Minute Loan Center: Fast But Costly – See Better Options

Is Minute Loan Center legit?

Yes, Minute Loan Center is a legitimate lender that’s been in business for more than 25 years. It started as a local community lender and eventually branched out to offer online loans in more states.

It uses administrative, technical and physical measures to secure your data. It doesn’t sell your information, but it may share it in certain situations, which you can read about by viewing the privacy policy on its website.

How Minute Loan Center compares to other lenders

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Finder Score	Loan amount	Turnaround time	Requirements	bullet point infobox
Promoted Finder score 9.5 Excellent EarnIn	Finder score 9.5 Excellent	Up to $150/day, with a max of $1000 between paydays	1 to 2 business days or within 30 minutes for a fee	At least 18 and a US resident, Valid Social Security number, At least 60 days of banking history, Proof of consistent income, Positive bank balance, Get paid by direct deposit.	Access up to $150 per day, with a max of $1000 between paydays. Subject to EarnIn terms & conditions.	Go to siteMore info Compare product selection Compare	loading
Promoted Finder score 8.7 Great Current	Finder score 8.7 Great	$50 to $750	Up to 3 days or within an hour for a fee	Among other factors, you must receive a monthly total of $500 or more in Eligible Payroll Deposits into your Current Account.	Get up to $750 before payday, once you qualify. Paycheck Advance is an earned wage access service and is not a loan or credit product. Subject to Paycheck Advance Terms and Conditions.	Go to siteMore info Compare product selection Compare	loading
Promoted Finder score 8.2 Great Cleo	Finder score 8.2 Great	Up to $250	3 to 4 days or instant for a fee.	Not stated	Automatically monitor your spending plus access cash advances up to $100 at a time.	Go to siteMore info Compare product selection Compare	loading
Finder score 9.4 Excellent OppLoans Installment Loans	Finder score 9.4 Excellent	$500 to $5,000	As soon as the same business day	+18 years old, Receive paychecks through direct deposit, $1,500 minimum monthly income, Live in eligible state	Not available in: CO, CT, GA, IA, MD, MA, NY, SD, VT, WV. Comes with the option to change your due date so you won’t fall behind on repayments.	Go to siteMore info Compare product selection Compare	loading
Finder score 9.1 Excellent CreditNinja Installment loan	Finder score 9.1 Excellent	$300 to $5,000	1 to 2 business days	Checking account at least 60 days old, regular income through direct deposit, resident of eligible state, age of majority in your state	Not available in: AK, CO, CT, FL, GA, IL, IA, KY, ME, MD, MA, MT, NV, NH, NJ, NM, NY, NC, ND, OR, VT, VA, WA, WV. Fast online funding up to $5K, but you won't know about rates and terms until after you apply.	Go to siteMore info Compare product selection Compare	loading

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How we picked these

What is the Finder Score?

The Finder Score crunches 3+ types of short-term loans across 65+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.

To provide a Score, we compare like-for-like loans. So if you're comparing the best short-term loans for all credit types, you can see how each short-term loan stacks up against other short-term loans with the same borrower type, rate type and repayment type.

Read the full breakdown

What makes Minute Loan Center shine?

With lenient requirements to qualify — such as no minimum credit score — and fast funding, Minute Loan Center could be a solid option in an emergency. Just be sure to have a plan to pay it off quickly to minimize the interest charges.

Where Minute Loan Center falls short

Despite the relaxed approval process, there’s nothing to like about Minute Loan’s rates. They start at an astonishing 238% and can reach as high as 530%, depending on where you live and other qualifications.

If your credit score isn’t too terrible — about 600 or higher — you may want to consider lenders that specialize in personal loans for bad credit, such as OneMain Financial or Upstart. Rates can still be high for borrowers with lower credit scores, but typically don’t go over 36%.

For smaller financial needs, a cash advance app might do the trick. You can often get advances up to $500 or more, and you’ll never pay interest or late fees. Some charge monthly subscription fees to qualify, but other apps are practically free to use.

Minute Loan Center loan details

Minute Loan Center contact info

Calculate your monthly loan payment

Use our loan repayment calculator to compare monthly loan payments and the total cost of the loan based on different rates and terms.

How to qualify for Minute Loan Center

Minute Loan Center doesn’t list its exact requirements, but here are the general criteria to qualify for installment loans.

• At least 18 years old and a US resident
• Employment or other source of regular income
• Active bank account
• Valid Social Security number
• Live in a state that Minute Loan operates

How to apply

If you live in Delaware, Nevada or Utah, you may be able to visit one of its stores. Otherwise, you can apply online.

1. Fill out the online application.
2. Receive a decision in minutes.
3. Review and sign your loan agreement if approved.
4. Receive funding as soon as the same day.

Minute Loan Service says it never conducts a hard check credit as part of the approval process. It uses alternate methods to verify your information, and these methods have no impact on your credit score.

Minute Loan Center reviews and complaints

Minute Loan Center has an F rating on the Better Business Bureau (BBB), but that’s only based on one review and two complaints. All the reviewers seem to have some sort of billing issues and accuse MLC of taking extra or unauthorized payments.

The company fares better on Trustpilot, with 87% of reviewers awarding it five stars. Customers praise the fast funding, easy process and excellent customer service. Many say they’ve gotten multiple loans with MLC. But others complain of high APRs, being denied for a loan after repaying a previous one or getting approved for a lower loan amount than expected.

Frequently asked questions

How quickly can I get approved for a Minute loan?

The company says it typically approves loans within minutes. Plus, if your loan is processed by 10:30 a.m. ET, you may be eligible for same-day funding. Otherwise, you can expect the loan proceeds to be deposited on the next business day.

Is Minute Loan safe?

While there are no guarantees about safety when you’re giving out sensitive information, especially online, we didn’t find any reports of fraudulent activity associated with Minute Loan Center. On its website, it claims to be as safe as a federal bank.