It has been said that the hardest job in the world is being a forecaster. Why? Because they are almost always wrong.
Similarly, planning for our financial future can be tough. This is because medical or car emergencies are just that, emergencies. We can certainly plan for things like our grocery bill or monthly car payment, but planning for an emergency is certainly a tall order.
Having an emergency fund with ample savings is a great way to combat this uncertainty. But what can you do if an emergency arises without a savings fund ready?
Short term personal loans are typically loans with high interest and short repayment terms. These short term loans can really help individuals that find themselves in a difficult situation.
Leap Credit is a short term credit solution that may be able to help. Continue reading for our full Leap Credit review.
Leap Credit is a short term credit solution based in Atlanta, Georgia. The company currently offers services in 7 US states.
Most clients receive a decision in minutes! If a loan is accepted, then a client can expect to receive the funds by direct deposit within 1 business day.
Leap Credit features very high interest rates ranging from 546% - 795%. Most of their loans have a term length of 6 - 8 months. The platform offers loans of $300 - $3,500.
Leap Credit is a short term credit solution. The company is based in Atlanta, Georgia and was founded in 2017.
Leap Credit offers a number of credit solutions to customers in the form of an installment loan, which is simply a loan that is paid back over a specified period of time in equal payments. The first and last payment can be either higher or lower than the other payments.
Whether it is for a medical emergency, car repair, home improvements, vacation, or other needs, Leap Credit is there for you. They even have a mobile app that allows you to track your balance, schedule or make a payment, or contact customer support.
The application for a loan can be completed in just a few minutes with decisions being made rapidly. Most clients will receive a decision in minutes. And if a loan is accepted, then the money can be deposited in the account within 1 business day.
The company is currently located in 7 US states. Loan amount, APR, and term length will depend on the state in which you reside. Loans range from $300 - $3,500 and typically feature a term length of 6 - 8 months. Because they are short term loans, the APR percentages are high ranging from 546% - 795%.
Leap Credit is not accredited with the Better Business Bureau and currently has a B rating. Out of 340 reviews on TrustPilot, the company has earned an average 3 star rating.
The platform is currently available in 7 states around the nation:
Unfortunately at this time, people from a state not on this list are not eligible for service.
To apply for a loan with Leap Credit, you will need a few things. First, you will need to ensure that you are from one of the seven states listed above. Second, you will be required to fill out an application with the following components:
In order for your application to be approved, there are a few requirements. You will need to be at least 18 years old and have a checking account. You will also need to prove income with direct deposits into that checking account. The company does not specify a credit score requirement, but typically the higher the credit score, the better the rate you will receive.
According to Leap Credit's website, applications are typically approved within minutes, though can take up to two days. Once you are approved, and if you accept the loan offering, you can expect to have the funds deposited directly into your account within one business day.
Payments that are late will incur a late fee. This fee varies by state but is typically around 5% or $15. In some cases, the fee may be as high as $50.
Like any loan or credit line with a bank or brokerage, Leap Credit needs your SSN to prove your credit score. Your credit score will determine the interest rate associated with your loan.
While short term loans can be beneficial in a bind, they also typically feature short payback terms and high interest. With this in mind, there may be a few other alternatives to consider:
Planning for all that life has to throw at you is nearly impossible. It can be stressful worrying about the future. One of the best ways to prepare is to ensure ample savings. Maintaining a strong strong credit score can also be very helpful.
However, in many cases, people live paycheck to paycheck. According to CNBC, just 39% of Americans could afford a $1,000 emergency.
Leap Credit is a short term credit solution that offers individuals a way to close financial gaps when emergencies or other surprises arise. While it may be highly convenient to accept a short term loan, it is important to do your own due diligence. Be sure you understand the details of the loan completely. Leap Credit does offer customer support that can help walk you through the loan details.
Leap Credit features very high interest rates that should be understood before accepting a loan. With short term loans, it is common to see higher rates, but rates above 500% are extremely high.
If you are interested in a short term loan, be sure to check out Leap Credit and their FAQs page.