MaxLend installment loans review
Get up to $1,000 as a first-timer, with loans of up to $2,500 and lower rates for repeat borrowers.
MaxLend is a tribal-based lender offering short-term loans through an easy, quick online application.
As soon as the next business day
|Product Name||MaxLend Installment Loans|
|Loan Term||Up to 9 months|
|Turnaround Time||As soon as the next business day|
|Requirements||Must be at least 18 years old and a US citizen, have a valid bank account and provide a verifiable source of income.|
What are the benefits of a MaxLend installment loan?
MaxLend offers loans of up to $1,000 for first-time borrowers and up to $2,500 for returning customers. The loan amount and APR you ultimately qualify for depends on MaxLend’s assessment of your creditworthiness, along with such factors as the amount and frequency of your income.
Benefits of an installment loan with MaxLend include:
- Quick, easy application. After completing MaxLend’s online application, a MaxLend representative will call you to verify your information. If approved, your funds are typically deposited into your account within a business day.
- No early repayment fee. Unlike other short-term loan lenders, MaxLend does not charge a fee if you find yourself able to repay your loan early.
- Minimal requirements for approval. You don’t need good credit to get a loan with MaxLend, as long as you’re able to repay the loan.
What exactly is an installment loan?
An installment loan is a way to get fast, short-term credit available to those with low credit scores and income. Installment loans come with much higher APRs than personal loans, but are usually less costly than payday loans. The average installment loan term is one to six months. But you’ll find lenders that offer extended terms of up to a year or longer.
What to watch out for
Many online users complain of MaxLend’s offers to extend current loans that come with exorbitant processing fees of $350 or more. Other potential drawbacks include:
- Tribal lender. The ability to self-regulate lending codes has led to a lot of controversy surrounding tribal lenders and their practices.
- High APRs. Depending on your term and loan amount, you can see APRs as high as 841%.
- Fees and penalties. You’ll pay fees and penalties if you don’t repay your loan on time. Carefully read your loan agreement to avoid the pitfall of hidden costs.
- First-time loan restrictions. Returning borrowers with MaxLend receive more competitive APRs and loans of up to $2,500, versus the maximum $1,000 for first-time borrowers.
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A warning about short-term loans
Short-term loans can offer access to quick cash in an emergency, but they come with high interest rates that can make them wildly expensive, especially compared other personal loans. You could also be subject to hidden fees if you fail to pay back your loan on time.
Be skeptical when you see providers offering incentives — like lower APRs or better repayment terms — that encouraging repeat borrowing. To avoid potentially falling into a debt spiral, first look into alternative options before deciding on a short-term loan.
MaxLend reviews and complaints
|BBB customer reviews||1.6 out of 5 stars, based on 10 customer reviews|
|BBB customer complaints||27|
|Trustpilot score||2.2 out of 5, based on 13 customer reviews|
|Customer reviews verified as of||16 October 2020|
Am I eligible for a loan with MaxLend?
MaxLend’s online loan application is easy to complete. For loan approval, you must:
- Be at least 18 years old.
- Be a US citizen.
- Have a valid bank account.
- Provide a verifiable source of income.
MaxLend assesses your application based on your ability to meet its minimum income requirements, which confirms to lenders your ability to repay your loan on time.
How do I apply?
You can apply online or by phone. To apply by phone, call 855-975-9167 and speak with a MaxLend representative who’ll complete your application.
To apply online, follow the four steps below:
After you’ve submitted your information, a MaxLend representative will call you during business hours to verify your information. If your loan is approved, you will receive an email confirmation that contains a copy of your application. Funds are deposited into your account within one business day.
I got the MaxLend installment loan. Now what?
- Don’t miss a payment. Review your payment schedule carefully and do your best not to miss a payment. Late payments come with fees and penalties.
- Pay off your loan early. MaxLend has no penalty for paying your loan off before the due date. Avoid excess interest with early repayment.
A MaxLend installment loan could provide you with quick cash in an emergency, but be aware of high interest rates and penalties for missed payments that come with many lenders.
While OK for covering financial blips, these short-term loans should be used only as a last resort. Compare other short-term loan lenders to secure the cheapest loan for your needs.