Mr. Amazing Loans Personal Loan Review: Acceptable Alternative to Payday Loans

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With limited availability and loan terms, Mr. Amazing Loans is not an ideal option for most borrowers. The company only lends to borrowers in 16 states and does not provide much flexibility when it comes to loan amounts, repayment terms or interest rates. However, it’s still a better option than a payday loan or a no credit check loan as the rates offered, while high, are not above 30%. What’s more, the minimum credit score needed to qualify is only 600. Applicants with credit scores of 660 and above should look elsewhere for a personal loan.

Mr. Amazing Loans Personal Loan Review: Should You Apply?

Mr. Amazing Loans only makes sense for applicants who have fair credit, and even then, we still suggest that applicants shop around. This is because the rates at Mr. Amazing Loans start much higher than the rates at comparable lenders, and you won’t have a lot of flexibility when it comes to picking your loan amount or terms. If you have good to excellent credit, we suggest you shop elsewhere for a personal loan since the lowest rate you can get at Mr. Amazing Loans is 19.9%—and that’s only if you live in Florida.

ProsCons
  • Affordable loan alternative to payday or no credit check loans.
  • Borrowers need a minimum FICO score of only 600 to qualify.
  • Mr. Amazing Loans is only available in a few states.
  • Applicants who are self-employed will not be approved.
  • Borrowers have limited options when it comes to loan amounts and terms.
  • Borrowers with good to excellent credit can get a better rate elsewhere.

We only recommend Mr. Amazing Loans for applicants with credit scores between 600 and 660. This is because the rates at Mr. Amazing Loans generally range 23.9% to 29.9%, which is typical of rates offered to borrowers with a credit score in this range. While Mr. Amazing Loans is a much better alternative than a payday loan, other lenders with similar credit score criteria have a lower range of rates than Mr. Amazing Loans. If you’re interested in Mr. Amazing Loans, we recommend checking your rate at Avant, Peerform and OneMain Financial as these lenders have rates starting under 11%. Borrowers with credit scores of 660 and above should be able to get a lower rate at another lender. We recommend LendingClub and Prosper as good starting points.

The main disadvantages of Mr. Amazing Loans are the limited options when it comes to borrowing. Mr. Amazing Loans is currently only available in a handful of states, so if you don’t live in one of the states listed in the table below, you won’t be able to get a loan. Moreover, you can only borrow $5,000 or $10,000 with a fixed term of five years. Your annual percentage rate (APR) will be determined by the loan amount you select and the state in which you live. Repayment will also be determined by which state you live in, with the lender requiring weekly repayment for most borrowers. Another downside to Mr. Amazing Loans is that self-employed applicants are not eligible for a loan. While borrowers are free to use these personal loans for any purpose, this restriction means these loans may not be suitable to use for business expenses.

State$5,000 Loan APR$10,000 Loan APRRepayment
Alabama29.90%29.90%Weekly
Arizona24.90%23.90%Weekly
California29.90%29.90%Weekly
Florida23.90%19.90%Weekly
Illinois29.90%29.90%Weekly
Kentucky29.90%29.90%Weekly
Louisiana28.90%25.50%Weekly
Maryland24.00%24.00%Weekly
Missouri29.90%29.90%Weekly
Nevada29.90%29.90%Weekly
New Jersey29.90%29.90%Weekly
Ohio25.00%-Monthly
Oregon29.90%29.90%Weekly
Pennsylvania29.90%29.90%Weekly
Texas28.91%25.88%Monthly
Utah29.90%29.90%Weekly

Eligibility Criteria

To be eligible for a Mr. Amazing Loans personal loan, you must meet the eligibility criteria listed below. Meeting this criteria won’t guarantee loan approval.

  • Must live in an area Mr. Amazing Loans serves.
  • At least 21 years old and a U.S. citizen.
  • Annual income of $40,000 or higher.
  • Credit score of 600 or higher.
  • History of steady employment and not self-employed.
  • A checking account with direct deposit set up.
  • Established credit history.
  • At least 2 years of re-established credit history following a bankruptcy discharge.

Mr. Amazing Loans Personal Loan Rates, Terms and Fees

Mr. Amazing Loans
Mr. Amazing Loans

Mr. Amazing Loans makes unsecured installment loans of $5,000 or $10,000. Your APR will depend on the loan amount you select and which state you reside in.

Loan Amount Range$5,000 or $10,000
APR Range19.9% - 29.9%
Fees
  • No origination fee
  • Late payment fee: Up to $10
  • NSF/returned payment fee: Varies by state
  • No check processing fee
  • No prepayment penalty
Loan Terms5 years
Repayment OptionsWeekly (Monthly for OH and TX residents)
Direct Payment to CreditorsNo

Application Process

You can start an application on the company’s website. The first step in the process is to check whether you prequalify for a loan. To do this, you’ll need to give Mr. Amazing Loans some personal information, including your name, address, email address, phone number, date of birth, and Social Security Number. You’ll also need to specify how much you want to to borrow and for what purpose. After you submit this information, Mr. Amazing Loans will conduct a soft inquiry into your credit report. A soft inquiry does not affect your credit score.

Application ProcessOnline or by phone
Time to Get FundsAs fast as same day
Credit Check
  • Soft credit check to get rate
  • Hard credit check when you apply
Credit ReportingYes
Cosigners/Co-borrowers Allowed?No

If you prequalify, you’ll need to provide more information to complete the rest of the application. Mr. Amazing Loans may ask for information regarding your salary and employment history. The company will also ask you to connect a checking account so that it can see your recent account history. After you submit the application, a loan officer will contact you regarding next steps on your loan. If approved, funding can happen as quickly as the same day, provided you sign the loan documents.

How Does Mr. Amazing Loans Compare to Other Lenders?

If you’re thinking about getting a personal loan from Mr. Amazing Loans, we suggest you also consider other lenders. We've compared companies below.

Mr. Amazing Loans vs. Avant

Avant
Avant

Avant offers more flexibility than Mr. Amazing Loans when it comes to loan amounts, terms, rates, and availability. In particular, this company has lower starting rates than Mr. Amazing Loans, while catering to the same type of borrower. On its website, Avant states that the majority of its customers have credit scores between 600 and 700. Avant is available in 47 states, with the three exceptions being Iowa, Colorado and West Virginia. Avant does have more fees than Mr. Amazing Loans, it charges origination, late payment and returned payment fees. However, the $25 late fee will be forgiven if you make three consecutive on-time payments after making one late payment.

Highlights

  • APRs: 9.95% - 35.99%
  • Amounts: $2,000 - $35,000
  • Terms: 2 to 5 years
  • Origination fee: 0.00% - 4.75%

Mr. Amazing Loans vs. Peerform

Peerform
Peerform

Peerform has the same credit score cutoff as Mr. Amazing Loans, so we recommend interested applicants also check their rate here. Peerform offers a wider range of loan amounts and rates, so it’s possible to get a better deal on your loan. Like Mr. Amazing Loans, Peerform is not flexible when it comes to loan terms, requiring borrowers to repay their loans over the course of three years. To qualify at Peerform, you’ll need a debt-to-income ratio under 40% and an open bank account and to meet some credit history requirements in addition to the minimum credit score requirement. One downside to Peerform is that it is a marketplace lender, so it may take up to 14 days to fund your loan if you're approved.

Highlights

  • APRs: 5.99% - 29.99%
  • Amounts: $4,000 - $25,000 ($10,000 - $35,000 for consolidation loans)
  • Terms: 3 years (3 or 5 years for consolidation loans)
  • Origination fee: 1% - 5%

Mr. Amazing Loans vs. iLoan

iLoan
iLoan

iLoan is fairly comparable to Mr. Amazing Loans, but has a wider range of loan terms and amounts. The company also has a slightly larger range of APRs, offering starting APRs a few percentage points below those at Mr. Amazing Loans, but having APRs of up to almost 36%. While iLoan doesn’t disclose specific fees on its website, you can expect origination, late payment and returned payment fees if you are approved for a loan. Similar to Mr. Amazing Loans, iLoan is only available in a handful of states. At the time of this writing, this includes Alabama, California, Delaware, Idaho, Illinois, Missouri, Nebraska, New Mexico, Oregon, South Carolina, Utah and Wisconsin. If you live outside of these states, you will need to consider a different personal loan provider.

Highlights

  • APRs: 17.60% - 35.99%
  • Amounts: $2,550 - $25,000
  • Terms: 2 to 5 years years
  • Origination fee: Varies by state

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