Background
Leap Credit is an online lender specializing in short-term installment loans for individuals facing unexpected financial needs. Founded in 2017 and headquartered in Atlanta, Georgia, Leap Credit operates with a focus on providing a transparent, automated, and secure loan application process. The company targets borrowers who require fast access to cash and may not qualify for traditional credit products.
History
Leap Credit launched in the summer of 2017, backed by early-stage investment from 11-11 Ventures, which supported the company’s growth both financially and strategically. Since its inception, Leap Credit has experienced steady growth in revenue and profitability, positioning itself as a notable player in the online installment loan market. The company has built its reputation on speed, transparency, and accessibility for customers needing emergency funds.
Types of Loans and Fees Charged
Loan Types: Leap Credit offers unsecured personal installment loans, often marketed as alternatives to payday loans. These loans are designed for short-term needs and are repaid in weekly, bi-weekly, or monthly installments.
Loan Amounts: Borrowers can typically access loans ranging from $300 to $3,500, with some sources citing a range of $500 to $1,200, depending on the state and borrower eligibility.
Repayment Terms: Loan terms generally range from 6 to 8 months, though the maximum term can be up to 8 months and may vary by state.
Interest Rates (APR): APRs are high, typically between 293% and 695%, depending on the state and borrower profile.
Fees:
Origination Fee: Leap Credit charges an origination fee, which varies by state.
Monthly Handling Fee: A recurring monthly fee is assessed, which can reduce the borrower’s overall savings.
Late Payment Fee: The late fee is either $30 or 5% of the outstanding payment, whichever is higher.
No Compounding Interest: Leap Credit uses simple interest rather than compounding, which can make repayment more predictable.
Locations
Headquarters: PO Box 19079, Atlanta, GA 30326.
Operations: Leap Credit operates exclusively online, allowing customers to apply from anywhere within eligible states.
States Where Loans Are Offered and Not Offered
Available States: Leap Credit currently offers loans in Alabama, Idaho, Mississippi, Missouri, South Carolina, Texas, Utah, and Wisconsin.
Unavailable States: Loans are not available in all other states. Applicants must certify residency in an eligible state during the application process.
How to Contact Leap Credit
Postal Mail: Leap Credit Operations Dept., PO Box 19079, Atlanta, GA 30326.
Email: [email protected].
Customer Support Phone: (888) 532-7842.
Operating Hours:
Monday–Friday: 8 AM – 8 PM EST
Saturday: 8 AM – 5 PM EST
Closed on Sundays.
Escalations: For unresolved issues, email [email protected].
