If you’re worried you couldn’t get fast cash in an emergency, you’re not alone.
TransUnion, one of the three leading credit bureaus in the US, reported in December that Americans have over $250 billion (with a B) in personal loan debt. Why do so many Americans use these loans so much? For one thing, you can use the money for almost any purpose — unforeseen expenses, a new purchase, vacation, home improvement, and debt consolidation are some of the most popular reasons.
But how can you secure a personal loan if you’re one of millions with a not-great credit score? Personal loans can be easier to get than home loans. But for some personal loans, borrowers must still have a good credit score (at least 580) to qualify. If you’ve had a couple of financial hiccups lately, there’s a chance your credit score has dropped below that. You may be worried whether you can even get an online personal loan?
Why do I need to know about same-day loans now?
Now could be the best time to learn about fast cash loans online with same-day funding.* Why? Because when you need money now, you may be more likely to make emotional decisions that may not be the best in the long run. The more you know before an emergency arises, the better you’ll be prepared.
What is an emergency online loan?
An online loan is similar to a loan you’d get when you go down to the bank or credit union and sit down with a banker — only you can apply online and get your answer right away. Also, many online lenders may be willing to loan to those with lower credit scores, so you may still qualify even if your credit is bad.
The money from an online loan goes into your bank account just as fast — or faster— than if you apply in person. What may be better for some is that with Maxlend, you can apply and get approval for fast cash online with a same-day deposit into your checking account.*
How it works
Let’s suppose your car is at the mechanic for repairs, and they find that it needs a lot more work than you’d thought. The cost skyrockets. Many people — over 40% in America — may not have the financial cushion to handle an unexpected $1000 expense. So, what are your options if you need that kind of cash right away?
The online loan process
When you need money fast, the last thing you want to deal with is a lengthy and complicated application process. The Maxlend process is simple and easy.
- Apply online with a simple, user-friendly application
- You typically find out right away if you’re approved. Then, eSign your loan documents.
- If required, speak with a customer service representative to verify your information
- Watch your bank balance increase as soon as the same day, if you finalize your loan by 11:45 a.m. Eastern Time.*
Maxlend’s loan requirements are minimal. They include being at least 18 years old and a U.S. resident. You also must have a regular source of income that meets MaxLend’s requirements and is deposited into your bank account.
Repayment
We’ll base your repayment plan on how often you get paid. Our typical loan has a nine or ten-month repayment period, which gives you more time. Typically, we automatically withdraw the payments from your account — so you always pay on time.
If you have a windfall and want to pay the loan off early, you can do so without penalty and save on fees.
Rewards
We offer Maxlend Preferred Rewards for repeat borrowers, to reward your loyalty. With MaxLend Preferred, you become eligible for higher loan amounts and lower rates as you move up the levels.
How installment loans help your overall financial situation
People in financial trouble sometimes can’t access the traditional banking system without hassle for lots of reasons. You may consider a short-term payday loan – but payday loans often require you to pay the entire amount back, plus fees and interest, on your very next payday. This can make it challenging to also keep up with your regular expenses.
An installment loan provides some breathing room with your repayments. You know how much you owe each pay period, and you can include it in your budget. With our rewards program, you become eligible for lower fees and higher loan amounts as you move up the levels. Each loan you pay back in full and on time counts
*Same Day Funding is available on business days where pre-approval, eSignature of the loan agreement and completion of the confirmation call, if a call is required, have occurred by 11:45 a.m. Eastern Time and a customer elects ACH as payment method. Customers who complete this process by 1:30 p.m. Eastern on business days may still receive funds on the same day, but some banks may not disburse the funds until the next business day. Other restrictions may apply. Certain financial institutions do not support same day funded transactions. When Same Day Funding is not available, funding will occur the next business day.