Review of MaxLend
Loans from $100 to $3,000
Repayment periods of up to nine months
Bad credit history accepted
Funds available in one day
What is MaxLend?
MaxLend is an online tribal lender that offers short-term installment loans of up to $3,000. New customers can borrow up to $1,500.
MaxLend offers an alternative to payday loans and MaxLend loans can be available as soon as one day and do not require any collateral.
MaxLend is a lender owned by the Mandan, Hidatsa, and Arikara Nation — the Three Affiliated Tribes of the Fort Berthold Reservation, a sovereign nation located within the United States of America.
MaxLend offers quick approval installment loans to help you stay afloat during financially challenging times.
Since the payments are spread out over a period of time in equal installments, it gives you more control over your budget.
MaxLend offers installment loans up to $3,000 with repayments of up to nine months.
How MaxLend Works
You can borrow as much as $3,000 via a MaxLend loan. And if you’re a first-time customer you can apply for up to $1,500.
MaxLend loans are easily accessible and you can have funds in your account on the following business day.
As a first-time borrower, you can qualify for a loan of up to $1,500 and borrowers with bad credit can apply.
You can make an additional payment toward principal interest on any scheduled payment date. There is also no penalty for early repayment of a MaxLend loan.
Personal loans can be difficult to qualify for if you have bad credit. This is because most personal loans are unsecured so there is no collateral to back up the loan. MaxLend doesn’t require collateral and you don’t need good credit.
Note: Same day funding is not available in South Dakota.
You don’t need to provide collateral when taking out a MaxLend installment loan. All you will need to provide is proof of income, a checking account, and a valid social security number.
MaxLend does not offer loans in these states: Arkansas, Connecticut, Georgia, Massachusetts, Minnesota, New York, North Dakota, Pennsylvania, Vermont, Virginia, Washington, or West Virginia.
Here are the loan requirements when applying for a MaxLend loan:
- You must be 18 years or older
- You must be a U.S. resident
- You must have an open checking account
- You must have a source of income
Rates & Fees
MaxLend offers fast access to cash, but it has a downside: MaxLend loan fees are quite high, with APRs between 471% and 841%.
In comparison, typical payday loans have APRs of around 400%, according to the Consumer Financial Protection Bureau. This makes MaxLend more expensive than other average payday loans.
MaxLend bases its fees on a rate per $100 borrowed. For example, if you make weekly payments, you’ll pay up to $14,75 in fees for every $100 you borrow. With monthly repayments, you’ll pay up to $59 for every $100 you borrow.
MaxLends offers loans from $1,500 to $3,000 and the typical repayment period is around nine months for a new borrower.
|Weekly Pay Period||Bi-Weekly Pay Period||Semi-Monthly Payment||Monthly Pay Period|
|New Customer||Up to $14.75||Up to $29.50||Up to $29.50||Up to $59|
MaxLend offers loan repayment terms of up to nine months. You can settle your loan early with no penalties.
How to Apply for a MaxLend Loan
Complete an application online by entering information such as the loan amount you’re requesting, your income amount and your bank details.
Verify your information
A customer service representative may give you a quick call to verify your information. Y
If approved, you can sign your loan documents online. ou can use the MaxLend login to manage your account.
Receive your funds
The money will be sent to your bank account and this usually takes one day.
Our MaxLend Review
No prepayment penalty
Ideal for emergency use
Loans are funded in one day
Customer service is available 24/7
Fast online application process
Loans aren’t available in every state
High APRs compared to other payday loans
As a tribal lender, MaxLend is not subject to suit or service of process.
If you’re looking to take a loan from Max Lend, all the terms and requirements are not transparent on their website but are provided in detail on your loan agreement.
Although the interest rates are very high on Max Lend loans, if you can manage to repay your loan within the next payday, it can be quite manageable.
Missing payments can mean fees and cause more debt, so it really isn’t something to consider if you’re trying to consolidate a credit card or auto loan.
You can also consider applying for a payday alternative loan from a federal credit union. These small short-term loans can’t have interest rates higher than 28%, and you can’t be charged more than $20 to apply.
MaxLend offers customer service 24/7 via email and telephone. Advance customer service is also available from Mondays to Saturdays.
You can read more MaxLend reviews below.
How much can I qualify for?
MaxLend offers loans up to $3,000 but first-time borrowers can qualify for up to $1,500.
Is MaxLend a credible lender?
Yes. MaxLend is wholly-owned and controlled by, the Mandan, Hidatsa, and Arikara Nation, a federally-recognized sovereign American Indian Tribe.
Is my information safe?
Yes. All loan applications are transacted on secure servers and they make use ot industry standard security protocols. Your non-public information is completely confidential and protected.