Maxlend

• 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.

• 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.