Continental Loans Overview: Small, Pricey Loans | Credit score Karma

Continental Loans is a division of Security Finance that offers loans from $256 to $2,000, depending on where you live. Loans through Continental are available 


  • Small mortgage quantities to be had
  • No prepayment consequences or balloon bills
  • More than one tactics to pay off


  • Little transparency into prices till you practice
  • You received’t know your APR ahead of you practice
  • Now not to be had in all states — and the appliance procedure can’t be finished on-line

What you wish to have to learn about a Continental non-public mortgage

Continental Loans is a department of Safety Finance that gives loans from $256 to $2,000, relying on the place you reside. Loans thru Continental are to be had handiest in positive states, and the corporate markets its loans to folks with sudden emergency bills like auto maintenance or scientific expenses.

Possible for top rates of interest

Continental Loans isn’t clear about its rates of interest. The lender’s website online handiest supplies particular fee information for a couple of states — and the ones charges are within the prime double to triple digits.

Any other clue that charges are prime: Continental notes that its loans aren’t an possibility for active-duty army contributors. This implies the phrases don’t seem to be required to agree to the Army Lending Act, which caps shopper mortgage rates of interest for active-duty carrier contributors and lined dependents at 36% — the utmost that many shopper advocates believe cheap for small loans.

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To determine what kind of charges you’re coping with, you’ll have to head during the software procedure, which comes to a troublesome credit score inquiry. This will likely knock down your credit score rankings a bit of.

No on-line loans: Telephone or in-person software procedure

To use for a mortgage from Continental, you should consult with or name an area department. Whilst you’ll be able to start the mortgage procedure on-line, you’ll have to complete it in user or through telephone. This is a giant downside if you wish to practice on-line.

Plus, many lenders permit candidates to finish a web based software.

More than one reimbursement choices

There are alternative ways you’ll be able to pay off a Continental mortgage: In user at an area department, over the telephone, through mail, during the on-line portal or during the cell app of Continental’s mum or dad corporate, Safety Finance.


There’s no prepayment penalty for paying off your mortgage early. There’s additionally no balloon fee that will likely be due.

A more in-depth have a look at Continental non-public loans

Listed here are some extra main points on Continental loans.

  • No checking account required — You don’t want a checking account to use. That’s rather bizarre, as many non-public mortgage lenders require you to have a checking account whilst you practice.
  • Refinancing charges — If you wish to refinance your mortgage, Continental will fee you a price, even though it received’t divulge the volume till after you’ve implemented.
  • Overdue price — Continental fees a past due fee price that’s 5% of the fee due, with a most of $10.
  • Now not to be had in all states — Loans are to be had in handiest 15 states.
  • Referral payout — You’ll earn $35 each and every time you refer a pal who takes out a professional mortgage.
  • Probably speedy investment — If you happen to’re licensed for a mortgage, you could possibly get a test the similar day.

Must I am getting a Continental mortgage?

It’s highest to avoid a lender like Continental Loans that isn’t prematurely about its vary of rates of interest and makes you put up to a troublesome credit score inquiry to get that information. In case you have a bank card to faucet into, that can be your highest guess for borrowing cash with higher (and more-transparent) rates of interest and prices. An alternative choice is also a payday selection mortgage, which some federal credit score unions be offering to contributors. Those loans cap rates of interest at 28% and alertness charges at $20.

All that mentioned, a Continental mortgage is also a more sensible choice than a name mortgage, which additionally recurrently fees prime pastime however places you prone to dropping your automotive on most sensible of it. A Continental mortgage might also is also extra interesting if you happen to don’t have a checking account and want just a bit cash to tide you over — if you’ll be able to pay it again virtually in an instant to keep away from expensive pastime bills.

The way to practice for a Continental mortgage

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To use for a Continental mortgage, you’ll be able to forestall through your native department and get assist from a consultant, or you’ll be able to name an area department to use through telephone. You’ll additionally go browsing to get began, however will in the end have to name or consult with a department to finish the method, so first test if there’s one within sight.

Continental will ask you for the next data whilst you practice:

  • The place you reside
  • Employment historical past
  • Source of revenue main points
  • Per thirty days bills
  • Social Safety quantity

Once more, observe that the corporate may also carry out a troublesome credit score inquiry to test your credit score historical past and fee historical past.

Now not positive if a Continental mortgage is best for you? Imagine those possible choices.

In case you have spotty credit you might imagine Continental is the most efficient you’ll be able to do. However we advise having a look at different lenders that supply larger transparency into their charges and prices. Each lenders underneath will let you practice for prequalification. Simply observe that your ultimate phrases might exchange after you put up your complete software, which might lead to a troublesome inquiry, as neatly.

  • Personify: Personify loans even have prime rates of interest, however it can be a more sensible choice as a result of you’ll be able to practice for prequalification with no onerous credit score inquiry to get an concept of the rate of interest it’s possible you’ll obtain. Personify doesn’t lend in each and every state, even though — so be sure to test availability ahead of making use of.
  • OneMain Monetary: OneMain Monetary’s rates of interest may also be prime, too. However this lender notes its vary of rates of interest on its website online and allows you to practice for prequalification with no onerous credit score inquiry.

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