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      July 19, 2019

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SoFi vs Max Lend

Best Installment Loans

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

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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

4.5 stars
SoFi

SOFI Visit Site

Loan:

From $1,000 to $100,000

Although their name may sound strange, SoFi is making a splash in the personal finance market. You may have already guessed that their name comes from the words "social finance", not just helping connect borrowers with lenders but also using all of the technological tools at their disposal to help their "members" get on solid financial footing.

While most sources of installment loans may feel cold and impersonal, SoFi strives to partner with their borrowers. Check out some of the perks that SoFi offers that their competitors generally do not:

  • Referral bonuses - when a new loan is made based on a current member's referral, both the new member and the person referring them get a cash reward
  • Unemployment protection - if a member loses their job through no fault of their own, payments can be suspended for a combined total of 12 months throughout the repayment term
  • Job-hunting assistance - SoFi's Career Strategy experts even help members to find a new job if they become unemployed during the course of their loan

SoFi is equally borrower-friendly when it comes to transparency. Unlike some lenders that seems to purposely hide their rates and fees, SoFi publishes its installment loan rates very clearly - and, better yet, they're extremely competitive: at the time of our review, variable interest rate products had an APR ranging from 5.05% to 10.85%, and fixed-rate interest products ranged from 6.20% to 12.49%. Available loan terms were 3, 5, and 7 years for both fixed and variable interest rate loans. You won't pay any fees for prepaying your loan payments, and SoFi will also save you cash by not charging any origination fees.

As you begin the application process, expect to provide your name and address, any post-secondary education details, as well as your current wages/salary and employer name. You will only need to provide your SSN if SoFi isn't able to confirm the other information you provided. You'll also need to meet their eligibility criteria; because states aren't eligible for SoFi loans, we encourage you to click on the link "Eligibility Criteria" at the bottom of the page, to make sure your state is included and to read up on any other information specific to where you live.

Across a wide range of products - not just installment loans, but also student loan refinancing, mortgage loans and refinancing, and more - SoFi does not disappoint. We highly recommend SoFi for their lack of fees, extremely low interest rates, and member-friendly perks.

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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!

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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



VP Risk Lead - Pers Installment Loan Collections/Recoveries

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and ...

Published:  Thu, 04 Jul 2019 17:00:00 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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