What is LoanByPhone.com?
LoanByPhone is a short-term lending company owned and operated by Check Into Cash. The company was established in 2003 and claims to comply with the same high standards established by Check Into Cash and the CFSA. The lender offers loans for customers with poor credit in the case of financial emergency.
|Loan types||Min.amount||Max.amount||Period||APR||Documents||Bad credit|
|Payday loans, installment loan, lines of credit||$100||$3,000||2-4 weeks||from 260.71% to 782.14% on a 14-day term||A government-issued driver’s license or photo ID||Yes|
Types of Loans
LoanByPhone offers 3 loan types available: payday loans, installment loan, and lines of credit.
- Payday loans. These are short-term loans that are repaid on the next day you get paid. The maximum loan amount varies by state but in general, they range from $100 to $1,500. Terms also vary by state but on average customers repay a debt in two to four weeks.
- Installment loans. The lender offers installment loans in the amount ranging between $500 and $3,000. This type of loans is paid off over a specified period in several monthly payments. The maximum available amount and the term vary by state and your personal information. Read the terms of your loan carefully to be sure you can handle the monthly payments.
- A line of credit. Residents of Virginia can also apply for a line of credit in the amount of up to $800. You do not need to pay any application fee. If you’re approved, you can select the amount you need from your available amount. The funds are sent to your banking account, and you can borrow as much as you need within the certain limits. The lender charges a $10 monthly fee while your line of credit is active.
LoanByPhone guarantees to transfer the borrowed funds to your checking account within 24 hours.
As I have already mentioned, this lender offers loans in the amounts ranging from $100 to $3,000. The maximum loan amount you can borrow depends on several factors: first of all, on your location and your income.
Since this company complies with the CFSA regulations, customers have the right to cancel their loans within 24 hours upon receiving the funds. In this case, they need to transfer the money back to the lender and the debt will be canceled.
An average lending term offered by Loan By Phone ranges from 2 to 4 weeks.
The APR for payday loans varies by state and depends on the loan amount and term. For example, the interest rate for a $100 payday loan taken for 2 weeks may range from 260.71% to 782.14%.
Customers need to check the current rates and terms offered by this lender in their state before they apply for a loan.
To apply for a loan with LoanByPhone.com, you’ll need to comply with the following eligibility criteria:
- Be 21 years old or more;
- Be a legal US citizen or permanent resident;
- Have a regular income;
- Have a checking account;
- Have an SSN;
- Have an email address;
- Have a phone number
Unlike other lenders who approve customers from the age of 18, this lender requires you to be at least 21 years old, which means that the company has stricter eligibility criteria.
To get a loan, you do not need to fax your application. Instead, you may visit LoanByPhone.com and fill out a simple request form online, where you need to provide your phone – this is required for the lender to be able to call you when it processes your loan application (if necessary).
To apply for a loan, you will also need to provide your SSN number, driver’s license or state-issued ID, account number, and a bank’s routing number (the nine-digit number which can be found at the bottom of your check). Besides, you need to mention your monthly income.
Applying for a payday loan by phone, customers can receive the funds within 24 hours. Loan request forms received by 7 pm will be processed by operators on the same day. Once you have been approved, you will get the money the following business day.
Loan By Phone guarantees an easy loan repayment. You will not need to mail your payments. Instead, the due amount will be automatically withdrawn from your checking account on the date you get paid. You will just need to remember that the money will be taken on a definite day so you can ensure you have the funds on your account. If you wish to pay off your loan early, you can do this without a prepayment penalty or extra fees.
If you are unable to make the payment on your loan in time, you need to contact the lender at least a few days before your due date and consider the options available.
Since this lender is a member of the CFSA, they will not pursue criminal actions against you as a result of a late payment or non-payment. However if you fail with the payment and do not contact your lender in advance, the lender may report your delinquency to credit bureaus and you will not be able to ever receive another loan through LoanByPhone.com, Besides, your account may be transferred to a collection agency and the lender may take other legal actions to collect the debt.
Customers who cannot repay a loan on time may be eligible for a loan extension. You’ll need to call the lender a few days prior to your loan’s due date, and you’ll need to send them a signed addendum.
By requesting a loan renewal, you avoid incurring additional fees on your loan. According to the website, they will not charge a fee for paying your loan early either. For this, you will also need to call the customer service team at 877-577-7977.
Loan By Phone Bad Credit
LoanbyPhone.com lends money to people with less than perfect credit score. Unlike banks, this lender does not check your credit history for payday loans using standard credit reporting agencies so if you have a poor credit or even have had a bankruptcy in the past, you may still be eligible for a loan.
Technical Characteristics of the Website
The lending company must have a secure website and application process and you should check that the page is secure before submitting any personal details online. You should check whether the page has a green lock in the address bar. Fortunately, LoanbyPhone.com is encrypted with a 256-bit SSL system verified by Network Solutions L.L.C. so your personal, financial, and banking information is safe when you apply for a loan.
In general, the encryption level is good, however, it’s not the best one. This website does not have an Extended Verification indicating the website’s owner.
Websites like LoanbyPhone.com are often visited from by mobile devices so I decided to check whether this lender has a mobile version.
Fortunately, it does. The site is mobile-friendly and can satisfy all the needs of borrowers who decide to apply. Google tool confirmed that the website’s mobile version is successful.
I noticed that the mobile version works even better than the desktop one. There are some elements that are successfully loaded on the mobile page while they the desktop page does not display them at all. However, the loan calculator does not display correctly on both versions and does not work.
So, if you want to get a loan through Loan by Phone you will probably have problems with both mobile and original website versions.
Websites of online lenders must have a maximum protection from all sorts of dangers. Regretfully, LoanbyPhone.com is not protected from viruses, hackers, and malware. Using this website, you may easily infect your PC with dangerous warms, Trojans, and so on.
I think having an antivirus program is very important. I recommend the site’s developers to take some actions and provide its customers a better security level.
The Convenience of Using LoanByPhone.com
The online application seems simple and quick. The lender guarantees that it will take only 5 minutes to complete the loan request and you will be approved within seconds.
First of all, you need to visit LoanByPhone.com, fill out your full name, phone number, ZIP code and email address in the Apply Now field. After that, you will find yourself on Check Into Cash’s preapproval loan request. There you need to provide some more personal and banking details including your employer, income, and bank account information.
Once you have completed your application, you need to submit it to see whether you are preapproved for a loan. The lender will either approve you instantly or send you to complete a full application.
In the case of approval, the funds will be sent to your checking account, and you can use them for any purpose.
I agree that filling out an online application is quick and simple but I do not really like that the whole process will not take place on the website of Loan By Phone company. Instead, to finalize your loan, you’ll be redirected to CheckIntoCash.com.
If you want to get some additional information about loans, the website offers to visit their money management assistance page. This page has links to other websites where you can get information on smart ways to manage your finances. In addition, they provide some links which you may find useful if you owe money to somebody.
They advertise that customers can estimate their monthly payment using a convenient Loan By Phone calculator where they only need to select their state of residence and the loan amount needed, and the calculator will display your APR and the total amount to be repaid. But it turned out that this calculator simply did not work and was displayed incorrectly on the page. So I was not able to check its benefits. It seems strange that the website’s owner does not correct this error.
Is LoanByPhone.com Legit?
Before using any online lenders, I recommend you to check the company’s trust rating and background using ScamAdviser service. The analysis results for LoanByPhone were nearly perfect: its trust rating reached 90% out of 100%!
However, according to ScamAdviser, this site could be unsafe. I found no explanation of this distrust. The domain age is over 18 years, the website is really owned by Check Into Cash and located in the USA. The name of the owner is also indicated. The company does not hide any information about itself. However, the site is rarely visited and was refreshed 2 months age which concerns me. Maybe this was the reason of why ScamAdvisergave only 90% to this lender. So there are some suspicious aspects revealed but nothing indicates that LoanByPhone is a fake company. I suspect that this lender might have lost its popularity for some reasons.
I expected to find at least some LoanByPhone reviews on their own website – this would be the quickest way to ensure that this lender provides top quality services, has lots of clients and can be trusted. Regretfully, there is no testimonials page on the site. This means that borrowers who have ever used the services of this lender are not able to share their impressions and comments about this company. So I had to search for testimonials posted on third-party websites.
Loan By Phone Reviews on Independent Websites
There aren’t many LoanByPhone.com reviews left by their previous customers on the net. While many lenders have reviews and ratings left on TrustPilot and BBB websites, this company doesn’t. This may be because this lender redirects its clients to Check Into Cash website to finalize the loan application, or it may be because previous clients haven’t had any problems with this lender.
Since LoanByPhone is owned by Check Into Cash I check customer reviews for the latter company. People have left many positive reviews on TrustPilot.com for Check Into Cash and most of them rated this lender 4-stars or higher. Of course, this is not correct to say that these positive reviews also related to Loan By Phone but I was able to check the reputation of its owner.
I managed to find only 2 complaints about Loan By Phone. Steve posted his comment in 2016 stating that this lender called him 6 times at 1 a.m. but he had never used the services of this company. The second user posted his complaint in 2013 stating that he gave them his personal info and had doubts about the company’s legibility. He gave no more details and I do not know whether his fears were confirmed or not.
Since I managed to find only 2 Loan By Phone complaints and not a single positive review posted during 18 years, it undermined my trust in this lender.
The lender provided a very detailed contact information about the customer service department. They also indicated specific contacts for Nevada and Utah in the case customers want to report a concern or complaint. Their main toll-free number is 1-877-577-7977. Legal address, fax, and email address are also specified. They operate from Monday to Friday, 9 am–9 pm, Saturday 10 am–3 pm.
It’s nice to see that the company does not hide any information about itself. Today, many online lenders prefer to remain anonymous, without mentioning their address.
Loans By Phone are available to customers in 24 states: Alabama, Alaska, California, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Kansas, Louisiana, Missouri, Mississippi, Nevada, Ohio, Oklahoma, Oregon, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming.
The locations may change any time without notice, so you can visit their state guide to see what loans are currently available in your state of residence.
Getting a Consultation
If you have any questions about loans or problems with verifying your information, you may call 1-877-577-7977. You may also reach them using a fax number 1-877-577-7978. Or you may send email to email@example.com.
The lender provided several ways of contacting the customer support team but my favorite option – Live chat – was not available. For this reason, I checked the quality of customer care department by sending my question to the specified email address. I was interested in whether I qualified for a loan if I was self-employed. Nobody responded to my question. This means that Loans By Phone is not active any longer or there are many things to be improved.
LoanByPhone.com is owned by Check Into Cash, you can expect to have a similar experience with this lender. Check Into Cash has an excellent trust rating from the BBB and a good rating from Trustpilot, where most customer reviews are positive. However, LoanByPhone did no receive any positive reviews during 18 years of operation and has stricter eligibility criteria: although most online lenders allow people to take a loan from the age of 18, LoanByPhone only works with customers who are at least 21. It’s nice that this company lends money even to clients with a bad credit score and ScamAdviser gave it a 90% trust-rating, however, I’m sure that this is risky business. The website has many errors and not all elements and tools are displayed correctly. The revealed data about this service made me think that LoanByPhone is not popular or had lost its reputation. So before you apply for a loan through this website, be sure that this is your last resort and you have no other loan options first.