Mobilend is an online lender that offers personal loans to borrowers with a range of credit scores. Mobilend aims to provide borrowers with quick access to funds, with the application process taking around five minutes and funds typically being deposited within one to two business days.
- BBB A+ Rating & Accredited
- $500 Million Debt Resolved
- $7,500 Minimum Debt
The Better Business Bureau (BBB) is a non-profit organization that tracks the business practices of companies across various industries. It provides consumers with information about a company’s reputation, including customer reviews and complaints. In the case of Mobilend, the BBB has received a range of reviews and complaints from past customers.
The purpose of this blog post is to provide an overview of Mobilend, including the types of loans offered, requirements to apply, and interest rates and fees. It will also examine the BBB reviews and complaints about Mobilend, including common complaints and the company’s response to them. Finally, the post will offer tips for choosing a lender and provide alternative options for borrowers.
Mobilend Overview
As previously mentioned, Mobilend was founded in 2018 in Texas. The company’s mission is to provide a simple and convenient way for borrowers to access funds. Mobilend is not a direct lender but rather partners with other lenders to offer loans to consumers.
Mobilend offers personal loans ranging from $1,000 to $35,000. The loans have terms of 24 to 60 months with fixed interest rates. Borrowers can use the funds for a variety of purposes, including: debt consolidation loans, home improvement, and unexpected expenses. Mobilend does not offer loans for business purposes.
To apply for a loan with Mobilend, borrowers must meet certain requirements. These include being a U.S. citizen or permanent resident, having a valid bank account, and being at least 18 years old. Applicants must also have a minimum credit score of 580 and a minimum annual income of $20,000.
Mobilend’s interest rates range from 5.99% to 35.99%. The exact rate offered to borrowers will depend on their credit score and other factors, such as their income and debt-to-income ratio. The company charges an origination fee of up to 5% of the loan amount, which is deducted from the loan proceeds.
BBB Reviews of Mobilend
The BBB has received a range of reviews of Mobilend, both positive and negative. Positive reviews often mention the quick and easy application process and the speed of funding. Many customers also appreciate the transparency of the loan terms and the absence of hidden fees.
Negative reviews of Mobilend typically focus on issues with customer service and difficulty with the loan repayment process. Some customers report difficulty getting in touch with the company when they have questions or concerns. Others have experienced issues with automatic loan payments, including incorrect amounts being deducted from their bank accounts.
Common complaints about Mobilend include poor customer service, high interest rates, and issues with loan repayment. Some customers have also reported receiving unsolicited loan offers via direct mail from Mobilend, which they found frustrating.
BBB Complaints Against Mobilend
The BBB has received a range of complaints against Mobilend, including issues with customer service, difficulty with the loan repayment process, and unexpected fees. Some customers have also reported being charged additional fees after paying off their loans early.
The most common complaints against Mobilend are related to customer service and the loan repayment process. Many customers report difficulty getting in touch with the company and receiving unhelpful or conflicting information when they do. Others have reported issues with automatic loan payments, including incorrect amounts payday loans being deducted from their bank accounts.
Mobilend has responded to many of the complaints filed with the BBB. In some cases, the company has offered refunds or waived fees to resolve customer issues. In other cases, Mobilend has disputed the complaint or provided additional information about customer service team its policies and procedures. Overall, the company appears to be responsive to customer complaints and willing to work with customers to resolve issues.
Alternatives to Mobilend
There are many other online lenders that offer personal loans to borrowers with a range of credit scores. Some popular options include LendingClub, SoFi, and Avant. It’s important to compare interest rates, fees, and loan terms before choosing a lender.
Traditional banks also offer personal loans, although they may have stricter requirements than online lenders. However, borrowers who already have a relationship with a bank may be able to get a lower interest rate on a personal loan.
Credit unions are nonprofit organizations that offer financial services to their members. They often offer lower interest rates on loans than traditional banks or online lenders. However, borrowers must be a member of the credit union to apply for a loan.
Tips for Choosing a Lender
When choosing a lender, borrowers should consider factors such as interest rates, fees, loan terms, and customer service. It’s important to compare offers from multiple lenders to find the best deal.
Red flags when choosing a lender include high interest rates, hidden fees, and poor customer service. Borrowers should also be wary of lenders that require upfront payments or ask for personal information such as a Social Security number before providing a loan offer.
To avoid scams, borrowers should research the lender thoroughly before applying for a loan. They should also their credit history, be skeptical of unsolicited loan offers and avoid lenders that ask for payment or personal information upfront.
Conclusion
Mobilend offers personal loans with quick funding and transparent terms. However, the company has received negative reviews and complaints related to customer service and loan repayment issues.
The BBB reviews and complaints about Mobilend provide valuable information for borrowers considering a loan with the company. It’s important to consider both positive and negative feedback before making a decision.
Based on the information provided, borrowers should approach Mobilend loans with caution and carefully consider alternative options. It’s important to compare interest rates, fees, and loan terms before making a decision.
Frequently Asked Questions
What is the overall rating of Mobilend on BBB?
Mobilend has an overall rating of 1.3 stars out of 5 on BBB.
How many BBB complaints have been filed against Mobilend?
As of May 2021, there are 37 BBB complaints filed against Mobilend.
What are the common complaints against Mobilend on BBB?
The common complaints against Mobilend on BBB include high interest rates, poor customer service, misleading advertising, and difficulty in getting loans approved.
Has Mobilend responded to the BBB complaints?
Yes, Mobilend has responded to some of the BBB complaints and tried to resolve the issues.
What is the average interest rate charged by Mobilend?
The average interest rate charged by Mobilend is around 40% APR.
Is Mobilend a legitimate lender?
Yes, Mobilend is a legitimate lender and is licensed to operate in the states where it offers loans.
What is the maximum loan amount offered by Mobilend?
Mobilend offers loans up to $35,000.
Does Mobilend offer loans to people with bad credit?
Yes, Mobilend offers loans to people with bad credit, but the interest rates they pay are usually higher.
How long does it take to get a loan from Mobilend?
It usually takes 1-2 business days to get a loan from Mobilend.
Can I trust the reviews on Mobilend’s website?
The reviews on Mobilend’s user review website may not be entirely trustworthy as they are likely curated to showcase positive feedback. It is recommended to check third-party review sites like BBB for unbiased reviews.
Glossary
- Mobilend: A financial lending company that provides personal loans and debt consolidation services.
- BBB: The Better Business Bureau, an organization that rates and reviews businesses based on their customer service and business practices.
- Reviews: Feedback and comments left by customers who have used Mobilend’s services.
- Complaints: Negative feedback and grievances expressed by customers who have had a negative experience with Mobilend.
- Loan: A sum of money that is borrowed and must be repaid with interest.
- Personal loan: A type of loan that is used for personal expenses such as medical bills, car repairs, or home improvements.
- Debt consolidation: The process of combining multiple debts into a single loan with a lower interest rate.
- APR: Annual percentage rate, the interest rate charged on a loan over the course of a year.
- Credit score: A number that represents a person’s creditworthiness and ability to repay loans.
- FICO score: A credit score calculated by the Fair Isaac Corporation that is commonly used by lenders to assess credit risk.
- Interest rate: The percentage of the loan that is charged as interest over the course of the loan.
- Collateral: Property or assets that are pledged as security for a loan.
- Loan term: The length of time over which a loan must be repaid.
- Origination fee: A fee charged by lenders to cover the cost of processing a loan application.
- Late payment fee: A penalty fee charged by lenders for missed or late payments.
- Prepayment penalty: A fee charged by lenders for paying off a loan early.
- Customer service: The level of support and assistance provided to customers by a business.
- Transparency: The degree to which a business is open and honest about its practices and policies.
- Consumer protection: Laws and regulations that are in place to protect consumers from unfair or deceptive business practices.
- Due diligence: The process of conducting thorough research and investigation before making a decision or investment.
- Debt consolidation loan: A debt consolidation loan is a type of loan that combines multiple debts into a single loan with a lower interest rate, allowing the borrower to make one monthly payment instead of several.
- Debt settlement company: A debt settlement company is an organization that negotiates with creditors on behalf of clients to reduce the amount of debt owed and establish a payment plan.
