For all the new tribal lending companies that keep opening we seem to keep losing some others along the way. Blue Frog Cash has gone out of business and the company joins a growing list of tribal lenders that keep going out of business, going into a semi-permanent state of hibernation or just vanish completely from the internet.
Blue Frog Cash looks like they are gone forever. It's a wonder anyone thought they could make a go of a lender with that kind of bizarre name. You got approved for a loan, that's great news? Who gave you the loan, Citibank or Chase? Bank of America? No, I received my loan from Blue Frog Cash. Wait, Blue Frog Cash? What in the world is that? Even amongst the other tribal loan companies Blue Frog Cash was quite a dud of a lender. Mobiloans is well known, Spotloan is growing rapidly and has a very aggressive marketing campaign, RadiantCash is embarking on a new lending program and trying to build a brand name while they are at it and Plain Green Loans has replaced Western Sky FInancial as the biggest name in Native American lending.
Then there is little Blue Frog Cash. They have (or I should say had) colorful blue frogs adorning their website. Guess what, that's not enough. No branding, no marketing, no standout loan program, high interest rates, this was just a recipe for failure from the start.
Blue Frog isn't the only tribal lender to recently go down in flames. Red Stone Cash is another tribal lender that has gone out of business in the last 60 days (that's as of April 15, 2014) because their site was down for awhile, it had that temporarily out of action message, but now the website name is not even tied to them any longer and in fact it looks as though the Red Stone Cash site is up for sale. So this is another low end operator in the world of tribal lending that couldn't cut it.
This is going to be the theme going forward, where Native American lenders that make a smart, intuitive, user friendly website with some decent loan terms, and hopefully throw in a little branding and marketing, and you'll see that these are the companies that will stay in business. On the other end of the spectrum we'll see more of this small, under funded and under developed tribal lenders continue to fail. There is simply too much competition out there now to just throw up any website, then put together a standard issue high interest lending program that offers $500 at 30% interest due every 14 days with an unlimited rollover option and call they a solid lending program.
It's not solid and actually it's barely even a lending program. This format was working when there were far fewer Native American loan companies online and people had fewer options (due to the contracting credit that started in late 2008) but now things have changed. Consumers can shop among the many different tribal lenders and that includes those who have bad credit.
Getting a loan now that is decent isn't as bad as it was a few years ago. Mobiloans is a great option for people looking to get a loan of $1,500 or less. Plain Green Loans offers some longer term installment loans that carry a lower interest rate than nearly all other tribal lenders.
Companies like Red Stone Cash and Blue Frog Cash and companies like them that are still in business are going to have to realize that there are other sources of cash. You can't just go visit the absolute desperation of the American worker any longer. These firms, all tribal lenders, are going to have to start earning the business they get. They are going to have to actually compete with one another and that's how it should have been all along.
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