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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.

LoanCenter's pay off


Repayment of loan

There are several ways to pay back LoanCenter loans.

  • Automatic electronic payment: Wilshire Consumer Credit ("WCC") offers a service in which your regular monthly payment is debited from your current account and credited to your WCC account.

  • Online: In My Account, you can set up an online account. You can set up an online account and make payments through it.

  • Telephone: If it is convenient for you, you can make a payment by phone. To do this, contact a live representative by phone. You will be able to pay using your current/savings account, debit, or bank card.

  • Mail: You can also make payments via mail.

When paying for a loan, consider the fact that a third party may charge a processing fee. This is regulated by each state separately.

Early Payoff

The borrower can repay his loan ahead of time. Early repayment of LoanCenter loans does not involve any fees for this. By paying off the loan ahead of time, you reduce the interest charged on your loan.


Does LoanCenter report to credit bureaus?

Yes, they report to the largest credit reporting agencies: Equifax, Experian, and Transunion.

Does LoanCenter issue penalties?

LoanCenter may charge a loan issuance fee starting at $75, depending on the state. In addition, there is a late payment fee of up to $10. This will happen if you are ten days overdue.

Can I make additional payments to LoanCenter?

Yes, you can make additional payments. This will reduce the amount of interest on your loan.

Calculate loan payments in LoanCenter

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

Loan amount

Enter the desired loan amount

2000 $
30000 $
Loan term

Specify the loan term for the calculation


What to focus on before applying for a loan with LoanCenter

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 LoanCenter 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 LoanCenter’s reviews by September 2022
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