There are many people who rely on non-traditional lenders for installment loans. Installment loans are an alternative to payday loans that are easier to pay back. A payday loan is due in one lump sum, which includes exorbitant interest rates. Payments for an installment loan are spread out for a six-month time period. The interest rate is still much higher than that of traditional lenders, but some people do not qualify for traditional loans.
It is not uncommon for people who have successfully repaid one installment loan to apply for another one when the need arises. Showing appreciation to loyal customers is a smart business practice because there are plenty of other companies that offer installment loans online. Maxlend Loans provides a rewards program with free enrollment for loyal borrowers.
The rewards program, called “Preferred,” has four levels to which customers can advance one at a time. The first level, green, is available to all customers who have successfully completed one installment loan. Successful completion means payments were made on time and in full with zero missed payments. Green card holders enjoy a fast re-apply process for future loans.
Advancing to the next level is possible after the successful completion of two more loans. That applies to each higher level. Every level entitles cardholders to higher loan amounts, longer payment terms, and lower interest rates. Levels include silver, gold, and platinum. Those who hold a platinum card can borrow up to two-thousand dollars at the lowest interest rate available from the lender. Payment terms are extended up to three-hundred days.
Be Careful When Advancing
It is still critical to seek other methods of managing finances that will not be as costly as continuing to take out installment loans. Higher amounts with longer periods to pay back the loan can be tempting for some people. These loans are a last resort for emergencies and should be used as such. Taking out a loan for a vacation, purchasing gifts, or buying the latest electronic gadget will not lead to improved money management skills. Consider the total costs when applying for an installment loan and exercise caution.