Star Cash Processing has achieved something all tribal payday loan companies dream of and actually I predict the rest of the lenders will move in the same direction.
What Star Cash Processing does is offer two options when a borrower takes out a loan. First, and most obvious, the loan can be repaid on the borrower's next payday. But the second (and different) version of repayment is that the borrower can make their own arrangement to repay at the Star Cash website.
This is part of the key that Star Cash wants to push to their customers as an incentive to take out a loan. Most lenders don't allow a customer to tailor their own loans with the terms of repayment. The dates of repayment are almost always dictated to the (potential) customer. Under normal circumstances if a customer tried to tell the lender that they would prefer having more time to repay they would say no way to that. Star Cash Processing is one of the few tribal lenders that allows for customers to arrange their repayment dates ahead of signing the loan agreement.
Now here comes a big negative part of the review for Star Cash Processing. I'm often on this site telling past, current, and future customers of tribal lending firms to negotiate the rates (and sometimes the time frame) that the lenders offer them. The instruction is to basically challenge the established rates that are first offered to a potential customer when initially qualified for a loan and then offered the loan contract to sign.
Under most circumstances this is when the customer has the strongest hand to push for better terms. This is because the competition is very high these days with all online loan companies, which includes the sliver of companies that are the tribal lenders. Once the loan company qualifies all of your information and you qualify, that's when the company gets excited.
They quickly send you the loan agreement form for you to sign and fax back to them, or to digitally sign online. Once they send you that agreement form they usually call you at least once, probably a second time too, and they will also start sending you excited email messages that now is your big chance to get money with their high interest loan. This is when you can wait a little bit and then let the company know that you will need better terms if you are going to be their customer.
This puts the loan company in a tough situation. They don't qualify everyone that "walks through" the digital door so when they do they do qualify an applicant they definitely want them to sign the loan. At this point the lender has spent time and money to get you as an successful applicant. The company advertised their loans online and that cost money. The loan application that you filled out was processed by the staff of the company, which means they most likely called your employer, checked your bank account, and basically reviewed you altogether. That time and effort led to the point when they offered you a loan. Now they want you as a customer.
This gets back to Star Cash. I normally tell would-be customers to negotiate that first interest rate that is offered. Which makes sense and many times it works. But in the case of Star Cash Processing they don't want you to negotiate for better rates. They actually state this on their website. I realize this most likely doesn't seem like a big deal to most people but I find it a bit appalling. I have negotiated with four different lenders, and three of them adjusted their rates. But none of them announced from the start whether I could or could not discuss a better rate.
What Star Cash is saying right from the start is that you can accept our loan with our rates or you can take a hike. You know what? I'm taking that hike. Unless you've tried every other tribal lender out there, and believe me there are many more lenient that Star Cash Processing, I would go shop elsewhere for my loan. Not enough information provided by this lender and definitely the wrong attitude.
A good few inswtances consumers who are encountered with these financial mortgages they aren't in order to use them. Right after sanction of loan, the money is going to be directly transferred towards the borrowers account interior of 24 hours.
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Posted by: personal loans online | 10/28/2013 at 09:04 PM
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Posted by: loans for people with no credit history | 12/06/2013 at 12:19 PM
It's hard to find knowledgeable people οn Star Cash because their just isn't that much information.
Posted by: rochelle loans | 01/07/2014 at 08:18 PM