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      March 25, 2019

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Max Lend Review

Best Installment Loans

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

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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

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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