Overview

Where does MobiLoans Line of Credit do business?

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

What are the APRs offered via MobiLoans Line of Credit?

MobiLoans Line of Credit offers business loans with variable APRs starting from 206.73% to 425.45%.

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?

Yes, MobiLoans Line of Credit charges a fee

Does MobiLoans Line of Credit charge a late fee?

Yes, MobiLoans Line of Credit may charge borrowers a late payment fee

Does MobiLoans Line of Credit charge prepayment fees?

No, MobiLoans Line of Credit does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the line of credit off and close the account.

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 a line of credit with MobiLoans Line of Credit?

Applicants with a credit score of at least 300 can apply for a line of credit via MobiLoans Line of Credit.

MobiLoans Line of Credit will also consider borrowers who are unemployed .

Active duty servicemembers and their covered dependents are not considered covered borrowers under the Military Lending Act (32 C.F.R. § 232). This means they cannot apply for a line of credit via MobiLoans Line of Credit. The Military Lending Act prohibits lenders from charging servicemembers more than a 36% APR.

Only U.S. citizens and permanent residents can apply for a line of credit.

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

• Driver's license
• Proof of income

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 and on-time payments on a credit card that reports your account activity to credit bureaus will demonstrate that you consistently manage debt well and can help increase your credit scores.

How to apply for MobiLoans Line of Credit

• Visit the MobiLoans .
• 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.