FAQs
Here are the answers to the most frequently asked questions.
Installment Loans
What is an Installment Loan?
An installment loan is an unsecured, short-term loan to help you out with emergency expenses. People choose installment loans to handle life’s unexpected events, such as car repairs, home repairs, or other short-term needs. This option helps them avoid costly bounced-check fees or late payment fees.
What is the difference between a Payday Loan and an Installment Loan?
Both a payday loan and an installment loan are short-term loans designed to help you out with an emergency expense. A payday loan requires the borrower to pay the amount of the loan plus a fee in full at the end of the term, which is usually only one pay cycle. An installment loan offers greater flexibility by spreading the payments out over a longer period. Minute Loan Center installment loans offer both the flexibility of more time to repay the loan and the fact that there’s no penalty for paying the loan off early.
Approval
I have bad credit; is that a problem?
Not at all. Minute Loan Center does not consider credit scores in your application. We have other ways to assess creditworthiness.
Do FICO credit scores impact my ability to get a loan?
Not at the Minute Loan Center. FICO® credit scores do not have an impact on getting a Minute Loan Center installment loan.
I only need cash for a short time; can I pay the loan off early?
No problem. Minute Loan Center installment loans are based on simple interest. That means your loan only accrues interest on the days you have the loan. If you pay your loan off early, the total cost of the loan is less than if you pay it off over the entire term.
How much can I borrow?
We always recommend that someone only borrow the amount required to handle their short-term need. Every individual is different, and the amount one can borrow varies from state to state. When you apply for a loan with Minute Loan Center, we use your personal information to determine a loan amount that will work with your unique situation.
Can the amount I am eligible to borrow increase?
Your ability to borrow can increase with successful loan performance. Did you complete the loan term? Great! Were you on time every time? Even better! When you choose to take out a loan with Minute Loan Center, you build your credit with every on-time payment.
Do you hold a check for my loan?
We do not hold a check for your loan.
What are your interest rates?
Interest rates vary by product, state, and individual. Please refer to the product pages in the state you reside in for details on installment loan amounts and terms available where you live.
Do you offer loans to the Military?
We are very sorry, but we do not offer loans to the Military at this time.
Is Minute Loan Center regulated?
Yes, Minute Loan Center offers short-term loan products that are regulated at the state level and the federal level. We comply with state regulations and the CFPB (Consumer Financial Protection Bureau) on the federal level, as well as many federal regulations, including the Federal Truth in Lending Act (TILA), Fair Debt Collection Practices Act (FDCPA), Wall Street Reform and Consumer Protection Act, the Gramm-Leach Bliley Act (GLBA), and the John Warner National Defense Authorization Act. We work very hard to ensure that compliance is part of our culture and invest significant time, resources, and capital in making sure that our products, services, and experience meet or exceed what is required.
Payments
How do I make a payment?
You have the flexibility to make your payments in several different ways. The most common option is our convenient automatic payment system. You can also make payments directly on your account via our secure online payment portal or at a Minute Loan Center office in your area, if available. Additionally, our customer service staff are available via phone at our office and would be happy to assist you with any payment-related inquiries.
Your Account
What is my account status?
You can check your account status anytime by logging into the Minute Loan Center App or online at www.minuteloancenter.com.
How do I update my personal/bank info?
Just log into your account on the Minute Loan Center App or at www.minuteloancenter.com and click on “My Account,” then select “Bank Details.” There, you will find an option to update/add bank information.
Security
Is my application secure?
Minute Loan Center applies the latest industry standards for security to protect our members’ personal information.
How to recognize fraudulent offers?
Beware of personal loan offers that:
- Request that you send money to the lender in ‘good faith’ or to ‘secure’ your loan with a wire transfer or a prepaid card. Real lenders are in the business of lending money to people with an emergency need, not asking for money upfront from people in their time of need.
- Beware of companies asking for personal financial information if you did not initiate the transaction. Always be sure you are speaking with a legitimate lender. If you did not initiate the call, hang up or ask the reason for the call. You can call them back using legitimate sources, such as contact numbers found on the company website.