If you are in need of a quick cash loan, you might consider ExtraLend as one of the options. This online lender provides personal loans to borrowers with different financial needs, including those with bad credit. In this ExtraLend review, we will cover all the important details about this lender, including the loan types and interest rates available, as well as the application and repayment processes. So, let’s dive in.
Loan Types and Interest Rates
ExtraLend provides short term personal loans that range from $300 to $3,000. The loans have a repayment period of up to 12 months. The lender approves loans for almost all credit scores, although the interest rates vary depending on your credit score. The interest rate can range from 200% to 2,290%, which is quite high compared to other lenders in the market.
The lender charges a one-time origination fee, which is deducted from your loan amount before it is disbursed. The origination fee ranges between 0.99% and 5.99%, depending on the loan amount and your credit score. The good news is that ExtraLend does not charge any prepayment penalty if you decide to pay off your loan earlier.
To get a loan from ExtraLend, you must be at least 18 years old and a US citizen or permanent resident. You must also have a verifiable source of income, be employed or have benefits, and must have a checking account in your name.
Application Process
The application process for a loan from ExtraLend is straightforward and entirely online. The lender provides an easy to navigate website that will guide you through the application process. Here are the steps you need to follow:
1) Visit the ExtraLend website and click on the “Apply Now” button to start your application.
2) Fill out the application form with your personal information, including your name, address, phone number, and email address.
3) Provide information about your income and employment, including your employer’s name and contact details, your monthly income, and length of employment.
4) Choose the loan amount and the repayment term you want.
5) Submit your application and wait for a response from the lender.
ExtraLend will review your application and verify the information you provided. If your application is successful, the lender will send you an email with the loan agreement. Make sure you read and understand the terms and conditions before signing the agreement.
If you agree to the terms of the loan, sign the agreement and return it to ExtraLend. The lender will then disburse the loan amount to your checking account, and you can use it to address your financial needs.
Repayment Process
ExtraLend insists on making timely payments for loans it offers. If you fail to make timely payments, your credit score could be affected. The lender offers a simple repayment process that can be completed online. Here are the steps you need to follow:
1) Log in to your ExtraLend account and go to the “Payments” section.
2) Choose the payment method you prefer.
3) Make your payment before the due date.
ExtraLend allows you to pay the loan amount in full at any time without incurring any penalty. You could also choose to pay in installments.
Benefits of ExtraLend
ExtraLend provides a lot of benefits to borrowers who need quick cash. Here are some of the benefits:
1) Quick and easy application process
2) Loans approved for all credit scores
3) No prepayment penalties
4) Funds deposited directly to your checking account
5) Flexible repayment terms
6) Lower origination fee for loans above $1,000
Conclusion
ExtraLend is a good option for borrowers in need of quick cash loans who do not mind high interest rates. While the lender charges a higher interest rate, it is essential to note that it is a short-term loan. The loan also offers a flexible repayment process, and you can pay it off anytime without incurring penalties. However, before taking out a loan from ExtraLend, make sure you understand the terms and conditions and what the loan will cost you.
