EzMoney Loan offers short-term financial products, such as payday, installment, and title loans. Founded in 1987, its services are available online and at various US locations. The company is owned by EZCORP, Inc., a public financial services firm established in 1989 and headquartered in Austin, Texas.
Description
Need fast cash? Discover EzMoney Loan with quick approval and flexible repayment options.
Key Facts
- To qualify for EzMoney loan, applicants must be at least 18 years old, have a steady monthly income of at least $1,000, and be currently employed.
- Applicant need a valid government-issued ID and an active checking account for funds transfer and repayments.
- Each loan type comes with significant interest rates, and borrowers should review fees and repayment terms carefully before committing.
About EzMoney Loan
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Types of EzMoney Loans
- Payday Loans: These are for short-term needs, with amounts ranging from $100 to $1,500. They typically last 2-4 weeks until the borrower’s next payday. The average Annual Percentage Rate (APR) can be as high as 780%. Fees include origination and late payment charges.
- Installment Loans: Designed for larger, longer-term expenses, these loans offer $500 to $5,000 with terms of several months up to 2 years. APRs range from 120% to 300%. Fees are similar to payday loans, including late and origination fees.
- Title Loans: Secured loans where the borrower uses their vehicle as collateral. Loan amounts depend on the car’s value, typically between $100 and $10,000. Terms range from 30 days to 24 months, with APRs up to 600%. If borrowers fail to repay, they risk losing their vehicle.
- Check Cashing: Offers quick cash for check holders, with amounts up to $5,000. Fees vary, but typically fall between 2-5% of the check value.
Customer Feedback on EzMoney Loans
- Customer opinions on EzMoney loans are divided. While 40% of reviews praise the quick, easy application process and friendly customer service, 60% EzMoney loan reviews are negative, citing exorbitant interest rates, aggressive collections, and hidden fees. Customers often report struggling to repay loans due to unclear terms, and some feel trapped in debt cycles.
EzMoney Loan Ratings
- EzMoney receives mixed ratings across major platforms. On Trustpilot and Facebook, it has a rating of 2.5/5 from over 1500 reviews. Google Reviews similarly rates it at 2.3/5 based on over 1,000 reviews. While Twitter rated it 3.5/5 and Instagram rated it 4.5/5 stars.
These ratings suggest that while some customers appreciate the convenience, others face challenges with high fees, difficult repayment terms, and poor customer service.
Expert Advice on EzMoney Loans
- Experts EzMoney loan advise caution against their high interest rates and the risk of falling into debt cycles. Financial advisors recommend exploring alternatives like credit unions, which often offer better rates. Consumer advocates also warn that the lack of transparency in loan terms may lead to costly mistakes. They suggest thorough financial planning and caution when considering such loans.
EzMoney Loan 2024 Final Thoughts
EzMoney loans come with several drawbacks, including very high interest rates, some exceeding 780%. The short repayment periods make it hard for many to repay on time, increasing the risk of additional fees and penalties.
Consider title loans penalty, failing to repay it can result in vehicle loss. Borrowers also report unclear loan terms and a lack of transparency. EzMoney is spread across 400 locations(https://www.youtube.com/watch?v=X38iutBr-FY) in 15 states.
Social Media Links
- ⓕ(https://www.facebook.com/EZMoneyLoans/)
- 🐦(https://twitter.com/ezmoneyloans?lang=en)
- 💼(https://www.linkedin.com/company/ez-money-loans)
