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Advantages and Disadvantages of MaxLend Loans

“Quick” loans have become one of the most popular products today due to an individual lack of credit from traditional banking and financial institutions. The advantages of these types of MaxLend Loans are many and borrowers tend to focus on the pros and not the cons. This article will try to discuss a little of both.

Advantages

Among the advantages are the speed in granting the loan and the simplicity to request one, since most of the management is done through the Internet. Each request is made simply by filling out an application form online and can be done without leaving home. But there are more advantages to getting a loan, some of which are listed below.

It is possible to obtain up to $2,000 in less than 48 hours without the need for collateral or a guarantor since these loans are unsecured loans. This means a person can get the money they need simply with the guarantee that he or she will pay it back. This is a great advantage in case of non-payment of the loan since the lender will not be able to liquidate assets that the borrower would have left as a guarantee of payment.

Disadvantages

As people notice from the text above, the advantages of emergency loans are many and make most people think that this may be the perfect way to get money fast. But individuals must consider the disadvantages of these very same loans before obtaining them. The disadvantages of online fast loans are as follows.

The interest rates that must be paid for money that is lent are usually greater than that of personal loans, with the normal rate being between 18% APR and 22% APR. The amount of the loan is usually not very high, being under $2,000 normally, although it is possible to obtain larger amounts. For the higher loan amounts, and depending on each person’s financial status, the borrower may be asked to meet further requirements to get the loan.

It is necessary to have some type of income, whether from a pension or a job, in order to even be considered for an emergency loan.