What you should be aware of about the Continental personal loan
ContinentalLoans is a division of SecurityFinance that offers loans that range from 256USD to 2,000USD depending on where you reside. Continental only offers loans in a limited number of states. Furthermore, the organization sells its loans to those who need money for unexpected emergencies like car repairs or medical costs. Visit Homepage
Possibility of high-interest rates
ContinentalLoans isn’t transparent about the interest rates it charges. The lender’s website lists exact rates for a few states, ranging from single digits to triple digits.
Another indication that rates are excessive: Active-duty military individuals are not eligible for Continental’s loans. The terms aren’t needed to be in line with the MilitaryLendingAct, which caps the rate of interest on consumer loans for active-duty military personnel and their families at 36 percent, which is the rate that most consumers consider acceptable for small-dollar loans.
To find out what type of rates you’re paying, you’ll need to go through the application procedure, which involves a thorough credit check. It may have a little impact on certain of your credit scores.
Online loans are not available In-person or phone application procedure
If you want to apply for a loan through Continental it is necessary to visit or contact a branch in your area. While you may begin the process of applying on the internet, you must complete it either in person or over the telephone. This is a major disadvantage if you choose to make an application online.
Additionally, many lenders permit applicants to fill out the application online.
Different repayment methods
There are a variety of ways to repay the Continental loan: in the person at your local branch or over the telephone, via mail, via the online portal, or via the mobile application that Continental’s main company is Security Finance.
There’s no penalty for early payment for repaying your loan earlier. There are also no balloon payments due.
A more detailed study of Continental personal loan
Here are a few more facts concerning Continental loans:
- There is no need for a bank account — It is not necessary to have a bank account to apply. It’s a unique situation because most personal loan providers need you to have a bank account before applying.
- Refinancing charges — Continental will charge you a fee if you want to refinance your loan, but it won’t tell you how much until you apply.
- Late fee — Continental charges a late payment fee of 5% of the outstanding balance, up to a maximum of $10.
- Not available in all states — Only 15 states have loan programs.
- Referral payment — Earn $35 each time you refer someone else to take out an approved loan.
- A possibility of fast funding– In the event that you’re approved to get the loan, you could be eligible to receive an advance check within the same day.
Do I require A Continental Loan?
Avoid companies like Continental Loans who aren’t transparent about their interest rate ranges and require you to do a long credit investigation to get this information. If you already have a credit card, using it to borrow money with better (and more clear) costs and interest rates may be the best alternative. Another alternative is a payday loan, which federal credit unions can provide to their members. The interest rates on the loans are set at 28 percent, with $20 application costs.
In the end, it is possible that the Continental loan could be better in comparison to the credit card which also typically has high interest, but also could result in losing your vehicle on top of that. If you don’t have a bank account and only need a little amount of money to cover the costs, a Continental loan may be more enticing, especially if you can repay it immediately to avoid paying high interest.
How do I make an application for the Continental loan?
If you’re interested in applying to get the Continental loan, visit your branch to get assistance from an agent or call the branch nearest you to make an application over the phone. You can also apply online to begin the process, but ultimately, you’ll need to call the branch or go to one in order to finish the application and first verify if there is one near you.
Continental will require the following information at the time of applying:
- Where do you live
- Employment background
- Income details
- The monthly expenses
- Social Security number
Also, be aware that the business will conduct an actual credit inquiry to verify your credit history and the history of your payments.