It seems that no tribal lender can conduct their business without a decent number of complaints, and Cover Me Cash is no exception. The question is how valid are these complaints? It just depends on each particular write-up.
The important thing is to split out the general complaints about high interest costs and look closer at the operations and character of the company, for instance how the company behaves when a customer is late on a payment, and how the collections department interacts with the customers. These are much more pertinent to finding out if the company is a good firm or not.
Below are some of the Cover Me Cash complaints that can be found across the sprawling, digital jungle that we call the internet...
What a joke this company is, I decided to borrow $400 from this lender. They had arranged for the payments to be drafted from my checking account on schedule of $120 which matched my pay dates schedule at my job. No problem, at least it would seem like the problem was over. It was not.
The payments were made as I had agreed to three times for a total of $360 back to the company.
After making all those payments the company said I still owed them the $400 , after I paid $360 of the original loan amount. What is wrong with this picture? How is it you can have a loan, and pay off a majority of the outstanding amount (as in 90% of the loan value) and still be in the hole for the same exact amount from the date of the loan origination? Don't try to answer this people because there is no acceptable answer no matter
I called up Cover Me Cash and talk to a customer rep and complained about the predatory tendencies. They agreed to do a settlement that I offered. I told them I had to pay on 9/21/2013 they refused that date and and gave me less than a week to pay the $350, or be faced with more fees and further collections, and probably some damage to my credit report even though they claim they do not work with those rating services. Even though I don't agree with the low quality tactics and methods used by this type of lending business, I still agreed to pay $350 more in order to close the account.
That would be a total of $610 that was paid back on a $400 original loan amount, and don't forget it was over a very short period of time, it wasn't like this loan was open for years or even more than a few months. The whole experience is one that I would not recommend to anybody, especially if you already some financial issues before I even contacted these guys. Definitely not worth it in my opinion.
Alright, so do we need any other reviews when we see stories like this one? I don't need anything else to tell me that Cover Me Cash is not as good as a number of other tribal lenders, such as Plain Green Loans and Mobiloans.
The basic problem is that Cover Me Cash just can't compete against these other lenders. Plus do we want the type of experience that the customer just explained to us above? Even if you pay on time and stay on the schedule of the loan you are going to just spin your wheels paying finance fees with the original loan amount remaining unchanged from when you first signed up for the debt. This is not the type of loan program that I can recommend.
If you've used Cover Me Cash in the past and feel comfortable going back to them for another loan then feel free. Sometimes a borrower will use the same loan provider since they don't have to give their information again, they can basically just request a new loan. But beyond that situation I can't imagine anyone choosing to go with Cover Me Cash for a tribal loan.
Make sure you shop around and take a look at some of the better funded, higher quality Native American loan firms like Spotloan, Clear Creek Lending, Great Plains Lending and Plain Green Loans. All of those lenders are tribal so it will be just as easy to qualify for their services and these companies do not offer payday loans, they offer lines of credit or installment loans, so there is a greater flexibility when it comes to repaying and bigger loan amounts (up to $3K) than the tribal payday lenders.
It will take some extra time to look around but it will be worth the effort, for one example you could pay only 10% in bi-weekly finance fees (with Mobiloans) as opposed to 30% per bi-weekly pay period.
There are consequences for customers who just sign-up for the first loan they see and that's probably how Cover Me Cash got more than a few of their customers. In the same way a customer shops for value when they shop online at Amazon or Best Buy for products, let's also make the smart decision to shop around for value when we are looking to get a loan.
Cover me cash isn't a bad company but they certainly didn't help me either. Only $300 for a loan? Where did all the real loans go in this country? Used to be able to get loans for cars or a house or a personal loan at the bank, it's all gone. Just a shame.
Posted by: Carl Edelmen | 01/09/2015 at 03:29 PM