MaxLend
Complaint 308690 Details

  • Date Occurred: 02/17/2014
  • Reported Damages: $500.00
  • Location: P.O. Box 639, Parshall, ND 58770

The complaint is against an online dating profile

The complaint is a listing fraud posted on public forums or sites against an anonymous entity

The complaint is mobile text spam or smishing related against an anonymous entity

The company or person contact no longer exists

International boundaries

MaxLend 2014 seems to be a scam and I think MaxLend should be looked into for their criminal intentions and shady practices.
I called them and asked a few questions for my brother who had taken a loan out against them. I asked about my brother’s interest rate, and the lady could not tell me. She said she didn't know but, instead, all she could say was that the rate was $30/$100 borrowed/every two weeks. Why do they have to confuse people into scamming them out of their money, especially the people that would be challenged in trying to figure this out?
I read this on their site: “For instance, if a new borrower took a loan of $100 for fourteen (14) days the cost of credit would be $30.00 and the APR would be 782.19% “ (https://www.maxlend.com/FAQ.aspx).
I then asked if we could pay the amount off and they said he couldn't because a payment withdrawal has been sent to his checking account and he would have to call back next week to get a payoff. Why does this matter? Why can’t he payoff the remaining balance minus the withdrawal coming up? This doesn’t make any sense. Also, I asked about the estimated payoff for the following week, and after making five payments just shy of $200 each, and borrowing just under $600, she said the payoff was the same amount originally borrowed. So these five payments went toward interest, and the amount he paid in interest was about the same as the original loan amount over about five weeks. She said [MaxLend] the first five payments are interest only payments, and then after the fifth payment, you start paying toward the principal. What if you want to pay it off sooner?
I also asked if they were regulated by the government, and MaxLend told me: “Yes they were, by the BBB and the FCC”. MaxLend also said they were ranked a top five BBB payday loan company in the country. After researching this, I found this to be a lie, MaxLend is not even BBB accredited. How can they be a top five BBB payday loan company if they are not even BBB accredited? This company is a big scam. Something needs to be done to stop them from defrauding everyone out of their money.

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Business Profile Summary

  • MaxLend logo

Company Statistics

  • Complaint Against MaxLend
  • Complaints Filed: 81
  • Reported Damages: $67,164.84
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