Frequently Asked Questions
Quick answers to the questions we get asked the most.
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 time period. Minute Loan Center installment loans offer both the flexibility of more time to re-pay the loan AND there’s no penalty for paying the loan off early.
I have bad credit; is that a problem?
Bad credit? No problem. Minute Loan Center believes everyone faces challenges in life and deserve a chance when they need help, so we work hard to find a way to say YES.
We lend to people with all kinds of credit scores and our proprietary underwriting system helps us lend to people who might otherwise get turned down. We do not use traditional credit agencies to evaluate your credit worthiness, but instead use a trusted alternative agency, to assist in determining the loan amount that is right for you. While there are circumstances that can result in Minute Loan Center turning down a loan, you will find that we really do try to find a way to help.
FICO® credit scores are not used to help you apply for a Minute Loan Center installment loan. You are more than a number here; we look at the entire person and consider your ability to repay your loan. We WANT you to be successful and build your credit with us, so that if you ever need help again, you know that you have us in your corner.
Do FICO credit scores impact my ability to get a loan?
Not at 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 term of the loan? 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 at 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 ensuring 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.
How do I make a payment?
- Log into your account on the website and press ‘make a payment’
On the APP: Just log-in and press “make a payment”
In-Store: If you live near one of our locations, you can always make payments at a local store during business hours. To find a store near you and their hours of operation, check our locations page!
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.
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
- 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.