Rating: (4.3 / 5)

We all know how difficult it is asking anyone for a loan…whether a bank, a payday loan company or even a family member. One is never sure if anyone will understand your situation. That was exactly the reason why was set up. And, the reason why it’s different from the myriad personal loan companies out there.

According to Karen Jackson, Managing Director and founder of MaxLoans, she herself has experienced what it is like to be in a financial soup and nobody wanted to know. “I understand what it means to need a finance company that will actually listen and want to help…I remember how hard it was to actually find a company that was willing to help me… It’s this experience that…ensured I became a business that would actually listen…I make sure listening and understanding the customers’ needs are at the heart of everything we do.”

Empathizing with the customer.

Led by Ms. Jackson, the team at Maxloans understand what it’s like to need a loan. The company takes on the role of a broker – representing the customer while dealing with their many lenders. This allows Maxloans to source the best loan to suit the customer’s situation. In addition, having a pool of lenders to talk to, increases the chances of approval.
Maxloans offers various types of loans – each one fits a particular type of need and situation.

Personal loans

Can be used to buy new appliances for the family, planning a wedding or a holiday or just
to take care of the unexpected. The customer’s home can be used as collateral – or the customer can get a guarantor. The company makes sure that the customer is given all the right information, ensures that the borrower stays within his repayment limits and that the loan doesn’t become a financial burden. The site also has a handy little loan calculator which the potential borrower can refer to as and when needed.

Unsecured loans

An unsecured loan doesn’t need to use anything the borrower owns as security. The loan itself can be used for all the same purposes as a personal loan but it does have stricter lending criteria. Getting an unsecured loan will depend on a number of things including income, job stability, credit history, loan amount and so forth. Since the criteria are more stringent, Maxloans asks for a bit more information.

Debt Consolidation

In this type of loan, Maxloans takes on all the customer’s debt, and then pays them off with a debt consolidation loan. That means the customer ends up with just one loan to pay – generally at a lower fixed interest rate. Plus, this loan has a set end date meaning that the customer knows exactly when it will be paid up. As the company spells out very clearly, there are quite a few advantages to getting a debt consolidation loan. Basically, it means that:

  • The customer is taking back control of his or her financial future
  • There will be just one regular loan repayment that has a fixed end date, so the borrower knows when he will be debt free
  • The repayments are fixed so the customer can budget better
  • The interest rate is often lower than the rate the customer is currently paying, especially for his credit cards
  • In most cases there’s no interest penalty for early repayment so the customer can pay it off earlier if he wants to