Best Reviews TopConsumerReviews.com Best Installment Loans Best Reviews
Best Reviews
      March 26, 2019

Home  >  Installment Loans  >  Life Loans vs Max Lend

Best

Installment Loans

  1. SoFi
  2. LendingTree
  3. Upstart
  4. 100 Lenders
  5. Net Credit
  6. One Main Financial
  7. Personal Loans
  8. iLoan
  9. LifeLoans
  10. Max Lend

Compare Products

  • Select any 2 companies in our reviews to compare them head-to-head!
  • Compare

Your Information Is Secure
Personal Loan Tips Newsletter

Latest Reviews

ADHD

Eczema

Flower Delivery

Fruit Baskets

Hair Loss

Hair Removal

Menopause Relief

Pet Meds

Ringworm

Watches

 

Individual Reviews

LendingClub

SoFi

LendingTree

Live Watch

100 Lenders

Net Credit

One Main Financial

Personal Loans

iLoan

Life Loans

Max Lend

 

Our professional reviewers evaluate products and services independently, but Top Consumer Reviews may earn money when you click on the links on our pages. Learn more.

Better Business Bureau Reliability Seal

Life Loans vs Max Lend

Best Installment Loans

To help you find the Best Installment Loans, TopConsumerReviews.com provides you with an in-depth comparison of Life Loans 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

2 stars
Life Loans

LIFE LOANS Visit Site

Loan:

From $100 to $35,000

LifeLoans offers installment loans ranging from $100 to $35,000. As a service that matches borrowers with a lending network, they do not fund any loans themselves.

The LifeLoans site is disappointingly short on details. How many lenders are in their network? What are the average interest rates on installment loans? How likely is it that an individual will qualify for a loan? Those are all excellent questions that go unanswered by the site. We did see in the very small print at the bottom of the site that residents of Connecticut, New Hampshire, Washington, and Vermont are not eligible to apply for any type of loan through LifeLoans.

To use the LifeLoans site, you start by entering your desired loan amount, monthly income, credit score range, and your zip code. From there, we would have liked to see a list of potential partners and sample loan terms. Instead, we were taken to another page asking for more detailed information, including our Social Security Number. Many people will be reluctant to provide that kind of ID without assurances that LifeLoans is a reputable source of installment loans.

However, we were unable to find anything solid to establish that reputation. We did see that they are members of the Online Lenders Alliance, which establishes policies of integrity and honesty in lending. On the other hand, LifeLoans had no listing with the Better Business Bureau and seemingly no history at all with previous customers - positive or negative.

In the end, LifeLoans could do a more effective job of establishing themselves as a reputable borrower-to-lender service with more transparency and with reviews from customers who have been satisfied with the process of getting an installment loan through their service.

Visit Site

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.

Visit Site

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

At NerdWallet, we adhere to strict standards of editorial integrity to help you make decisions with confidence. Many or all of the products featured here are from our partners. Here's how we make ...

Published:  Wed, 06 Mar 2019 16:00:00 GMT



CFPB Proposes Amendments to Payday Rule and Its Compliance Date

The first NPRM proposes to rescind certain underwriting provisions of the Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule and the second NPRM proposes to delay the Rule's ...

Published:  Wed, 27 Feb 2019 16:49:00 GMT



Indiana Senate mulls measure that would allow 192 percent interest rate on certain payday loans

But this year's legislation is getting some high-powered lobbying assistance from another group: subprime loan companies that specialize in installment loans with interest rates of nearly 100 percent. ...

Published:  Tue, 26 Feb 2019 06:57:00 GMT



Effort to legalize 'loan shark' rates could bring a new breed of lender to Indiana

Check out this story on IndyStar.com: ...

Published:  Tue, 26 Feb 2019 05:28:00 GMT



PINTEC Academy: How to Design Installment Payment Services for Online Education Platforms

personal installment loan solutions, business installment loan solutions, wealth management solutions and insurance solutions. PINTEC's services include: consulting services, SaaS technology services ...

Published:  Thu, 07 Mar 2019 03:59:00 GMT



Curo Group: Short-Term Gain, Long-Term Pain

Another bearish factor, which has contributed to the industry's decline and shift towards lines of credit and installment loans, is online banking by the big financial institutions which now offer ...

Published:  Mon, 25 Feb 2019 01:57:00 GMT



How Do Alternative Installment Loans Work

Installment loans, like personal loans, car loans or mortgages, provide funds with a predictable repayment schedule. But for consumers with bad credit, some payday and online lenders are offering a ...

Published:  Fri, 15 Feb 2019 10:04:00 GMT



Expensive Loans to Desperate People Built This $90 Billion Industry

But even with the CFPB proposal and a friendly U.S. administration, some online lenders are moving away from payday loans. Many have pivoted toward installment loans, which are paid back over time ...

Published:  Thu, 14 Feb 2019 18:23:00 GMT



PINTEC Joins Forces with Xiaomai Zhujiao to Enable Installment Financing for Education Institutions

Consumers can easily apply for installment loans for their selected education programs. By supplying basic personal information, the credit assessment and decisioning will be completed in just a few ...

Published:  Thu, 21 Feb 2019 18:06:00 GMT



Share Us!    Share TopConsumerReviews.com on Twitter Share TopConsumerReviews.com on LinkedIn Share TopConsumerReviews.com on Google+ Share TopConsumerReviews.com on Pinterest

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure