Maxlend Loans specializes in multi-payment installment loans, offering a convenient lending solution to customers based on factors such as loan amounts, interest rates, and how often customers receive their paychecks. Readers can check out the article below to find answers to some commonly asked questions about multi-pay installment loans to help determine whether this solution is right for them.
What is a Multi-Payment Installment Loan?
This form of loan allows customers almost immediate access to as much as $2,000, which they can use to pay off bills, purchase necessary items, and more. The loans are then repaid according to a payment schedule that is designed to be convenient for consumers, allowing them to make a certain number of payments based on how often they themselves receive a paycheck.
How Long is the Repayment Period?
All of this lender’s payment programs are designed to have loans repaid within six months. Customers who are paid monthly will make six payments, while those who are paid weekly will make 24. However, customers can also pay back their loans at any time without incurring any penalties or fees and can even make extra principal payments on regularly scheduled dates that can help to shorten the total number of payments they must make and lower finance charges.
Who Can Qualify for a Loan?
These loans are designed to be accessible to as many consumers as possible. All that’s needed is a verified source of income, a checking account, and take-home pay that meets minimum requirements. All customers must also be United States citizens who are 18 years of age or older and are not currently filing for or receiving bankruptcy relief.
What Happens When Customers Miss a Payment?
Sometimes it just isn’t possible to pay the entire balance of a payment. Customers who are having difficulty doing so can simply contact the company at least three business days prior to their due dates to arrange payment options that work for them. Keep in mind, though, that this may impact interest rates and underwriting fees.
What’s the First Step?
The first step for customers interested in taking out this kind of loan to take is to fill out an application. Learn more online to get started on this simple process today.