Mr. Amazing Loans provides unsecured online consumer loans via the website and online application portal at www.mramazingloans.com. MRAL currently offers $5,000 and $10,000 loans with a 5-year term in 10 licensed US states – California, Florida, Georgia, Illinois, Louisiana, Nevada, New Jersey, Pennsylvania, Texas, and Utah.
The strategy is to address the market needs of underbanked consumers that tend to be ignored by mainstream institutional credit providers such as banks and credit unions and are charged excessive fees and interest by fringe lenders such as payday lenders. All personal loans are offered at prevailing statutory rates with fixed affordable repayments and no prepayment penalties.
Mr. Amazing Loans has been operating in the United States for 10 years and has lent ~$17 million since inception in 2010.