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Maxlend

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4.9

Overall Score

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LAST UPDATED: November 18th, 2022

MaxLend offers installment and short-term loans to residents of 39 states. Installment loans are a great option for those seeking lower interest rates or to build credit, and as a smaller loan provider, MaxLend is a great option for those of all credit levels, even offering loans to those with no or bad credit. It is owned and operated by the Mandan, Hidatsa, and Arikara Nation, three affiliated tribes of the Fort Berthold Reservation, a federally-recognized sovereign nation.

With a quick online application process, borrowers can receive up to $3,000 in as soon as one day. If you are approved to borrow, documents are signed online and then a MaxLend representative will call you to confirm your details. Although this phone call is an added step in the process, it doesn’t add too much time, and a copy of your application will be emailed to you immediately upon confirmation.

As with all payday lenders, you may be subject to late payments and origination fees.

Read on for pros and cons, as well as MaxLend reviews from real customers.

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The Good

  • Basic Requirements
  • Same-Day Lending
  • Rewards Program
  • Payment Options

Basic Requirements

Compared to other personal loan lenders, MaxLend’s loan requirements are minimal and there is no credit check, providing an opportunity to those with bad credit to qualify for a loan. Instead of using credit scores as a benchmark for approval, MaxLend has the following basic requirements for borrowers:

  • Must have a verifiable source of income, meeting MaxLend’s minimum income requirements
  • Have an open checking account
  • Must be a United States resident and at least 18 years old
  • Must not be a current debtor in a bankruptcy case or intending to file for bankruptcy relief voluntarily

For most borrowers, these requirements will not be difficult to meet.

Same-Day Lending

If approved, same-day (business day) funding is available under certain conditions. If same-day funding is available to you, this option will be offered during your verification call. In most cases, borrowers will receive same-day funding if they have received pre-approval and completed all necessary documentation and the confirmation phone call before 11:45 a.m. Eastern Time on any business day.

It is important to note that availability also depends on whether your bank accepts same-day funding transactions. If it's not available, your funds will be deposited the next day.

Combined with the quick application and approval process, MaxLend’s same-day lending offering is a great option for those seeking an emergency loan.

Rewards Program

MaxLend offers a rewards system called MaxLend Preferred, which allows return borrowers to earn better fees and save more money. This is a unique offering in the industry, and borrowers are automatically enrolled in the MaxLend Preferred program upon approval for their first loan.

A borrower can progress through four levels of rewards. To move to the next rewards level, you must pay off each loan, with no late payments, and take out a required number of successive loans.

Although rewards on a loan may be tempting, it is important to note that each rewards level has specific stipulations. Loan amounts are generally quite small and are required to be paid off in a specific number of days, similar to a payday loan. Therefore, it is important to assess your financial circumstances and needs, because you might need a larger loan than MaxLend offers, or you may not be able to pay the loan back in full in the specified amount of time, which would defeat the point of the getting rewards in the first place.

Payment Options

A MaxLend loan has higher fees than other loan lenders, but it provides options for lowering fee payments, such as the Payment Plus program. Payment Plus allows you to pay more than is required by your installment, reducing future installment amounts and fees overall. In addition, MaxLend does not charge a prepayment penalty fee on its loans, allowing you to pay back your loan sooner, saving money and allaying high fee payment.

It is unclear if Maxlend charges a late fee, but making late payments can affect your ability to qualify for MaxLend Preferred rewards. However, if you can’t afford to repay the loan in full on your due date, you must contact MaxLend at least three business days prior to your loan due date to discuss repayment terms.

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The Bad

  • High Loan Rates
  • Dispute Resolution
  • Military

High Loan Rates

MaxLend installment loan APRs range from 471 percent to 841 percent, depending on loan origination fees and loan duration. This is much higher than the average industry interest rate of 400 percent APR on short-term loans.
Fee rates are based on per $100 borrowed on a loan. You can then choose between a weekly or monthly repayment plan.

MaxLend advertises rates and fees in dollar amounts, which can be confusing when it is most often displayed in percentages. Therefore, it is a good idea to ask a MaxLend customer service representative what the APR percentage would be on your loan.

Dispute Resolution

If you do business with MaxLend, any dispute resolution process will be governed by Tribal law. This means that MaxLend is not subject to suit or service of process because the company is owned by three federally recognized sovereign American Indian Tribes. Therefore, if you choose to do business with MaxLend you will have limited potential forums for dispute resolution. 

MaxLend recommends looking into different services if you are uncomfortable doing business with a sovereign instrumentality that cannot be sued in court.

Military

Like many similar installment and short-term loan lenders, MaxLend does not extend loans to active duty military, their spouses, or dependents.

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The Bottom Line

With a quick online application and same-day approval and funding, MaxLend is a great option for borrowers who are looking for a small loan for an emergency, or whatever the financial need may be. All borrowers are welcome to apply, no matter their credit history, as no credit check is made upon applying for a MaxLend installment loan.

Although MaxLend offers same-day funding, and is a good option for any credit score, it is important to consider MaxLend’s high rates and fees. With rates ranging from 471 percent to 841 percent APR, you will be paying much more than you would with another short-term loan lender. However, MaxLend does not have a prepayment penalty fee, allowing you to pay off your loan sooner, avoiding paying more in rates and fees over a longer period of time. 

If you are looking for a payday loan, you will have to look into different lenders. Although MaxLend's services are similar to those of payday loan lenders, offering small loans with a short loan term, MaxLend provides installment loans that are paid off weekly or monthly until the loan term is met.

Unique to MaxLend, you have the opportunity to save money through its rewards program, MaxLend Preferred. If you choose to borrow from MaxLend, you will automatically be enrolled in this program. However, based on your needs, these rewards may not make a big difference in the long run, as you can only get smaller loans up to $3,000 that must be paid off in a shorter amount of time than other personal loan lenders.

If a loan dispute occurs, you will be unable to sue MaxLend in court, as the company is owned by three American-Indian tribes, and is governed by Tribal law. If this would make you uncomfortable as a borrower, MaxLend recommends looking into other lenders. Based on this fact, as well as loan amounts, loan terms, and rates, we would recommend looking into other lenders for installment and short-term loans.

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Star Rating

3.4

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161 Reviews

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5%

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1%

1 grade

35%

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Brian Lopez Baltimore, MD

Criminally high interest rates, treat this as only an emergency that you can pay off in less than a week, knowing that you will also get hit with a high 'service fee'. if you don't pay your balance less that a week and let them take it out of your pay check, you will forever be in debt and your other bills will suffer. The interest rate for my loan was 400%, yes 400% not a typo. Only use if you can pay off in a week!! If not, you will get hurt paying them back big time. But they will get you give you the loan quick! Also, anyone can post reviews on this site so be wary of all the 5 stars and great reviews.

6 months ago

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Reply from Maxlend

Hello Brian Lopez, We appreciate your feedback. We provide alternative payment options that may help to reduce the overall cost of the loan, and the loan agreements we provide detail the overall cost of the loan, finance charge, loan term, scheduled due dates and payment amounts. A copy of your loan agreement is available to you at any time by logging into your MaxLend account, and we are here to discuss the terms of your loan with you in more detail. We will be reaching out within 48 hours for more information about your experience. If you prefer to speak with us sooner, please feel free to email us directly at [email protected] or call us at 855-201-4677. We’re available from 7AM – 7PM CT, Monday – Friday.

May. 19th, 2022

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Nick Duerst Theodosia, MO

Lied after I paid off my lian they told me I qualify for 1850 at 8 percent.

9 months ago

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Reply from Maxlend

Hi Nick, Thank you for taking the time to share your experience. Your feedback is important to us! To ensure your privacy, we cannot discuss account details here, but we would like to get the details of your experience so that we can properly escalate your concerns. Please email us directly at [email protected] or call us at 855-201-4677 to discuss. We’re available from 7AM – 7PM CT, Monday – Friday.

Feb. 16th, 2022