Thank you for visiting www.loanbyphone.com. For information about our products and services, including assistance with processing an application for credit, please call 877-276-9958 toll-free.

FAQs – Line of Credit

Answer: We do not charge an application fee, but we do charge a $10 membership fee with every billing statement while your line of credit account is open.

Answer: Virginia currently offers an online line of credit. To apply, fill out and submit our online application form.

Answer: You must be 21 or older to apply. To get started, you will need your:

  • Social Security Number
  • Proof of income (pay stub, SSI statement, etc.)
  • A valid email address
  • Active checking account, open for at least 90 days
  • Current cell/home and work phone number

Answer: LoanByPhone currently offers lines of credit in Virginia ranging from $100 – $800. Your maximum line of credit amount is provided after we process your application.

Answer: After filling out and submitting our easy online application, you can be approved for a line of credit within minutes.

Answer: Once you have been approved for a line of credit, you can then choose how much cash you wish to draw from your available credit limit, and the money will be electronically deposited into your active checking account.

Answer: Yes. If you’ve had bad credit in the past, but still meet our basic credit check and underwriting requirements, you may still be able to get a Line of Credit.

Answer: As long as your balance has not exceeded your line of credit, you can make as many cash advance requests as you want, whenever you want. Please see your line of credit agreement for details on minimum amount required to process a cash advance.

Answer: There is a minimum payment requirement you must make, just like a credit card. This minimum amount includes the $10 membership fee, 5% of the principal amount you have withdrawn, and any applicable interest on that principal.

Answer: We will charge simple interest on your account at an annual percentage rate of 299.99%, which is the equivalent to a daily periodic rate of 0.8219%.

Answer: There is no set term date for a line of credit. So long as your account remains current, you will have access to your line of credit.

Answer: You may close your line of credit at any time by calling us at 877-577-7977. Please review your line of credit agreement for more information.

Answer: Paperless statements enable to you to receive your account statements electronically in lieu of paper statement which is provided via traditional mail. An email notification will be sent to you each month when your statement is available to view online.

Answer: To sign up for paperless statements, select to receive your statements electronically when you open your account. Once you have enrolled, you will receive an email notification each month when your statement is available to view online.

Answer: No, when you sign up for paperless statements you will not receive a paper statement in the mail. If you would like to continue to receive your paper statement, please contact us at 877-262-2274 and will process your request.

Answer: No, paperless statements are provided at no cost to our online customers.

Answer: Yes, your paperless statement will be provided in PDF format. Thus you will need to have a PDF reader such a Adobe Acrobat Reader™ or Foxit Reader™ installed your computer or device. You may download such software by clicking the link below.

Answer: You will receive an email notification when your new paperless statement is available to view online. This email will contain a link to permitting you to logon to your online account. Once logged in, you will be able to view your current and past (up 12 months) account statements.

Answer: To save your paperless statements, click on the print or save function within the PDF reader you are using to view your statement.

Answer: Paperless statements are secure because we do not email you an actual statement. You are required to login to your secure and encrypted online account to be able to view your statement.

Answer: You may decide to receive paper statements at any time at no cost. Contact us to request paper statements at 877-262-2274.

Answer: If you have any questions concerning your paperless statements, please contact us at 877-262-2274.

Answer: Once logged in, you will be able to view your current and past (up 12 months) account statements. If you would like to receive a copy of statements that are older than 12 months, please contact us at 877-262-2274.