Background
Loan By Phone is a lending service model that allows customers to apply for various types of loans directly over the phone, providing a convenient alternative to in-person or online applications. This approach is designed for individuals who need fast access to funds and prefer the simplicity of handling their loan process via a phone call. Several financial institutions and direct lenders in the U.S. offer loans by phone, including payday loans, installment loans, lines of credit, and personal loans.
History
The concept of Loan By Phone emerged as lenders sought to make borrowing more accessible and efficient, especially for those without reliable internet access or who value personal assistance. Over time, the service has been adopted by both large financial institutions and specialized lenders, evolving to include features like electronic document signing and multiple funding options.
Types of Loans and Fees Charged
Loan Types:
Payday loans (short-term, due on next payday)
Installment loans (repaid over several months)
Lines of credit (borrow and repay as needed)
Personal loans (fixed or variable terms)
Auto loans, home equity loans, and credit cards (offered by some banks and credit unions)
Loan Amounts: Typically range from $100 up to $2,000 for payday and installment loans, with higher limits for personal and auto loans depending on the lender.
Repayment Terms:
Payday loans: Due in full on the next payday (usually 2–4 weeks)
Installment loans: Repaid in fixed payments over several months
Lines of credit: Flexible repayment based on usage
Interest Rates (APR): Vary widely depending on loan type, lender, and state regulations. Payday loans often have higher APRs, while personal loans and lines of credit may offer lower rates.
Fees: Lenders may charge origination fees, late payment fees, and non-sufficient funds (NSF) fees. All terms and fees are disclosed during the application process and are subject to state law.
Locations
Loan By Phone services are available nationwide through participating lenders. Some lenders operate exclusively online and by phone, while others have physical branches in addition to phone-based services.
States Where Loans Are Offered and Not Offered
Available States: Loan By Phone services are generally available in most states, but specific loan types and terms depend on state regulations and lender licensing.
Unavailable States: Some loan products may not be available in states with strict lending regulations or bans on certain types of loans.
How to Contact Loan By Phone
Contact details vary by lender. Here are examples from major providers:
Speedy Cash: Call 1-888-333-1360 to apply for payday, installment, or line of credit loans by phone.
Banner Bank: Call 866-641-5335 (Monday–Friday, 8 AM–5 PM PT) to apply for personal, auto, home equity, or other loans.
MoneyKey: Visit their website or call their customer service for phone loan options.
Credit Unions and Banks: Many offer 24/7 loan-by-phone services; check with your local branch or credit union for details.
Applicants typically need to provide basic personal and financial information, including proof of income and an active bank account, to complete the loan process over the phone.
