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Continental Loans review: tiny, costly loans with small transparency

Continental Loans review: tiny, costly loans with small transparency


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In summary


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We think it is important we make money for you to understand how. It really is pretty easy, actually. The provides for financial loans the truth is on our platform originate from organizations whom spend us. The amount of money we make helps us offer you access to credit that is free and reports and helps us produce our other great tools and educational materials.

Settlement might factor into how and where products appear on our platform (plus in just what order). But since we generally speaking generate income whenever you find an offer you like and obtain, we make an effort to demonstrate provides we think are a beneficial match for you personally. That is why we offer features such as your Approval Odds and savings quotes.

Of course, the offers on our platform do not express all products that are financial here, but our objective is always to demonstrate as numerous great choices even as we can.

Little loan amounts available

Minimal transparency into expenses until such time you use

No prepayment charges or balloon re re payments

You won’t understand your APR before you use

Multiple approaches to repay

maybe Not obtainable in all states — and also the application procedure can’t be completed online

What you should learn about A continental personal bank loan

Continental Loans is just an unit of protection Finance that provides loans from $256 to $2,000, according to your geographical area. Loans through Continental can be found just in a few states, as well as the business markets its loans to people who have unexpected crisis costs like auto repairs or bills that are medical.

Prospect of high interest levels

Continental Loans isn’t clear about its interest levels. The lender’s site only provides particular price info for sc, a situation where loan providers are required to post their APRs — and people prices have been in the high double- to almost triple-digits.

Another clue that rates are high: Continental records that its loans aren’t a choice for active-duty army people. This implies the terms are not necessary to adhere to the Military Lending Act, which caps consumer loan rates of interest for active-duty solution users and covered dependents at 36per cent — the utmost that lots of customer advocates give consideration to reasonable for tiny loans.

To discover what type of rates you’re dealing with, you’ll have actually to endure the application form procedure, that involves a credit inquiry that is hard. This might knock your credit scores down a little.

No online loans: Phone or application process that is in-person

To use for that loan from Continental, you have to go to or phone a branch that is local. Although you will start the loan procedure on the web, you’ll have actually in order to complete it in individual or by phone. This is a big drawback if you intend to apply online.

Plus, many loan providers enable candidates to accomplish an application that is online.

Several payment options

You will find three various ways it is possible to repay a Continental loan: face-to-face at a branch that is local on the phone or through the mobile software of Continental’s moms and dad business, safety Finance.

There’s no prepayment penalty for paying down your loan early. There’s also no balloon re re payment which will be due.

Wish to prequalify for a financial loan? See if I’m Prequalified Now

A better glance at Continental unsecured loans

Here are a few more details on Continental loans.

  • No banking account needed: You don’t desire a bank account to use. That’s somewhat unusual — many unsecured loan lenders need you to have banking account once you use.
  • Refinancing fees: If you’d like to refinance or “renew” your loan, Continental will ask you for a fee, though it won’t disclose the amount until once you’ve applied.
  • Belated charge: Continental charges a belated payment fee that’s 5% of the re re payment due, with at the most ten dollars.
  • Maybe perhaps Not obtainable in all states: Loans can be found in just 14 states.
  • Referral payout: you can make $30 each time you refer a buddy whom removes a qualified loan.
  • Possibly quick money: If you’re authorized for a financial loan, perhaps you are capable of getting a check the day that is same.

Should a Continental is got by me loan?

It’s best to stay away from the loan provider like Continental Loans that isn’t upfront about its selection of rates of interest and allows you to submit to a difficult credit inquiry to obtain that information. For those who have a charge card to make use of, that could be your most useful bet for borrowing cash with better (and much more clear) interest levels and expenses. Another choice could be a payday alternative loan, which some federal credit unions offer to users. These loans cap rates of interest at 28% and application charges at $20.

All of that said, a Continental loan might be a much better option than the usual name loan, that also commonly charges interest that is high places you vulnerable to losing your vehicle together with it. A Continental loan could also could be more desirable over— if you can pay it back almost immediately to avoid costly interest payments if you don’t have a bank account and need just a little money to tide you.

Just how to submit an application for a Continental loan

To utilize for a Continental loan, it is possible to drop by your neighborhood branch and obtain assistance from an agent, or perhaps you can phone a branch that is local use by phone. You are able to use the internet to get going, but will ultimately need to phone or search well for a branch to accomplish the procedure.

Continental will ask you to answer for the after information when you use:

  • In your geographical area
  • Employment history
  • Income details
  • Monthly costs
  • Personal Security quantity

Once more, observe that the business will even perform a difficult credit inquiry to check on your credit score and re payment history.

Perhaps Not certain that a Continental loan suits you? Examine these alternatives.

For those who have bad credit it may seem Continental is the better can be done. But we advice taking a look at other loan providers that offer greater transparency in their charges and costs. Both lenders below permit you to submit an application for prequalification. Just keep in mind that your last terms may alter once you submit your full application, which might end up in an inquiry that is hard too.

  • Personify: Personify loans also provide high interest levels, nonetheless it might be a much better choice since you can put on for prequalification without a tough credit inquiry to have an idea of the attention price you may get. Personify does not provide in just about every continuing state, though — so remember to always check access before you apply.
  • OneMain Financial: OneMain Financial’s rates of interest can be high, too. But this lender notes its array of interest levels on its web site, lets you apply for prequalification with no difficult credit inquiry, and provides loans with various minimums and maximums — as much as $20,000 according to a state.

Wish to prequalify for a financial loan? See if I’m Prequalified Now

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