By : 
Mr Credit Card
Mr Credit Card
- Apply to multiple lenders with just one application
- Borrow between $100 and $40,000
- Income Requirements: $1,000 of verified income for 4 weeks
- Min Credit Score: >580
- Need checking account in your name
- Will not accept application from active military personnel
- Not available in CT, NH, WA and VT
| Pros | Cons |
|---|---|
| One application to many lenders | Does not lend to active military personnel |
| Wide range of loan amounts - $100 to $40,000 | A few states excluded |
| Both US Citizens and Legal Residents can apply | |
| Clear Income Requirements |
Typical Loan that LifeLoans Offers
Requirements and Qualifications
- At Least $1,000 Monthly Income and Verified for at least 4 weeks - Lifeloans require applicants to have a monthly income of at least $1,000 or greater. You must also have had this income stream for at least 4 weeks. (ie same employer or self employed for at least 4 weeks).
- Checking Account - You will need to have a checking account in your name because this how funds are deposited after you are approved and e-sign the necessary documents.
- Verifiable Home and Work Phone Numbers - As in most loan application process, you must provide your home and work phone numbers.
- Both U.S. Citizens and Permanent Residents Can Apply - Lifeloans.com allow both US citizens and permanent residence to apply. All you need is a valid social security number.
- No Active Military Personnel Applicants - LifeLoans does not accept applicants who are active military personnel
- States not available - Life Loans is not available to residents of CT, NH, WA and VT
Competition
| Loan Co | Amount | Excluded States | Not Eligible | Min Income | Credit Score |
|---|---|---|---|---|---|
| Life Loans | $100-$40,000 | CT, NH, WA, VT | No Military Personnel | $1,000/m | N.A. |
| Lendingforbadcredit.com | $100-$40,000 | N.A. | N.A. | $1,000/m | >N.A. |
| Quick Loan Link | $100-$35,000 | N.A. | N.A. | $2,000/m | >580 |
| Red Arrow Loans | $100-$40,000 | N.A. | Non-US Citizens | N.A. | >N.A |
| 24/7 Loan Pros | $1,000-$35,000 | NY, VT, WV, AK | No Military Personnel | $800/m | >540 |
| 100 Lenders | $100-$40,000 | CT, NH, WA, VT | No Military Personnel | $1,000/m | N.A. |
| Next Day Personal Loans | $100-$40,000 | CT, NH, WA, VT | No Military Personnel | N.A. | N.A. |
| Life Loans | $100-$40,000 | CT, NH, WA, VT | No Military Personnel | $1,000/m | N.A. |
| Honest Loans | $400-$50,000 | NY |
No Military Personnel No Federal Employees |
$8,000/m | N.A. |
| Excel Online Loans | $500-$20,000 | NY, DC, WV | N.A. | N.A. | N.A. |
| Bad Credit Loans | $100-$10,000 | N.A. | N.A. | N.A. | N.A. |
Life loans' network of lenders will lend between $100 and $40,000. They also do not lend to active military members. Hence, we will compare it to other loan aggregators with similar characteristics and then contrast it with networks that do lend to military members.
As you can see from the table above, there are similar loan aggregators like Red Arrow Loans, 100 Lenders, Next Day Personal Loans and Honest Loans. All of these networks lend up to $40,000 but do not lend to active military personnel. Each also has a couple of states which they do not lend to.
However, there are also a couple of lending networks that lend up to $40,000 but also to active military members. For example, both Lending For Bad Credit and Quick Loan Link both lend up to $40,000 and also to military personnel. Furthermore, but lend to residents of all 50 states. These network would be better for military members who cannot apply through life loans and also for those of you from CT, NH, WA and VT.
Pros - What We Like
- Clear Employment Requirements - Life Loans require that you need to be employed - either a W2 or 1099 self employment for at least 4 weeks.
- Wide Range of Lending Amounts - Life Loans provides short terms loans starting at $100 all the way to personal installment loans of up to $40,000.
- Both US Citizens and Legal Residents Can Apply - All you need is a valid social security number
Cons
- Does not lend to ACTIVE Military Personnel - Life Loan network of lenders will not lend to ACTIVE military personnel.
- Will not lend to some states - Residents of Connecticut, New Hampshire, Washington, and Vermont cannot apply or will not be approved.
Our Take
What I like about this network is that they clearly state their criteria, especially with regards to employment requirements. For example, Life Loan specifically tells us we need 4 weeks of employment history and a $1,000 minimum income. They would also want both home and work phone numbers. They are also clear about their restrictions (no military members and exclusion of 4 states.)
If you meet the requirements of their lenders, the Life Loans is a loan aggregator will help you get a loan very quickly and easily. However, if you are an active military personnel or are from one of the 4 states which they do not lend to, then you should check out other lending networks like Lending for Bad Credit (which lend to all 50 states including military personnel) or Quick Loan Link.
How to Apply?
- Loan Amount
- Monthly Income
- Credit Score
- Zip Code
- Name
- Date of Birth
- Address
- If you have direct deposit
- Type of bank account - checking or savings
- How often you are paid
- Primary source of income - employed, self employed, benefits
- Military affiliation
- email address
- Credit card debt amount
- Social Security Number
I personally took about 2 minutes to fill out the information on my cell phone so it is really a quick process. Below are screen shots of the application pages.
FAQS 
