- Online Product Options: LoanByPhone continues to expand its online product options and geographical coverage to meet the changing needs of its customers.
- Emergency Cash: LoanByPhone aims to provide you with mobile loans to cover your emergency needs on the go.
- Availability: For details on the availability of its services in your state, you can visit the LoanByPhone Rate Calculator page.
Pros and Cons
LoanByPhone lender provides customers with three loan options: payday loans, installment loans, and lines of credit. You can get any loan type pretty quickly and hassle-free.
Pros
- Fast receipt of money within 24 hours.
- You can apply for a loan online without visiting the office.
- Credit history does not matter in the approval process. Customers with low credit scores are welcome.
- No hard credit check; bad credit score borrowers are welcome to apply.
- The company ensures confidentiality and security.
- Online application process.
Cons
- Relatively high annual percentage rate.
- High penalties for late payments.
- Automatic loan renewal is not possible.
- It is not a long-term financial solution.
- Overdue debts are transferred to collection agencies.
So, LoanByPhone has both advantages and disadvantages. The benefits include quick money received, the convenience of applying for loans online, and the possibility of obtaining a loan even with a bad credit history.
Still, like many other financial institutions offering quick short-term loans, LoanByPhone offers comparatively high-interest rates on loans and has pretty significant penalties for late payments or extending the loan. Overall, lending at LoanByPhone may cause additional financial costs and fees. Such a short-term loan may be too expensive for a borrower — but the conditions are not worse than an average private lender offers.
Products
Here are the products of LoanByPhone:
- Payday Loans: LoanByPhone provides online payday loans ranging from $100 to $1,500. These loans are suitable for individuals who need to get extra cash quickly without visiting a store. The repayment is due in a single payment on the borrower's next payday.
- Installment Loans: LoanByPhone offers installment loans that can be repaid over a longer period with a set number of scheduled payments. The loan amounts may vary from $500 to $3,000, depending on the state of residence. Installment loans usually have lower interest rates than payday loans and are more beneficial for borrowers.
- Lines of Credit: LoanByPhone provides lines of credit that work like a credit card. Borrowers can borrow as much and as often as they like within their credit limit and only have to pay interest on the money they use. To receive a line of credit, the borrower must pay a membership fee of $60 on each account statement until the line of credit is closed.
It's important to note that LoanByPhone does not disclose transparent interest rates and conditions for its products, and they may vary depending on state laws and individual circumstances. The company may also ask the borrower for additional information before making a decision on the loan application. Borrowers can apply for loan products on the LoanByPhone website and receive the money in their bank account the next business day.
Reliability
Here is an overview of the reliability of LoanByPhone:
LoanByPhone has been providing payday loans and cash advances online since 2003. The company is state licensed in the United States and adheres to the high standards established by Check Into Cash and the Community Financial Services Association of America (CFSA). LoanByPhone also has an A+ rating with the Better Business Bureau (BBB).
However, it's important to note that LoanByPhone is not BBB-accredited. This means the company has not undergone the BBB's accreditation process, which involves meeting specific standards and requirements. Additionally, LoanByPhone does not disclose transparent interest rates and conditions for its products, which may vary depending on state laws and individual circumstances.
Overall, while LoanByPhone has a good track record and a high rating with the BBB, borrowers should do their due diligence and carefully review the terms and conditions of the loan products before applying. They should also compare LoanByPhone's offerings with other lenders in the market and read customer reviews to make an informed decision.
Funding a Loan
The funds will be electronically deposited into your checking account if you have been approved for an Installment Loan from LoanByPhone. This process is typically completed on the next business day after the loan is finalized. Once the funds have been deposited into your account, you can access them through your checking account using your debit card, checks, or ATM withdrawals, depending on the banking services available to you. If you have any questions about accessing your funds or need assistance with your loan, you can contact LoanByPhone's customer service team for support.
Loan conditions
LoanByPhone provides payday loans ranging from $100 to $1,500. You can apply for a quick loan on the company's website in just a few minutes and get money the next day. Repayment of such a loan is made in a single payment on your next payday, which means a loan term of around two weeks.
As mentioned, the company does not disclose transparent interest rates for its products or even a price range. So, they may depend on state laws: each borrower's interest rates are calculated individually. This overview was based on state laws and customer reviews.
An installment loan involves receiving larger amounts than payday loans. The borrower can receive from $500 to $3,000. Loan amounts may vary from state to state because state laws set minimum and maximum loan amounts. To find out the amount available to receive in your state, you need to contact the hotline or calculate the loan amount on the company's website. The decision on the loan amount you can receive will be made based on the size of your salary.
An installment loan is issued for a long period and usually has an interest rate lower than payday loans. Such loans are more beneficial for borrowers than payday loans. Payments are made throughout the entire term of the loan according to the payment schedule. You can opt for an installment loan application on your mobile device at the LoanByPhone website and immediately see the decision.
Finally, you can opt for lines of credit. It basically works like a credit card: you receive a credit limit and use it when you have some urgent or unexpected expenses. To receive a line of credit, the borrower must pay a membership fee of $60 on each account statement until the line of credit is closed. The company also does not disclose transparent conditions for credit lines, as well as for its other credit products.
It is worth mentioning that Loanbyphone's short-term loans feature high-interest rates, so it might be an advantageous idea to consider a personal loan. Personal installment loans are generally considered safer and more affordable. In addition, review your loan agreement to ensure you know the fees and interest charged by the lender.
The system makes a decision on all loan products at once, so you can choose the most optimal and profitable loan option for yourself. However, the company may ask the borrower for additional information, such as necessary documentation - a bank statement or a payment receipt. You can also send these additional documents online by email.
As soon as your loan is approved, the money will be transferred to your bank account the next business day. Another disadvantage is that LoanByPhone does not allow you to open several loan products at once. You can choose only one loan option.
