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Website: is a short term loan provider that states their aim is to provide customers with a more flexible way to borrow emergency cash in order to avoid late fees and overdraft fees and other financial penalties.  

How Does It Work?

According to their website, it is not uncommon for people to find themselves in a situation where some “fast cash” to get them through a short period of time can make a big difference, in terms of their financial health and wellness.

But there has been a lot said about “predatory” payday loan lenders and how they hurt people far more than they help them, which inspired to create a new way to borrow emergency cash. 

They provide their borrowers with a cash advance that will be paid into your checking account and then you can use as much or as little as you need until you are required to pay the loan back, which is generally within one month of borrowing the money. As you successfully repay the loan, you will be eligible to borrow more. 

Cost & Price Plans

As with any short term loan, many of the fees you pay will be based on the amount of money that you are borrowing. However, with, instead of paying an interest rate on the money you have borrowed, you will be pay a “cash advance fee” for every $20 you borrow. 

For $500 or less, you will be charged a $3 fee per each $20 borrowed. For more than $500, the cash advance fee will be $2 per each $20 borrowed.

If you're able to repay the entire amount you borrowed within the first billing cycle, then these cash advance fees will be the only charges that apply.

If you require more than one month to repay your loan, then a minimum charge will be calculated on a tiered level based on the unpaid balance.

Each billing cycle – which is approximately two weeks – that the principal remains unpaid you will continue being charged the additional Finance Charge. Their website does provide a chart which gives example fees based on remaining balances. 

Refund Policy

Financial arrangements like loans of any term length do not typically provide a traditional Refund Policy for their customers.

Instead, they may offer a clause in the loan agreement which provides a short length of time in which customers can back out of loan agreements by returning the principal of the borrowed money without receiving a financial penalty.         

Customer Service Contact Info

Customers who would like to contact Customer Service with any questions, concerns, or complaints can do so by phone at 877-836-1518 or by submitting them directly to their website through their Contact Us link.


Unfortunately, even though does try hard to distance itself and differentiate itself from other payday loan lenders, the reality is that they are essentially the same thing.

The problem with predatory lenders – regardless of what they call themselves – is that they create a system of borrowing where the average borrower will be unable to sufficiently and successfully repay the loan in the time allotted and with the required fees.

This then creates a cycle where the person who needed to borrow money for an emergency situation is now in circumstances of long term debt that is increasingly difficult to pay off.

It can be said that fits this profile exactly, even if they don’t charge a traditional interest rate to their borrowers.

In addition, there have been reports of this company operating in states in which it is not licensed to do so, because certain states have laws in place to prevent predatory short term loans.

Competitors and Alternatives?

As mentioned above, there are many, many other online lenders that act as payday lenders or short term loan lenders which offer similar services to Mobiloans, including, Oportun Loans, Best Egg Loans, and many others.   

If you have any experience with or their services, please leave your reviews below.

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Hopeless duped
January 14, 2017
I borrowed $700 in Octobera d my first payment was $212.12 every 2 Fridays since I received the money. I got the money Wednesday and that Same Friday I was being charged this money. I didn't realize the cost. So I thought after I paid the $700 and perhaps some fees I would be done with it. But I called and was told I had to pay $212.12 for 20 billing cycles. 10 months of them taking $212.12 every two weeks. So for about $4242 to pay off a money loan of $700. That's excessive and I would have never taken that loan and I'm at a lost to just pay the principal off to be done with them. Beware and be careful financially cause this is too much!