A short-term installment loan is a loan that is repaid with a fixed number of payments made at regular intervals until the balance is paid off. You can pay off the loan early with no pre-payment penalties at any point during the repayment schedule. Short term installment loans are typically non-secured, meaning that you do not put up a form of collateral that would be surrendered if you defaulted on the loan.
The two major differences between payday loans and short-term installment loans are the number of payments and lengths of the repayment terms. Payday loans are typically repaid with a single payment, due when the borrower receives their next paycheck. Short-term installment loans are repaid in multiple fixed payments, made over a period of months.
Because the repayment term on a payday loan is so short, many borrowers fail to repay their loan on time. A payday loan can then be “rolled over” into a new loan with additional fees and interest, pushing the borrower into a potential “debt cycle.”
It’s part of Makwa Finance’s mission to provide accessible, transparent funding. If you meet the minimum requirements listed below, it’s more than likely we’ll be able to provide the funding you need.
- Receive regular income
- Are at least 18-years-old and a U.S. citizen
- Have an active checking account
- Are not actively serving in the military or a dependent of someone actively serving in the military.
* Other requirements may apply.
Makwa Finance can help borrowers with a range of credit ratings, including those with less-than-perfect credit. As long as you meet the requirements listed above, we will more than likely be able to extend you funding.
One of our Lending Specialists will contact you, and/or you’ll receive an email notification from Makwa Finance with further information about completing the loan process.
Qualified first-time customers can borrow up to $2,000. Qualified repeat customers can borrow up to $2,500.
In most cases, funds will be deposited into your bank account the business day after your application has been processed and approved, including verifying your loan details and e-signing your online loan documents, if you meet the cut-off time of 6:00 p.m. CST Monday-Friday.
If you require funds the current business day, you can request a Special Services Transfer up to 3:00 p.m. CST Monday – Friday by calling855-853-4392. For loans processed on weekends or bank holidays, you will receive the Special Services Transfer the next business day. Please verify with your bank as additional incoming fees may be assessed.
To ensure your funding is delivered as quickly as possible, look for and respond to your confirmation email in a timely manner, as it contains your username and password. If you don’t see your confirmation email, check your spam folder. If you are still unable to locate the email, call Customer Service at855-853-4392for assistance.
Makwa Finance takes the security of your personal information very seriously. We transact all our loans via our SSL server, utilizing the industry’s highest physical and digital security standards. Please review ourprivacy policyfor more information.
For details on our rates and fees, please visit ourRatespage.
Your loan agreement will include a payment schedule detailing payment amounts and due dates. You are strongly encouraged to pay off your loan as quickly as possible, as Makwa Finance does not charge any early pay-off penalties or fees, and it will reduce the overall cost of your loan. Please call a Customer Success Agent for assistance with early pay-offs:855-853-4392.
For your convenience, you can have your payments withdrawn directly from your bank account. You can also send a cashier’s check or money order to Makwa Finance, PO BOX 343, Lac du Flambeau, WI 54538.
Contact our Customer Success Agents at855-853-4392if you have questions about your payments.
If you might be late with a scheduled payment, please contact us as soon as possible to request a three-day courtesy extension. There is no additional fee for this extension, but it is only available once during the life of your loan.
Makwa Finance abides by federal laws and regulations as incorporated by the Lac du Flambeau Band of Lake Superior Chippewa Indians of Wisconsin.
The best way to save money on the cost of your loan is to pay it off as soon as possible. You can make extra payments toward your principal or pay the balance in full as soon as you are able. If you are interested in paying your loan off early and reducing the total cost of your loan, log into your account and select “Payment Options,” or call us at855-853-4392for assistance.
You can access your loan documents online any time during the life of your loan by logging in to your account with your username and password. Once you’re on your account page, select “Loan Account.” On the Loan Overview page, select the “Download Loan Document” link.
If you have any difficulty accessing your documents, you can speak with a Customer Success Agent at855-853-4392. They can help walk you through the process, or they can email the documents to you.
To exercise your Right to Cancel, you have until 3:00 p.m. CST the second business day after your “Disbursem*nt Date” to begin the process of returning the funds interest-free. Keep in mind that your Disbursem*nt Date is the date funds were transferred to your financial institution. This may not be the same date your bank makes those funds available to you, so please call us at855-853-4392as soon as possible if you want to cancel your loan. If you miss the Right to Cancel deadline, you can still pay off your loan early without penalties and pay only the interest you’ve accrued up to your pay-off date.
