NorthWestern Financial Review

Preferred Loans

Preferred Loans Overall rating: ★★☆☆☆ 2.3 based on 3 reviews.
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Online Payday Personal Consumer Loans up to $5,000

Easy Application, Fast Processing, Quick Approval, Any Credit Score

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Preferred Loans offers short term installment loans for various types of emergencies. The business is based in Columbus, Ohio. For over 2 decades, the lender has been providing short-term loans in various states. The company works at the following schedule: Mon-Fri: 9AM – 5PM. You can apply for a preferred installment loan online and get the funds as soon as the same day or the following day. Bad credit is not an obstacle to getting a loan.

Company name Preferred Loans, LLC
Founded 1985
Address 1335 Dublin Rd. Suite 118-A Columbus, Ohio, 43215
Phone number
(614) 488-3225
Preferred Loans site


  • Nationwide
  • Direct lender in most states
  • Easy online process
  • Quick loan approval decisions
  • Instant funding (within minutes, straight to your debit card)
  • Direct transfers to your bank account
  • For bad credit history
  • No credit checks
  • Repay any time with no penalties


  • Limited loan products
  • Not BBB accredited
  • No user reviews
  • You must be 21+ to qualify
  • Limited information

Bottom line seems a good place to get an installment loan from. This lender is right if you need a larger loan to cover an emergency and need time to pay it off. But if you just need a small payday loan, search elsewhere. Anyway, you should read the agreement caregully as the website has no information about interest rates, fees and other charges.

Types of loans

Preferred Loans offers installment loans only. They can provide fast cash in an emergency. The main difference between payday loans and preferred installment loans is the repayment period. Payday loans are typically repaid in full on your next pay date, whereas installment loans are typically paid off in fixed installments over several months. Loan amounts vary by state.

Eligibility criteria

In order to get approved for a loan with Preferred Loans, you must:

  1. be at least 21 years old;
  2. be a US citizen or permanent resident;
  3. be currently employed and/or have a stable source of income;
  4. have an active checking account in your name;
  5. have a valid phone number and email address.

Category: Online Loans

Tags: Alabama, Alaska, California, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, North Dakota, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming

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Preferred Loans Reviews

I have sent dozens of emails about revoking my ACH/Debit payment, still no response. Called them about 10 times about the same thing. No answer. Worst company!! BEWARE!
- William Valdes

A fantastic company that takes care of its customers!
- Mary Hess

The agent I spoke with was so rude and unprofessional!!! You can’t speak with your clients like that!! Would never recommend them to friends and family.
- Laura Allison

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