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Lender
Rating by Finanso®
i

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.

MaxLend

Finanso.Multilogin™

About lender

MaxLend is a lender operating in the USA under the governance of the Native American Tribes. The company provides easy and quick personal loaning solutions at a high annual percentage rate and practices a loyalty program.

The lender generally provides unsecured personal loans of small amounts for nine months and encourages early repayment. MaxLend was established in 2012 by the Mandan, Hidatsa, and Arikara Nation – the Three Affiliated Tribes of the Fort Berthold Reservation, a sovereign USA nation. One of the organization's primary purposes was to provide funds for Tribal citizens and assist them and others.

Pros and cons

Pros

  • Only a small amount of money can be borrowed.

  • The loans are approved and funded within a short period.

  • The lender has a rewards program, ensuring fewer costs for repeated loans.

  • There is no penalty for early payoff, and two options for early repayment are offered.

  • The additional amount of early payment is applied directly to reduce the principal and decrease the total cost of the credit.

  • No guarantor is required to get the loan.

  • Customer service is available 24/7.

  • There are promo codes and coupons for the lender’s services.

Cons

  • The annual percentage rate is extremely high, from 472% to 841%, depending on the duration of the loan and the loan origination fees.

  • MaxLend does not extend loans to Active Duty Military, spouses, or dependents.

  • The lender does not conduct business in the states of Arkansas, Connecticut, Georgia, Massachusetts, Minnesota, New York, North Dakota, Pennsylvania, Vermont, Virginia, Washington, and West Virginia.

  • As a tribal lender, MaxLend is not subject to suit or service of process.

  • Criteria for borrowers' qualifications are not crystal clear.

  • Loan origination fees and other commissions are not clearly and transparently indicated.

MaxLend approves and funds loans very quickly and by an easy procedure which is a significant advantage for those who are in an emergency. It is also worth noting that loans of small amounts are available. For repeating loans, the company maintains a reward program. Being a responsible lender, the company encourages early payoff and accepts such payments without penalty. Moreover, Customer Service is open 24 hours, seven days a week, to make the clients' job even more effortless.

The most remarkable disadvantage of the lender is its extremely high annual percentage rates. In addition, as a company managed by separate, non-federal regulation, the lender operates following the Tribal laws and cannot be appealed via court, which is also a disadvantage. Finally, as many other companies do, MaxLend does not publish full, clear, and exact qualification criteria leaving many aspects to the company's discretion.

Loan conditions

Conditions for the first loan

MaxLend practices a Reward Program (MaxLend Preferred). Within the program, four membership levels are offered depending on the services provided, that is, Green, Silver, Gold, and Platinum levels. The borrower automatically becomes a part of the program and gets a Green level when the first loan is approved.

With MaxLend, $1,500 is a starting point to borrow. The first loan amount is limited to $1,500 with up to 270 days to repay, which means nine months. The annual interest rate of the loans MaxLend offers is from 472% to 841%. The percentage amount is calculated for every $100 borrowed, and for the first loan, it reaches up to $29.50 during the bi-weekly pay period.

Conditions for following loans

Within the MaxLend Preferred Program, every next loan can be granted on better conditions if the previous loan was accurately and successfully repaid in accordance with the loan agreement terms, without missing or undue payments.

At the Green level, the second loan is limited by $1,850 with up to 270 days, the cost of every $100 borrowed decreases to $24.50 at a bi-weekly pay period.

Two finalized loans at the Green level will move the customer to a Silver level. With the Silver level, the loan limit increases up to $2,500 for 270 days or less, and the cost of every $100 borrowed is up to $21.50 at a bi-weekly pay period.

To progress to Gold, one successfully finished loan at the Silver level is required. Gold level offers the loan with a $2,750 limit for 300 days or less; the cost of every $100 borrowed is up to $18.30 at a bi-weekly pay period.

Platinum level is granted when one Gold Level loan is finalized correctly. The Platinum level offers a loan with a $3,000 limit for 300 days or less; the cost of every $100 borrowed is up to $16.00 at a bi-weekly pay period.

Methods of loan funding

Typically Maxlend is very quick with loan funding, and the amount is transmitted as soon as one business day when the loan is agreed upon. It is required that the credit is approved, the loan agreement is signed, and the final completing call is done.

If all the arrangements are finalized by 11:45 a.m. Eastern Time, and the customer selects ACH as a payment method, the funds may be transmitted even on the same day. Any quick transaction requires the customer to authorize the ACH payment methods.

FAQ

What is MaxLend?

MaxLend is an entity governed by the Three Affiliated Tribes of the Fort Berthold Reservation, a sovereign nation of the USA. It conducts its business following the rules and regulations of the Tribes. The lender gives loans for $100 to $3,000; the credit costs are calculated based on every $100 borrowed and depend on the borrower's terms, amount, and level in MaxLend Preferred Program. The lender allows free of charge early payments, but the annual percentage rate is exceptionally high, counting in hundreds.

Who owns MaxLend?

MaxLend is owned by the Mandan, Hidatsa, and Arikara Nation. They are three Affiliated Tribes of the Fort Berthold Reservation, a nation of the USA self-governed in many aspects.

How do you qualify for MaxLend?

To be qualified, a potential borrower should meet the following requirements:

  • Be at least 18 years old;

  • Be a United States resident;

  • Live in any USA state except Arkansas, Connecticut, Georgia, Massachusetts, Minnesota, New York, North Dakota, Pennsylvania, Vermont, Virginia, Washington, and West Virginia;

  • Must have an open checking account complying with the rules established for minimum opened duration;

  • Must have minimum income deposited at customer’s checking account;

  • Provide a verifiable source of the deposited income;

  • Have a take-home pay complying with the minimum income conditions.

In addition to the listed above, the potential borrower should not:

  • Be a debtor in a bankruptcy or presently intend to voluntary file for bankruptcy relief;

  • Be an active-duty military staff or member of his/her family.

How much can you borrow from MaxLend?

The amount to borrow starts at $100. The maximum amount to borrow is $1,500 for the first loan and $3,000 for the second and following loans, depending on the level of the MaxLend Preferred Rewards Program.

Is MaxLend a legitimate company?

Yes, it is. Although MaxLend is managed by Tribal laws, the lender is affiliated with the Online Lenders Alliance, the OLA seal is introduced on the website. Moreover, as a member of Alliance, MaxLend abides by federal lending laws and the Truth of Lending Act.

Company documents

Privacy Policy

MaxLend, is a sovereign enterprise, an economic development arm and instrumentality of, and wholly-owned and controlled by, the Mandan, Hidatsa, and Arikara Nation, a federally-recognized sovereign American Indian Tribe. (the “Tribe”). 

© MaxLend

Financial products

MaxLend
Personal loan
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
$100-$3,000
Rate
i

Effective interest rate on the product

up to 841%
Term
i

Loan term for the financial product

up to 300 days

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$50-$20,000
Rate
i

Effective interest rate on the product

35.99%
Term
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Loan term for the financial product

up to 12 months

Calculate loan payments in MaxLend

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

Loan amount
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What to focus on before applying for a loan with MaxLend

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 MaxLend 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 MaxLend’s reviews by August 2022
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