No matter how well you budget, there are expenses you simply cannot prepare for. If you are stressing about an unforeseen bill, you may start looking for an Installment loan. There are various financial institutions to choose from, such as Makwa Finance. But is this the best pick for your financial situation?
Keep reading to learn how Makwa Finance loans work and how they compare to other online loan options.
Finding the Right Personal Loan
Personal loans are a versatile option for individuals needing fast financial relief. A personal loan is an installment loan that borrowers repay by following a monthly payment schedule. Interested borrowers can apply for a personal loan through a bank, credit union, or online lender.
Wondering whether to apply for a loan online or in person? Online personal loans work the same as traditional options, but they tend to offer more conveniences. Applicants can start the online approval process from home anytime and usually get their money a lot faster.
The eligibility requirements for a personal loan vary by lender. Still, your credit history and income are generally the most critical qualifying factors. You may worry about your ability to pass a credit check if you have credit difficulties. But many financial institutions offer flexible requirements that allow individuals with poor credit history to get fast cash.
Personal loans are often a better alternative than payday loans. Payday loans are small-dollar loans with a short repayment schedule. Payday lenders are popular financing options because credit scores are typically not a qualifying factor for loan approval. However, the loan process often leaves borrowers with financial struggles due to high-interest rates and short repayment terms. When a borrower cannot repay the loan, the payday lender renews the loan and adds additional fees to the loan balance.
In contrast, the loan process for personal loans offers more personalization. Borrowers can apply for a more significant loan or a longer repayment length. But in order to find the right personal loan for your situation, ensure you inquire with multiple lenders to compare loan offers.
Loans Like Makwa Finance: What You Need To Know
Makwa Finance is a financial institution that provides tribal loans. This company is owned and operated by the Lac du Flambeau Band of Lake Superior Chippewa Indians, which is a federally recognized sovereign Indian nation located in Lac du Flambeau, WI.
Makwa Finance offers online installment loans to eligible borrowers that need emergency funding. Loan amounts range from $400 to $2,500. Makwa Finance does not charge prepayment penalties, which are penalty fees for early loan repayment. This means a borrower can pay off their loan anytime during the repayment schedule.
In order to qualify for a loan from Makwa Finance, an applicant must be at least 18 years of age and a U.S. citizen. In addition, they must have a reliable source of income and an active bank account. Suppose you are an active military member or a dependent of someone actively serving in the military. In that case, you will not qualify for funding with Makwa Finance.
Bad credit borrowers typically have difficulty getting loan approval. However, Makwa Finance states they help borrowers with a range of credit ratings. You may still be able to qualify despite a poor credit score if you meet the minimum requirements listed above.
There is no available information on the minimum or maximum interest rate for an online loan because finance charges depend on a consumer’s creditworthiness. However, Makwa Finance states the following information is made available to eligible applicants on their loan agreement offer:
- Monthly payment amounts.
- Payment dates.
- Annual percentage rate (APR).
- Specific fees (late payments, NSF/returned items, etc.)
It’s important to note that Makwa Finance states on its website that they are “an expensive form of borrowing.” Makwa Finance loans are “not intended to be a long-term financial solution.” If you are looking for an affordable loan, you may want to explore all your options before signing a loan agreement.
How Does the Reward Program Work?
Makwa Finance offers a Big Bear Rewards Program. Borrowers are able to earn Big Bear Rewards Points through this program to pay down their principal balance or redeem gift cards for over 30 brands. Customers can repeatedly earn and spend points as long as the account remains in good standing. Unfortunately, the website does not explain how customers can earn points without an online account.
How Will the Application Process Work?
The online application process for Makwa Finance follows four steps, which are outlined below:
- 1. Apply Online — Applicants can start the approval process by submitting basic personal information through the online form.
- 2. Information Verification — An agent will verify your information online or over the phone.
- 3. E-Sign the Loan — Applicants that qualify will receive an installment loan offer. You can electronically sign the loan agreement if you agree to the terms.
- 4. Funding — New borrowers will get their money deposited into their bank account.
Eligible applicants typically receive their money the business day after the application gets processed and approved. However, the cutoff time is 6:00 p.m. CST, Monday to Friday.
CreditNinja: How Does It Compare?
CreditNinja is an online lender that provides personal installment loans through a completely online application process. Since our establishment in 2018, we have provided over 475,000 installment loans to individuals across the nation.
At CreditNinja, we understand the need for fast, convenient financing. We aim to provide personalized loan terms and quality customer service. Inquire online at any time, and you may get a same-day decision.
How Does CreditNinja Stand Out?
CreditNinja stands out because we offer various perks that benefit our customers.
These are just a few benefits our customers receive:
- Online Process — Our approval process is done entirely online. You can start the process when it’s convenient for you. You only need to answer a few personal questions about yourself and your finances.
- Fast Funding — Eligible applicants could potentially get the money they need the same day they apply for a personal loan.*
- Flexible Payment Schedule — Borrowers can personalize their loan agreement by opting for small or large loan amounts. In addition, you can choose between a short-term or long-term loan.
- Flexible Requirements — Applicants do not need perfect credit to borrow money with CreditNinja. We work with all types of financial backgrounds because we consider more than just your credit score.
- No Hidden Fees — We do not charge prepayment penalties or hidden fees.
Do CreditNinja Loans Affect Credit?
Applying for a loan will inevitably affect credit due to a hard credit check. Hard credit checks, or hard credit inquiries, are necessary to verify your information and provide an approval decision. Every hard credit check you approve will temporarily decrease your score by a few points. Hence, limiting the number of loan applications you submit is in your best interest. Keep in mind that you can work on improving your score by making continuous on-time payments. A long history of reliable monthly payments has the potential to positively impact your credit rating.
How Does the Fast Online Application Work?
Our application process is quick and straightforward for your convenience. Learn more about our 3-step process below.
Step 1: Inquiring Online
The first step is to submit some personal details so we can verify your identity and other important information. There is no need to upload loan documents, so you can quickly submit information for pre-approval.
Step 2: Loan Offer Review
You will receive an offer if you qualify for a personal loan with CreditNinja. Your loan offer will display your personalized loan amount, interest rate, and terms.
Step 3: Signing the Loan Agreement
The final step is signing the loan agreement to get your emergency cash! As a CreditNinja customer, you could get your money directly deposited on the same day!*
*Applications approved before 10:30 a.m. CT Monday-Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case the loan, if approved, will be funded the business day after such additional verification is completed.
References
Frequently Asked Questions│Makwa Finance
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