NORTHERN PLAINS FUNDING REVIEW

Northern Plains Funding does most things well but they fail in one important area.  The company has a problem in that they only allow $500 as a first time loan, and that's too small of an amount for a lot of people looking for a loan.  Beyond that the company is fine, the interest rate is the same as so many other Native American lenders which is 30% per every 14 days the loan is outstanding.

The company does set itself apart by offering an installment loan format for their loans rather than the payday loan method.  The firm doesn't refer to the product as an installment loan though, they call it the Fast Cash Flex-Pay Loans.  It's a fancy way of saying it's an installment loan.  When you check the example loan that Northern Plains shows on their website it displays an installment loan with a 30 pay period (60 weeks) time frame.  

Normally, a company that offers an installment loan will get high marks here.  Companies like Spotloan and Clear Creek Lending give installment loans, and I've given them good comments here in more than one review.  But to give good reviews means that everything needs to be good and the loan amount is not good.  On first glance Northern Plains Funding lists their loan amounts as $100 for the minimum and $1,000 for the maximum amount.  The maximum amount is misleading, because for new customers the maximum amount they may borrow is only $500.

Since Northern Plains is a mostly unknown company that means by default that most of the people seeking loans from them will not have been prior customers.  Advertising the $1,000 maximum rate really won't apply to the majority of applicants.  This isn't actually deceptive because it only takes a little searching to find the fact that the maximum is $500 for a new customer.

If Northern Plains Lending was going to offer a payday loan then the $500 max would be more acceptable.  But an installment loan should offer a greater amount for that long-term loan.  The fact that the loan can be set-up for 60 weeks means that the total dollar amount should be higher, the minimum amount should be at least $1,500.  

In the same vein, the minimum amounts should be increased.  A company that is willing to arrange payments for over a year should not offer anything less than $300 and that amount is still too low.  It's strange to think that there are actual customers of Northern Plains Lending that took out a $100 Fast Cash Flex-Pay Loan and took the full time allotted on the loan (60 weeks) to repay that low amount.  It's just hard to imagine this loan being issued and the customer taking all that time for what should be considered a payday loan amount.  $100 or $200 loans are better to be paid off much more quickly than the time for an installment loan.

The rates that are offered are standard for most tribal lenders.  Finance charges of $30 for every $100 seems like too much (and it is in reality) but this expensive form of credit is the norm for the Native American lenders.  Just as a funny aside, this firm tries to justify their expensive rates by comparing their charges versus insufficient funds charges that banks issue for bounced checks.  This also compare themselves to traditional bank overdraft charges and late fees on utility bills.  That technical comparison works if you assume that you will be getting new overdraft fees every single day the loan is outstanding, so you can ask yourself if the comparison is realistic or not.

Everything about Northern Plains is acceptable except for that maximum loan amount.  The installment loan that only goes to $500, or even the $1,000 level for established customers, is just not enough to justify taking out this long-term loan.  Before you work with Northern Plains Lending take a long look at Clear Creek Lending.

Comments

[Hard Loans]

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[30 minute cash cannon bonus]

The main problem with tribal lenders is that they give loans to everybody and that's why they charge such ridiculous rates. I would never use these loans as much as I would like too, they are just way too expensive. What good does it do me in the long run if I have to pay so much in fees? Not for me, I do need a loan so I'll keep looking around.

[payday loans direct lenders]

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[Kenneth Johnson]

Worst place ever they never told me about the principal which is 320% and i borrowed $320 so the say i owe $900 now so im being robbed of my money and i would not recommend this place to no one.

[Felisa Ouedraogo]

Beware do not take a loan from this company they are a rip off I borrowed 600 almost 4 months ago and I am still paying it back they take money from me every week and it still not paid I am paying $2000 back on a $600 loan I am in debt up to my eyeballs because this crap still isn't paid never again will I get in this kind of trouble lesson learned

[Native Loan]

I couldn't agree more, there are many other (better) tribal lenders like Mobiloans (10% bi-weekly) and Plain Green Loans (59% APR) than Northern Plains Funding. In defense of Northern Plains (if any should be mounted) they are very in line with the rest of the Native American payday lending industry with their "standard" rate. I would personally look at Mobiloans before taking out any tribal loan from any company.

[Nina Simpson]

DO NOT I REPEAT DO NOT TAKE OUT A LOAN WITH THIS COMPANY!!! I TOOK OUT A $415 LOAN THEY WANT ME TO PAY THEM BACK OVER $800 SAYING I OWE THEM 405 IN FINANCE FEES!!! WORST PLACE EVER I WISH I HAD KNOWN THIS THEY NEVER TOLD ME THIS!!

[Nick]

DO NOT TAKE BORROW MONEY FROM THIS COMPANY. They say they are better then your traditional payday loan company with their installment plan. Let me tell you how it really works. Let's say you borrow 500 dollars. Your installment payments will be 163 dollars which means each time you get paid you make a payment to northern plains funding. Out of the 163 dollars you pay... 50 cents comes off of your loan. That's all. So if you don't pay off you entire borrowed amount plus the 163 dollars they charge every two weeks you will pay paying a large amount. I paid 1500 dollars on a 500 dollar loan. This company is NOT better then your traditional payday loan, they are much worse.

[kay]

I have taken out a loan with them recently. They will get into your personal business. They were on the line with me with my bank to verify information. There's one question they asked that was so uncomfortable with my bank. Actually quite a few questions. They asked how much is in my bank account now. I'm like on the line thinking "really?" If I'm asking for a loan why would that be any of your business how much is in my account? They even asked for my card #..stupidly I gave it to them after they got my banking info. They CONTINUOUSLY harrassed me at work to complete my pre approval loan. I had to finally answer the call to have them stop harrassing me. I'm like "If I filled it out online why would I want to talk to you?" If you supposedly have my information why don't you tell me on your end what you have and I'll tell you if that's correct or not. They said "Sorry it doesn't work that way." And to make matters worse right after I got off the phone with them shortly afterwards I see a purchase on my card that I didn't make. I knew I shouldn't have given them my card #. But I desperately needed the cash. There was red flags on whether or not to proceed with the loan EVERYWHERE! And I ignored them unfortunately.

[Sherida Edwards]

I borrowed 500.00 a year later I have paid 24 installment payments. Times 780% interest is 3,900.00. No one calls me back, no response to emails, system has been down forever but they still take 150.19 out of my account bi-weekly. I'm pissed at myself but at the time I needed the money. It's like they don't want to drain you dry. I might just stop the ACH debit and handle the cards that fall. Do not use this company. Worse mistake of my life.