Minto Money installment loans are available in every state except Alaska, Arkansas, Connecticut, the District of Columbia, New York, Pennsylvania, Vermont, Virginia and West Virginia. However, the lender indicates that it’s adding new states, so check the Minto website for the most up-to-date information on geographic availability.
Loan Amounts and Terms
Eligible Minto Money borrowers can access installment loans between $100 and $3,000. According to the company’s website, the loans are meant to be repaid within five to 10 months of funding. Whether these are the only repayment periods available or if borrowers can access lengthier terms is unclear. Borrowers struggling to make on-time payments can contact Minto’s customer care team to find assistance.
Personal Loan Costs
Minto Money doesn’t publish interest rates, finance fees or other borrowing costs for its installment loans. Instead, it discloses applicable fees in a borrower’s loan agreement. The lender charges a $20 late fee for payments more than five days late and a $30 non-sufficient funds (NSF) fee for returned payments. The company doesn’t charge prepayment penalties for borrowers who pay off their loans before the last due date on their payment schedule.
The annual percentage rate (APR) a borrower qualifies for depends on their creditworthiness, including credit and payment history, income, employment and current debts. APRs also depend on the loan amount and repayment term. While Minto doesn’t publish its rates online, customer reviews report APRs of more than 700%.
Because of these costs, Minto Money discloses that its loans are an expensive financing option. The lender says that borrowers shouldn’t rely on its loans as a long-term financial solution and that borrowers may be better served by alternative forms of financing like credit cards and home equity lines of credit.
Perks and Features
Minto Money’s installment loans appear to be a costly form of financing that borrowers should reserve for emergencies. That said, the company offers features that may differentiate it from other emergency solutions like payday lenders, including:
- Same-day funding. Like other short-term financing options, Minto Money offers same-day funding on eligible loans approved by 2 p.m. CDT Monday through Friday. Installment loans verified and approved by 6:30 p.m. CDT Monday through Thursday may be funded as soon as the next business day. Loans approved by 6:30 p.m. CDT on Fridays may be funded as soon as the following Monday.
- Ability to cancel a loan. Borrowers who take out a Minto Money installment loan can cancel it as late as the next business day after cash disbursement. To be eligible, borrowers must start the cancellation process by 4 p.m. CDT the next business day. At this point, Minto will set up a draft to reverse the funding process.
- No prepayment penalties. Minto Money lacks transparency around its APRs and financing fees. However, the lender doesn’t charge prepayment penalties. This makes it possible to lower the cost of borrowing by paying off the installment loan early.
Customer Support
Minto Money operates from 7 a.m. to 7 p.m. CDT Monday through Friday, and from 8 a.m. to 4:30 p.m. CDT on Saturdays. Current and prospective customers can reach the lender by phone during these business hours.
The company also offers a live chat feature and a customer service email address where consumers can send inquiries 24/7. Additionally, borrowers can access the lender’s FAQs page with answers to common questions.
