MobiLoans Line of Credit Review

MobiLoans Line of Credit is offered by MobiLoans, a direct lender founded in 2011 and based in Marksville, LA. MobiLoans Line of Credit is available in 30 states across the USA.

What APRs does MobiLoans Line of Credit offer?

MobiLoans Line of Credit offers a variable APR product that ranges from 206.73% APR up to 425.45% APR.

Does MobiLoans Line of Credit charge an origination fee?

No, MobiLoans Line of Credit does not charge an origination fee.

An origination fee is what some lenders charge for processing, underwriting, and funding a line of credit. These fees can range from 0.5% to 5% of the line of credit amount. Whenever possible, go with lenders that don’t charge origination fees.

Does MobiLoans Line of Credit charge a cash advance fee?

Does MobiLoans Line of Credit charge a late fee?

How much can you borrow via MobiLoans Line of Credit?

Upon approval and based on your credit worthiness, your MobiLoans Line of Credit personal line of credit will be assigned a credit line of at least $200 and as much as $2,500. .

What do you need to qualify for MobiLoans Line of Credit?

MobiLoans Line of Credit does not have or does not disclose a minimum annual income eligibility requirement. MobiLoans Line of Credit will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the MobiLoans Line of Credit product fall outside of the MLA limits and as a result the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by MobiLoans Line of Credit. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Proof of income
• Driver's license

What is the estimated funding time for a personal line of credit via MobiLoans Line of Credit?

MobiLoans Line of Credit will typically provide a credit approval decision in less than an hour and fund the line of credit within 3 business days .

Does MobiLoans Line of Credit report your account activity to credit bureaus?

MobiLoans Line of Credit reports your account activity to the following credit reporting agencies:

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.

How to apply for MobiLoans Line of Credit

• Visit the MobiLoans website.
• Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, annual income, and source of employment.
• Check the information is accurate and submit your application.