Snap Credit is a tribal lender that does things a bit differently. Rather than issuing an installment loan or a payday loan, or a payday loan that can be extended, they issue a line of credit.
This is nice except for one major problem. The line of credit is maxed out for nearly all customers (or perhaps every single customer) at $400. This amount of money makes the loan questionable. Now some people might be able to utilize a small loan to cover a checking account that is about to be overdrawn or a bill that is about to be overdue.
The reality is that the loans offered from Snap Credit are just not that interesting. A line of credit is a financial instrument that is better suited for a business. The assumption of a line of credit (rather than getting a loan) is that the funds will be needed at some point in the future and not necessarily right now.
So offering a consumer, who is requesting a loan, a line of credit is really disingenuous. The problem is that everyone knows that the person requesting the short-term loan (the line of credit) needs the funds immediately. Or at least 99% of the time they need the funds right away. Having a "line of credit" is not realistic with a small borrower who needs money from what is essentially a payday loan.Snap Credit does their best to make this a professional sounding loan product but it is actually just another payday loan with a rollover feature. Most customers will utilize their line of credit as soon as it's granted to them.
Rather than going with the line of credit from Snap Credit I would suggest that potential borrowers go to a more established lender like Plain Green Loans. The company offers much larger loan amounts and the ability to handle installment payments is superior to having to rollover an existing payday loan.
Snap Credit isn't a bad lender but they are just not that good. I would go with a larger tribal lending company.