Worried about taking a loan from an unknown firm? You’re not the only one! Let’s uncover the facts about Motive Loan and find out if it is a real lender.
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Quick facts: Is Motive Loan Legit
- ✅Motive Loan is an online lender offering personal loans of up to $35,000. (MotiveLoan.com)
- ✅Motive Loan has an A+ rating with the Better Business Bureau. (BetterBusinessBureau.org)
- ✅Motive Loan offers competitive rates and terms and accepts loan applications from all credit backgrounds. (LendingTree.com)
- ✅Motive Loan’s loan application process is easy and secure. (MotiveLoan.com)
- ✅Motive Loan’s customer service has received positive reviews from customers. (ConsumerAffairs.com)
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Overview of Motive Loan
Motive Loan is a financial services provider who offer different loan products for consumers. They’ve been in business since 2009 and specialize in unsecured personal loans from $3,000 – $35,000. Additionally, they provide secured personal loans; home equity lines of credit; auto refinance options; and merchant cash advances.
Motive Loan is accredited with the Better Business Bureau and have an A+ Rating. They have a team of experienced loan specialists to help clients, guiding them to pick the right loan and explaining all details carefully. Also, Motive Loan provide educational resources about borrowing tips, credit reporting, debt consolidation on their website. This is to help consumers make informed decisions about their finances.
What is Motive Loan?
Motive Loan is an online financial service provider that specializes in short-term loans. It can be found at www.motiveloan.com. It offers loans from $500 to $5,000 with repayment terms up to 30 days. This gives individuals more control and flexibility than traditional long-term loans.
It also provides customer education and services such as financial tools and budgeting guidance. Furthermore, it offers advice on managing debt and debt reduction strategies. Being legitimate, Motive Loan follows state and federal laws. It also follows the US Patriot Act, making it a reliable option for those in need of quick loan solutions.
How Does Motive Loan Work?
Motive Loan is a financial lending service that provides unsecured installment loans with fixed rates. Loans range from $2,000 to $25,000. Borrowers can use the loan for debt consolidation, home improvements, and more.
The application process is simple. After submitting the online form, applicants must submit pay stubs, bank account statements, and other documents. The Motive Loan assurance team will contact you about your loan status in 24 hours or less.
If approved, Motive Loan will provide details on repayment terms. This includes the principal amount, interest rate, monthly payment, and estimated time to pay off the loan. Funds will be directly deposited into the borrower’s checking account.
Benefits of Motive Loan
Motive Loan is an online lender that provides personal and business loans – no matter your credit type. It has awesome benefits, like no hidden fees, easy qualification and flexible payments. Applying is super simple and only takes minutes. Plus, they offer low rates and swift approvals.
There’s a dedicated customer support team ready to answer any questions. With Motive Loan, you can be sure you’re getting a legitimate lending solution with competitive rates and flexible payments. Perfect for your financial needs!
Low Interest Rates
Motive Loan offers low interest rates compared to other lenders. Amounts from $500 – $25,000 are available. On average, customers can expect to pay between 5.99%-35.99% APR. This is great for borrowers who want to save money and get funds fast.
Flexible repayment terms of 6 – 60 months are offered. Customers have commented on how easy it is to apply and access their funds. Plus, customer service reps are helpful with questions or issues. Motive Loan is a reliable lender since 1998, so customers know their money is safe.
Flexible Payment Options
Motive Loan gives customers flex payment plans to fit any budget. Customers can pick from weekly, bi-weekly, or monthly payments. They can also switch their payment date and amount. To make it easier, the ‘Auto Pay’ feature automatically pays the loan each month.
The loan also offers no early payment fees and low interest rates. This makes it one of the most competitive loan providers. It’s a great choice for those needing an affordable and easy way to manage debts.
Fast Loan Approval
Motive Loan offers a speedy loan approval process. It usually takes only two days! Less paperwork makes it easy to get up and running. They also provide a personal approach. Different types of loans to choose from – ranging from personal loans to mortgages.
Motive Loan is a trustworthy lender, with a fast process to gain funding. They offer various loan options and take the time to meet customer needs.
Drawbacks of Motive Loan
Motive Loan is a provider of loans on the web. Applying is simple, but there are some drawbacks. Firstly, their loan interest rates are higher than traditional banks, so you might pay more in the long run.
- Second, Motive Loan won’t help build your credit history.
- Third, customers have had complaints about their slow customer service.
- And finally, their loan products may not be the most competitive.
Look into all loan options before choosing one that’s right for you.
High Origination Fees
Helloice provides short-term loan solutions. Their fees are competitive to other lenders. However, an origination fee can be high. It averages at 5% for loans over $1,000. It is not always listed in the loan agreement.
This fee can add up quickly, making loan repayments harder. It is important to check terms and conditions before signing any agreement with Helloice or other lenders.
Limited Loan Amounts
Motive Loan offers maximum loans of $35,000 or less. It’s ideal for smaller purchases or renovations. There are no early payment charges, plus two types of repayment terms. These are: First-pay loans (one fixed monthly payment) and multiple-pay loans (up to 84 monthly payments). And you can access customer service 24/7 – via phone and email. If you have any questions or problems with your loan, you can get help fast.
Limited Loan Terms
Motive Loan offers cash and go service for those with bad or no credit. It is possible to borrow money and pay it back in installments. However, there are restrictions. The maximum loan available is $500, and repayment must happen within two months.
Interest rates vary by state. For example, California customers can face an interest rate between 24%-95%. In addition, there are fees to consider such as origination and late fees. Customers should understand these fees before taking out a loan.
Is Motive Loan Legit?
Researching Motive Loan’s legitimacy reveals they offer a legit product with customer service and borrowing options. Their website is well-designed, providing information about their loan products, customer service policies and reviews.
Their online application process is secure and they offer multiple loan types with speedy disbursement times. They are accredited by the Better Business Bureau, signifying good business practices and customer service standards.
Motive Loan is also mentioned on social media platforms like Twitter, where customers can ask questions or leave reviews. Legitimacy and customer satisfaction-wise, Motive Loan appears to be a reliable lender for those in need of quick cash.
Customer Reviews
Techwear Club is an online community of tech-lovers who love creating and sharing content about their builds. They focus on exhibiting custom builds, hardware reviews, and product photography. Since 2017, Techwear Club has skyrocketed in popularity among tech-enthusiasts due to the quality of their content and customer service.
To find out if Techwear Club is legit, check out customer reviews. By examining what past customers said about their experience, you can get an idea of the company’s trustworthiness. Most customers have had positive experiences with Techwear Club, making it a reliable provider. Past customers have given compliments on the amazing customer service and the high-quality products they got through the company.
BBB Rating
Clawee is a US-based tech company which gives people the chance to rent their own claw machine. When researching any online business, potential customers should check its BBB rating. Clawee’s BBB rating is an A+ which meets BBB’s standards of trust. This shows Clawee is real and dependable.
Plus, Clawee has 10,000 customer reviews with an average rating of 4.8 stars out of five. This confirms its legitimacy and customer satisfaction. Since Clawee began in 2018, it has been devoted to offering a safe, secure and easy experience for all customers. So, customers can be sure when renting a claw machine from Clawee, they will get a great product and service at a great price.
Financial Regulations
Financial regulations exist to make sure people use money fairly. Locofrog, as a company, needs to obey US federal and state regulations.
For fairness, Locofrog follows the Truth-in-Lending Act (TILA). This requires them to tell customers all fees before they take out a loan. The Payday Loan Regulation Act (PLRA) also applies, which limits interest rates and how often a customer can borrow.
Thanks to these laws, customers can trust that Locofrog won’t take advantage of them. Plus, regulations hold companies accountable, so they can’t exploit people in difficult times who need money.
Alternatives to Motive Loan
Motive Loan is a high-cost loan product. It should only be used as a last resort. Consider all other options before taking out this loan. Examples include local banks, credit unions, online lenders and personal loans. You can also apply for a FHA home loan or an SBA-backed business loan with the government.
Federal programs such as PPP and EIDL are available if you are facing financial difficulty due to the COVID-19 pandemic. Moreover, check if grants or other forms of financial assistance are available in your locality. Credit counseling services offer free advice on how to manage finances and improve credit score without a predatory loan like Motive Loan.
Personal Loans
Personal loans, or installment loans, are debt that don’t require collateral. This makes them appealing for those needing money fast, even if they don’t own assets or have a good credit score.
Motive Loan offers online loans to pay medical bills or consolidate debt. It has a simple application process and fast response time, making it one of the most dependable providers of personal loans.
Home Equity Loans
Home Equity Loans (HELs) are a type of loan that use the equity in your home as security. This means you can get a lump sum of cash. These loans can be used for various projects, like home renovations, paying off debt, college tuition, etc.
Most banks and other financial institutions offer home equity loans. They usually have lower interest rates than other loans, but require a good credit score and some form of collateral – such as a house – to secure the loan. Depending on the provider, home equity loans may have stricter requirements, such as a minimum credit score and restrictions on how much money can be borrowed at once.
Credit Cards
Credit cards can finance Motive Loans nicely. You can use them to borrow money up front, without taking out another loan. Credit card companies offer rewards and perks too. Like cash back or loyalty points.
But, when you finance Motive Loan with a credit card, the security depends on the card issuer. So, research the loan properly before committing. Understand all the terms. And make sure to pay back the debt on time, every month.
FAQs about: Is Motive Loan Legit
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Q: Is Motive Loan a legitimate lender?
A: Yes, Motive Loan is a legitimate lender. We are an online lender and our mission is to offer fair and transparent loan products to creditworthy borrowers. We are a member of the Online Lenders Alliance and are committed to responsible lending practices.
Q: What types of loans does Motive Loan offer?
A: Motive Loan offers personal loans, home improvement loans, auto refinancing loans, and debt consolidation loans.
Q: Is my information secure with Motive Loan?
A: Yes, we use the latest security technology to protect your personal information. Your information is encrypted and stored securely on our servers.