LoanByPhone payday loans review

This mobile lender offers convenient cash loans, but watch out for state restrictions.

If you need money fast to pay for things like car repairs or unexpected bills, a quick loan from LoanByPhone could help. This lender offers payday and installment loans to people with all credit scores. If you have good credit or need higher loan amounts, you could find better rates elsewhere.


Min. Amount


Max. Amount

1 to 2 business days

Turnaround time


Product NameLoanByPhone Payday and Installment Loans
Min. Amount$100
Max. Amount$15,000
Loan TermVaries
Loan SecurityUnsecured
Turnaround Time1 to 2 business days
RequirementsMust be 21 years old and have a Social Security number, a regular source of income, a valid email address, an active checking account and a phone number.

States where LoanByPhone offers loans:

Loans are available to residents of the following 24 states: Alabama, Alaska, California, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Kansas, Louisiana, Missouri, Mississippi, Nevada, Ohio, Oklahoma, Oregon, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Wyoming.

If you do not live in one of these states visit our payday loan guide to see what loans are available near you.

What is LoanByPhone?

LoanByPhone is a short-term loan company owned by Check Into Cash. It offers both short-term loans for borrowers with less-than-perfect credit. Two types of loans are offered:

  • Payday loans. While the total amount you can borrow varies by state, LoanByPhone offers payday loans from $100 to $1,500. Terms also vary by state, your due date will likely be two to four weeks after you borrow.
  • Installment loans. LoanByPhone offers installment loans between $500 and $15,000. These loans are to be paid back over a predetermined period with monthly payments. The total amount you can borrow and how long you can borrow for varies by your state of residence and application information. Read the terms of your loan carefully to be sure you can handle the monthly payments.

Lines of credit for Virginia residents

If you’re a resident of Virginia, you can take out a line of credit to access funds up to $800. There’s no application fee, and if you’re approved, you can choose how much you want to borrow from your available line of credit. The money is deposited into your checking account, and you can borrow as much as you need until you’ve reached your credit limit.

LoanByPhone charges a $10 monthly membership fee while your line of credit account is open. Depending on how much you borrow, you’ll pay a minimum amount that includes the membership fee, 5% of the principal and interest on the principal. While it may be convenient, it’s also quite expensive with a 299.99% APR — much higher than other forms of credit.

What are the benefits of LoanByPhone?

  • Member of the CFSA. LoanByPhone follows the Best Practices outlined by the Community Financial Services Association of America (CFSA), which includes the ability to cancel a payday loan within one business day.
  • Informative rate calculator. You can estimate your monthly payment with LoanByPhone’s rate calculator. Simply select your state and loan amount, and LoanByPhone will list your APR, fees and how much you’ll have to repay.
  • You can pay off your loan early. LoanByPhone does not charge a fee for paying back your loan early. Contact a customer service representative at 877-577-7977 to get your loan paid off early.
  • Backed by Check Into Cash. Because LoanByPhone is owned by Check Into Cash, you can expect to receive a similar experience. Check Into Cash has an A+ rating from the Better Business Bureau and a 4-star rating from TrustPilot, where the majority of its reviews are quite positive.

What to watch out for

  • Transferred to Check Into Cash. Filling out an application is simple, but you won’t be doing it all on LoanByPhone’s site. Instead, you’ll be redirected to Check Into Cash to complete a prequalification offer.
  • Maximum amount varies by state. States have legal limits on the amount you can borrow from a short-term lender. With LoanByPhone, this means you’re limited in how much you can borrow depending on where you live. Check the rates and terms offered in your state before you apply to make sure they suits your needs.
  • Age requirement is 21. Although most states allow people to borrow as young as 18, LoanByPhone won’t extend a short-term loan to borrowers younger than 21.

Beware of high costs

Unlike other forms of credit, short-term lenders like LoanByPhone don’t charge interest on loans. Instead, there’s a set fee, usually limited by your state of residence, for the amount you borrow. This results in APRs that are between 260.71% and 782.14% for a $100 14-day loan.

For example, if you take out an $800 loan from LoanByPhone in Texas, you’ll end up paying back $1,003.83. That’s more than $200 in fees that you’ll pay within two weeks according to LoanByPhone’s rate calculator.

Many people have difficulty repaying on time, so before you take out a loan, consider looking into a payday loan alternative.

Compare more payday loans

Choose your state of residence to see the loan providers in your area. Then explore your options by loan amount, turnaround time and requirements. Select the Go to site button for more information about a particular provider.

Name Product Filter Values Loan amount Turnaround time Requirements
B9 pay advance app
Up to 100% of your salary
$500+ in monthly direct deposits into B9 account, checking account, ITIN or SSN, government-issued photo ID
Withdraw 100% of your paycheck with no extra fee for instant funding.
OppLoans Installment Loans
$500 to $4,000
1 business day
Direct deposit, Meet minimum income requirements, Live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
$1,000 to $25,000
2 to 3 business days
Be employed, have a US bank account, live in a state where Stilt operates, hold one of the following visas: F-1 and OPT, H-1B, H4, O-1, L-1, TN, J-1, DACA or be a US citizen.
Get a fair loan designed for immigrants and nonresidents.
CashNetUSA Loan
Varies by state
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, Verifiable bank account, US citizen, Ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.

Compare up to 4 providers

Is it safe to apply with LoanByPhone?

Yes, the website is encrypted with a 256-bit SSL system so your information is considered safe when you apply. LoanByPhone has a secure website and application process, but you should still take care to check that the page you’re browsing is secure before submitting any sensitive personal information. You can do this by looking for a lock in the address bar.
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LoanByPhone reviews and complaints

Trustpilot score3.2 out of 5, based on 1 customer reviews
Customer reviews verified as of16 October 2020
There aren’t many online reviews by customers of LoanByPhone. This may be because LoanByPhone redirects its customers to a Check Into Cash application, or it may be because former customers haven’t had a problem with the service they’ve received.

People have left positive reviews on TrustPilot for Check Into Cash, with over 90% of borrowers giving LoanByPhone’s parent company a 4-star rating or higher. This won’t be as accurate as LoanByPhone’s ratings, but it can be a good indication for how this business is run.

Am I eligible?

To apply for a payday or installment loan from LoanByPhone, you’ll need to meet some basic eligibility criteria:

  • You’re at least 21 years old
  • You’re a US citizen or permanent resident
  • You have a regular source of income
  • You have an active checking account
  • You have a Social Security number
  • You have a valid email address
  • You have a phone number

How do I apply?

  1. Visit LoanByPhone’s website.
  2. Fill out your name, phone number, ZIP code and email in the Apply Now section.
  3. You will be redirected to Check Into Cash’s prequalification application.
  4. Enter information about yourself, including your income and bank account info.
  5. Submit your application to see if you’re prequalified for a short-term loan.

From here, Check Into Cash will either approve you for prequalification or send you to complete a full short-term loan application.

Check out our review of Check Into Cash, LoanByPhone’s parent company

I was approved for a loan. What’s next?

Once your loan is approved and deposited into your checking account, you can use the funds any way you need. It’s crucial that you budget for the cost of your loan. Otherwise, you could quickly become trapped in a debt cycle that can be hard to get out of.

Mark the due date in your calendar and have the full payback amount in your checking account. Otherwise, you may be charged a nonsufficient funds fee by LoanByPhone and an overdraft fee by your bank. If you’re unable to make your payment, contact LoanByPhone to arrange an alternate payment plan.

Bottom line

LoanByPhone serves borrowers who don’t have the best credit but still need a short-term loan option when they have unexpected expenses pop up. You can take out either a payday loan or an installment loan, and since its backed by Check Into Cash, you can rest safe knowing that you aren’t walking into a scam.

But high APRs and limited loan amounts that vary by state might mean this isn’t the most suitable lender for you. So before you take out a LoanByPhone payday loan, be sure to consider your other loan options first.

Frequently asked questions

Will LoanByPhone check my credit?

If you borrow an installment loan, LoanByPhone will check your credit. LoanByPhone doesn’t run a credit check for payday loans.

Will I need a bank account?

Yes. LoanByPhone deposits your loan funds into your checking account and debits your payment when its due.

How do I know how much I’ll qualify for with a LoanByPhone payday loan?

LoanByPhone determines the amount you can by borrow by checking your income.

Can I get an extended payment plan?

Yes. Because LoanByPhone is part of the CFSA, you may be eligible for an extended payment plan. You’ll need to call the business at least one day prior to your loan’s due date, and you’ll need access to a fax machine in order to send LoanByPhone a signed addendum.

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