Being turned down for MaxLend Loans will only happen after the lender assesses the borrower’s financial situation. If a lender is reassured by the borrower’s ability to repay, they will usually provide the amount requested. To increase your chances of getting a loan, make sure to fill out all paperwork.
What is a personal loan?
Personal loans belong to the consumer loan family. It is an installment loan provided to a person to use as they see fit. Unlike a loan earmarked for an expenditure (such as a car loan), this type of credit does not need to be justified. Therefore, the lender does not require a proof of purchase (invoice, order form, etc.) when submitting an application.
Personal loans are said to be depreciable loans. That is, a person can borrow a sum of money that they then pay back through monthly installments for a fixed period and at a fixed rate.
How much can a person borrow and for how long?
To apply for a personal loan, the borrower must choose the amount he or she wants to borrow and the duration of the repayments according to the limits specific to the lending organization. The maximum amount of time a person must pay the loan back is linked to the amount he or she chose. To learn more, it is best to look at an online loan simulator, as this will help with the specifics of each type of personal loan.
Once the borrower has determined the amount of money required to meet their needs, it may be worthwhile to borrow a little more than needed to access a longer repayment period and, thus, reduce the number of their monthly repayments.
Is it the same as a quick credit?
A personal loan should not be confused with loans commonly referred to as “quick loans”. Personal loans are financial products belonging to the category of consumer loans and, thus, does not require proof of use. The confusion comes from the fact that obtaining a personal loan can be done very quickly, especially when an application is submitted online. To learn more, contact a MaxLend professional today.