MobiLoans is owned and operated by the Tunica-Biloxi Tribe of Louisiana, which is a federally recognized tribe. The lending company was founded in 2011 and operates nationwide. MobiLoans has a B+ rating from the BBB and adheres to responsible lending practices by disclosing all costs upfront and clarifying that the company's lines of credit are not solutions to long-term needs.
With MobiLoans, interested individuals complete an online application and are notified what their available credit limit is. Individuals can then select an amount up to their limit, which will be transferred to their checking account.
Applicants may receive a credit limit decision within seconds, but in cases where MobiLoans is unable to verify the information submitted, the company may require you to provide additional documents, which can slow down the application process.
Typically, applications processed and approved before 4 PM Central Time are funded the next business day. However, your exact funding timeline may vary.
Borrowers are charged two types of fees: a cash advance fee, which is charged one time per draw, and a fixed finance charge, which is a fee applied to your account each billing cycle that you have an unpaid balance.
- The cash advance fee can range from $1 to $3 for each $20 of cash advanced.
- The fixed finance charge can range from $10 to $135 for each billing cycle.
The APR equivalent of these fees can range from 206.73% APR to 425.45% APR.
Lines of credit can range from $200 to $2,500.
The application process can be as fast as 3 minutes according to MobiLoans. Individuals will be required to provide information commonly found on a driver's license, pay stub, personal check and social security card. Generally, applicants receive a credit limit decision within seconds. However, if the provided information cannot be verified by the lending company, additional documentation may be required before an application is processed and approved.
MobiLoans offers lines of credit for borrowers who need to handle emergency financial situations. Interested individuals can fill out an application entirely online and can receive a direct deposit as early as the next business day. The company provides a transparent fee schedule and rates are competitive with other payday lenders. However, these types of cash advances should not be used as long-term solutions.
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