MaxLend is a tribe-regulated loans provider with over two decades of experience. It is licensed to operate in all states of the US and there is a synchronized fee structure across all states of operation. As with most tribe-regulated lenders, transparency is upheld and you will be informed of all expected charges on the borrowed money.Website: www.maxlend.com
MaxLend is an installment loan lending company that has a management team with more than two decades of experience. It is owned and controlled by the Three Affiliated Tribes of Fort Berthold Reservation. It is not state regulated but rather, it is tribe-regulated. This makes fees and charges more streamlined across the states that enjoy their service. The tribe is allowed to conduct business in all the states but it has decided not to do so in a few states. The lender claims to offer up to $1250 in one business day. Installment loans are viewed as an alternative to payday loans because of their flexible repayment terms.
The company promises to allow borrowers to access up to $1250 in a single business day. The funds are expected to be repaid back in installments staggered over a certain period of time; this can be a break to customers who are not comfortable with typical payday loans that are supposed to be paid back in full the next payday.
However, MaxLend is very specific and states that not everyone will access this amount. In addition, they say you might not qualify for any of their loans. Normally, you will be cleared to borrow a lower amount and later you can be eligible to borrow the full amount.
Because it is tribe-regulated, dispute resolution channels are limited to those recognized and stipulated by the tribal law. Therefore, when you agree to do business with this company you are consenting to only use the recognized channels for dispute resolution. Also, this makes it possible for borrowers who have been locked out by state laws to access more money through this lender.
Most of the loans offered by the company are supposed to be paid back in a period of 6 months and the charges are dependent on the origination fees and the duration that you settle on.
Before you are approved for a loan, the company will conduct a credit score check to determine your credit history. They state that it is not their responsibility to ensure that the credit score reflects well. However, you are discouraged from making multiple applications on several loan websites at once. This is not to conclude that people with bad credit cannot qualify. In fact, even those with non-existent credit scores can qualify for some loans with MaxLend.
To be qualified for a loan, you will have to fulfill the following requirements:
- Be in a position to produce proof of a stable source of income that meets the minimum monthly income requirement
- Be in a position to provide a valid checking account meeting the minimum open duration requirement.
- You must be at least 18 years old or more
- You must be a citizen or a permanent resident of the US
- You must not be in active military service
- You must not willing to file bankruptcy or be a present debtor in a bankruptcy court proceeding
If you meet all the stated requirements then you can go ahead and apply online in a few steps;
Fill out the application form online which should take around 5 minutes. Your application shall be reviewed for either an approval or decline and if approved, a representative will contact you within five minutes to verify the details. After that, you’ll be required to sign the agreement online.
The loan details are sent to your email address and the funds are deposited into your account. You will have access to the funds in the next business day.
Company can offer up to $1250 and deposit the money into your account on the next business day. Normally, first-time applicants will qualify to get up to $1000 while return customers can get the maximum amount
The loans offered are not regulated by the states and therefore you can qualify for a higher loan regardless of the state you reside in.
The installment loans are scheduled for payment depending on your pay date frequency. If they fall bimonthly you can fit the payment in and so on.
All loans can be paid in full without any penalties.
The company specifies that the APR will be in the range of 471.9% – 841.45%. The exact fee is dependent upon the amount loaned and the origination fee. According to their website, failure to pay the loan in accordance with the agreement will attract additional charges.
The process is entirely online and very fast with verification happening in as fast as 5 minutes and the money can be in your account on the next business day.
For return customers, there is a MAX reward program where the loan fees are reduced.
People living in the states with little or no coverage of payday loan services can have access to MaxLend.com loans because they are permitted to operate throughout the US.
If you take a loan and you want to save money on the fees, you can decide to pay the money at once and the company will not slap you with hefty charges as seen with other lenders.
If you are approved for a loan and you don’t have a printer to reproduce your loan documents, you can call customer support and have the documents faxed to you.
The fees schedule is streamlined and you can easily determine the cost of borrowing with this company. This can be attributed to the fact that it is free of state regulations which complicate the loan charges schedules for normal lenders.
MaxLend is permitted to operate throughout the United States. Out of their own will they have chosen no to offer their services in some selected states which include:
Arkansas, Connecticut, Georgia, Minnesota, Maine, New York, Pennsylvania, North Dakota, Vermont, Washington, and West Virginia
Office Address : Makes Cents, Inc. d/b/a MaxLend ,
217 3rd Ave NE
Parshall, ND 58770
Company seems to offer discount codes although it’s not clear what value they may hold. The best way to receive them when they are still valid is to sign up on their website. Most likely, you’ll learn about them on their newsletters.