Information
About lender
MaybeLoan is an online lending service that helps customers quickly get the best loan solution. The company is not a direct lender but is an intermediary between the borrower and over 150 lenders. The company's clients can receive offers from several lenders and choose the right one for themselves. Such credit options as online payday loans, installment loans, bad credit loans, and cash advances are available for the company's clients.
MaybeLoan is headquartered in Houston, Texas. The entire process of obtaining a loan, from applying to signing a loan agreement, takes place online. The company's services are available in 39 states.
MaybeLoan was founded in 2016 in Houston, Texas. The company's main goal was to simplify obtaining a loan for hardworking Americans who need urgent financial assistance. Currently, the company has over 75,000 satisfied customers and over 120,000 loans issued. MaybeLoan strives to help people receive financial assistance in other countries as well.
Pros and cons
Pros
The company does not charge fees.
A credit history is not an important requirement when applying for online loans.
Quick funding for the next business day on the borrower's checking or savings bank account.
Offers from different lenders allow the borrower to choose suitable conditions, such as interest rates, loan terms, or payment options.
Straightforward application process.
Cons
The borrower cannot determine interest rates and loan terms before receiving loan offers.
Since the company is not a direct lender, its partners can set their conditions, such as additional fees.
Payday loans have high APRs.
The company has mostly negative reviews on Internet sources and the BBB website.
Conclusion
Good credit history is not an important requirement for eligible loans from MaybeLoan's partner lenders. Among the services the company provides are bad credit loans. The company offers a fast application process and fast funding. However, it is not a direct lender. MaybeLoan does not charge fees, but partner companies can do it. Since each lender has its conditions, loan details and payment options cannot be predicted. Negative user reviews on the Internet also cast doubt on the company's legitimacy.
Terms and conditions
MaybeLoan does not charge fees. However, its partner companies may require payment of additional fees.
Payday loans
A payday loan is a small loan until the next paycheck. This loan is usually repaid after 1 to 4 weeks with a single payment. The minimum amount of such a loan in MaybeLoan is $100, and the maximum is $500. The amount depends on the conditions of a particular lender and the borrower's state of residence.
Usually, a payday loan requires a payment of a finance charge of $10 to $30 for every $100 taken. APR for a payday loan can reach up to 400%. Loan terms and interest rates vary depending on the terms of the partner companies.
Installment loans
An installment loan is a type of personal loan paid in installments, most often in monthly payments. It has a higher maximum loan amount, depending on the state where the loan is taken. It is possible to get a loan of up to $5,000.
The installment loan can be used for debt consolidation. Debt consolidation allows the borrower to pay off all high-interest debts with a single low-interest loan.
Bad credit loans
A bad credit loan is a loan that is intended for borrowers with a low credit score. Most often, such loans have high interest rates or are secured loans. Secured bad credit loans require collateral from the borrower as a certain amount of money that will not be refunded if the borrower does not pay the loan in full.
Funding a loan
MaybeLoan offers a simple online loan application process. The application is filled out in a few minutes if all the information is available. The company selects suitable loan options for the borrower in less than an hour.
When borrowers select a loan offer and sign a loan agreement, they can wait for funds to be received in their checking or savings bank account during the next business day. Delays may occur on holidays or weekends.
