Payday loans are one way to get emergency cash, but they don’t work well for everyone. A traditional payday loan must be paid in full on the borrower’s next payday or rolled over at a very high interest rate. An alternative to a payday loan is an installment loan that is paid back over time on a set schedule. Maxlend Loans is a lender that offers quick and easy installment loans of up to $2000. Borrowers just need to go through the following steps.
Meet Basic Requirements
Before applying for a loan, the borrower should make sure that he or she meets the requirements for receiving a loan. First of all, the borrower must be at least eighteen years old, and he or she cannot be in the process of filing for bankruptcy. In addition, every applicant must have a verifiable minimum income and a bank account that has been open for a certain minimum period of time.
Fill Out The Application
Borrowers can fill out a simple application online. They will need to provide their name, address, phone number, email address, date of birth, and social security number in order to establish their identity. Next they will need to provide some information about their source of income. The lender will want to know how much the borrower earns, how often he or she receives a paycheck, and how the payment is received (i.e., by paper check or direct deposit). Finally, the lender will need to give bank account information and state how he or she wants to make installment payments.
Get The Cash
After the application has been received, a representative of the lender will call the borrower to confirm the loan. This call will be followed up with an email that includes a copy of the application. After that, in most cases, the money will be deposited into the borrower’s checking account the next business day.
Repay The Loan
Typically, the borrower will have six months to repay the loan on a payment schedule. Borrowers are welcome to pay back the loan in full at any time, and doing so can reduce finance charges, making the loan less expensive.