North Cash is a payday loan company that quietly is actually an installment loan company. It seems a little strange when you land at their page because it shows (and refers to) payday loans. However, when one dives into the loan information you quickly discover that the repayment schedule is very elaborate and stretches over 40 weeks.
40 weeks equals 20 paydays and the rates that are posted at North Cash are definitely in line with an installment loan. Just an aside, when you look at the rates page at North Cash take a quick look over at the repayment schedule at Mobiloans website and notice that the terms are very similar.
North Cash should be advertising this feature much more prominently. Right now, when a potential new customer lands at their site, they most likely think they are looking at a simple $500 payday loan operation. It was surprising to land on the rates page of the company and see that in fact they are offering the installment loan product.
Another thing that was surprising about North Cash was that their maximum loan for new customers is only $500. And the maximum loan for established customers is also $500. This is just strange.
When compared to other tribal lenders North Cash is not normal. Other tribal loan companies would either offer the $500 range of a payday loan product, where the principal of the loan can be rolled over every payday as long as the borrower repays the finance charges for that pay period. The other batch of tribal lenders that offer long-term loans (which in the world of tribal lending equals installment loans) always offer a higher dollar amount. The minimum for installment loan companies would normally be around $500 and the maximum will range anywhere from $1,000 to $5,000 at a large shop like Western Sky.
Then there is North Cash, just doing their own thing. So the offer is for a maximum of $500 and a minimum of $100. Many tribal loan companies wouldn't even consider issuing a $100 loan as it just wouldn't be worth the time. The only way this small of a loan amount works for the lender is the installment loan format that North Cash uses for their financial product. If a borrower took out the minimum loan amount of $100 they are still going to get a structured time frame of 20 pay periods to repay the $100. Is this ridiculous? It just doesn't seem realistic or useful to make a 20 pay period (40 weeks) schedule to pay back $100.
But that's how they can issue such a small loan. Without the installment loan arrangement the payday loan would have a $30 finance charge. This just is not kind of income the loan company is looking for.
North Cash just keeps staying different. A further read about the company details that they not only offer loans from between $100 to $500 but they also offer any range of loan within that range in $10 increments. So that means you can select (assuming you qualify) any specific loan amount that is a multiple of $10 within the range. So for example you could borrow $130, $210, $280, $330, $430, $490, etc. This is unique among all the tribal lenders, at far as I can see when I peruse the list of tribal lenders.
So let's review. North Cash limits their loans to only $500, which wouldn't be strange if they didn't structure their loans as installment loans. This is the only company that offers a loan on the front page without advertising the fact that they are offering a (relative) long-term loan. Having a $500 limit for new or returning customers and having an installment loan product is just not standard practice. That's the number one situation. The second situation is the fact that the customer can select the exact amount of their loan down to the $10 increment. Talk about a tailored loan. You can choose any dollar amount in the lender's range and you will get loan rates that apply to that specific dollar value.
There is nothing wrong with North Cash, they offer an installment loan and they have a set dollar amount they are willing to risk on a loan. It's just the way they go about it is what makes things different from other tribal loan outfits. North Cash is just doing things their way.
As far as a recommendation it is just hard to say this is a good loan product. For such a small amount of a loan it does not seem worth the effort for arranging 20 different pay dates. Maybe for the $500 amount the installment loan arrangement makes sense, but even that amount does not seem right. It just does not spark any interest, no pun intended. It seems as though an installment loan should apply to a loan between $1,500 to $5,000. That means the installment loan belongs to companies such as Plain Green Loans, Western Sky Financial, and Clear Creek Lending.
If someone borrows $300 I can't understand the need to make such long arrangements to repay it. The better situation would be to shop around for an actual tribal payday loan firm that has a lower interest rate, maybe a loan that has a $25 or $30 per every $100 borrowed. If you need extra time to repay then you can roll the loan over once or twice, and then get the whole loan paid in that four or six week time. This schedule works much better for a small loan than structuring 40 weeks.
North Cash is not bad, but not good either. And they definitely win the award for doing things their own way.