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Personal Loans: Making Them Work For You

Personal loans can come under many different aliases, like payday loans, installment loans, cash loans and advance loans. Basically, any loan that is outside of a student loan, mortgage or auto loan is known as a personal loan.

Personal loans can be used to do home repairs, pay medical bills, buy school supplies for the kids and other critical bills. These loans tend to be unsecured and easier to get than secured loans since they are for smaller amounts, typically ranging between $300 and $50,000.

Do you think a personal loan can improve your financial situation? Check out some pros and cons of personal loans below to consider when making your decision.

Personal loans are easy to attain...

Personal loans are easier to attain because they are unsecured and do not require any collateral. These loans can also be found online and have very minimal eligibility requirements to apply. If you're in an emergency situation, you don't need to complete a lengthy process to get access to funds quickly.

...but they have high interest rates.

Because personal loans are so easy to attain, they carry high interest rates to counter the additional risks for lending to an unsecured borrower.

Lower rates may be on the horizon.

Many personal loan companies have flexible rates for repeat customers in good standing. These customers often get the "VIP" treatment and as such may be eligible to receive higher loan amounts in the future with lower interest rates.

The life of the loan is only a few years long.

Personal loans don't have a very long life span. The length of a loan varies greatly depending on the amount of the loan and can typically be as short as a month to as long as 5 years. Personal loans are set up with short life spans to make your payments affordable but also to get you out of debt in a timely manner.

It is important to make payments on the assigned due dates to avoid any unnecessary late- or extension fees on the loan. These fees can add up before you know it leaving you with less and less money to put down toward your loan principal. The majority of your payments are often put toward the interest alone, making your loan last longer than expected and cost you more money.

A realistic budget can alleviate any additional fees with personal loans and can ensure stronger financial stability in the future. Personal loans are a great way to get immediate financial assistance when you're faced with an emergency when you borrow responsibly. Get a personal loan of up to $3,750 in your account as soon as the next business day from MaxLend. 

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”). This means that MaxLend’s loan products are provided by a sovereign government and the proceeds of our business fund governmental services for Tribe citizens. This also means that MaxLend is not subject to suit or service of process. Rather, MaxLend is regulated by the Tribe. If you do business with MaxLend, your potential forums for dispute resolution will be limited to those available under Tribal law and your loan agreement. As more specifically set forth in MaxLend’s contracts, these forums include an informal but affordable and efficient Tribal dispute resolution, or individual arbitration before a neutral arbitrator. Otherwise, MaxLend is not subject to suit or service of process. Neither MaxLend nor the Tribe has waived its sovereign immunity in connection with any claims relative to use of this website. If you are not comfortable doing business with sovereign instrumentality that cannot be sued in court, you should discontinue use of this website.