Even though there is a big push to stop tribal lenders in a lot of states that hasn't stopped new tribal loan companies from being formed and coming online in the recent months. In fact, the attempt to stop tribal loan companies from operating in some states is most likely directly contributing to the increase in the number of tribal loan firms. That's because as some states prohibit (or provide a high level of regulation, which essentially stops a tribal firm from being profitable) a particular Native American lender from having free reign in a state the tribe standing behind that company will create a new company, so as to avoid the burdens placed on the original company. In other words, the tribe will start over with a new lending company.
Then there are the other type of start-up tribal lender, where a new tribe gets involved with the online lending business. The newest entrant to tribal lending that I could find is Kashia Lending. This company is so new there are no reviews or complaints listed anywhere on the internet concerning the firm. Not much to get excited about though, as Kashia Lending has the standard tribal payday loan with the 30% interest rate and 14 day turn time that we've come to know so well.
Another newer tribal lender that recently hit the scene is Money By Phone. The name of this lender wouldn't really give a tip that they are affiliated with a tribal loan company. Usually the tribal lenders have some natural sounding element to their name, like Clear Creek Lending, Great Plains Lending, Northern Plains Funding, Silver Cloud Financial, or even Outback Bucks, which is now out of business. Money By Phone went out and bought the Money By Phone website and they've distanced themselves from the concept of being associated with a tribal lender.
Another new tribal lender is Greenline Loans. The new company is technically not new though, it is a new name for an existing tribal loan firm. However, the lending program iat Greenline Loans is not that good. The loan amounts range from $50 to a maximum of $500. There are a few problems with this firm. First, having a maximum loan amount of only $500 doesn't do much to help most borrowers, it's simply too small. Next, the loan amount of $50 is an absolute surprise and is nothing short of a joke. Offering $50 as a loan over the internet, using a checking account to electronically deposit the funds, is simply a waste of time. The $50 isn't going to effectively help any borrower and if for some reason it does help them it still isn't much of a value. Finally, the first loan that a new customer can qualify for is only $300. So not only is the top limit a matter of $500 which barely matters in the first place, now we are told that if you are new to the company you can only receive $300. Looks like it is a pretty thin line when it comes to Greenline.
Yet another new company that has come to the business of tribal lending is Silver Cloud Financial. This lender has another limit when it comes to first time borrowers. A first time customer can borrow between $300 to $800. Once you are an established customer (a returning customer in good standing) you can borrow up to $1,000.
Silver Cloud doesn't do much different than most other tribal loan firms, the company uses the standard tribal payday loan format. There is one exception because returning customers pay only $25 per every $100 for every pay period that the loan is outstanding. If you are a new customer to Silver Cloud then you will pay the normal (tribal industry standard) of $30 for every $100 that is borrowed.
These are the four new tribal loan companies that are new to the business. Frankly, none of them are that interesting or doing anything that differently from the tribal loan shops that have been around for years. Kashia Lending offers low dollar loans that don't do much. Money By Phone has some simple loans that are not very inviting. Greenline Loans is willing to loan only $300 to a new customer and they are making available $50 loans for full fledged uselessness. Plus, Greenline is only a new tribal lender in name only. FInally, we have Silver Cloud Financial, which is willing to offer a reduced interest rate for returning customers. However, that's not enough to get me interested in seeking this company out for a loan.
In the end, it turns out the older tribal loan companies are the way to go. None of these new tribal lending companies are putting anything new on the table. There is nothing creative, innovative or inventive with their loan products. And because of that I will be sticking with the old generation of tribal lenders like Mobiloans, Clear Creek Lending and Plain Green Loans.