Extralend Review October 2022

Extralend Review October 2022

June 19, 2022
Extralend:
Our expert's rating
Minimum credit amount:
1000 $
Min.Down payment:
4.99%
Loan Types and Products:
Purchase, Refinance, Home Equity, Fixed, Adjustable, FHA, VA
Lending flexibility
9 / 10
Customer service
10 / 10
Ease of APP
9 / 10
Online experience
8 / 10

*This offer does not constitute a commitment to lend or an offer to extend credit. Upon submitting a loan application, you may be asked to provide additional documents to verify your identity, income, assets, or financial condition. The rate and terms you may be approved for will be shown to you during the application process. Loans subject to an origination fee, which is deducted from the loan proceeds. Refer to full borrower agreement for all terms, conditions and requirements.

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Extralend: Full Review

Extralend connects consumers with lenders all around the country. A network of reliable lenders allows you to have more alternatives and pick the best deals for your needs.

An installment loan has a set number of monthly installments. When you apply for an online installment loan with Extralend.com, you'll be matched with a lender who may deposit your accepted cash immediately into your bank account in as little as one business day.

The company is not a traditional direct lender. Instead, it is a business that links borrowers with lenders of short-term loans.

The lenders in the company’s network provide installment loans of up to $3,000. To apply for a loan, you must first fill out a free Extralend.com application. It links you with a lender if you qualify for one.

If you accept a short-term loan and agree to the terms and conditions, you might have your money in as little as one business day.

What Does Extralend Offer?

The company provides the following terms:

  • Personal loans ranging from $200 to $3,000 are available.
  • If you are authorized, you will receive the funds the same or the following day.
  • The APR varies according to where you reside, but it may vary from 200 percent to 1350 percent.
  • Additional costs may apply depending on the lender, but you will be told of them before signing an agreement.
  • Penalties are also determined by where you and your lender reside. However, it would be best if you were prepared to face late payment penalties ranging from $20 to $40.
  • If your lender requires it, you may be needed to provide some documents through fax.

Pros
  • No additional fees.
  • Rates are competitive among available internet loan lenders.
  • Provides a 0.5 percentage point rate reduction for setting up autopay.
  • Satisfaction-guarantee service.
Cons
  • There is no pre-qualification option on its website.
  • Some lenders may ask for several years of credit history.
  • ExtraLend isn't the direct lender, which makes the process lengthy.

Advantages Of Extralend

Ensured Privacy. Lenders are unconcerned about what has transpired in your life but are concerned about your privacy. They keep your personal information private and do not share it with third parties. You are also not required to disclose your financial situation to lenders.

Guaranteed Satisfaction. A lending firm is the only place to turn when all other options have been exhausted. Working with the bank credit system is challenging since you must meet many requirements to get a loan here. Those with strong credit scores, on the other hand, must wait weeks or even months for approval. People in an emergency cannot afford to wait much longer.

Guaranteed payday loans offered by direct lenders are not new; many California people have used them since ancient times. This fact lends credibility and trustworthiness to large corporations. Furthermore, lenders develop new solutions and products daily.

The Online Procedure Makes Applying & Getting The Loan Very Simple. The final but not least point is the procedure's simplicity. Thanks to the internet, anyone can apply online without leaving their house. It's pretty convenient and straightforward. Even if you don't gain clearance, you won't take any chances. Of course, no one prevents you from attending in person if you don't trust the internet and want to do things the old-fashioned way. This technique offers advantages as well, such as personal examination.

Fast And Reliable. After filling out the online form, you receive offers from collaborating lenders. Even though you are expected to confirm your choice, there is no compulsion to select one if none of them meets your needs. Generally, most do; however, it is the policies that you may or may not agree with. It is the reason why the company provides you with as many lenders as possible to ensure that you get the guaranteed loan in your favorable circumstances.

Disadvantages Of Extralend

High APR. To begin with, such a technique of financing is prohibitively costly. The interest you pay might be several hundred dollars. A short-term loan has very high-interest rates, so while they meet urgent requirements, you must be careful before using them to clear another debt.

Penalty. If you fail to make a timely refund, you will be penalized. It can engulf you in the snowball effects. Penalization is common in every loan; however, when added to the interest rates, the amount can be very big. It is the reason why you should be thorough with the lender policies before applying and positive about your capabilities to repay. Otherwise, it may lead you to an undesirably bigger debt than before.

Added Problems. Being a debtor may lead to a slew of issues. Before applying, think again and assess your budget.

Lending Requirements

Obtaining a loan online is quick and easy. To be eligible, the following conditions must be met:

  • Get a job. You must be a salaried employee to be able to apply for a loan.
  • You must be a US citizen over the age of 18.
  • Get a consistent source of income. You will be asked for income proof in the form of either payslips or a bank account statement.
  • Get a bank account that accepts direct deposits. You will need it to receive the loan funds quickly.

How To Obtain For A Loan On Extralend

The requirements for obtaining a payday loan in California are simple. To acquire assured approval, you should familiarise yourself with the following topics. Gather the relevant information and create the paper so that you do not lose time later:

  • Your identity paper is an essential document for this type of transaction. Every lender will want it in order to identify you.
  • Another important element is a resident's status. You must provide confirmation documentation to First Source Financial.
  • Your steady income is a critical component of approval. Your repayment ability determines your loan eligibility. There is no requirement for official work; even a pension will be enough to satisfy the lender. You cannot obtain funds unless you can demonstrate your ability to repay.
  • The fourth critical component is to provide contacts. Inform the lender of your phone number and approve email address so that the team may reach you anytime. It would be fantastic if you could give other options for people to contact you. It also enhances the possibility of success.

The procedure is divided into three steps:

  1. Submit your request online. Your information is secure. Fill out the form with your personal data, the loan amount, and your desired payback period.
  2. Get your loan offer and go over the terms. When you are authorized for a loan, you will be forwarded to a lender's website to complete the transaction. Examine the specifics of the applicable rates and costs.
  3. If you accept the loan conditions given by the lender, cash will be paid into your account as soon as the next business day. The actual transfer time is also affected by your bank.

Extralend analyses the following factors while considering your loan application:

  • Credit history.
  • Loan amount requested.
  • Purpose of taking the loan.
  • Repayment period (Anywhere between one month and 12 years. It depends on the requested loan amount and the purpose).
  • Your assets.
  • Your payment history on all loans and credit cards.

However, the criteria are different for different people. It depends on the requested loan amount and salary mainly. Most people are not even checked much if their salary meets the required threshold.

Extralend's application procedure is simple and quick. The following information is required:

  1. The loan's purpose, amount, and period
  2. Preferred method of payment
  3. Borrower contact details (phone number, email address, address, and Social Security number).
  4. Salary proof and some records of your savings account
  5. Assets, depending on the requested loan amount

The company will analyze your loan application, perform a hard credit pull, and contact you with the status of your application once you've submitted it. You may sign your loan agreement online and set up your funding date and payment details if your loan is authorized.

When you are authorized, the lender will deposit cash into your account. That can happen the same day you apply, provided your application is confirmed and approved by 2:30 p.m. ET on a business day.

Customer support representatives are accessible from 9 a.m. to 8 p.m. ET Monday through Friday and from 12 p.m. to 4 p.m. ET on Saturday. The website does not have a phone number; however, you may email your queries, and a representative will answer within business hours.

Our Final Thoughts

The service is incredibly straightforward, and you may apply for a loan in various methods, including through an online application form. Thanks to the lender's extensive network, customers may find the most acceptable terms in only a few minutes. Their terms are determined mainly by the lenders and the borrower's financial situation. However, the highest APR that may be provided is relatively high. The service gets mostly positive reviews on many websites, and few clients give it a one-star rating. Overall, Extralend.com is an excellent option to consider if you need to borrow up to $3,000.

Apply online for immediate cash from Extralend.com and receive the finest Personal Loan offers in minutes. Direct lenders allow customers with excellent and bad credit with no hard credit checks.

Contact information
Company name: Extralend
Website: extralend.com
Phone number: 1 (855) 826-47-88
Opening Hours: 9:00 a.m. - 6:00 p.m.
Mon
Tue
Wed
Thu
Fri

Frequently Asked Questions

  • Extralend.com is a legitimate, reliable firm that offers loan matching services. While you can be confident about data security on the site thanks to the SSL data encryption, you can't control the intention of lenders who receive your information as well. However, Extralend takes a step ahead to ensure that you are aware of everything you are getting into by reading their privacy policies that you get with each lender's rates.
  • Every credit score is accepted. We'll be honest with you: it's much simpler to secure a bargain when your credit score is good. However, having a less-than-perfect one does not bar you from filing a request. Experiment with it and see where it takes you!
  • Furthermore, Extralend.com can connect you with online direct lenders who provide Installment Loans up to $3000. The application is incredibly straightforward and just takes a few minutes to complete. You are matched to a lender within minutes of submitting the request. After you confirm the lender and qualify, the loan amount is transferred to your bank account. The transfer takes a minimum of a few hours and a maximum of two days to complete depending on the lender.
  • Extralend.com does not have access to information about your fees, rates, APR, nonpayment restrictions, or renewal policies. All fees, rates, APR, nonpayment restrictions, and renewal policies are defined in your loan agreement and are subject to state legislation. We, for one, offer a wealth of information to assist you in better grasping what a loan is, how it works, and how to utilize it properly.

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