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Mr. Amazing Loans

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LAST UPDATED: March 19th, 2021

Mr. Amazing Loans is a leading state-licensed online personal loan company. It is a direct lender, offering consumer installment loans of $10,000 with low weekly repayments. 

Continue reading for a full review of this personal loans company.

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The Good

  • Pre-Qualify With a Soft Credit Check
  • Minimum Credit Score Requirement
  • Speedy Application Process
  • Maximum Interest Rate
  • No Hidden Fees

Pre-Qualify With a Soft Credit Check

To check your rates and terms with Mr. Amazing Loans, you can fill out a pre-qualification application with no impact to your credit score. Additionally, upon pre-qualifying, you are not obligated to accept your offer.

Minimum Credit Score Requirement

Mr. Amazing Loans' required minimum credit score is 600, which is lower than many competing lenders in the industry.

However, this credit score requirement does not make it easy for borrowers with poor or bad credit to be approved. And, it is unknown whether or not Mr. Amazing Loans accepts co-signers or joint applications.

Speedy Application Process

The application process is fast and easy. Most borrowers complete the entire process in less than 10 minutes. 

While it is true that a personal loan cannot be funded until the proper underwriting has been completed, it's not unusual for a loan to be disbursed to the borrowers account on the same day he or she applied for the loan.

Maximum Interest Rate

All loans provided through Mr. Amazing Loans will have an APR of roughly 29.9 percent or lower. 

Considering the fact that some personal loan businesses charge an APR that is much higher, it can be a comfort to know that Mr. Amazing Loans' maximum interest rate is lower than that of many other lenders.

No Hidden Fees

Although Mr. Amazing Loans does charge a late fee on any late payments, which is a standard practice in the industry, it does not charge any other fees, such as an origination fee or prepayment penalty fee.

However, it is important to note that state regulated return item fees may apply when necessary.

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The Bad

  • Eligibility Requirements
  • Late Payment Fee
  • Limited State Availability
  • Maximum Loan Amount

Eligibility Requirements

Even though the items and information needed to apply for a loan with Mr. Amazing Loans is standard, it can still quite a hassle. Clients applying for a loan must meet these minimum qualifications: reside in one the few states serviced by the company, be at least 21-years-old, have a steady employment history, minimum credit score of 600, and minimum gross annual income of $35,000. Borrowers must also have an established checking account and have the ability to make weekly payments in order to pay off their loans.

Late Payment Fee

If you are late on a payment you will be charged a $10 late fee.

Most personal loan lenders have a late fee for missed or late payments, and so it is not unique to Mr. Amazing Loans to have this fee.

Limited State Availability

Mr. Amazing Loans only offers personal loan products and services in the following states:

  • California
  • Georgia
  • Illinois
  • Nevada
  • New Jersey

With significantly limited state availability, Mr. Amazing Loans will not be a viable option for all borrowers.

Maximum Loan Amount

Mr. Amazing Loans offers personal loans up to $10,000. This maximum loan amount is much lower than what is offered by competing lenders in the industry. Most lenders offer up to $35,000, while some even offer up to $100,000. Thus, if you are in need of a large loan, Mr. Amazing Loans may not be the best fit for you.

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The Bottom Line

If you live in California, Georgia, Illinois, Nevada, or New Jersey and are a creditworthy borrower looking for a small loan amount, Mr. Amazing Loans could be a good option for you. Its application process is quick and easy, allowing you to be approved and receive funding faster than you might with another lender.

Mr. Amazing Loans' services are limited to only five U.S. states, and with somewhat restrictive eligibility requirements, it may be difficult for borrowers to be approved for a personal loan with this company. Thus, we recommend looking into other lending options before making a final personal loan decision.

Mr. Amazing Loans reviews are currently limited. If you have borrowed from this company, please tell us about your experience by leaving a review.

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