Loan By Phone no longer offers short term loans.
Loan By Phone
- Online site powered by Check Into Cash
- Member of CFSA, Live chat.
- TN based. State Licensed. Since 2003.
Loan By Phone Review
|$500 - $1000||Loan Amount|
|195% - 521%||APR Range|
|Online Acct Mgmt|
|State licensed lender|
|Addresses BBB Complaints|
Loan by Phone was powered by Check Into Cash but was wound down in 2020
Check Into Cash is a large payday lender with physical storefronts. They have been in business for quite a long time and are one of the original payday lenders. They are state licensed and are a solid choice.
To apply for a Loan by Phone loan you will need your social security number, government issued driver’s license or photo ID, checking account number, and your bank’s routing number. Your bank's routing number is the nine digit number located at the bottom of your check. If you are unsure you can call your bank or credit union and they can give it to you (sometimes it will even be listed on their websites if you login in to your account). Loan by Phone will use your routing number to deposit you cash into your account generally with in 24 hours and to receive payments when it is due. In addition, in order to be approved you must be 18+ years old (19+ years for Alabama) and have proof of income,i.e. a recent pay stub.
Once you apply, as part of the underwriting process Loan by Phone will call you at the number on the application to verify your application so make sure you are available. This will speed the process along.
Loan by Phone specializes in lending to people with less than perfect credit. Unlike banks they do not use traditional credit reporting agencies when reviewing applications so if you’ve had bad credit in the past, you may still be able to get the money you need from Loan by Phone. For example, they focus on direct deposits into your checking account and immediate access to these funds on your payday. This is why they need your bank routing number. The majority of their underwriting is trying to verify that you are who you are so they know the pay stubs and bank account information you provide is real. This means that even if you have bad credit or have had a bankruptcy Loan by Phone can still make you a loan but remember payday loans are relatively expensive and should only be used as emergency short term cash.
Loan by Phone is a state licensed lender. We think they are a solid choice for short-term emergency cash.