Max Cash Payday Loans - Full Review & Guide
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For those looking for a payday loan, you’ll definitely want to consider Max Cash. They have rightly earned their reputation as one of the best online payday loan platforms due to their many pros, such as their large lender network and excellent customer service.
If you’re currently in a financial emergency, payday loans are one of the easiest ways to get your hands on some cash. This is because Max Cash won’t check your credit score when you apply.
There are numerous other reasons to choose Max Cash for your payday loan. In this article, we’ll introduce you to Max Cash’s payday loan platform and why they’re one of the best payday loan companies.
Who is Max Cash?
Max Cash operates a little differently from most other payday loan companies. While other companies are mostly direct lenders, Max Cash is an online broker. This means that they provide a platform for clients and lenders to connect with each other.
Max Cash actually offers many different types of loans, including personal loans, title loans, and even mortgage loans. If you’re interested in title loans as an alternative to payday loans, read our Ultimate Max Cash Title Loans Review. The rest of this article will focus on their payday loan platform.
Is Max Cash a Legitimate Business?
Yes, Max Cash is a legitimate business. Their track record is the biggest indicator of this–throughout the years, they have helped over 400,000 people find great rates on loans.
Another reason to trust Max Cash is their high degree of transparency. Max Cash makes it known that payday loans come with high interest rates, whereas other lenders may intentionally hide this fact. In addition, Max Cash works tirelessly on your behalf to haggle for the best possible rates.
How Do Payday Loans Work at Max Cash?
Getting a payday loan at Max Cash is easy. In general, there are five steps:
- Make sure you meet the requirements. To qualify for a payday loan, you must be at least 18 years old, and be a permanent resident of a state where payday loans are legal. You’ll also want to have a couple things ready: your government issued ID, proof of income (a recent pay stub or bank statement), and your social security number.
- Sign up for Max Cash. On Max Cash’s website, you can fill out their online form to sign up. The form will ask you basic information about yourself, as well as how much you want to borrow.
- Max Cash will match you with partner lenders. After you sign up, you can sit back and relax while Max Cash does all the work of finding a suitable lender for you. If Max Cash finds a match, a representative will reach out to talk to you about your options.
- Review your loan terms carefully. Interested lenders will offer you a loan contract. In it, you’ll find details about the loan, including how much you owe and when it’s due. Be sure to review all of these terms carefully.
- Accept or decline the offer. Once you’re sure you can repay the loan in full and on time, you can choose to accept the offer and sign the contract. Max Cash will continue trying to find lenders for you if you decline.
Throughout the entire process, Max Cash is very transparent and honest. They promise to “answer every question,” so if you’re unsure about anything in their loan process, feel free to reach out and ask.
Pros of Max Cash
Max Cash has many competitive advantages, but here are their top 5.
Max Cash has one of the largest networks of partner lenders on their platform. This means that signing up for Max Cash gives you maximum exposure to different lenders.
While this by no means guarantees approval for your payday loan, it greatly increases your chances of finding one. If you’re unable to close the deal with one lender, Max Cash will do their best to find you alternative options.
Finally, having so many lenders can give you some negotiating power, since you can pick the lender that offers the best deal to you. This wouldn’t be possible if you worked with a direct lender.
One of the best perks of choosing Max Cash is that they do all the work of speaking to lenders on your behalf. All you need to do is provide your information while signing up.
This can make it a lot more efficient to just sign up with Max Cash, rather than submitting multiple applications to different direct lenders.
Max Cash is often praised for their customer service. Because Max Cash knows they are the middleman between you and the lender, they stress the importance of communication. Max Cash representatives always encourage reaching out to them if you need help with deciding whether a loan is right for you.
Max Cash has extended hours everyday (5am-10pm) to accommodate customer service requests. Additionally, you can email them and they have a quick turnaround time.
One sign of a good payday loan company is whether they emphasize financial education to their clients. This is a big focus of their customer service, but they also provide different informational articles to educate clients about payday loans.
Last but not least, Max Cash is completely free to use. Max Cash is able to make their service free because their partner lenders pay for their spot on the platform.
Cons of Max Cash
There aren’t really any cons with Max Cash, but there is one point that you should be aware of.
Max Cash may have limited availability in some states. While payday loans are generally legal in every state, specific state laws can impact rates and availability. The National Conference of State Legislatures contains a full record of all changes to payday lending laws in each state.
Max Cash is not above the law, and so they must abide by these rules as well. As a result, you might find that it’s tougher to find payday loans in some states compared to others. In addition, there might be fewer lenders available in your state as well.
Customer Reviews of Max Cash
Let’s take a closer look at what Max Cash users are saying about the platform.
Christopher from Riverside, CA
I was looking on the Internet, and I saw Max Cash and I applied. I needed help paying some of my bills. They called me within the same day I filled out the application, and then they lent me the money on the following Monday. The application process was easy and the loan processor was nice. He helped me out a lot. Everything was good. I was able to pay off some of my bills. It gave me some kind of a breathing room. I’d recommend Max Cash to a friend if they needed help.
Christopher found Max Cash at a time of financial need. When you have urgent bills you need to pay off, this is a good time to consider getting a payday loan. Luckily, Max Cash had a quick enough turnaround time to help Christopher with his bills, giving him some much needed breathing room.
This review highlights the reasons you might want to reach out to Max Cash, as well as how efficient Max Cash is in finding a suitable lender. You can often expect a response the same day you reply, as in Christopher’s case.
Sasha from Chandler, AZ
Peder was great! He helped me through the process and it was so nice to just text all my documents over. I was able to get the loan for the amount I needed the next day. Thank you so much and I will definitely recommend!
Sasha’s review shows the ease at which you can get a payday loan with Max Cash. They are very accommodating in how you can send over your documents. In addition, this particular representative Peder was very helpful in guiding her through the process.
Sasha was able to get her loan in as little as one business day. While not every client may be able to get such a quick turnaround, it’s definitely possible. We recommend that you don’t delay reaching out to Max Cash so you can get your funds as soon as possible.
What’s The Most Money You Can Get From a Payday Loan?
Payday loans are typically short-term loans for relatively small amounts of money. The exact amount you can borrow depends on which state you live in, but most states cap it between $500 to $1,000. Despite this, most payday loans go for $500 or less. According to DebtHammer, the average payday loan is for $375.
Also, remember that partner lenders will use other criteria to determine how much you qualify for. For example, this is why lenders ask for your current gross income when you apply.
Note that just because you qualify for a certain amount doesn’t mean you have to take that much out in a payday loan. These loans carry very high interest rates, so it might be wise to take out only what you need. This also lowers the amount you’ll have to repay.
How Many Payday Loans Can You Have in a Year?
In a year, you can potentially take out multiple payday loans. The exact number of loans you can have depends on state legislature. For example, in Washington state, you can only take out 8 payday loans in a 12 month period.
In addition, it’s possible to have multiple payday loans at once. In general, lenders won’t know whether you have open payday loans with a different lender, though you may be obligated by law to tell lenders about your current debts.
Again however, we must remind you that payday loans have very high interest rates. Taking out one payday loan after another can bury you in debt if you can’t repay them. Also, lenders may report missed payments on your credit report, which can stay there for seven years. We strongly recommend against having more than one payday loan at a time.
To avoid getting trapped in a cycle of debt, always ensure you can repay a loan in its entirety before signing that contract.
Title Loans vs. Payday Loans
Title loans are one of the closest alternatives to payday loans. Title loans also don’t involve a credit check, so they’re available for those with bad credit. Max Cash is also known for offering title loans on their platform.
In a title loan, you give up your vehicle title in exchange for cash. This can seem scary, but you’ll be able to continue driving your car for the duration of the loan. As long as you’re able to repay the loan in full, you’ll get your car title back.
Both title loans and payday loans should be reserved for true financial emergencies. If you’re interested in title loans, you could check out Max Cash or our list of the best title loan companies in the United States.
Conclusion and Next Steps
Max Cash is one of your best options when it comes to looking for a payday loan. Apart from having one of the largest networks of partner lenders, they also have a team of knowledgeable staff members to help navigate you through their process.
We suggest getting started by filling out their online form. This will put you in Max Cash’s platform, where they’ll do all the work for you in finding a partner lender. Best of all, signing up for Max Cash is entirely risk-free because it won’t cost you a dime.
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About the Author
Chris Morgan is a credit expert and founder of Credit Help Info. He has been featured in Addition Financial, GOBankingRates, MSN Money, Yahoo Finance, and many other publications. He has read hundreds of books and resources on finance and the credit industry. Because he did this, you don’t have to. As a school teacher for over 20 years, Chris enjoys taking complicated material and breaking it down into manageable information that’s easy to understand.