With all of the complaints and legal maneuvers against Native American lenders it's surprising to see a brand new tribal lender arrive on the scene. But that's exactly what has happened with the new lender known as Kashia Lending Enterprise. I wanted to be impressed with this company, I really did. Once you have reviewed over a hundred companies, all of them engaged in roughly the same business, you start to hope for something more creative or at least somewhat different. Unfortunately, there wasn't much different at all.
Kashia Lending offers up to $600 in the form of a short-term loan for new customers and up to a $1,000 maximum loan for those who are classified as established customers, which just means you took out a loan and repaid it. Kashia Lending falls under the payday lender banner in the world of tribal lending, rather than the installment lender type. This, as you probably know, is not what I was looking for in a brand new entry to tribal lending. Frankly, I don't think many people are looking for another payday lender, we already have lots of those firms in town and on the internet.
What about the interest rates? I'm very sorry to report that this is another 30% finance charge company, rolling every 14 calendar days, yet again. Wasn't it Ronald Reagan that said "here we go again" and now I know how he felt. This payday format that so many (and I mean a lot) of tribal lenders have adopted has become so old and worn out it's not funny. For awhile it was easy to joke about, and I would try to find very minute differences between the lenders to point out that they have some unique features, but the reality is there just isn't much of a difference at all. The maximum loan amount is $1,000 and the interest rate on that loan is $30 per every $100 borrowed, and that 30% finance charge will be assessed on any dollar amount that is outstanding every 14 calendar days.
Kashia Lending, just so you know, we have done this all before.
So what does stand out about Kashia? Well, the fact that their first time loans have a $600 maximum rather than only a $300 allowed maximum first loan, that's at least somewhat of a benefit. The Kashia Lending website is very nice, it is one of the better sites amongst all the Native American lenders. The company claims to have excellent website security and they do have very solid security. If you do apply for a loan with them you can be sure that your personal data will be safe. You would think this would be a no brainer at this point in time with all the identity theft but more than a few tribal lenders are careless with customer information. It's a great sign that Kashia Lending knows right out of the gate that this is information you have to protect.
That's about it. Kashia Lending is definitely not a bad company, but I just wish they could break the mold of the same exact loan format type that we've seen from tribal lenders over and over again. At the same time, if you do need a basic (truly a payday) loan then you might want to consider Kashia Lending. The company is brand new, so they will be very customer friendly to any new customer that comes their way. They will diligently protect your financial information and that matters. They will most likely want business so you might have a better chance of qualifying for the higher limit, maybe even the $1,000 loan.
Consider Kashia Lending for a small to medium payday loan, your information will be secure and the loan is no worse than many other tribal loan shops currently offering a similar product. Ask them for a loan and hopefully Kashia Lending will (someday) consider getting some more innovative credit products other than their simple payday loan.
Maybe an available credit line, similar to Mobiloans, or some other creative loan product? Or just something different than what we have been enveloped in, which is very short-term loans (almost universally the 14 day turn time) at high interest rates. There must be a different product, maybe with a little less of a profit margin that we can get? We can hope, especially since this is a new company, that the firm can get inventive and provide something truly new to the tribal lending community.