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      November 14, 2018

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Live Watch vs Max Lend

Best Installment Loans

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

2018

Installment Loan Reviews

4 stars
Upstart

UPSTART Visit Site

Loan:

From $1,000 to $50,000

Using a statistical approach to figure how how likely you will be to make repayments - not how likely you were in the past - Upstart takes into account your GPA, what you studied if you went to college, even your SAT scores to compare you with your peers and determine if you qualify for a loan.

That being said, Upstart does have certain eligibility requirements. These include:

  • U.S. Citizenship or permanent residency and living in the U.S.
  • Residency of any state except West Virginia
  • Valid email account
  • Verifiable name, Social Security Number, and date of birth
  • Personal banking account at a U.S. financial institution
  • A full-time job, a regular part-time job, or a full-time job offer starting within 6 months

Upstart also has several minimum credit requirements, such as fewer than 6 inquiries on the applicant's credit report in the last six months (not counting those related to mortgages, student or vehicle loans), no bankruptcies, and a reasonable ratio of debt-to-income.

One novel component to Upstart's lending philosophy is their willingness to make loans for those without a 4-year degree or a job - provided that the loan is for the purpose of attending a coding bootcamp. You'll have to select one of their eligible programs - Coder Camps, Dev League, Hackbright Academy, and RefactorU are just a few of the qualified providers - but if learning to code is what you need to get a job or advance in your career, Upstart might be able to help.

We love Upstart's transparency with respect to their rates and fees. Right from their main page, you can visit the Rates and Fees page, where they disclose the following information:

  • Interest rates range from 4.16% to 25.07%
  • APRs range from 4.82% to 29.99%
  • Origination fees range from 1% to 6%
  • The average 3-year loan has an APR of 17%, with 36 monthly payments of $31 for every $1,000 borrowed
  • The only other fees are for late payments, ACH return or check refunds, and paper copies of any documents that were previously eSigned

For a relatively new company - Upstart was created in 2012 by two former Google employees - they've already made a significant impact on the installment loans market, with more than 45,000 loans funded in their first four years. Their mission is to help improve "financial fitness for all", particularly by helping younger borrowers avoid predatory lending and get on track towards achieving budgeting, saving, and investment goals.

All indicators show that Upstart is succeeding. In addition to an "A+" rating with the BBB at the time of our review, borrowers praise Upstart's easy-to-use website, straightforward application process, and reasonable rates/terms. And, more recently, Upstart was nominated as a finalist in the LendIt Industry Awards for the Best Consumer Lending Platform.

The only slight drawback to getting an installment loan through Upstart is the inability to compare rates among competing lenders. All of Upstart's installment loans are funded through Cross River Bank, so what you see is what you get in terms of interest rates and fees.

However, the overall picture of Upstart is excellent: complete transparency, fair interest rates, and a real chance of getting a loan for Millennials who may not yet have an established credit history.

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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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Jack Dorsey's Square will start lending for customer purchases

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Published:  Thu, 04 Oct 2018 16:06:00 GMT



Goeasy: Impending Regulatory Changes Could Jeopardize Entire Business Model

My analysis of an Ontario Ministry of Government and Consumer Services consultation paper released in mid-2017 indicates that potential widespread regulatory changes to the consumer installment loan i...

Published:  Thu, 13 Sep 2018 08:03:00 GMT



Carbondale reduces the number of installment loan companies within city limits

CARBONDALE - There are 11 installment loan companies in Carbondale currently, according to the city, and recent action by the City Council will slowly reduce the presence of such businesses. The Carbo...

Published:  Thu, 16 Aug 2018 15:43:00 GMT



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