National Small Loan Review

About Lender

National Small Loan is a lending company that offers installment loans to individuals in need of small loans ranging from $100 to $1,200. New customers who are applying for their first installment loan can qualify for a loan amount between $100 and $500, while returning customers who have a good repayment history with the company may be eligible for even higher loan amounts. The company's application process is completed entirely online and is designed to be simple and straightforward.

The company is operated by Midaaswi, LLC, which abides by federal consumer finance laws and is incorporated by the Lac du Flambeau Band of Lake Superior Chippewa Indians of Wisconsin.

Key Features

1. Fast loan processing. The company processes loan applications quickly, and borrowers can typically receive a loan decision within minutes during business hours.
2. Electronic contract. National Small Loan utilizes DocuSign, an electronic signature platform, for their electronic contracts. This platform provides a secure and efficient way for borrowers to sign loan agreements electronically.
3. Multiple notification options. National Small Loan notifies customers of their loan application status via phone calls, emails, and text messages, providing a range of convenient communication options.
4. No hidden fees. National Small Loan does not charge any hidden fees, and customers are only required to pay back the principal amount of the loan and the agreed-upon interest rate.
5. Good customer service. The company has a responsive customer service team that is available to assist borrowers with any questions or concerns they may have.
6. Opportunity for repeat business. Returning customers who remain in good standing with National Small Loan may qualify for higher loan amounts in the future.

Pros and Cons

Pros

1. Small loan amounts. Borrowers can get access to small loans ranging from $100 to $1,200, which can be helpful for individuals who need a quick influx of cash for emergency expenses.
2. Easy application process. The online application process is simple and straightforward, and borrowers can complete it quickly from the comfort of their own homes.
3. Flexible repayment terms. The company offers flexible repayment terms, which can be customized based on the borrower's needs.

Cons

1. High interest rates. Since the company offers small, short-term loans, the interest rates can be higher than those offered by traditional banks and credit unions.
2. Limited loan amounts. The maximum loan amount offered by National Small Loan is $1,200, which may not be enough for some borrowers who need larger loans.
3. Only available in certain states. National Small Loan is only available to borrowers who live in certain states, which may limit the availability of their services.

Products

National Small Loan provides personal installment loans to individuals in need of short-term financing. The company offers installment loans of two categories:

1. New customers can apply for loans between $100 and $500 for their first installment loan with National Small Loan. These loans can be used for a variety of purposes, such as unexpected bills, car repairs, or medical expenses.
2. Customers who have already taken out a loan with National Small Loan and have a good repayment history can qualify for higher loan amounts, usually up to $1,200. These loans also have flexible repayment terms ranging from 4 to 18 months.

National Small Loan has a simple and straightforward online application process that can be completed quickly. The company is transparent about its fees and does not charge any hidden fees.

Reliability

National Small Loan is a legitimate and licensed lending company that operates in compliance with federal consumer finance laws. The company is committed to providing transparent and fair loan terms to its customers, and it adheres to all relevant regulations and guidelines set forth by federal and state authorities.

National Small Loan also utilizes secure and encrypted technologies to protect borrowers' personal and financial information during the loan application process. In addition, the company has a responsive customer service team that can assist borrowers with any questions or concerns they may have.

Funding a Loan

National Small Loan funds loans through direct deposit into the borrower's bank account. Once a borrower's loan application is approved, the company will deposit the loan funds into the borrower's designated bank account via an ACH transfer. The company processes loan applications quickly, and borrowers can typically receive a loan decision within minutes during business hours. National Small Loan notifies borrowers of their loan status via phone calls, emails, and text messages for those who have opted-in. Once a loan is approved, the loan will be funded through direct deposit into the borrower's designated bank account. Most loans are received within 24 business hours, although the exact timing may vary depending on the borrower's bank and their specific banking requirements.

National Small Loan uses a variety of national databases to verify applicant information in their loan underwriting process, rather than relying on the major credit bureaus. This approach allows the company to provide loans to individuals who may have less-than-perfect credit or no credit history at all.

Loan conditions

1. Loan amounts. New customers can apply for loans between $100 and $500. Returning customers who have a good repayment history can qualify for higher loan amounts, usually up to $1,200.
2. Repayment terms. National Small Loan offers flexible repayment terms ranging from 4 to 18 months, allowing borrowers to choose a repayment plan that fits their budget and financial goals.
3. Interest rates and fees. The company's interest rates and fees vary depending on the borrower's state of residence and creditworthiness. National Small Loan is transparent about its fees and does not charge any hidden fees.

Additional Services

1. The company maintains a blog that covers a wide range of financial topics, including budgeting, credit scores, and managing debt. The blog is updated regularly, and it provides useful insights and tips for borrowers who want to improve their financial situation.
2. National Small Loan has a referral program that rewards customers who refer their friends and family to the company. When a referred person takes out a loan with National Small Loan and repays it on time, the referring customer can earn a referral bonus.