Mountain Loan Centers Review

Mountain Loan Centers ReviewMountain Loan Centers says you don’t need a bank account to get a loan from them. They state that they have fast approval times and that you can make payments to them. These are some pretty impressive claims, and much different than the sort of thing you see at other payday lenders.

This is the sort of loan that will hopefully replace payday loans, as there is a lot of reform needed in the payday loan industry, and basically they just need to go away. Signature loans are a much better way to go because you’re able to get higher loan limits and then pay the loan off in installments the way a normal loan works.

Mountain Loan Centers Review – Signature Loans

Mountain Loan Centers is based in Utah but they are providing signature loans and therefore will not need to adhere to the Utah regulations for payday loans. It doesn’t matter what sort of credit you have, because MLC has loaned to people with bad credit and even bankruptcy in their history.

No Collateral Needed
You don’t need to write a check to them and have them hold your check as collateral. This is very different from a payday loan where you are providing them with a check or giving them access to your checking account so that they can retrieve the money if you don’t make your payment.

With a payday loan your job is your collateral, but many local payday lenders will have you write a check to them in the amount of the loan plus the fee. They will try to cash this check if you don’t come in on your payday with cash to pay for the loan. Online payday lenders will request your banking information and authorization to take out the money from your account when your due date hits. This account access is their insurance that even if you don’t willingly pay the loan bank, they can take the money from your account and cover the loan.

With a signature loan they don’t have you write them a check, and there isn’t a huge amount due on your next payday. It’s broken up into smaller payments so you can easily make the payment and have enough left over to get you through to your next payday. This helps you avoid the trap of payday loans, and lets you use the money for what you needed it for in the first place instead of having to make sure that it’s in your account so you can pay the loan back and then take the loan out again.

Perhaps the best thing about the loans they offer is that there isn’t a prepayment penalty. So if you want to use the money now, make a few payments, and then pay the entire thing back, you aren’t penalized for it. This means that you don’t have to make all of the smaller payments and pay more than you need to. The sooner you pay it off the less you’ll pay for the money, so this can really be a good loan that works the way loans are supposed to, by helping you out of a tight financial jam and giving you control over when you pay it back.

Secure Site
Even though Mountain Loan Centers has a website that looks a bit outdated, at least it’s hosted on a secure server so you can fill out the application without worrying that your data will be intercepted by a third party. So many lenders out there do not provide a secure site for the application and expect you to fill it out on a regular server.

Our Recommendation
Mountain Loan Centers has several qualities that make them different from a payday loan. They can lend up to $5000 and they don’t require collateral. They let you make payments on the money you borrow so you don’t have to come up with the total amount each payday. This lets you use the money for what you need it for and saves a lot of mental effort and energy. A signature loan is the only type of loan that lets you handle the financial emergency without it taking a huge toll from your account.

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