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Responsible Borrowing: The Maxlend.com Installment Terms Improve Upon Payday Loans

Payday loans have earned a lot of the wrong kind of attention, and for good reason. Typical payday loan terms are focused almost solely on getting the money back as soon as possible and at the highest interest rates out of any loan type in existence. It is a blast of a loan- pay it next month, and double, or else face massive upticks and fines.

Maxlend.com takes a more forgiving approach to borrowing and lending. There are some good aspects of payday loans, but installment lending and lower interest rates allow for a more forgiving atmosphere.

Lower Caps

Firstly, installment loans are not necessarily as high as payday loans. For example, Max Lend caps their lending capacity to $1,250. Typical payday loans can soar upwards of $5,000, though some lower loans do exist. The low cap suggests one thing- a more moderate system of borrowing. If the company was promising $5,000 loans, it would enforce people to get in debt beyond what they are capable of. In some circles, it can be exploitative.

Installments

Borrowers can pay the loan back over time. The typical timeframe is about six installments over half a year. The borrower can adjust how they want to pay the loan back, and there is no early-payment additional fee. Another agreeable aspect of installment lending is the tougher loan terms. Payday loans will go to just about everyone with a heartbeat. It suggests an atmosphere of trickery that is not present with installment loans.

The fact that Max Lend is lower in their loan capacity means that their loans are used for a different purpose. It is a small injection, over a period of a few months, of some extra cash flow. Instead of getting a Steroid injection of a loan that will explode in a month, Max Lend offers a moderate amount upfront, with a lower interest, with an allowance for an installment plan over the near future. The strategy is different, and the rates are more favorable, making for a more sound lending system. It is a system that helps the borrower without tying their arm behind their back and forcing a payment right after payday.