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      July 18, 2019

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100 Lenders vs Max Lend

Best Installment Loans

To help you find the Best Installment Loans, TopConsumerReviews.com provides you with an in-depth comparison of 100 Lenders and Max Lend.

To see ALL of our reviews for the Best Installment Loans, please Click Here

Medical bills, unexpected car repairs, layoffs and more - does any of this ring a bell? There are lots of reasons why many people find themselves strapped for cash. What can you do if your income just isnít enough to make ends meet and you need money?

If you have a financially-comfortable friend or relative, you could put yourself through the embarrassment of asking them for a loan - which would be better than paying the extremely high interest rates associated with most credit cards or payday loans. Another option is to consider an installment loan.

Continue reading below reviews

Best Reviews

2019

Installment Loan Reviews

4 stars
100 Lenders

100 LENDERS Visit Site

Loan:

From $100 to $35,000

As a connection service, 100 Lenders helps to bring borrowers and lenders together for loans ranging from $100 to $35,000. Applying for a loan with 100 Lenders is simple: provide your basic information (name, address, Social Security number, and frequency of your paychecks), and in a matter of minutes, you will get a list of loans offered by their lender network.

Because 100 Lenders does not fund loans themselves, you should be aware that interest rates, fees, and other terms depend completely on their partner lenders. That's one disadvantage of working with a partner service - not being able to determine in advance what the possible costs may be when taking out an installment loan. However, 100 Lenders has a very solid reputation, with hundreds of reviews from satisfied borrowers.

100 Lenders also participate in the Online Lenders Alliance, which requires all members to abide by accepted ethical standards while participating in the loan industry. So, while we would have liked to see even a possible range of APRs and fees from a sample of 100 Lenders' partners, we feel reasonably confident that the loans they facilitate aren't coming with extremely high fees or interest rates (otherwise, their customer satisfaction scores and reviews would tell a much different story).

There are a few factors that may make 100 Lenders a less-than-suitable choice for your installment loan, though. First, if you are a resident of Vermont, Washington, New York, Arkansas, Georgia, West Virginia or Oregon, you aren't eligible to apply for a loan through 100 Lenders' network. Also, even though 100 Lenders does accept applicants no matter their credit score, many of their lenders will only extend a higher interest rate payday loan to borrowers whose credit scores are below a particular level. In other words, if you've got bad credit and you're looking for a long-term installment loan, you might not get it through a 100 Lenders partner.

In general, 100 Lenders' track record of helping over 300,000 people with the loan application process in the last decade is solid, and their network of lending partners can meet many people's needs. Unfortunately, they aren't able to work in several large states, and don't seem to offer installment loans to customers with low credit scores.

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1 star
MAx Lend

MAX LEND Visit Site

Loan:

From $150 to $1,250

At first glance, MaxLend looks like a good source for small loan amounts - up to $1,250. On the main page, prospective borrowers are asked to enter their name, email address, and desired loan amount before clicking on the "Apply Now" button. From there, they are taken to a page that asks for much more detailed information, including Social Security Number, employer name and work number, and exact banking information (routing/account numbers).

Ordinarily, we wouldn't be fazed by these requests for standard details needed to determine a borrower's creditworthiness. But, as we read the fine print at the bottom of that second page, we noticed several things that gave us cause for concern. First, we discovered that MaxLend is governed by the Mandan, Hidatsa and Arikara Nation, which means that all terms of the loan are governed by that federally-recognized American Indian Tribe. Why could that be an issue?

Continuing on, we found this disclaimer: "MaxLend is not subject to suit or service of process. If you do business with MaxLend, your potential forums for dispute resolution will be limited to those available under Tribal law and your loan agreement." In other words, don't expect to be protected by any US or Canadian laws if you take out a loan through MaxLend.

As it turns out, customers have plenty to say about MaxLend that indicates that these legal terms are not going to help you as a borrower. There are more than 100 complaints registered with the Better Business Bureau, where MaxLend had an "F" rating at the time of our review. Common criticisms include extremely high interest rates, bait-and-switch terms on the loans, and constant pressure to take out more loans once the original has been fulfilled.

In fact, there was very little transparency to help borrowers clearly understand what MaxLend's interest rates actually are. They do have a chart in the FAQ section, under the heading "What will my loan cost?", but it doesn't spell out the interest rate(s) used to make the calculations in the chart or how much a borrower should expect to pay over the total length of a loan. Given what other borrowers quoted - $1,000 paid in total for a loan of $1,000, $2,400 paid in total for a loan of $650 - it sounds like MaxLend's rates are extremely high and terms are purposely vague.

We strongly suggest that you consider other more highly-rated lenders in our review when considering an installment loan.

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Continued from above

Repaid over time with a predetermined number of set payments, these loans can help bridge the gap between what you have and what you need while allowing you to comfortably accommodate the repayment schedule. Many installment loans today are funded using a system known as a social lending network, matching borrowers with lenders through a peer-to-peer structure. Compared with other loans available, these installment loans usually have lower interest rates, mostly because of the lower overhead costs associated with this type of borrowing.

While you may feel a little apprehensive when trying to choose a lender for your installment loan, there are several factors you can use to make sure your loan is on solid footing. When looking at any potential lender, here are three things to check out:

  • Loan application process. What do you need to provide in terms of documentation to complete the application? Can all or most of the process be done online?
  • Loan rates, terms, and amounts. Will the lender provide an installment loan that covers the amount you need? Do the available repayment terms Ė such as the interest rate, and length of the loan - seem reasonable?
  • Reputation. Does the lender have a good track record for providing quality customer service? Is the lending company accredited with the Better Business Bureau?

TopConsumerReviews.com has reviewed and ranked the best Installment Loans available today. We hope this information helps you find the loan you need with the best possible rate and terms!

What Is an Installment Loan? Definition and Examples

An installment loan is a type of loan that allows individuals to borrow money and pay it back in installments over time. The amount borrowed is often a large sum. Installment loans are often used to ...

Published:  Tue, 09 Jul 2019 11:06:00 GMT



What Is the Difference Between a Personal Loan and a Personal Line of Credit?

A personal loan is a broad term that refers to installment debts that aren't backed by a specific asset or made for a specific purpose. For example, mortgages and auto loans aren't considered to be ...

Published:  Mon, 15 Jul 2019 16:45:00 GMT



Visa counters installment-loan fintechs with API for issuers

Visa's chief economist recently warned that fintechs are disintermediating banks' credit card businesses with instant access to installment loans. Now Visa is looking to disrupt the fintechs by giving ...

Published:  Thu, 27 Jun 2019 07:45:00 GMT



California on verge of capping rates on installment loans

California lawmakers are poised to impose an interest rate cap on consumer installment loans after forging a compromise that has the support of advocacy groups and some lenders. The legislation passed ...

Published:  Wed, 26 Jun 2019 20:10:00 GMT



3 lending alternatives to the traditional personal loan

They're in the same boat, facing bills and shrinking savings. When borrowing from people you know isn't an option, online installment loans direct lenders are a great option. Online installment loans ...

Published:  Fri, 21 Jun 2019 12:02:00 GMT



Layaway Is Cool Again, And Visa Wants A Piece Of The $1.2 Trillion Market

Affirm, led by PayPal cofounder Max Levchin, processed more than $2 billion in installment loans last year. It's now accepted at every Walmart and has a $3 billion valuation, according to PitchBook. ...

Published:  Thu, 27 Jun 2019 07:19:00 GMT



Visa Unveils Installment Payment Capabilities to Give Shoppers Simple and Flexible Way to Pay

[3] The Payments Report, Q1 2018. Installment Plans, Loans, and Balance Transfers. Auriemma Consulting Group. April 11, 2018 [4] Source: May 2017 Ipsos US nationwide survey conducted online, n = 2,000 ...

Published:  Thu, 27 Jun 2019 04:53:00 GMT



6 times it's smarter to use a personal loan instead of a credit card

"Generally speaking, installment loans (personal loans, mortgages, car, or student loans, etc.) are more favorable for your credit than revolving debt (lines of credit and credit cards)," says ...

Published:  Sat, 29 Jun 2019 21:19:00 GMT



Should I Pay Off My Credit Cards or Student Loans?

Different types of loans affect your credit score differently Another important thing to mention is the effect of different types of debt on your credit score. There are two main types of debt you can ...

Published:  Wed, 19 Jun 2019 03:31:00 GMT



Pros and cons of taking out an installment loan

*At Sun Loan Company, we offer installment loans from $100 to $1500, depending on the state that you are in. HOW DOES IT DIFFER FROM A PAYDAY LOAN? *Primarily the terms of the loan are the difference. ...

Published:  Sun, 30 Jun 2019 13:07:00 GMT



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