Loans Over the Phone - CreditNinja (2023)

Sometimes, our bills can’t wait for the next paycheck to hit that bank account. Because of that fact, many people think that a payday loan can provide the quick cash financial relief they are looking for.But many dangers come along with payday loans, so beware. If you’re in search of loans over the phone, read on to learn more!

While applying for a loan over the phone or online is possible, it’s important to know what to watch out for. And which loans are the safer and more affordable options.

What Is a Payday Loan?

A payday loan is essentially a cash advance on a person’s upcoming paycheck. They’re short-term loans for short-term cash flow problems. The usual payday loan amount is $500 or less.They usually come with extremely high interest rates and very short repayment periods.

Here’s how they work so you know which loans and lenders to avoid:

A borrower goes to a payday lender and completes an application. If approved, the borrower writes a check (or authorizes a withdrawal from their bank account) for the amount they want to borrow, plus any of the lender’s fees and interest. The payday lender then gives the borrower the loan amount. While a loan from a bank may take seven to ten business days to process, a payday lender can put cash in your hands in a matter of hours. For payday loans over the phone or a mobile device, funds can usually show up on the same day.

At the end of the loan term (usually about 14 days), the lender cashes the borrower’s check or posts the withdrawal to their bank account.

The problem is that many borrowers can’t afford to repay the high fees and interest by the due date. This can lead to a cycle of debt that’s difficult to escape.

(Video) CreditNinja Unexpected Expenses

One alternative to payday loans that is widely considered a more affordable and safe option would be personal installment loans. And while many personal installment lenders offer online applications, you would need to reach out to specific lenders to see if they offer over-the-phone applications.

Mobile Loan Applications

Many financial institutions allow applicants to apply for a loan online. For borrowers that may not have access to a laptop or desktop computer—or don’t want to use one—certain lenders may offer paper applications.

What Do You Need To Apply for a Loan Over the Phone?

At the bare minimum, the following is what you will need for most loan applications:

Government Issued ID

You can apply for a loan using a state-issued driver’s license, state ID, or a passport. The ID will need to have a photo and list your legal name.

Social Security Number

There’s a chance it’s not on your ID. In that case, some lenders may require a social security card or other government-issued documents that have your social security number, like a W-2 tax form.

Proof of Income

Be ready to produce pay stubs from the last two or three pay periods. If you work for yourself, you can provide your tax records (like Form 1099) and a history of your bank deposits over the last two months.

Active Checking Account

Ideally, your checking account should not be overdrawn. This is the account that the lender will draw from when repayment is due.

(Video) Credit Ninja No Credit Check Personal Loan (up to $5,000)

Valid Email Address

Your lender will send all of your important documents—like the loan agreement and terms—to this address. A valid email is required to apply for payday loans over the phone.

Your Phone

Naturally, to get a loan over the phone, you will need a reliable mobile phone or mobile device. Before you start looking for any loans, make sure that your device is updated with the latest version of its operating system. That way, you’ll have all the available protection against any threats or viruses.

Today’s smartphones can access any website, and lots of cash advance loan lenders have apps that can be downloaded at no cost from any mobile app store. However, if you decide to download any app from a lender, be sure that you don’t fly through the terms, conditions, and allowances. Even though applying for a loan over the phone is relatively simple, remember that you provide some of your most sensitive personal information to private companies. You must know how this data will be used and protected.

Some people are not comfortable dealing with an online application process or using mobile technology, especially when providing personal financial information. Nearly all lenders have toll-free numbers available for anyone who wants to use a landline and speak with a live operator. It will most likely take a bit longer than applying online or through an app, but speaking with a person can provide an opportunity to ask questions about the process.

Bad Credit? Try Getting a Loan Over the Phone

In addition to being one of the fastest ways to get cash, personal installment loans for fast cash are one of the best solutions for people who have not-so-good or even bad credit. Installment lenders often accept less-than-perfect credit. Having bad credit is what keeps people out of favor with traditional lenders like banks. Overall, a lender’s primary concern is that you have the means to repay the cash you are borrowing.

How Do You Know If You Have Bad Credit?

For the most part, we know that having a good credit score is better than having a bad credit score. But, many people don’t even know what makes up their score, much less what their score is.

A credit score is a number that illustrates the level of risk that a lender will take if they choose to loan money to a borrower. It is calculated by companies called credit bureaus. These companies analyze your spending habits and relationships with your past and current lenders and creditors and make their findings available to businesses and consumers. The three major bureaus in the United States are Experian, Equifax, and TransUnion. These companies make their results available through credit reports. For example, if you have ever rented a home, bought a car, applied/owned a credit card, or even had a utility bill in your name, there is a credit report available on you. The information can be made available to any business through a credit check.

(Video) CreditNinja - Need Money For An Emergency?

These are the five significant factors detailed in your credit report, and each of them bears weight on determining your score. Here they are below, with that weight listed in percentages:

Payment History (35%)

Your payment history is the most critical factor in determining your score. Why? Because above all the other factors, it presents a clear record of the bills you have paid—and the bills you haven’t paid. Any delinquent accounts or late payments, if reported to the credit bureaus, will harm your credit. This is why paying your bills on time is so vital to your financial health.

Credit Utilization (30%)

Credit utilization is a ratio that measures the amount of credit you’re using against the total amount that is available to you. For example, let’s say you have two accounts that give you a total of $1,000 in available credit. Between the two cards, you have a balance of $250. That makes your utilization ratio is 250:1000, or 25%. Keeping your utilization to 30% and below will help to keep your score higher. A lower utilization ratio shows lenders that you know how to manage your accounts wisely, which means that you are more likely to repay their loan.

Credit History (15%)

This is the record of all your current and past accounts. A long history shows that you have managed credit over some time and can show lenders that you have successfully secured and maintained accounts.

New Credit (10%)

Applying for a new credit account tells potential lenders that you may need some financial assistance. However, using several new versions (like credit cards, for example) in a short period may be a sign of severe economic trouble that will prohibit you from repaying a loan.

Credit Mix (10%)

Credit mix refers to the different types of accounts you have. Maintaining a mortgage and a credit card, for example, can prove that you can keep up with both regular and varying monthly payments.

Based on all this information, your score is calculated as a three-digit number between 300-850:

(Video) FICO Score NOT Checked! $5,000 Loan for Bad Credit! Don't Stay Broke in 2023! Get Money NOW Ninja!

  • 800-850: Excellent
  • 740-799: Very Good
  • 670-739: Good
  • 580-669: Fair
  • 300-579: Poor/Bad

With 20 percent of Americans living with bad credit, personal installment loans are a popular option for their viability and ease. And with loans over the phone becoming more readily available, the number of people using these fast cash loan options is almost certain to rise.

Other Loan Options

Friends and Family Loan

A loan from a friend or family member avoids the hassle and restricts information from a credit check and loan application process. And if they like you, you could borrow cash with little to no interest!

Personal Loan

A personal installment loan can be a great alternative to payday or title loans. You can still be approved even with a less-than perfect credit score, and you have more time to repay the loan. In addition, these loans tend to carry lower rates and better terms than your average payday or title loans.

The Bottom Line…

In summary, mobile phones have changed the way we do just about everything. It is now possible to apply and secure a personal loan in just a few minutes that can help pull you out of a financial crisis.

But taking advantage of the convenience of mobile loans doesn’t mean that you don’t have to do the homework and research you would do before filling out any loan application. Remember that a loan is more than just a solution to a “right now” problem—it could be a part of your life for weeks or months. So, before you hit “send” to apply for any loans over the phone, don’t forget to shop around, compare rates, and understand the terms of any financial commitment you take on.


Personal Loans What Are the Basic Requirements to Qualify for a Payday Loan?

(Video) CreditNinja - Relief With A Loan

Consumer Financial Protection Bureau (CFPB) Definition

15+ Payday Loan Statistics for 2021

Study finds high default rates in payday lending


Can you take out a loan over the phone? ›

Whether you're applying for a loan over the phone by calling or through a financial institution's website, either situation can be a more convenient process for people who have a harder time getting to a physical location. With a loan by phone, you won't need to worry about travel time or waiting in line.

What type of loan is CreditNinja? ›

CreditNinja is a reputable and trustworthy online lender, offering personal installment loans to borrowers in need.

How long does CreditNinja take to deposit money? ›

Your funds will be deposited directly into your checking account via direct deposit. When will my loan be funded? Once approved your funds will generally be deposited the next business day.

What was the problem with Ninja Loans? ›

Risks of NINJA Loans

The loans can, however, be very risky for both the lender and the borrower. Because NINJA loans require no evidence of collateral, they are not secured by any assets that a lender could seize if the borrower defaults on the loan.

How long does it take to get a loan over the phone? ›

Pro: Loans may be processed quickly

You could get a decision within a few hours. If approved, you might be able to get your money in as little as one business day.

How can I borrow cash immediately? ›

If you need to borrow money immediately, the most popular options are personal loans, cash advances online, payday loans, pawn shop loans, and banks or credit unions. But be careful with cash loan options that promise you a quick loan with no credit check.

What is the easiest loan to get? ›

The easiest loans to get approved for are payday loans, car title loans, pawnshop loans and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they're available to people with bad credit.

What happens if you dont pay CreditNinja? ›

You'll likely see a drop in your credit score, you'll be contacted by debt collectors, and it could affect your ability to get loans and good interest rates for years to come. The only way to avoid this situation is to make payments on your loans and make them on time.

Does CreditNinja fund the same day? ›

It's possible to get funds from your CreditNinja loan within the same business day or the following day after approval — a big help if you're in a financial pinch and need cash quickly. But a number of factors can delay your funding, and depending on your bank, there may be a wait before you can access your cash.


1. 5 Loans Up to $10,000! NO CREDIT CHECK LOANS! NO FICO!
(Andrew Cartwright)
2. CreditNinja - Approved When No One Else Would
3. Up to $4500 Bad Credit Loan | Personal Loans for NO CREDIT (or BAD CREDIT) | No consigner required
(Currency Counts)
4. CreditNinja - Quick & Easy To Use
5. $5,000. Loan for Bad Credit - Minimum 500 Credit Score!
(Currency Counts)
6. Financial Literacy | No Credit Check Loan Up to $10,000 Instant Approval Same Day Funding!
(CEO Deshayla)
Top Articles
Latest Posts
Article information

Author: Eusebia Nader

Last Updated: 02/02/2023

Views: 6421

Rating: 5 / 5 (60 voted)

Reviews: 83% of readers found this page helpful

Author information

Name: Eusebia Nader

Birthday: 1994-11-11

Address: Apt. 721 977 Ebert Meadows, Jereville, GA 73618-6603

Phone: +2316203969400

Job: International Farming Consultant

Hobby: Reading, Photography, Shooting, Singing, Magic, Kayaking, Mushroom hunting

Introduction: My name is Eusebia Nader, I am a encouraging, brainy, lively, nice, famous, healthy, clever person who loves writing and wants to share my knowledge and understanding with you.