Finding yourself in need of cash quickly can be stressful, especially if you have don’t have a great credit. At such point, Using online lenders like Pheabs Loans which promises fast approvals and funding even for borrowers with low credit scores is just the best option. But are their high-interest loans really the wisest option for your situation?
In this blog post, we share some real customer experiences with Pheabs Loan reviews. You will also get the unbiased information needed to determine if Pheabs Loans are the right financing choice for your situation.
Pheabs Loans
First, lets give a quick background on Pheabs Loans. They are an online direct lender founded in 2007 and based in Chicago, Illinois.
Pheabs offers a range of high interest loan options including:
Pheabs Loans offers a variety of credit products. Here is an overview of the key details for each based on customer reviews:
1. Personal Installment Loans
- Up to $15,000
- 3 to 60 month terms
- APRs from 29% to 35%
- 5.99% origination fee deducted from loan amount
- Credit score requirements start at 550
2. Auto Loans
- Maximum of $30,000 for new or used vehicles
- Up to 72 month repayment term
- Interest from 15% APR for well-qualified borrowers
- Lien placed on vehicle title as collateral
3. Payday Loans
- Borrow up to $1,000
- 14 day repayment term
- Rates average over 400% APR!
- Requires authorization for bank account withdrawals
4. Car Title Loans
- Maximum 50% of your car’s value
- 30 day terms with option to extend
- Average APRs of 153%
- Risk vehicle repossession if unable to repay
As shown above, the rates and fees vary widely across Pheabs’ products. Payday and title loans are by far the most expensive options.
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The Benefits of Pheabs Loans
Despite the high rates, customers cite several benefits that make Pheabs Loans appealing:
- Quick online application – You can apply and sign your loan agreement electronically in under 10 minutes.
- Fast funding – Many reviewers received their loan funds deposited in just 1-2 business days after approval.
- Higher approval odds – Pheabs states they can approve borrowers with credit scores as low as 550. Their automated system looks beyond scores to approve more applicants.
- Flexible terms – You choose your ideal loan amount and payment terms from 3 months up to 5 years. Great for customizing payments.
For those with less-than-stellar credit, Pheabs Loans can provide much-needed access to financing that other lenders would deny.
The Bad-sides to Watch For
Despite some advantages, legitimate complaints about Pheabs Loans were common in customer reviews:
- It very high APRs – Interest rates average between 29-35% for Pheabs personal loans, significantly higher than competitors.
- Steep late fees – A $39 late fee is charged for each payment more than 15 days past due. This can lead to a painful debt spiral.
- Prepayment penalties – You’ll pay extra fees if trying to pay off your Pheabs loan early.
- Aggressive collections – Multiple reviewers faced annoying daily calls from collections agents over small missed payments.
While expected for high-risk loans, first-time borrowers are often surprised by Pheabs’ less consumer-friendly practices. The expenses can pile up fast if you’re not cautious.
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What Real Customers Are Saying in Pheabs Loan Reviews
Let’s dig into first-hand Pheabs Loans reviews to get unbiased insights on their pros and cons:
“Super easy to apply and fast approval. The rate was crazy high but they got me the money I desperately needed.”
“I didn’t realize how brutal the late fees could be. Quickly got in over my head once I started missing payments.”
“Customer service was non-existent. I tried calling and emailing with no response on some incorrect fees.”
“Pheabs gave me a loan when no one else would. Didn’t have the best rates but allowed me to rebuild my credit.”
“Make sure you read the fine print! I was shocked by all the hidden costs that mounted up.”
Feedback was mixed. Most appreciated the quick access to financing Pheabs provided. However, many were unsatisfied by the lack of support and unintended fees.
Pheabs Loan Requirements: Do You Qualify?
Here are the key criteria Pheabs uses to determine your eligibility:
- You generally need a FICO score of 550 or higher to qualify across all products. Some exceptions made for higher scores on large loans.
- Must provide evidence of regular income, typically pay stubs or tax documents showing a minimum of $1,200 per month.
- U.S. citizen or permanent resident status required along with a state-issued ID card or driver’s license.
- Applicants must be at least 18 years old to apply individually or 21 years old to apply jointly.
- Maximum 50% debt-to-income, meaning your monthly expenses should not exceed 50% of your gross monthly income.
Meeting these requirements is necessary get approved for the lowest rates Pheabs offers. Not meeting one or more can lead to denial or higher charges.
Step-by-Step Pheabs Loan Application Process
Here is what you can expect when applying for a Pheabs Loan:
- Go to PheabsLoans.com and select your desired loan product. Click “Apply Now”.
- Provide basic personal information like name, birthdate, address, Social Security Number, and income source.
- Input your requested loan amount and ideal repayment terms in months.
- Provide employment details and login credentials so Pheabs can electronically access your bank statements.
- Read and electronically sign the loan agreement if you accept your loan offer.
- Expect a fast 1-2 day turnaround between application and funding into your checking account in most cases.
The entire process takes just 10-15 minutes and can be completed on your phone, tablet, or computer.
Pheabs Loan Alternatives to Consider
Pheabs is far from the only option for high-interest, low-credit financing. Here are a few top alternatives to compare:
1. CashUSAÂ – Personal loans up to $10k with APRs from 5.99% to 35.99%. More transparent about fees.
2. BadCreditLoans – Specializes in loans for borrowers with scores under 600. Offers debt relief programs.
3. LendingClub – Peer-to-peer loans as low as 6.95% APR with fixed payments. Strict eligibility.
4. OneMain Financial – Physical branch locations across the U.S. for in-person service. Predatory lending complaints.
Run the numbers across multiple lenders before deciding. Small differences in rates can add up to huge savings.
Are Pheabs Loans Worth It?
Pheabs Loans can provide quick access to borrowing even with bad credit. Just be very cautious of buried fees and deceptive practices. Weigh all your options to find the right loan with the lowest rates for your situation.
Hopefully this unbiased look at Pheabs Loan reviews assists you in making an informed decision that meets your financing needs! Let us know if you have any other questions.
