FAQ

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 dollars. Qualified repeat customers can borrow up to 2,500 dollars.

Applications processed and approved before 6:00 p.m. CST Monday–Friday are typically funded on the next business day. Generally, a business day means Monday through Friday, excluding federal holidays. If you require funds on the current business day, you may request Real-Time Funding* by calling 855-853-4392. If you apply for a loan online through our account portal, Real-Time Funding will be automatically applied if your loan is approved on a weekday after our 6:00 p.m. CST same-day ACH cutoff or anytime on Saturday or Sunday. If Real-Time Funding is not available or your institution cannot process a same-day transaction, we will use the next fastest funding method.

*Real-Time Funding Disclaimer: While Real-Time Funding allows for immediate access to your funds, Real-Time Funding may be limited by banking factors and your bank may charge you additional fees. Even if you are eligible, the exact time your funds appear in your account may vary depending on your bank’s processing times. Makwa does not charge a fee for Real-Time Funding. Prior to applying online through our account portal or requesting Real-Time Funding via phone, please consult with your bank, as additional fees or timing restrictions may apply.

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 at 855-853-4392 for 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 our privacy policy for more information.

For details on our rates and fees, please visit our Rates page.

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 at 855-853-4392 if 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 at 855-853-4392 for 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 at 855-853-4392. 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 “Disbursement Date” to begin the process of returning the funds interest-free. Keep in mind that your Disbursement 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 at 855-853-4392 as 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.