Extralend: Full Review

Extralend connects consumers with lenders nationwide. A network of trusted lenders gives you more alternatives and allows you to choose the best deals for your needs.

An installment loan involves a fixed number of monthly payments. When you apply for an installment loan online at Extralend.com, you are connected to a lender who can deposit the accepted money immediately into your bank account in just one business day.

The company is not a traditional direct lender. Instead, it is a company that connects borrowers with short-term lenders.

Lenders in the company's network provide installment loans of up to $3,000. To apply for a loan, you fill out a free application at Extralend.com. The site connects you with a lender if you meet the requirements.

If you accept a short-term loan and agree to the terms, you can receive your money in as little as one business day.

What does Extralend offer?

The company offers the following terms:

  • Personal loans from $200 to $3,000 are available.
  • If your application is approved, you will receive the funds the same day or the next day.
  • The annual percentage rate (APR) varies depending on where you live, but can range from 200% to 1350%.
  • Depending on the lending institution, additional fees may apply, but you will be informed of these before you sign the contract.
  • Penalties also depend on the residence of the client and the lender. However, you should be prepared to face late payment penalties ranging from $20 to $40.
  • If required by the lender, you may have to provide certain documents by fax.


  • No additional fees.
  • Rates are competitive among lenders available on the Internet.
  • Offers a 0.5 percentage point rate reduction for setting up automatic payment.
  • Satisfaction guaranteed service.


  • There is no pre-qualification option on the website.
  • Some lenders may require several years of credit history.
  • ExtraLend is not a direct lender, which makes the process more time consuming.

Benefits of Extralend

Guaranteed privacy. Lenders don't care about what's happened in your life, but they do care about your privacy. They keep your personal information private and do not share it with third parties. In addition, you are not required to disclose your financial situation to lenders.

Satisfaction guaranteed. A credit company is the only place to turn when all other options have been exhausted. Working with the bank credit system is a challenge because many conditions must be met to obtain a loan. Those with a good credit rating, on the other hand, have to wait weeks or even months for approval. Those in emergency situations cannot afford to wait any longer.

Guaranteed payday loans offered by direct lenders are nothing new; many Californians have been using them since ancient times. This fact lends credibility and reliability to large companies. In addition, lenders are developing new solutions and products every day.

The online procedure makes it very easy to apply for and obtain a loan. Last but not least, the procedure is simple. Thanks to the Internet, anyone can apply online without leaving home. It is very convenient and simple. Even if you do not get approval, you do not take any risks. Of course, no one prevents you from going in person if you do not trust the Internet and want to do things the old-fashioned way. This technique also has its advantages, like the in-person examination.

Fast and reliable. After filling out the online form, you will receive offers from lending institutions that work with you. Although you have to confirm your choice, you are not obliged to select one if none of them meets your needs. In general, most of them do; however, it is the policies that you may or may not approve. This is why the company offers you as many lenders as possible to secure a guaranteed loan based on your favorable circumstances.

Disadvantages of Extralend

High APR. First, this financing technique is prohibitively expensive. The interest payable can amount to several hundred dollars. Short-term loans have very high interest rates. If these are loans for urgent needs, be cautious about using them to pay off another debt.

Penalties. If you fail to repay the loan on time, you will be penalized. This can cause a snowball effect. Penalties are common to all loans; however, when added to interest rates, the amount can be very high. For this reason, before applying for a loan, you need to know the lending institution's policies and be sure of your ability to repay. Otherwise, you may end up with a much larger debt than before.

Additional problems. Being in debt can lead to a number of problems. Before applying, think about and evaluate your budget.

Loan Terms and Conditions

Getting an online loan is quick and easy. To be eligible, you must meet the following requirements:

  • Find a job. You must be employed to apply for a loan.
  • Be a U.S. citizen over the age of 18.
  • Have a regular source of income. You will be asked for proof of income in the form of a pay stub or bank statement.
  • Have a bank account that accepts direct deposits. You will need this to receive the loan funds quickly.

How to get a loan on Extralend

The requirements for getting a payday loan in California are simple. To get approved safely, you need to familiarize yourself with the following topics. Gather the relevant information and create the document so you don't waste time later:

  • Your ID is an essential document for this type of transaction. Every lending institution will require it to identify you.
  • Another important element is your residency status. You must provide confirming documentation to First Source Financial.
  • Your regular income is a key component of approval. Your ability to repay determines your eligibility for the loan. Formal employment is not required; even a pension is sufficient to satisfy the lender. You will not be able to get the funds if you do not prove your ability to repay.
  • The fourth essential is to provide contact information. Give the lender your approval phone number and email address so the team can reach you at any time. It would be good if you could provide other options for contacting you. This will increase your chances of success.

There are three steps to the process:

  • Submit your application online. Your information is secure. Fill out the form with your personal information, loan amount and desired repayment term.
  • Receive the loan offer and check the conditions. Once your loan application has been approved, you are redirected to the lending institution's website to complete the transaction. Review the applicable rate and cost specifications.
  • If you agree to the loan terms provided by the lender, the money will be transferred to your account as soon as the next business day. The actual transfer time also depends on your bank.

Extralend analyzes the following factors when evaluating your loan application:

  • Credit history.
  • Amount of loan requested.
  • Purpose of the loan.
  • Length of time to repay (from 1 month to 12 years, depending on the amount requested and the purpose of the loan)
  • Your assets.
  • Your payment history for all your loans and credit cards.

The application process for Extralend is quick and easy. The following information is required:

  • The purpose, amount and term of the loan.
  • The desired method of payment
  • The borrower's contact information (phone number, e-mail address, address and social security number).
  • A salary certificate and some statements from their savings account.
  • Assets, depending on the amount of the loan requested.

The company will analyze your loan application, conduct a credit check and contact you to inform you of the status of your application once you have submitted it. You will be able to sign the loan agreement online and set the funding date and payment details if the loan is approved.

Once the loan is approved, the lender will deposit the money into your account. This can be done the same day you apply, provided the application is confirmed and approved by 2:30 p.m. (Eastern Standard Time) on a business day.

Customer service representatives are available from 9:00 a.m. to 8:00 p.m. (Eastern time) Monday through Friday and from 12:00 p.m. to 4:00 p.m. (Eastern time) on Saturdays. There is no phone number on the website; however, you can email your questions and a representative will respond within business hours.

Our Final Opinion

The service is incredibly simple, and you can apply for a loan in a variety of ways, including an online application form. Thanks to the vast network of lenders, customers can find the most acceptable terms within minutes. These terms are mainly determined by the lenders and the borrower's financial situation. However, the maximum APR that can be granted is relatively high. The service receives mostly positive reviews on many websites, and few customers give it a star. Overall, Extralend.com is a good option to consider if you need a loan of up to $3,000.

Apply online for instant money at Extralend.com and you will receive the best personal loan offers in minutes. Direct lenders allow customers with excellent or poor credit to get a loan without a credit check.