Motive Loan Reviews: Within the landscape of financial services, Motive Personal Loans, presented by Motive Loan, emerges as a notable player. Founded and headquartered in Grandville, MI, Motive Loan extends its services across all 50 states and the nation’s capital, Washington, DC.
Key Takeaways
Commencing the Financial Journey: At the inception of your financial journey with Motive Personal Loans, you are greeted with the prospect of Annual Percentage Rates (APRs) commencing at 5.99%. This introductory offer finds itself nestled at the lower end of the spectrum, which typically spans from 5% to 36%.
Prepayment Peculiarity: In a departure from the norm in the realm of personal loans, Motive Personal Loans enforces a prepayment fee. This means that should you choose to discharge your Motive Personal Loans ahead of schedule, you will incur a fee.
Origination Fees Unveiled: Origination fees at Motive Loans vary from 3% to 10%. Positioned at the higher echelons among lenders featured on SuperMoney’s database, these fees deserve careful consideration. It’s imperative to remember that these charges are subtracted directly from the loan amount, impacting your borrowing calculations.
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Cosigning Possibilities: Motive Personal Loans offers applicants the option of including a cosigner in their application. This strategic move can improve your chances of approval and potentially unlock access to lower interest rates.
Loan Term Duality: The spectrum of loan terms offered by Motive Personal Loans is quite intriguing. On one end, you have loan terms as brief as 2 months, ideal for those seeking swift financial solutions. On the other end of the spectrum, Motive Personal Loans extends the olive branch to borrowers by offering loan terms of up to a staggering 72 months. This is a notable extension beyond the customary maximum loan term of 60 months observed in most personal loans.
The Pros and Cons of Motive Loan Reviews
The Upside
- Accessible low APRs for eligible borrowers.
- Consideration for applicants with fair credit profiles.
- The inclusion of cosigners as a viable option.
The Downside
- APRs can soar as high as 35.99%, warranting caution.
- The imposition of an origination fee, potentially scaling up to 10% of the loan amount.
- The absence of pre-approval with a soft credit pull.
- The presence of prepayment fees and late payment charges.
Frequently Asked Questions about Motive Loans
Interest Rates and Loan Terms: Q: What is the range of interest rates and personal loan durations offered by Motive Loans? A: Motive Loans presents interest rates that align with the lower end among lenders scrutinized by SuperMoney. The fixed APR personal loan product spans from 5.99% APR to 35.99% APR. Loan amounts vary from $100 to $5,000, and loan terms stretch to an impressive 72 months.
Fee Structure: Q: What fees can one expect from Motive Loans? A: Motive Loans may levy a personal loan origination fee, fluctuating between 3% and 10% of the loan amount. It’s essential to consider this when determining your borrowing needs. Notably, Motive Loans refrains from imposing late payment fees or prepayment fees.
Qualification Requirements
To be eligible for Motive Personal Loans, applicants should ideally possess a credit score ranging from 500 to 850. The minimum age for eligibility is 18 or the state-prescribed minimum, whichever of the two is higher.
Motive Personal Loans adopts an inclusive approach, considering borrowers regardless of their employment status as long as they can demonstrate their capacity to fulfill their financial obligations. Moreover, applicants have the option to enlist a cosigner to either meet eligibility criteria or secure more favorable interest rates.
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It’s noteworthy that The Military Lending Act (32 C.F.R. § 232) places a cap of 36% APR on credit extended to service members. Active duty service members and their covered dependents are eligible to apply for a loan via Motive Personal Loans, ensuring compliance with the Act’s limits. Additionally, U.S. citizens and permanent residents/green card holders are eligible to access the services offered by Motive Personal Loans.
Documentary Requirements
To qualify, applicants may need to furnish the following documentation:
- Recent pay stubs
- Driver’s license
- Government-issued photo ID
- Proof of identity
- Proof of citizenship or residence permit
Account Activity Reporting
Motive Personal Loans diligently reports your account activity to the following credit reporting agencies:
- Equifax
- Experian
- Transunion
Regular on-time payments to a creditor reporting to one or more credit bureaus can effectively underscore your financial responsibility and contribute positively to your credit profile.