Why Choose MaxLend Loans Over Payday Loans?
There are many instances when you might need a loan. One of the most common and popular types are payday loans, which are offered by online loan companies. However, these aren’t the best and should be avoided for a number of reasons. MaxLend.com offers an excellent alternative to payday loans. It’s worth knowing why you should avoid payday loans what to expect when you are considering one from MaxLend.
What is a Payday Loan and Why Should You Avoid Getting One?
A payday loan is the type of loan a consumer seeks when they are between paychecks and need some quick cash until their next payday. In general, these are the kinds of loans that are offered in smaller amounts than other types of loans. Typically, they range in amounts from as little as $100 to a maximum of $500. To qualify, you must give the lender access to your checking account or write a check for the full balance prior to acquiring the funds. This is because the loan is traditionally due by your next payday.
There are a number of reasons why you should avoid payday loans. Those reasons are as follows:
• Very Expensive: Payday loans come with hefty interest rates and additional fees, making them extremely expensive and therefore not necessarily the best option for everyone.
• Potential Repeat Cycle: It’s very easy to fall into a repeat cycle of having to pay off a payday loan because most are required to be paid off within two weeks. However, on the average, a borrower can owe toward the loan for well over a year.
• Debt Grows Quickly: Because of all the interest rates and fees associated with payday loans, borrowers can very easily and quickly fall into debt. Even one small mistake can result in lifelong debt with a payday loan.
• They’re Too Easy: It’s too easy to qualify for a payday loan, which generally means if it’s too good to be true, it usually is. Once you have applied and are accepted, you can’t change your mind and back out.
• Access to Your Bank Account: When you take out a payday loan, you give the lender direct access to your bank account. Stopping this process is next to impossible and it can result in overdraft fees.
• You May Owe More Than You Can Afford: Payday loan companies have a bad reputation of terrible debt collection practices. You can end up owing more than you can afford and may face calls from collection agencies as a result.
Why Choose MaxLend When You Want a Loan?
MaxLend offers a great alternative to payday loans. It also offers a number of benefits to borrowers. Those benefits include:
• Maximum Loan Amount: MaxLend.com allows you to take out loans up to $1,250.
• Installment Payments: The company allows you to pay its loans back in installments, which makes it easier on you.
• No Credit Needed: You don’t need credit to qualify for a loan with MaxLend. You can apply even if you have bad credit.
• Website is Easy to Understand: MaxLend’s website is straightforward and informative.
• Application Process is Easy: The application process is fast and easy. You can expect to hear back from the company in as little as five minutes via phone after you submit your application.
• Get Funds Fast: If you are approved for the loan, you can have the money for the loan deposited into your account as soon as the next business day.
MaxLend is an excellent choice for getting a loan when you need one quickly. Its terms and even the amount you can take out are considerably better than those of payday loans.