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Leap Credit Review

Tuesday, July 27th

2021 Personal Loan Provider Reviews

Leap Credit Review 1 Star Rating

Leap Credit

1 Star Rating
  • Loan: Varies by state, typically up to $3,500
  • Only active in 10 states

Leap Credit offers small personal loans designed to help you bridge the gap between paychecks, when unexpected expenses arise. The company has been in business for less than 5 years.

Only in a few states

At the time of our review, Leap Credit was only authorized to provide funds in the following states: Alabama, Idaho, Missouri, North Dakota, South Carolina, Texas, Utah, Wisconsin, New Mexico and Illinois. However, if you live in a state not included in that list, they say that if you fill out an online application they can match you with a lending partner in their network. Even in some of the states where Leap Credit is licensed to lend money (such as Texas), you may still be connected with a third-party lender.

Loans up to $3,500

How much can you borrow through this platform? That depends on where you live. Click on "Terms and Rates" at the bottom of the site, and then select your state of residence to find out what's on offer there. While available loan amounts vary, we found that most states have loan amounts ranging from $500 to $3,500.

Nightmarish interest rates

You'll also want to pay very close attention to the interest rates posted for your state. When we first looked, we thought there was a mistake - but no, it turns out that Leap Credit offers loans with exorbitant APRs: up to 800%. Yes, that means you could wind up paying a total of $6,000 for a $500 loan (as one customer cited). Ironically, Leap Credit describes their service as offering you a "financial life preserver" , when really it could wind up being a weight that drags you deeper into trouble.

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Poor reputation

Leap Credit doesn't have an outstanding reputation. The Better Business Bureau gives them a "B" rating. In school, a "B" is pretty good, but when it comes to companies you're trusting with your finances, you should want as high a rating as possible. We were also troubled by the fact that, on the application page, Leap Credit has an icon claiming to be accredited by the BBB - but their listing actually had no accreditation. Considering that the lender had more than 50 complaints registered with the BBB just in the 12 months prior to our review (and a whopping 250+ complaints in the three years prior), it's no wonder that the BBB gave them a less-than-perfect grade and no accreditation.

Complaints of fraud

On the Leap Credit site, they feature client reviews through a well-known independent rating platform. In fact, all the reviews shown on the lender's page are 4- and 5-star evaluations. But, when you go directly to the review site, it tells a very different story. Reading through consumer comments there, and on the Leap Credit BBB listing is scary. More than a few people said they never signed the paperwork for their loan, after reading the offer and deciding it wasn't what they wanted - but the loan went through anyway. Leap Credit was then difficult to contact, making it almost impossible to get the situation fixed. Even more frightening are the multiple reports from people who never visited the Leap Credit site, and who paid their loans in full, and yet had payments drafted out of their accounts. Companies offering personal loans shouldn't have you needing to file a police report for fraud!

Look elsewhere for a personal loan

We can't see any reason to trust Leap Credit if you're looking for a personal loan. "Shady" and "scam" are two of the words most often used by people describing their experience with this company. We strongly encourage you to get the funds you need from a more reputable lending partner.

Are You in Need of Some Cash?

Historically, borrowers have had limited options for a personal loan. You could ask a family member, a friend, or find a personal finance company that offered fixed-rate loans, typically at exobrtantly high interest rates.

Today, however, finding a personal loan brings several more options to the table. While you can still ask a family member, or get a high-rate loan from a finance company, you can also consider using a social lending network. These networks, also called peer-to-peer loans, generally have much lower overhead and as a result can offer much lower interest rates. They're facilitated by professional companies familiar with this type of lending, to simplify things for all parties.

The Best Personal Loan Providers Compare Personal Loan Providers Compare Personal Loan Provider Reviews What are the best Personal Loan Providers Best Personal Loan Provider Reviews

Personal Loan Provider FAQ

Any way you like! Personal loans typically don't come with restrictions on how they're used. Paying off high-interest credit cards, splurging on a luxury item you've always wanted, taking a much-needed family vacation: you can use your personal loan for all of that and more.
Most banks and credit unions offer personal loans, but your financial institution might not offer the most competitive rates. There are many lesser-known sources that want to earn your business with lower APRs and more personalized attention over the life of the loan.
That depends on a number of factors, such as your credit history and income. It's definitely worth shopping around, just like you would when buying a car or other big-ticket item. Consider using a service that allows you to get loan offers from multiple lenders with a single application: that will make it more likely that you'll get the best possible rate and terms on your personal loan.
When you're making an initial inquiry to see if you qualify for a personal loan, it usually involves a "soft pull" on your credit - verifying your identity, credit score, and current debts. That will not lower your credit score. However, if you take the next step and apply for a specific loan, expect that your credit score may dip a (but only temporarily).
Most lenders allow you to complete the process online, from beginning to end. That's a big perk for people who can't get to a brick-and-mortar bank during regular business hours.
Personal loans are available in amounts ranging from $100 to $100,000. Before you get too excited and start planning how you'll spend the money, keep in mind that the amount you'll actually be approved for depends on your financial situation. The higher your credit score and the lower your outstanding debts, the more likely it is that you will qualify for a bigger loan.
The application process can be extremely fast: some lenders can approve your loan in just a few minutes. Once you accept a personal loan offer, most providers will direct deposit the funds within 1-5 business days.
As with any kind of loan, it's important to keep track of the details: don't borrow more money than you can comfortably repay, make on-time payments every month, and communicate with your lender if unforeseen circumstances arise (e.g. unemployment, natural disaster, disability) and you need forbearance or other accommodations. It's also wise to check out the reputation of the lender: reviews from previous clients and a rating from the Better Business Bureau can be very informative as you decide which provider to use for your personal loan.
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Continued from above...

No matter where you borrow money from, before you get your next personal loan you should consider the following:

  • BBB rating. Does the lending company have a solid history of doing good business with its customers?
  • Loan size and rate. How much will the lending company offer? What interest rate do they charge their customers?
  • Loan application process. When applying for your personal loan, can it be completed online? Is the lending process easy and straightforward?

TopConsumerReviews.com has reviewed and ranked the best online personal loan providers available today. We hope this information helps you find the best loan at an affordable rate that meets your needs!

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