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Lender
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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.

Loan By Phone

Finanso.Multilogin™

About lender

LoanByPhone offers fast online loans and serves various categories of borrowers, including those with a bad or zero credit history.

The brand 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 loans, installment loans, 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.

Pros and cons of LoanByPhone

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 welcomed.

  • There are no hard credit checks.

  • The company ensures confidentiality and security;

Cons:

  • Sufficiently high annual percentage rate.

  • High penalties for late payments.

  • Automatic loan renewal is not possible.

  • 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 quick loan lenders, 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 loan may be too expensive for a borrower — but the conditions are not worse than an average private lender offers.

Terms and conditions of LoanByPhone

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.

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 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 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.

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 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 very 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.

How to borrow from LoanByPhone

LoanByPhone has the following requirements for borrowers:

  • Having a permanent job with a proven income. A permanent job is where you have worked for at least 90 days;

  • Active bank account. It is necessary as you will receive your credit funds on this account;

  • Social Security number;

  • Contact phone number. LoanByPhone will notify you of the following payment due by phone;

  • Valid employer phone number. LoanByPhone can contact your employer to confirm your place of work or in case you don't make payments on time;

  • Existing email address;

  • Age at least 21 years old;

  • US citizenship or residency.

Even if a borrower has a bad credit history and low credit score, they can still apply to LoanByPhone for a loan if they meet the other requirements. The company still collects information about borrowers through national databases through a soft credit check, but not the hard credit pull.

To get a payday loan, you must fill out an application in your account on the LoanByPhone website. Filling out the questionnaire takes only a few minutes, and you will instantly see if you are approved or not. You can receive the money on the next business day if the application has been approved.

The company does not disclose APRs on its website, so that you will know your annual interest rate, the loan amount, and other terms only after your application is approved — in your personal account on the website. For each borrower, the company can set different interest rates depending on its level of creditworthiness.

FAQ

What are LoanByPhone interest rates?

The company offers individual rates for each borrower, and interest rates are also regulated by the laws of the state in which you live.

Is LoanByPhone legitimate?

Yes, LoanByPhone works absolutely legally. The company is a member of the CFSA, has a US government license, and is subject to the Fair Debt Collection Practices Act (FDCPA).

Can LoanByPhone sue me?

In the event of default on a loan, LoanByPhone will may transfer your overdue debt to a collection agency. Obviously, it will negatively affect your credit score and reputation. And yes, a company can always sue an unscrupulous borrower — there are several cases related to LoanByPhone you can find on the Internet.

How much can I borrow from Loan By Phone?

LoanByPhone loan amount may vary from state to state. A payday loan allows you to get from $100 to $1,500. If you want to borrow an installment loan, you can count on the amount from $500 to $3,000. The actual amount of the credit line is determined on an individual basis, depending on your salary or other factors.

Company documents

Privacy Policy

We understand what it means to need cash quickly and we are dedicated to getting you the money you need, when you need it.

© Loan By Phone

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What to focus on before applying for a loan with Loan By Phone

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 Loan By Phone 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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