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

5 of 5 results

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Finder Score	Loan amount	Turnaround time	Requirements
Promoted 9.5 Excellent EarnIn	9.5 Excellent	Up to $150/day, with a max of $1000 between paydays	1–2 business days standard; minutes with Lightning Speed	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. Not available to CT or Washington, D.C. residents. Subject to EarnIn terms & conditions.	Important information EarnIn is not a bank. Access limits are based on your earnings and risk factors. Available in select states. Terms and restrictions apply. Visit EarnIn.com for full details. Expedited transfers available for a fee. Visit Earnin.com for full details.	Go to siteView details Compare product selection Compare	loading
Promoted 8.2 Great Cleo	8.2 Great	$20 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 siteView details Compare product selection Compare	loading
Promoted 9.4 Excellent Varo Cash Advance	9.4 Excellent	Up to $250 today. Build up to $700 over time with direct deposit at Varo. Average loan: $195. Qualifications Apply.	Instant, once qualified	You must have an active Varo Bank Account with a positive balance, no delinquent Varo Line of Credit or charged off Believe account in prior 6 months. Varo Advance qualification is subject to evaluation of consumer reports and Varo account activity.	Important information Varo Advance qualification is subject to evaluation of consumer reports and Varo account activity. If approved, initial limits range from $20- $250. Unlock higher limits up to $700 over time when you bring your qualifying direct deposit to Varo and build a positive history with us. Negative repayment history may impact credit. Fees range from $1.60 - $100 based on loan amount, and deposits to your Varo Bank Account. Your current limit and applicable fees can be viewed in the Varo App. Qualifying direct deposits are electronic deposits of your paycheck, pension or government benefits (such as Social Security or unemployment) from your employer or government agency to the extent that can be identified. Tax refunds and government stimulus payments, Person-to-Person payments (such as Venmo or Varo to Anyone), and funds deposited using a Varo routing number are not considered a direct deposit.	Go to siteView details Compare product selection Compare	loading
9.4 Excellent OppLoans Installment Loans	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.	Important information The advertised APR is an estimate based on currently available information, is not final, and is subject to change. If approved, your actual rate will be determined and assigned based on your creditworthiness, income, application information, and other relevant factors. Applications submitted on the OppLoans platform will be originated by one of our bank partners and serviced by OppLoans. Please see the Rates and Terms for details regarding the availability of products in your state of residence. Subject to credit approval and verification. Actual approved loan amount and terms are dependent on our bank partners’ standard underwriting guidelines and credit policies. Funds may be deposited for delivery to your bank via ACH as soon as the same business day if verification is completed and final approval occurs before 12:00 PM CT on a business day. If approval occurs after 12:00 PM CT on a business day or on a non-business day, funds may be delivered as soon as the next business day. Availability of the funds is dependent on how quickly your bank processes the transaction. Installment loan amounts typically range from $500 to $5,000. Annual percentage rate (APR) ranges from 129% to 195%. Installment loan lengths range from 9 to 18 months. Example: A $2,000 installment loan repayable in 9 monthly payments with an APR of 160% would have monthly payments of $394.58. Loan amount, APR, and repayment terms may vary by state, please see https://www.opploans.com/rates-and-terms for additional information. Approval is not guaranteed. If approved, your actual rate will fall within the marketed range of rates, and will be determined and assigned based on your creditworthiness, income, application information, and other relevant factors. Not all applicants will qualify for the lowest available rates. This is an expensive form of credit and you should determine whether the offered product(s) meets your financial needs. OppLoans’ Bank Partners may use credit report information provided by Clarity Services and Experian as part of the application process to determine your creditworthiness. The credit inquiry will appear as a soft credit inquiry on your Experian credit report and a hard credit inquiry on your Clarity report. Therefore it will not affect your FICO credit score. OppLoans and its Bank Partners report customer payment history to the three major credit bureaus. On-time payments may improve credit score.	Go to siteView details Compare product selection Compare	loading
8.8 Great Albert Instant	8.8 Great	$25 to $1,000	Within minutes	An active bank account with transaction history linked to Albert	Advance up to $1,000 in minutes with Albert Instant.	Important information Albert is not a bank. Savings account provided by Wells Fargo, N.A., Member FDIC. Albert plans start at $19.99/mo. Try for 30 days before you're charged. Fees auto-renew until canceled. Cancel in the app. Terms apply. Albert Instant Line of Credit is an unsecured line of credit issued by FinWise Bank, a Utah chartered bank, Member FDIC. Limits range from $25-$1,000. Draw fees apply. Terms and eligibility criteria including geographic restrictions apply. In some states, Albert may offer you an Albert Instant Advance instead. Limits range from $25-$1,000, subject to terms and eligibility criteria. No Albert subscription is required for Albert Instant Line of Credit or Albert Instant Advance. See Albert Terms of Use for additional important terms.	Go to siteView details 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.