Ascend Loans Review: A Detailed Investigation Of The Lender
If you’re in need of cash but cannot wait for traditional lenders, such as banks, to process your request, you may turn to online lenders. They promise quick money, soft credit check or no check, and no early repayment penalties. However, not all online lenders are the same. Some are better than others, some are regulated, and some aren’t.
Let’s see more in this detailed Ascend Loans review. Who’s this company, and should you turn to them?
|Ascend Loans Website||Ascendloans.com|
|Loan Terms||Up to 12 months|
|Immigration Status Considered||Yes|
|Employment Statuses Considered||Yes|
|Credit Score Range||Not required|
|Intended Use||Personal loan|
|Joint Loan Applications Accepted||No|
|Verification Documents Required||Yes|
|Minimum Credit Score||No minimum|
|Loan Purpose||Personal use|
|Supported Income Types||Any stable income|
|Time to Receive Loan Money||1 business day|
|Other Requirements||18 years old, resident of California, valid email address|
Is Ascend Loans Legit or Scam? Regulation and Security
Ascend Loans is a site owned and operated by Ascend Loans, LLC, registered in California. It’s a company run under the Habematolel Pomo of Upper Lake, a federally recognized Indian tribe. The company provides users with a phone number, email, and address in CA.
Now, this is the first concerning fact. Typically, tribal loans differ from traditional, even some online loans, in the fact that only the law of the tribe applies. Federal laws are disregarded, allowing these loans to have exceptionally high APRs and other high fees.
This particular tribe is under the jurisdiction of the Tribal Consumer Financial Services Regulatory Commission, where the Ascend Loans license comes from. Note that states do not recognize this license, and such financial providers are considered unregulated.
What does it mean for you as a borrower? Is Ascend Loans legit?
Technically speaking, yes. They do hold tribal authorization for lending money. However, if you are charged high fees and your interest rate exceeds the average APR of your state, you cannot go to court or get reimbursement.
Ascend Loans Pros & Cons
Let’s take a look at some pros and cons of borrowing money from Ascend Loans. Then, you can make an educated decision.
- Online application – relatively easy signup process
- Money is available within 1 business day
- Relaxed eligibility criteria
- No prepayment fee
- Only tribal laws apply
- The loan is only available to Californian residents
- The amount is limited to $1,000
- Many negative reviews and BBB complaints
- High fees
Looking at this picture, it seems as if you’re better at trying your luck with banks and credit unions.
What Fees Does Ascend Loans Charge?
Ascend Loans is pretty cryptic when it comes to applicable fees. They charge APR, but the amount is not disclosed. Instead, you need to request a loan agreement and only then find out about the cost of your lending. Other than that, the company charges late fees, but again, without specifying the amount.
Does Ascend Loans Charge an Origination Fee?
The origination fee is not mentioned on Ascend Loans website. Namely, this fee covers the expenses of checking your credit history and other preparations for approval or denial. However, considering there’s no actual paperwork or credit check, we believe there should be no origination fee.
Since Ascend Loans clearly indicates that they do not run credit history checks and the application is made online, it would be absurd to charge an origination fee.
Does Ascend Loans Charge a Late Fee?
Yes, this lender charges a late fee in case you don’t pay any of your installments in time. They invite their borrowers to contact them 3 days prior to the due date in case they cannot make a payment. Then, borrowers will be informed about the terms and late fee amounts.
Does Ascend Loans Charge Prepayment Fees?
Ascend Loans doesn’t charge a prepayment fee. They encourage borrowers to repay the loan amount earlier, and as a benefit, they waive their right to charge this sum. However, they can come up with various other commissions, so read the fine print before signing the loan agreement.
Is Ascend Loans Reputable?
Judging by numerous negative Ascend Loans reviews and BBB complaints, this lender is not reputable. It seems that all the money they take from clients as an installment goes towards repaying the APR and other fees. The principal of the sum is never repaid, which is why even after the life of the loan, clients still owe this amount.
Most online lenders offer payday loans masked behind installments. While your sum is not due for a few months, you still pay incredibly high fees. Besides, Ascend Loans hides behind tribal laws and disregards average loan commissions. Hence, we can qualify it as an attempt at a scam.
Ascend Loans Summary
If it’s not absolutely necessary, we advise you to avoid Ascend Loans. Besides some appealing terms, such as soft credit checks and no prepayment fee, this site still offers unfavorable loans. To summarize:
- Ascend Loans is a tribe-owned lender operating within the tribe’s jurisdiction.
- The APR and other fees are not explicitly listed but are uncovered only upon requesting a loan agreement.
- The company offers services only to the residents of California.
- We have found numerous negative reviews and BBB complaints, 13 of them being from the last 12 months.
Based on all this, it’s quite easy to qualify Ascend Loans as a fraudulent lender preying on victims in need.
Does Ascend Loans do hard credit checks?
Ascend Loans doesn’t do a hard credit check. According to the FAQ section, they claim to check your credit score through alternative methods rather than with three major credit score companies.
Can I pay off an Ascend Loans loan early?
Yes, you can pay off an Ascend Loans loan early, and you won’t be obligated to pay a prepayment fee for it.
What is the most you can borrow from Ascend Loans?
Ascend Loans allows borrowers to get anywhere between $300 and $1,000. Even for old clients, the sum cannot exceed this limit.