Last updated: April 15, 2026
Effective: Same date as updated.
1. Our commitment
MobiLoans was founded specifically to be an alternative to predatory lending. We refuse to participate in practices that trap borrowers in debt cycles, hide costs, or push loans that customers cannot reasonably afford to repay.
This page outlines exactly how we put that commitment into practice — not as marketing, but as operational policy that constrains our business decisions daily.
2. Affordability checks
Before approving any loan, we verify that the proposed monthly payment leaves you with enough income to cover essentials. Specifically, our underwriting system:
- Analyzes 90 days of bank transaction history to identify recurring obligations (rent, utilities, existing loans)
- Calculates your post-loan debt-to-income (DTI) ratio
- Declines applications where post-loan DTI would exceed 50%
- Offers smaller amounts or longer terms when affordability is borderline
- Flags accounts with frequent overdrafts for human review
3. No debt cycles
Some lenders make most of their profit when borrowers can't repay and roll loans over. We do not. Our policies:
- No rollovers: Cash advances cannot be extended. If you can't pay on time, you enter hardship support instead.
- No balloon payments: Personal loans have equal monthly installments throughout the term.
- Cooling-off period: After three consecutive cash advances, you must wait 30 days before borrowing again.
- One personal loan at a time: We do not stack new personal loans on top of existing ones.
4. Hardship support
Approximately 5% of borrowers experience genuine hardship at some point during their loan. Our hardship program provides:
- Up to 90 days of paused payments at no cost
- Reduced monthly payments for up to 12 months
- One-time payment deferral (move a missed payment to the end of the schedule)
- Interest forgiveness in cases of documented medical emergency
We have helped over 240,000 members through hardship since 2019. We do not report hardship participation to credit bureaus negatively.
5. Financial literacy resources
We invest 1% of revenue annually in financial education partnerships. Free resources we offer:
- Our blog: Weekly articles on credit, debt, and budgeting — written by humans, fact-checked by CFPs
- Free credit score monitoring: Every member gets free monthly credit score updates
- Budgeting tools: Dashboard spending analysis and savings goals
- Educational partnerships: We donate to Operation HOPE, Common Cents Lab, and Jump$tart Coalition
6. Collections practices
If you miss a payment, we will:
- Send a friendly reminder email and SMS within 24 hours
- Wait 3 business days before retrying the payment
- Reach out by phone if multiple payments are missed, only between 8am and 7pm local time
- Never call you at your workplace, never call your family or references
- Never use language that's threatening, abusive, or shaming
- Always offer hardship support before any collections action
If our internal collections is unsuccessful, we may sell defaulted debt to third-party agencies. We screen these agencies to ensure they comply with the Fair Debt Collection Practices Act.
If you feel any aspect of your experience with MobiLoans doesn't meet the standards on this page, please tell us: