Brother Loan & Finance, a small business, has branches in only three cities: Chicago, Milwaukee, St. Louis and Kansas City. Summit, Ill. Brother Loan & Finance can provide a personal loan of up to $1,500 if you have an emergency such as a car repair or a medical bill. Be aware that your state may limit the amount of the loan. You could receive your loan funds within an hour if you are approved. However, it is not possible to complete the application without visiting a branch office. According to the lender, your job is your credit. If you have worked for a qualified employer for at least one year, you might be eligible for a loan. Before you apply for a Finance, here are some additional facts.
The application process must be completed in person
You can apply online for personal loans from many lenders. Brother Loan & finance jobs does not offer this option. Instead, you will need to call first and then go to the branch to complete your application.
- High APR loans are available
The APRs for personal loans from Brother Loan & Finance are almost triple-digits. According to Federal Reserve data, this is significantly more than the average interest rates on traditional 24-month personal loans issued by commercial banks. Consider whether the higher interest rate and shorter term of a Brother personal loan is worth it.
- Some people are not eligible to apply for a loan.
A job is not enough to qualify you for a loan. You must have worked at an eligible employer for at most one year. You will need to call your employer to verify if they are on the list.
- Not required to provide collateral
Personal loans from Brother Loan & public finance management don’t require collateral. The loans are unsecured and are granted based on credit scores and other factors.
This loan is more secure than a car-title loan. You must use your car’s title as collateral. The lender may seize your vehicle if you default on your payments.
- Potentially rapid funding
Brother Loan & finance software can process your loan application within one hour at the branch. The company may send the funds the next day if your application is approved.
Take a closer look at a personal loan from Brother Loan & Finance
Only available in a handful of states — The company is only active in Illinois, Missouri, and Wisconsin. Finance will not approve you for a loan if you are from another state.
You can borrow as little as $1,500 from Brother Loan & Finance. The amount depends on the regulations of your state.
Fees — There are no application fees, origination fees, or prepayment penalties.
Repayment terms — Depending on the repayment plan, it can take between nine and 52 weeks to repay your Brother loan. You may see a difference depending on where you live. Ask for information during your application. A Brother Loan & Finance loan is more flexible than payday loans which are usually due by the next paycheck.
Referral bonus — You may be eligible for a $100 bonus for every customer you refer to our company who is approved for a loan.
Do I have to apply for a loan through Brother Loan & Finance
Although a personal loan from Brother Loan & finance brokers can help you get the cash you need quickly and easily, the interest rates are very high.
If you are able to pay the loan back quickly, a loan from this lender may be okay.
If your purchase APR is lower, you might consider applying for a payday loan alternative from a federal credit cooperative.
How to Apply at Brother Loan & Finance for a Loan?
You must first be employed for at least one calendar year by an eligible employer in order to apply for a loan. You must also be a resident in Illinois, Missouri, or Wisconsin to apply for a loan.
Online applications are not possible. You will need to call Brother Loan & Finance at 1-800-850-8599 and complete the application in person at a Finance location. The company might be able to issue a check within an hour if you are approved.
- Are you unsure if Brother Loan & finance for business is the right fit for your needs? These are some alternatives.
- Earnin: You may be able to cash out $100 per day with the Earnin app, without any fees or interest. You can tip the app for what you consider fair.
- Dave: Dave may help tide you over until your next payday. With no credit or interest, you can get a $100 advance.