You may be looking for loans like MaxLend to help tackle unexpected expenses. But how does MaxLend work, and is this the right loan option for you?
There are various installment loans to choose from, and they all offer unique benefits and loan terms. Maybe you need a small loan for a minor house repair. Or perhaps you need a large sum to replace your car’s suspension. Before you apply with an online lender, it’s essential to compare lenders and determine what kind of loan you want.
Keep reading to learn about your loan options and how you can find the right personal loan for your financial needs.
Finding the Right Personal Loan
A personal loan is a versatile option that can help borrowers deal with all kinds of emergencies. But the right personal loan for you depends on your financial situation. Every lender offers unique loan terms, meaning not every lender will fit your needs well.
When you are looking for an installment loan, consider the following:
- How much money do you need?
- How much can you afford to pay each month?
- How much time do you need to repay?
- Do you want to use collateral?
Most personal loans are unsecured, but you may be able to find a direct lender that offers secured loans. But remember that secured loans are risky because you may lose possession of your collateral in case of default.
Many consumers with bad credit think they are ineligible for personal installment loans. After all, many lenders are getting stricter with approvals. In fact, loan approvals went down 26.5% in 2020 from 2019, according to a Credit Karma report.1
But it’s possible to get an installment loan with a bad credit score! Many lenders offer flexible qualification requirements. Just make sure you compare multiple lenders to find the best loan offer for your financial needs.
Can I Use Personal Loans for Medical Costs?
Many people use personal loans to cover the high cost of medical services. Unfortunately, even non-emergency services and procedures can cost hundreds of dollars. Take a look at the average cost of common medical services below.
| Medical Service | Average Cost (USD) |
| General Doctor Visit | $120 |
| Specialist Consultation | $250 |
| Blood Test | $100 |
| X-Ray | $150 |
| MRI Scan | $700 |
| Prescription Medication | $50-200/month |
| Emergency Room Visit | $1,200 |
| Dental Cleaning | $100 |
Personal Loan vs. Payday Loan: Which Is Better?
When someone needs instant cash with a bad credit score, they often turn to a direct payday loan lender. But while payday loans are easily accessible, they can be a risky financial option.
Online payday loans are short-term loans that provide small loan amounts. The qualification requirements are generally easy to meet, as many payday loan lenders do not require good credit. As long as someone has a reliable income, they may be eligible for a cash advance loan.
Payday loans may be easy to get, but they can be very challenging to get rid of. Most payday loans have a strict 2-week repayment period. The payday loan can roll over if they are not repaid on time. A rollover is an extension that adds a penalty fee to the principal balance of the payday loan. Approximately 80% of payday loans are either rolled over into another pay period or followed by another payday loan within two weeks.2
If you have a bad credit score and need a cash loan, it may be better to consider a personal installment loan instead. You could get higher loan amounts, more time for repayment, and more affordable rates.
Loans Like MaxLend: What You Need To Know
MaxLend is a sovereign enterprise that is wholly owned and controlled by the Mandan, Hidatsa, and Arikara Nation, which is a federally recognized sovereign American Indian Tribe.
MaxLend offers installment loans as an alternative to payday loans. These personal loans are worth up to $3,750. However, the maximum amount a new customer could qualify for is $2,000.
Eligible applicants can expect money in their bank account the same day if pre-approval, eSignature of the loan agreement, and completion of the confirmation call have occurred by 11:45 a.m. Eastern Time.
How Do Tribal Loans Work?
Installment loans from MaxLend are provided by a sovereign government, and the proceeds of the business fund governmental services for Tribe citizens.
If you obtain online installment loans from MaxLend, your potential forums for dispute resolution will be limited to those available under Tribal law and your loan agreement. As specifically cited in MaxLend’s contracts, these forums include an informal but affordable and efficient Tribal dispute resolution or individual arbitration before a neutral arbitrator. Otherwise, MaxLend is not subject to suit or service of process.
What Are the Qualification Requirements?
Interested borrowers will need to meet the following requirements to get approval for short-term loans:
- A verifiable source of income deposited into your checking account.
- An open checking account that meets “bank account minimum opened duration” requirements.
- You must be at least 18 years old and a United States resident.
- Your take-home pay has to meet the minimum income requirements.
- You must not currently be a debtor in a bankruptcy case or intend to file for bankruptcy relief.
What Are the Rewards?
MaxLend offers MaxLend Preferred Rewards for repeat customers. There are four levels of reward tiers (Green, Silver, Gold, and Platinum). Borrowers can move up a level by avoiding any missing or late payments on their installment loans. Moving up can help a borrower get more money, more savings, and more time to repay.
- Green — Installment loans up to $2,000 with up to 270 days to repay. Potential lower rates on the second installment loan after successfully paying off the first one.
- Silver — Installment loans up to $3,000 with up to 270 days to repay. Borrowers could get lower rates compared to Green-level installment loans.
- Gold — Installment loans up to $3,250 with up to 300 days to repay. Borrowers could get lower rates compared to the Silver level.
- Platinum — Installment loans up to $3,750 and up to 300 days to repay. Borrowers could access the best rates offered by MaxLend.
CreditNinja: How Does It Compare?
CreditNinja is a trusted online lender that provides online installment loans. If you need money quickly to deal with unexpected expenses, CreditNinja may be able to help you.
Since 2018, we have helped over 275,000 customers get fast financial relief. We currently have numerous good reviews online from past and current customers. Read some of these testimonials to see what you can expect from CreditNinja personal loans.
Who Are CreditNinja’s Installment Loans For?
CreditNinja installment loans are meant for people who need money quickly and want an alternative to payday loans online.
Bad credit may not disqualify you from getting approval for fast cash loans. We look beyond your bad credit score because we know that you are more than a 3-digit number. That’s why we consider your income and entire financial history before making an approval decision.
If you find it challenging to get traditional installment loans, CreditNinja may be able to help!
How Does CreditNinja Stand Out?
CreditNinja offers a lot of benefits for customers. If you’re interested in getting a cash loan online, take a look at some of the perks you can enjoy with a CreditNinja personal loan:
- Fast Funding — If approved, you may get your money as soon as the same day!* Your loan money is conveniently sent straight to your checking account, so you start spending right away!
- Easy Online Process — Interested borrowers can apply online anytime, from anywhere, through our website or mobile app. All you have to do is provide basic personal information.
- Flexible Repayment Plans — We offer short and extended repayment plans. Borrowers can also repay their loans early to save on interest fees, as CreditNinja does not charge prepayment penalty fees!
- Competitive Rates — We offer competitive interest rates to help our customers get manageable financial relief.
- Superior Customer Service — We pride ourselves on our quality customer service. Help is easily accessible by email or phone number.
How Will the Loan Process Work?
At CreditNinja, we aim to be an alternative payday solution by helping consumers get financial support quickly and easily. That’s why we offer a streamlined 3-step process.
Step 1: Apply Online
The first step is to complete the online application. You will be asked to provide some basic information, such as your name, date of birth, and Social Security number.
Step 2: Review Loan Offer
If you are eligible, you will receive a loan offer. Your offer will have your personalized loan amount, rate, repayment length, and terms. Ensure that you read it carefully and reach out if you have any questions or concerns.
Step 3: Get Your Money
You will be asked to e-sign your personal loan agreement and complete a quick bank verification process. Afterward, you can get your loan money sent to your bank account via direct deposit!
Frequently Asked Questions About Loans Like MaxLend
MaxLend offers installment loans, which typically allow for larger loan amounts and longer repayment terms compared to traditional payday loans online. This can provide more flexibility and potentially lower overall costs for borrowers than payday loan companies.
Absolutely! MaxLend considers applicants with bad credit for their installment loans. While your credit score is a factor, it’s not the only one we look at, so having bad credit doesn’t automatically disqualify you.
If you’re approved for a loan with MaxLend, you could receive your cash loan as soon as the same business day, depending on the timing of your application and approval.
Yes, MaxLend is a direct lender, which means they directly manage your loan application, approval, and funding without involving third-party lenders.
Interest rates for MaxLend’s short-term loans vary based on the loan amount, term, and your individual credit situation. You should review the loan agreement carefully to understand the specific rates applied to your loan.
MaxLend typically does not charge prepayment penalties, so you can pay off your installment loan early without extra charges. However, it’s always good to confirm this in your specific loan agreement.
Repaying a MaxLend loan on time can positively impact your credit score. Conversely, late or missed payments may negatively affect your score. It’s important to manage your loan responsibly to help improve or maintain your credit.
MaxLend may offer options for extending your loan under certain circumstances, but it’s generally advisable to avoid rollovers due to additional fees and increased debt risk. Borrowers should plan for timely repayment to avoid extra costs.
While many other payday loan companies offer quick approvals, MaxLend strives to combine speed with thoroughness. MaxLend provides fast approvals, often within the same business day.
Yes, it’s possible! MaxLend considers each application individually, so even if cash advance lenders have declined you, you might still qualify for a loan with MaxLend or another online lender.
A Final Word From CreditNinja
When you need fast emergency cash, you may consider applying for payday loans. But there are alternative bad credit installment loans, such as CreditNinja and MaxLend. The right personal loan option for you depends on your financial situation and budget. Make sure that you take time to compare lenders and loan terms before signing a loan agreement.
At CreditNinja, we understand the importance of transparency. That’s why we offer financial blogs on our website that answer all types of financial queries. You can learn whether loaning money to a friend is a good idea, if freezing a card will stop pending transactions, and much more!
*Applications approved before 10:30 a.m. CT Monday-Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case the loan, if approved, will be funded the business day after such additional verification is completed.
References:
