MagicInstallmentLoans : Payday Loans Sites Review
If you ever need money for any type of personal reason, there is no longer a need to visit those payday sites with outrageous interest and tough repayment terms. Magic Installment Loans makes the process of finding a loan simple. A real loan, with a real term. Borrow up to $10,000 with as much as a three-year term to repay. Best of all, the approval process is simple and can happen as quickly as 90 seconds. Simply submit your information securely online. Plus, you can use the money for anything once it has been received.
The process used by Magic Installment Loans is a bit unique in this crowded field. Unlike most competitors, this is not a traditional payday loan site. In fact, the company is not even a lender, but a middleman that connects borrowers with lenders in their local area. Begin by filling out the online application. You may choose to apply for a loan between $500 and $10,000. The APR can range anywhere from 6.00% up to 36.00%. The company states that the higher APR's are typically for lower loan amounts and shorter repayment term periods.
Once conditional approval is received (this should only take about 90 seconds), you will be forwarded additional information. This includes information about your local lender. You will need to schedule an appointment for them to review your application. Walk in to the appointment and, if all goes well, walk out with a check in hand.
The actual website lists only some of the most basic criteria needed in order to be eligible for obtaining a loan through their network. This is that all applicants must be at least 18 years old, a US resident, and legally qualified to enter into and form contracts under law. Of course, other rules will be determined by your actual state of residence. It also makes sense to assume that your credit history will be at least considered on the loan application since they ask you to give a general evaluation of your credit status (good, average, etc...).
What To Look Out For
You should be aware that you will need to actually visit a local lender in order to finalize your loan. This means that there will be paperwork to sign and require an additional step on your part. It also means that the loan itself will be more highly scrutinized than a normal short-term or payday loan. Also be aware of things like your interest rate, payments, and fees (missed or late payments), since these can vary considerably.
Customer service is actually provided in two different fashions when you obtain a loan through Magic Installment Loans. Of course, if you ever have a question about the process, feel free to send an email directly to the website. You may also send a letter to their main office in California. The site also has a number of frequently asked questions which can serve as a starting point. Once your loan is approved and funded, most concerns should probably be directed at the actual lender since the website will no longer have access to any of your information.
Value for Money
There is a tremendous value for the money here at MagicInstallmentLoans.com. Just the fact that this is not a typical payday loan site makes it worth quite a bit. Having up to three years to repay the oan is another big benefit. So is being able to borrow up to $10,000, although that will probably only be a real option for borrowers with higher incomes and better credit. Overall, this is a nice site to consider for personal loans.