Thinking about a loan from Motive Loan? In order to make a wise decision, get the facts first! This article will give you all the info you need. It’s the key to being informed.
Contents
Quick facts: Is Motive Loan Legit
Checkout this video:
Overview of Motive Loan
Motive Loan is an online lending platform. It links borrowers with lenders from all over the world. It helps people borrow money for various needs like debt consolidation, home improvements, emergency expenses and more. Motive Loan has been in the lending industry since 2017. It offers competitive interest rates and flexible repayment terms.
The application process is simple. Just provide personal info, loan amount and repayment duration. Motive Loan searches its network of lenders for an appropriate loan offer. Approved borrowers get their funds within 24 hours or sooner.
Motive Loan also offers educational resources. These help borrowers understand their financing options and make wise decisions about their financial future. With these materials, customers can learn responsible borrowing practices and compare loan types. This helps them pick the right offer from Motive Loan’s network of lenders.
Who is Motive Loan?
Motive Loan is an online financial services provider. It specializes in personal loans and other credit-related products. Founded in 2020, this company partners with a nationwide network of lenders. This provides customers direct access to competitive loan rates and flexible payment options.
Motive Loan is committed to helping customers build and maintain financial health. It has several safety protocols to ensure the security of customer data. It also has a streamlined process for applying and receiving a loan.
Consumers can apply for a loan in just minutes and get an answer quickly. Loans come with fair terms, low interest rates and no hidden fees or charges. Motive Loan aims to make financing available to everyone. So they can take control of their financial future.
What are their services?
Motive Loan is an online lender. It provides personal loans, student loan refinancing, and home loan refinances. Interest rates are competitive, and repayment plans are flexible. Other services include debt consolidation, car financing, and credit card consolidation.
Motive Loan promises clear terms and transparent communication. The application process is streamlined. Pre-approval decisions are fast. Customer service reps are available for questions about the process or loan options.
Features of Motive Loan
Motive Loan is a genuine online loan platform. They give both short-term and long-term loans, ranging from $500 to $50,000. Repayment periods range from 6 months to 5 years, and no collateral is needed. To be approved, you need a minimum FICO score of 500. Approval can happen within 48 hours if all your info is correct.
Motive Loan has many features. These include:
- Customizing the repayment period
- Flexible interest rates
- Fixed monthly payments
- No surprise fees
- No prepayment penalties
They also offer credit protection if you lose your job or become disabled. Plus, they can help you consolidate debts into one payment. All these features make Motive Loan a great option for loan seekers.
Loan amounts
Motive Loan offers loan amounts ranging from $500 to $35,000. Your loan size depends on credit score, income and length of term. Fixed rates are available for up to 60 months. Variable rates may be available for up to 84 months.
Additionally, you’ll need to pay closing costs and other fees. These vary by state and will be disclosed when you apply. It’s important to understand the costs before taking a loan.
Interest rates
Motive Loan offers a variety of loans with interest rates based on credit score and other factors. Interest rates range from 4.99% APR for home equity loans to 35.99% APR for personal loans, and up to 25.65% APR for auto loan refinancing. All rates are fixed with no penalty for rate or prepayment. You can view current rates and use the calculator tool on the website to estimate payments for different loan amounts and repayment periods.
Since 2010, Motive Loan has been providing loans that fit each customer’s needs. The loan process is easy – online application, flexible payment plans, competitive rates, and no fees for closing or paying off early.
Loan terms
Clawee is a US-based loan provider. It offers unsecured loans of up to $1,500 for those with fair or good credit. Loan terms differ dependent on the amount borrowed and the credit score. These range from 3 to 24 months. Details will be shared during the application process. There is a mobile app for iOS and Android users to manage payments.
Interest rates vary, between 8-36%. Fees may be applicable for late or missed payments, plus prepayment penalties. All terms should be understood before making a loan decision.
Fees
Motive Loan has fees that vary depending on loan terms. An origination fee of 1-6% of the loan amount is added. APR is from 4.99 – 29.99% with a maximum repayment term of 5 years in 3,4, or 5 year plans. Extra fees may apply if late payments or other loan agreement violations occur.
All fees are outlined in the terms and conditions when applying for a loan, so you can make an informed decision before signing.
Pros and Cons of Motive Loan
Motive Loan is a speedy and convenient online loan giver! It offers secured, personal, and auto loans – all of which can be applied for online quickly. The application process is easy, approval times are quick, and their interest rates are low when compared to other online loan providers.
One perk of Motive Loan is that you can pay off the loan early without any extra fees or penalties. Plus, they have flexible repayment periods so you can decide how long to take to pay it back – with no added costs!
Customer service support is available – either by phone or email – and there’s an FAQ page for easy answers about their services. But there are some downsides too:
- only secured loans up to $5,000;
- you’ll need to provide collateral if you need more;
- and interest rates could be higher than with other lenders sometimes.
Pros
ShiftSmart is a great way to make money in your free time. Pick shifts that work with your schedule! Plus, they pay well and offer bonuses. You can even get medical benefits if you work enough hours. The platform is easy to use, even if you aren’t tech-savvy.
ShiftSmart is reliable and secure. Convenient payouts and great wages make it popular. Get the most out of your schedule – work with ShiftSmart!
Cons
Considering if Motive Loan is legit? Weigh the cons. One is, no physical presence. All biz online, no branches or locations. Hard for customers to have face-to-face. Prefer that to phone?
Also, high interest rates. Especially for those with low credit score. Sounds bad, but shows Motive Loan is willing to take higher risk and give loans to those with less than perfect credit history.
How to Apply for a Loan with Motive Loan
Motive Loan is an online loan provider. They offer fast and secure loan solutions. Applying is simple and can be done in minutes.
To get a loan from Motive Loan:
- Visit their website and fill out the online form. The form has personal info like address, phone number and job history.
- Send proof of income and identity documents.
- Do a credit check with one of the 3 main bureaus (Equifax, Experian, TransUnion).
- Verify that all info is correct and up to date.
When approved, Motive Loan will deposit the funds into the customer’s checking or savings account. It takes 48 hours or less, depending on when the customer directs deposits their funds. Plus, they have competitive interest rates and repayment terms. That makes it easier to manage the loan responsibly.
Eligibility requirements
To get a loan from Motive Loan, you must meet certain conditions:
- You must be 18+ years old and living in an area where they operate.
- You need to have a valid income, ID, and a checking account open for 90 days or more.
- They run a credit check, but the minimum score you need varies.
- When you’re approved, show proof of your income.
- Lastly, make sure you have money left over after covering your expenses each month to make payments.
Before applying, consider if you can afford the loan.
Application process
Motive Loan makes the application process easy and fast. Just gather the documents, then complete the online application in 10 minutes. Motive Loan will then check your credit reports and employment. If you’re approved, funds will arrive in 48 hours (or same-day if you apply before 9PM EST).
You can choose to get your funds via direct deposit, wire transfer or paper check. Once you get the money, start paying the loan per the agreed plan.
Document requirements
You need documents to be approved for a loan from Motive Loan. These include pay stubs or tax docs showing your income, plus bank statements and other financial info. Plus, you must show a valid driver’s license to confirm your identity. Depending on your situation, more documents may be needed.
All these requirements are so you can repay the loan easily and so the money goes to someone who can manage it responsibly.
Conclusion
Motive Loan is a legit firm that gives its customers short-term loan choices. Loan terms are free and transparent – no collateral, charges, or early repayment fees are involved.
Whenever taking out a loan from Motive Loan or any other institution, it’s important to borrow responsibly. Do not take on more than you can manage. Always read the loan terms and conditions before consenting. Do your research and exercise due diligence when making a big financial decision. Then, sign a contract or agreement.
Summary of Motive Loan
Motive Loan is the real deal! It’s a lending marketplace with a variety of lenders that offer short and long-term loans. You can apply, get approved, and receive your money within 1 or 2 business days. Rates are transparent and competitive, plus there are plenty of flexible repayment options available.
You can customize your loan to fit your needs – choose an amount, repayment period, and interest rate. No hidden fees or pre-payment charges. It’s a great way to get money quickly and easily. Remember to read the fine print before signing anything!
Is Motive Loan Legitimate?
Motive Loan is legit! They offer US applicants personal loans. This small financier with their HQ in Delaware began in 2019. You can get loans for between $500 and $50,000, secured and unsecured. Loans are approved and funded within 24 hours.
To make sure everything is legal, Motive Loan has teamed up with 3rd party firms that check credit and backgrounds, as well as preventing fraud. All loan contracts must be signed by two reps from company and borrower. This ensures all laws are followed and defends all parties from possible legal complications.
All conversations with Motive Loan are secure to protect customer data from theft or misuse. Plus, they adhere to fair lending practices and don’t discriminate based on age, gender, race, disability or any other federally protected characteristic. All fees related to the loan are clearly stated before borrowers commit.
FAQs about: Is Motive Loan Legit
Q1: Is Motive Loan Legit?
A1: Yes, Motive Loan is a legitimate online lender offering personal loans ranging from $2,000 to $35,000. They are a direct lender, offering loans to borrowers in all 50 states.
Q2: What Are the Terms of a Motive Loan?
A2: Motive Loan offers flexible loan terms ranging from 24 to 60 months. Loan amounts range from $2,000 to $35,000. Motive Loan has an APR range of 6.99%-35.99%.
Q3: What Is the Application Process for a Motive Loan?
A3: The application process for a Motive Loan is simple and straightforward. You can apply for a loan online in a few steps. First, you will need to provide some basic personal and financial information. Next, Motive Loan will review your information and make a decision. Finally, if you are approved, you can receive your funds in as little as one business day.