Ascend Loans presents itself as a reliable and trustworthy option for individuals in need of financial assistance, especially for those with poor credit or no credit history. With a commitment to providing a fast, secure, and uncomplicated process, Ascend Loans prides itself on offering a path forward when other lenders might not be willing to take the risk. They emphasize understanding applicants beyond just their credit scores, offering a lifeline for unexpected expenses such as auto repairs, medical bills, or essential purchases for school needs. This approach highlights the company's reliability and dedication to helping customers navigate through financial difficulties and regain stability.
The company specializes in providing online personal loans up to $1,000, designed to meet short-term borrowing needs. These loans cater to a range of emergency financial situations, including car repairs, medical care, and travel expenses related to employment. Ascend Loans distinguishes itself from traditional payday loan services by offering loans that are more manageable for borrowers. Instead of requiring full repayment in a lump sum, Ascend Loans structures its loans with equal payments and due dates aligned with the borrower's payday, making it easier to manage repayment without adding undue financial stress.
To obtain a loan from Ascend Loans, applicants must go through a straightforward online application process that promises a quick decision. While the company may perform credit checks or otherwise verify personal and financial information through traditional and alternative credit bureaus, it also considers applicants who might not have an extensive credit history. First-time customers can qualify for loans ranging from $300 to $1,000, with the possibility of higher loan amounts and discounted APRs for customers with a good payment history, up to a maximum of $2,000. Importantly, loans can be repaid at any time without penalty, and complete disclosures of APR, fees, and payment terms are provided upfront. This transparent and accommodating approach to lending requirements and conditions makes Ascend Loans an accessible option for many seeking immediate financial relief.
Pros and Cons
Pros
Loan Options. Ascend Loans offers payday loans with high monthly payment amounts. It is a direct lender but a tribal entity.
Online Application. Borrowers can apply for a loan from Ascend Loans online, which may be convenient for those who prefer to complete the application process from the comfort of their own homes.
Quick Funding. Ascend Loans advertises quick loan funding, with some loans funded as soon as the next business day after approval, which may be faster than some other lenders.
No Prepayment Penalty. Ascend Loans does not charge a prepayment penalty for borrowers who want to pay off their loan early, which may be beneficial for those who want to save on interest charges.
Cons
Limited Availability. Ascend Loans is not available in all states, which may limit its accessibility for some borrowers.
High Interest Rates. Ascend Loans has interest rates of over 700% APR, which may be higher than some other lenders.
Origination Fee. Ascend Loans charges an origination fee for its loans, which can range from 2.99% to 5.99% of the loan amount, depending on the borrower's creditworthiness.
Credit Check. Ascend Loans may perform a hard credit check when evaluating loan applications, which can temporarily lower the borrower's credit score.
How to Apply for an Ascend Loan?
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Visit Website. Start by going to Ascend Loans website. You'll find "Apply Now" button prominently displayed on the homepage. This is your gateway to starting the loan application process.
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Complete the Online Form. You'll be prompted to fill in personal and financial information required for the loan. This includes your name, address, employment details, income, and the loan amount you're requesting.
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Submit the Application. After filling out all necessary fields, review your application to ensure accuracy, then submit it for consideration.
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Wait for a Decision. Ascend Loans offers a fast decision-making process. Keep an eye on your email or phone for communication regarding the status of your application.
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Review and Sign the Loan Agreement. If your application is approved, you'll be given a loan agreement to review. Ascend Loans allows you to do this securely online, at any time that's convenient for you.
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Receive Your Funds. Once you've signed the loan agreement, funds are typically sent to your bank account within one business day, allowing you to address your financial needs promptly.
Conditions and Requirements
Conditions
Loan Amounts. First-time Ascend customers may qualify for loans ranging from $300 to $1,000. For returning customers with a good payment history, the loan amount can increase, up to a maximum of $2,000.
Interest Rates. The exactly interest rate will be specified in your loan agreement. The max APR for Automatic Repayment is 700%, while for Manual Repayment, it's 725%.
Applicable Fees. Opting for Manual Repayment incurs a $5 processing fee for each payment. Additionally, Manual Repayment requires the purchase of postage stamps for mailing payments, costing $11.55 over the loan term. Late payments with Manual Repayment result in a $25 late charge if the payment is 3 days or more overdue.
Loan Terms. Loans are offered with manageable repayment terms, including weekly, bi-weekly, monthly and bi-monthly payments, avoiding the need for lump-sum repayment.
Funding Time. Once approved and after signing the loan agreement, funds are typically sent to the borrower's bank account within one business day.
Prepayment. Loans can be repaid at any time without penalty, offering flexibility to borrowers who wish to clear their debt early.
Requirements
Online Application. Applicants must complete an online application form, providing personal and financial information for loan consideration.
Verification. Ascend Loans may perform credit checks or verify the personal and financial information submitted through traditional and alternative credit bureaus.
Electronic Agreement. Borrowers are required to review and sign their loan agreements electronically, agreeing to the terms and conditions provided.
Legal Eligibility. Applicants must meet certain legal eligibility criteria, including being of legal age to contract, having a valid ID, and providing proof of income.
Bank Account. Applicants must have a valid bank account into which the loan funds will be deposited.
Editorial Opinion
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Additional Resources
- About Ascend Loans
- Full Ascend Loans Account Review
- How to Apply for an Ascend Loans Loan
- How to Repay an Ascend Loans Loan
- All Ascend Loans Coupons and Promo for October 2024
