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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Ascend Loans's pay off


Repayment of loan

As the company offers short-term borrowing solutions, you will likely pay bi-weekly or daily. While signing your agreement, there will be an option to choose automatic payments. If you opt for it, you allow Ascend Loans to debit each payment from your bank account electronically on the due date. It will ensure you won't miss the payments. In return, the company reduces your interest rate by 25 percentage points.

If your payment falls on the weekend or on a banking holiday, the payment will be made on the prior business day. If you are unable to make your next payment, you need to contact the company at least three business days before your due date to discuss the options. It will entangle penalties if you don't pay your loan on time.

There is an option to cancel your loan with the company if you decide not to take it. You need to do it until 3 pm Pacific Time on the business day after the disbursement date, which is stated in your contract. The company won't issue any penalty for it. You also need to email the company before the deadline and state that you want to cancel the obligations on loan. You can do that only if your loan wasn't funded yet or the funds are returned to the company. If the loan was funded and the company received the full principal amount through ACH debit, your obligations will be rescinded. If the company hasn't received the principal amount, the agreement will remain in effect.

Early payoff

There is no prepayment penalty. The company encourages you to make additional payments or pay your loan early. It will lower the interest or prevent the interest from accruing on your loan balance. You can schedule your payment or make an extra payment at any time through your account.


How much does it cost to borrow from Ascend Loans?

Ascend Loans issues high annual percentage rates. They typically are higher than 700%, making the cost of the installment loans expensive. 

If I sign up for auto-pay with Ascend Loans, do I get a discount?

Yes, the company prompts you to sign in for automatic payments. You will receive a discount of 25 percentage points on your loan amount.

How do I refinance my loan with Ascend Loans?

The company doesn't offer any refinance options yet, but it is considering making refinancing available for future customers.

Calculate loan payments in Ascend Loans

Ascend Loans calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount

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Loan term

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What to focus on before applying for a loan with Ascend Loans

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Ascend Loans and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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All Ascend Loans’s reviews by September 2022
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