Stone Canyon Lending is a tribal lender. When you are searching for, or talking about, or reading about Native American loan companies the name Stone Canyon Lending will almost never come up. Why is that? It's because this company is flying under the radar, with a number of other companies getting the attention from borrowers and what little media attention is paid to these specialized lenders.
There was a few complaints about this lender but they weren't the normal type of complaint. These complaints centered around the fact that existing customers of Stone Canyon Lending were no longer able to use the electronic banking system known as ACH. The ACH (automated clearing house) method was (and still is for many) the main way that tribal lenders fund their customer accounts. Plus, and just as importantly, it's the method that customers use to repay their loans to the lender.
Below is one of those complaints from back in August of 2013 (which was around the time that the New York Attorney General sent out the cease and desist letter to 35 online lenders and also started a big push to get large U.S. banks not let tribal lenders access to the banking system) and let's see just how well it fits the concept we've been talking about...
I talked with a customer service rep and they said that it was their system that was down, and they tried to explain that it was only their computer systems which were the problem. But everyone knows that this is not the case, no matter what the employee was told to say to the customers. That's the thing you never can tell what is really going on because customer service agents will often have scripts to read. Stone Canyon Lending later tried to say that all online lenders had been touched by this problem but that obviously wasn't true either. Stone Canyon didn't know when their system would be back up and running but tried to claim it would be a short amount of time to get the computer system working. However, the question remains whether this is really going to be fixed because it feels like it will not be cleared up.
So that's all there is to review for Stone Canyon Lending. Usually there are complaints about the loan process or the issued loan itself, like heave duty finance fees and huge interest rates, but for this lender the internet has nothing for us in that regard.
The lending programs might not be that good but at the same time they can't be too bad. If Stone Canyon was that bad there would be more complaints (some complaints) about their services. The other option that's out there is the possibility that Stone Canyon just has very few customers. As more and more tribal lenders come online the number of customers for each lender keeps diminishing. Unfortunately, there is not a good way to tell which is true.
Stone Canyon Lending might not be a bad lender but they definitely aren't as good as many other tribal lending companies that I follow. Mobiloans I am sure is better, as is Plain Green Loans and most likely RadiantCash as well. No reason not to use these other firms when compared to our friends suffering from the ACH problem. I guess the issue of whether or not Stone Canyon has access to the ACH banking format or not, it just doesn't matter to me.