What Is Ascend Loans?

How Ascend Loans Works

Ascend Loans is a tribal lend er which offers short-term instalment loans. Typically, the loan amounts range between $100 and $1,250. Funding is usually available the next business day. These loans are advertised as fast, urgent solutions in emergencies, with online applications and flexible terms.

Key Concerns With Ascend Loans

While Ascend Loans is often marketed as a way to quickly acquire cash in an emergency, there are many reasons why a borrower may be motivated to look for alternatives to Ascend. The largest concern was the cost of borrowing. Ascend's interest and fees are exorbitantly high, often exceeding a 400% APR. Even a relatively small loan has the potential to balloon into significant debt that is hard to manage. The borrower may pay back much more than what they borrowed, thus creating a vicious cycle of debt and stress.

Another concern is with the tribal lending model. Ascend Loans operates under authority from tribal sovereignty, rather than state law. While this may permit them to offer loans in many states and jurisdictions, it can also have negative ramifications for borrowers, whereby it can be argued that certain state lending regulations, protections, be they interest rate caps, or consumer protections, may not apply. For the borrower, this can mean less protection and recourse should any dispute arise.

Lastly, there have been many complaints and poor ratings of Ascend Loans on places like the Better Business Bureau (BBB). Numerous customers have expressed their complaints of unclear repayment schedules, excessive rollover fees, as well as many lenders that behave aggressively when collecting on loans. Any borrower utilising a simple and plain borrowing option should be alarmed by these scenarios.

Therefore, you should weigh your options if you want to borrow within an instalment loan option such as Ascend, and compare them to other lenders that have clearer fees, better interest rates, and will help you build or strengthen your credit, so you have safer options and borrow responsibly while being less financially fragile.

Lender Reviews: Alternatives to Ascend Loans

1. Elastic

Overview: Elastic is a line of credit lender and not an instalment loan lender. Borrowers can withdraw between $500 $4,500 when they require funds.

Pros:

• Borrowing flexibility

• Quick funding

Cons:

• Fee-heavy model

• Does not report to credit bureaus

Best For: Those wanting an occasional cash advance and who like flexibility.

2. CreditCube

Overview: CreditCube is an online instalment lender that provides loans from $100 to $5,000. CreditCube provides consumers an experience that is slightly different from Ascend because CreditCube reports payments to credit bureaus to help you build (or rebuild) your credit profile.

Pros:

• Flexible repayment terms

• Approval and funding for the loan could happen on the same day and in some cases, the next business day.

CreditCube reports to credit bureaus

Cons:

• APRs could be high compared to a traditional bank

• Not available in all states

Best For: Borrowers with bad credit who want to rebuild their credit history and importantly, have access to funds for emergencies.

3. Fig Loans

Summary: Fig provides loans ranging from $2,000 to $35,000 for terms between 24 and 60 months, with Annual Percentage Rates (APR) varying from 8.99% to 20.00%.

Pros:

• Low fixed APR (36%)

• Reports to credit bureaus

• Helps build a good credit history

Cons:

• Available in restricted states.

Best For: Borrowers seeking safe credit builder instalment loans.

4. Possible Finance

Summary: Possible Finance offers a few different lines of personal loans from a few other lenders. For example, Possible Finance offers personal loans between $50 $500, and repayment terms of max 8 weeks, and payments due on a bi-weekly basis. They charge a flat fee instead of an APR.

Pros:

• No hard credit pull

• Fast Approval and Funding

• Reports to credit bureaus

Cons:

• Small Loan amount limits

• Limited state availability

Best For: Borrowers looking for super small, super fast loans that do not affect their credit score.

5. LendYou

Overview: LendYou is a lending marketplace that connects borrowers with multiple lenders. Loan amounts range from $100-$2,500.

Pros:

• Large network of lenders

• In many cases, same-day approval

Cons:

• Loan terms depend on the lender

• Some offers can have high APRs

Best For: Borrowers looking to compare multiple lender offers quickly.

6. NetCredit

Summary: NetCredit provides larger instalment loans, $1,000 - $10,000. They are in many states and provide flexible repayment. 

Pros:

• Large loan amounts

• Reports to credit bureaus

• Can pay back longer than other options

Cons: 

• High APRs at the high end 

• Requires a hard credit pull 

Best For: Borrowers looking for larger loans than Ascend can provide.

7. Wise Loan

Summary: Wise Loan provides loans between $200 and $2,000, with a focus on accommodating emergency funds and developing your credit.

Pros:

• Reports to credit bureaus

• Rapid funding

• benefits of establishing credit

Cons:

• APRs from Wise Loan tend to be higher than Bank options

• Regional constraints

Best For: Individuals who are borrowing relatively small amounts and want to improve their credit at the same time.

8. Oportun / Upgrade

Oportun and Upgrade are popular personal lenders that can provide maximum loan amounts $10,000 and have APRs as low as 6.99%. 

Pros:

• Low, transparent rates

• Reports to all credit bureaus

• Large, high dollar amounts

Cons:

• Requires fair-to-good credit

• Hard credit inquiry

Best For: Low-cost personal loans and are qualified based on credit score.

How These Lenders Compare

When assessing the best alternatives to Ascend Loans, you will find that the best lender has unique attributes based on your needs. For the buyer focused mainly on affordability, usually the best option is Oportun or Upgrade, as long as you qualify with a minimum of fair to good credit. Both lenders offer APRs starting below 10% and therefore more than will be a little less than Ascend's triple-digit rates.

If your objective is to rebuild or improve your credit history, lenders like Fig Loans, CreditCube, and Wise Loan are worthy competitors. All three report payments to credit bureaus. Because each loan requires payments to be made on time, you can help improve your score even further, as the loans will all immediately report it as well. This makes them a safer choice for borrowers seeking access to funds as well as future benefits.

If time is of the essence, and you need money very quickly, the best lenders will include Possible Finance and Elastic. Both typically provide a sample day decision and immediate fund availability? These are the best lenders for emergencies when you simply cannot wait up to a week for access to your money.

Finally, for those looking for a possible larger loan amount or more flexible repayments, NetCredit is also a good option. They offer instalment loans of up to $10,000, which can be repaid on your schedule as agreed to by you and NetCredit.

Overall, and in comparison to Ascend loans, all of these lenders also offer greater transparency, better and safer terms, with more consumer protections.

Key Factors When Choosing a Loan Like Ascend Loans

When comparing loans like Ascend Loans, there are several key factors that can make a big difference in cost and safety.

APRs and Fees: One key factor to consider is the APR. Tribal lenders Ascend often present their fees in a way that makes the actual cost difficult to discern. In reality, their APRs can be very high. However, lenders such as Fig Loans are honest and clear about their rates, and cap their rates at 36% APR, which allows for clearer and more affordable repayments. 

State Availability & Tribal Loans: Another consideration is whether the lender is regulated by state laws regarding lending. For example, Ascend is a tribal lender and not regulated by laws in the state, which means the consumer may not have consumer protections, whereas lenders who are regulated in the state will often offer more protections, including protection from abusive lending practices.

Credit Impact: A number of lenders perform a soft credit pull (such as CreditCube or Possible Finance), which does not impact your credit score. Others, like NetCredit or Upgrade, do a hard pull, which might take a temporary hit to your credit. However, one good aspect of these lenders is that they generally do report payments to credit bureaus, so if you make your payments on time, you could build or improve your credit to some degree.

Funding Speed: Timing is also important. If you need money quickly, lenders like Elastic and Possible Finance can fund you quickly, including sometimes on the day you apply! Larger lenders like NetCredit or Upgrade can use one to three business days for funding.

Prepay, Extensions & Rollovers: Lastly, check repayment rules. Safer lenders like Fig Loans and Oportun let you pay off your loan early penalty-free. Tribal lenders push roll-overs, which can get borrowers stuck in a cycle of debt.

The Bright Side of Ascend Loans

While there are definite negatives to Ascend Loans, there are also many positives that help explain why many borrowers willingly use their service for their loans. One of their many positives is speed in funding. In some cases, borrowers will see their funds as soon as the next business day, which is incredibly helpful in emergencies when fast cash loan options could solve their issues. 

Another positive is the ability to get approved with very bad credit. Many will notice that traditional banks, credit unions and large commercial lenders looked at credit score the heaviest. Ascend found a way to approve smarter based on both the income only and repayment ability of a person; therefore, providing access to funds for those with mostly limited, poor or bad credit history. 

Plus, people do not have to risk any collateral; for example, they can use their loans without risking their car or even their home to get a loan. This way, there is less stress on them, because in the case of not repaying the loan, they will not lose their personal assets. 

Their application is also simple and fully online, so there is less time and effort wasted on common traditional lender loans that usually have many forms to fill out, and you have to go to your bank to apply. 

These features makes Ascend Loans easy, fast solution for their time of emergency for those facing this; and the same goes for those with bad scores or bandwidth of resources, to tap into this lender, even if the total cost of the loan(s) will be much higher than if they could borrow through other methods or lenders.

Conclusion

Ascend Loans is a popular option because they get money in your hands quickly, often by the next business day.  However, that speed comes at a very high price. Borrowers have to reckon with extreme triple-digit APRs as well as costly rollover fees.  Furthermore, since Ascend operates as a tribal lender outside of state regulations, consumers get few protections, meaning that, not only does it create financial burdens for those in need, but they are also left without consumer protections, likely leading to more financial stress rather than relief.

The good news is that there are safer and more affordable options available today. For borrowers looking to rebuild or improve their credit, CreditCube, Fig Loans, and Wise Loan are good examples of alternative lenders where you can get financing. All of these lenders report payments to the credit bureaus, meaning that each on-time payment gives you a chance to rebuild a stronger financial future while accessing necessary cash.

If speed is your priority, and you are looking for a small-dollar amount, Elastic and Possible Finance are good options. These lenders specialise in same-day approvals and funding, which is suitable for expenses and emergencies.

If you need a fairly larger amount and you like to repay over a longer period of time, NetCredit and Oportun/Upgrade deserve consideration because both rent instalment loans for several thousand dollars, with more transparent fee structures and repayment plans than Ascend Loans. 

In conclusion, before committing to Ascend, it may be a good idea to compare offers with safer lenders. Be sure to consider your state availability, look at the Appropriation, and be sure the loan solves your immediate needs and supports your long-term interest in your financial health and stability.

FAQs

1. Is Ascend Loans legitimate? 

Yes, although Ascend Loans is a tribal lender, which means that it isn’t governed by state lending law. This may make the loans they offer less competitive and not as consumer-friendly. 

2. Does Ascend Loans do a credit check? 

Ascend does not do a credit check in the traditional sense. However, that option frequently comes at a price of extremely high APRs and fees.

3. What lenders offer similar products to Ascend Loans?

There are several lenders that offer alternative instalment loans online, like CreditCube, Elastic, and Wise Loan ,that offer similar, easily readable contracts and give you clear choices on how you will pay it back.

4. Are there alternatives that are safer and less expensive? 

Yes, Lenders like Fig Loans and Oportun/Upgrade offer much lower APRs and report to consumer credit bureaus, so are a safer option as well as being potentially more affordable.

5. Will these loans help my credit? 

Yes, Lenders like CreditCube, Fig Loans and Wise Loan will report to consumer credit bureaus, which will help you establish or rebuild your credit by making your payments on time.

6. How fast can I get the money? Some lenders, like Elastic and Possible Finance, can disburse your loan the same day. Others like NetCredit or Upgrade may take 1-3 business days.