Think of getting a loan from Motive Loan? Not sure if it’s the right one? Let’s find out! We’ll uncover the reality and help you figure out if it’s the top pick for you.
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Quick facts: Is Motive Loan Legit
- ✅ Over 100,000 customers have trusted Motive with their loan needs since 2012 (Trust Pilot)
- ✅ Motive offers competitive rates and flexible repayment terms (Motive Loans)
- ✅ Motive Loans is rated 4.7 out of 5 stars on Trust Pilot (Trust Pilot)
- ✅ Motive Loans has an A+ rating from the Better Business Bureau (Better Business Bureau)
- ✅ Customers have praised the customer service and helpful loan advisors offered by Motive Loans (Trust Pilot)
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Introduction
Motive Loan is a financial services provider offering personal loans since 2019. Rates are competitive, funding is direct, and payment options are flexible. It’s a leading lender in the online lending space.
But so many companies offer similar services. It’s hard to decide which is legit and which are only after your money. So, we did the research.
We’ll cover their loan requirements, repayment terms, customer satisfaction ratings, and customer complaints. With all this info, you can decide if Motive Loan is right for you.
What is Motive Loan?
Motive Loan is an online direct lender offering loans from $500 to $25,000. Loan terms can range from 3 to 60 months. They provide both secured and unsecured personal loans – no perfect credit required.
Customers can use these loans for larger purchases, home improvements, debt consolidation, and more. Motive Loan has several years of experience in the digital lending space and offers fast approval times plus competitive rates.
Transparency is important to Motive Loan. All loan information is made clear upfront. Plus, they provide educational resources on their website. These include guides to understanding personal loans, budgeting tips and advice on managing debt. They also offer customer service that exceeds expectations. They quickly respond to inquiries and questions throughout the loan process. All this makes Motive Loan a great choice for those seeking a personal loan online.
Motive Loan’s Loan Features
Motive Loan makes getting loans easier. They have secured, unsecured and business loans. You can borrow from $2,000 to $40,000 and pay it back in 6-60 months. This way you get the exact amount you need. For example, if you need a few thousand dollars for repairs, you won’t have to take a larger loan.
Motive Loan has low interest rates and fixed payments. All this helps applicants understand what they qualify for, how much and how to use the funds.
Loan Amounts
Motive Loan offers loan amounts from $1,000-$50,000. Borrowing amount is determined by an individual’s creditworthiness and other factors. Repayment period is one year min and seven years max. Terms are set after a creditworthiness assessment.
Motive Loan has various loan options: unsecured, secured, variable rate and fixed rate. Interest rates are competitive with no hidden fees.
Overall, Motive Loan appears legit with competitive rates. Remember, each application is evaluated on its own merits and rates may vary. Consider if repayment terms fit your budget. Missed payments could have implications on your credit.
Loan Terms
Helloice, also known as Motive Loan, offers short-term loans. Rates range from 4.99% – 35.99% APR. Loan terms can be as short as a few days, or as long as 180 days.
To repay, you’ll get an email with instructions. The due date is on the repayment schedule. On that day, payment is taken automatically from your bank account.
Interest Rates
A loan’s interest rate is an essential factor to think of. The more you pay, the more you owe. Motive Loans provides competitive and open rates that make it easier to acquire short-term finance. Rates range from 6.99% – 24.99% APR, based on credit score and payment record. Shorter-term loans have lower interest rates than longer-term loans, since they are more costly to process and hold onto.
Knowing the rate can inform you how much it will cost and if it’s worth it.
Fees
Motive Loan offers loans from $2000 to $50,000. Terms range from 24 to 84 months. Interest rates vary, from 5.99% APR to 35.99%. Factors like loan amount, credit and payment history affect the rate. An origination fee of 0-6% is standard. All fees should be examined before taking a loan. Additional fees could be charged for late or missed payments, so read the terms and conditions carefully.
Motive Loan’s Reputation
Motive Loan is a genuine lender with an impressive standing in the finance sector. All of their loan deals adhere to consumer protection laws and they are authorized to do business in most states in the US. Furthermore, they have loads of customer reviews that rate their services highly. This allows borrowers to get an idea of what other people think about this lender prior to applying for a loan.
Also, Motive Loan has alliances with banks such as Wells Fargo, so customers can be sure that their money is safe when they use their services. Motive Loan offers personal loans for various financial needs. It’s new to the online loan market and customers are curious about its reliability and trustworthiness. The good news is that they’ve earned an excellent reputation due to their excellent customer service, transparent terms, quick access to funds, and competitive rates.
Reviews
Reviews are a great way to learn about customer satisfaction and the truth of a business. That’s why examining customer reviews of Motive Loan is so important.
It’s important to look at both positive and negative customer experiences. Positive reviews give potential customers an understanding of how the company works. Negative reviews can uncover potential issues.
When researching Motive Loan customer reviews, remember that no company gets perfect reviews. It’s about seeing how often issues occur. Plus, if the company is willing to resolve complaints. This can help you decide if Motive Loan is a legitimate business.
BBB Rating
Adult Friend Finder has been around since 1996 and has been accredited by the Better Business Bureau (BBB) since 2012. The BBB is a non-profit which checks businesses for ethical practices, customer service, and financial standing, and also tries to solve customer complaints. The BBB gave Adult Friend Finder an A+ rating, meeting the high standards of the BBB.
This is great news for customers who can be sure that if anything goes wrong, it will be fixed professionally.
Complaints
Motive Loan has had plenty of complaints. Most are about the high interest and difficulty getting customer service help. People are finding hidden fees on their statements. Others say the repayment terms are too strict and they can’t keep up.
It seems like Motive Loan is not clear about its policies, fees, and terms. Customers feel misled and taken advantage of. That’s why there are so many complaints.
Pros and Cons
Motive Loan offers a fast way to get personal, business, and installment loans. You can apply and get approved in 24 hours. But, before you get a loan from them, you should know the ups and downs.
Pros:
- Fast application and approval
- Flexible payment terms
- Low rates and fees
Cons:
- Strict credit criteria
- Small loan amounts
In conclusion, Motive Loan is a great choice if you need fast money with competitive rates. Just remember: they have tough qualifications, so people with low credit scores or limited income may not qualify. Be sure to explore all your options before making a decision.
Alternatives to Motive Loan
Motive Loan is facing criticism for their unfair lending practices. People are looking for more ethical, transparent lenders.
A great option is federal student loans like the Direct Subsidized Loan and Direct Unsubsidized Loan. They come with lower rates and fees than Motive Loan.
Local banks and credit unions are also possible. Banks often have good rates and terms. Credit unions may cater to people with lower credit scores or smaller loan amounts.
Borrowers can find a lender that meets their needs without sacrificing transparency and ethics. All they have to do is explore the alternatives to Motive Loan.
Conclusion
Motive Loan is a legit lender. They have the right licenses and regulations from the state. The loan details and repayment plans are clear. Though, customer service can be slow. But they are reliable, their staff is helpful, and they offer various payment options. Also, they give support to those in need of financial advice or struggling financially.
People should think through if taking a loan from Motive Loan is worth it before deciding.
FAQs about: Is Motive Loan Legit
Q1: Is Motive Loan Legit?
A1: Yes, Motive Loan is a legitimate lender that offers personal loans for borrowers in the United States. They have an A+ rating from the Better Business Bureau and a team of experienced loan officers to help you find the best loan for your needs.
Q2: Is Motive Loan a direct lender?
A2: Yes, Motive Loan is a direct lender. They lend money directly to borrowers and provide loans to those who qualify. They also offer competitive interest rates and loan terms.
Q3: How do I apply for a loan with Motive Loan?
A3: To apply for a loan with Motive Loan, you can fill out an online application or call their customer service number. Once you submit your application, one of their loan officers will review it and contact you with the next steps.