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Lender
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.

Mr. Amazing Loans

Finanso.Multilogin™

About lender

Mr. Amazing Loans is an online personal loan company established in 2008 in Las Vegas, Nevada. It offers $5,000 and $10,000 installment loans with a length of the loan of 5 years with fixed repayment and 29,9% or less annual percentage rates.

Mr. Amazing Loans is not a Better Business Bureau accredited. However, it has an A+ BBB rating and is a direct lender with the authority to lend to California, Georgia, Illinois, Nevada, and New Jersey residents. The company specializes in giving out personal loans online and doesn't have any offline locations to visit.

Pros and cons

Pros

  • Fast application process. According to the website, completing the personal loan application may take less than 5 minutes. This makes Mr. Amazing Loans a convenient way to get personal loans online.

  • No prepayment penalties or hidden fees. Apart from weekly payments towards the loan debt and penalties for missed payments, the company claims that they do not charge any additional fees.

  • Low interest rates and fixed repayment. Compared with payday loans (a popular option for borrowing money online), Mr. Amazing personal loans are objectively safer for customers. The average APRs are 29,9% or less, and the loan repayment is fixed to small sums weekly deducted from the borrower's checking account. Payday loans typically have astronomical interest and only a lump sum repayment option.

Cons

  • An extensive list of minimum qualifications. To qualify for a Mr. Amazing loan, potential customers must fulfill quite a set of requirements, including proof of steady employment, a minimum 600 credit score, and established credit history. While it is understandable why the company looks for these characteristics in a borrower, some requirements are vague and hard to fulfill.

  • Only available in 5 states. The company's services are available to a few US citizens – California, Georgia, Illinois, Nevada, and New Jersey residents.

Terms and conditions

There are currently two loan types available: $5,000 and $10,000. Both loans have a 260-week (5 years) repayment period, a 29,9% interest rate, and no prepayment penalties or hidden fees.

The main difference is the estimated weekly payment sum. For $5,000 loans, it is $38, while for $10,000 loans, it is $75.

Funding a loan

Mr. Amazing Loans promises same-day funding as long as customers return electronically signed documents back to the loan officers during working hours. The funds are transferred directly to the borrower's checking account in a lump sum.

FAQ

Is Mr. Amazing Loans a legitimate company?

Yes, the company has a lender's license in 5 states. However, it isn’t the Better Business Bureau accredited business.

How much can I borrow from Mr. Amazing Loans?

This online personal loan company offers two loan options: $5,000 and $10,000.

What are Mr. Amazing Loans' rates and terms?

The company offers a fixed five-year length of the loan and a relatively low interest rate of 29.9% or less. 

Company documents

Privacy Policy
Loan Application Electronic Disclosure Consent

We are recognized as a personal loan provider with quality, professionalism and ethical practice.

© Investment Evolution Ltd.

Calculate loan payments in Mr. Amazing Loans

Mr. Amazing Loans calculator will allow you to calculate an approximate payment schedule for the loan

Mr. Amazing Loans calculator
Interest rates are given in accordance with the rates of the Mr. Amazing Loans in Washington, D.C. as of 03.10.2022
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What to focus on before applying for a loan with Mr. Amazing Loans

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 Mr. Amazing Loans 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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