RadiantCash has been around for about a year now and it's time to see what other customers are saying about this tribal payday lender. Are you looking for some RadiantCash reviews? If so this is the right place for you.
First off, what is the definition of the word "radiant" anyway? Radiant is defined as 'sending out light, shining or glowing very brightly' and that is exactly what RadiantCash does in the world of tribal lending.
The field of Native American lenders is always changing as some companies vanish and new (often poorly marketed) firms appear out of nowhere. In all we have probably witnessed at least 400 total companies that have ties to a Native American lender which have been or are currently engaged in offering online, unsecured loans.
RadiantCash stands out from the rest of these companies just as their name implies, as they are a very bright spot on an otherwise withered and pathetic bunch of organizations.
Let's start with the background on the tribal lending industry in case you don't know how it works. There are two main types of business entities in the world of tribal lending and those are the payday lending side and the installment lending side.
The payday lending side of the business is by far the largest, making up at least 80% of the entire industry. This is the most simple business model and at this point so many tribes have gotten involved in this business it's harder to find a tribe that hasn't pushed out a payday lender than it is to find a group that has not.
For the most part this analysis site (Native Loans) tends to encourage people to steer clear of the tribal payday lenders. Why is that? It's because the tribal installment lenders have a better product in nearly every instance that we compare the two groups.
While the tribal payday lenders tend to offer smaller dollar loans (usually $500 or under) and want their money repaid in approximately 14 days, the Native American installment loan shops are willing to lend out larger sums of money, ranging from $1,000 to $3,000. And the installment crowd does not demand full repayment in two weeks but instead allows the borrower to repay over the course of 12 weeks, 24 weeks, sometimes even up to a year and half. If that was not enough of a reason it turns out the installment lenders also charge a lower interest rate, sometimes much below the rates that most tribal payday lenders offer.
What makes RadiantCash such an odd duck in this whole picture is that they are a tribal payday lending firm. So shouldn't we be adding their name to the list of not so great companies? The answer is "no" as this is the rare exception where we like a tribal payday lender. It's not because the team over at RadiantCash is friendly or special, their customer service is quite similar to any other customer facing teams you will find in the business.
The great thing about RadiantCash is that a) have a lower interest rate for their first time borrowers and b) that interest rate shrinks with each time a returning customer takes out a new loan.
The difficult (and sad) truth is that most consumers who take out a short-term loan, whether it is through a state licensed lender or a tribal loan company, are going to most likely take out a second, third and fourth loans.
The tendency has been established, this is not conjecture. Universities, consumer advocacy groups, and government studies have all pointed out that there is a certain block of citizens in society that will continually gravitate to these short-term loans. The temptation is too great to get hold of the money and the fact that the loans are unsecured (except for a signature) makes them too appealing for this section of society.
While most tribal payday lenders (also sometimes known as paycheck lenders) take advantage of this situation RadiantCash has come up with an encouraging way to address the issue. The vast majority of paycheck loan companies are counting on their repeat customers, and they don't provide these return customers with any break or rebate, they simply keep hitting them for the same high fees on each return trip to the loan store.
RadiantCash went a different direction altogether. Their theme is a simple one (and a more moral one) and it is that returning customers who are in good standing should be treated better than a brand new customer. And this results in a discounted interest rate when a customer returns. But the incentives do not end with just a second loan as RadiantCash keeps lowering the interest rate with each new loan that is taken out.
This is the key to why RadiantCash is so much different that most other lenders out there. They establish a working relationship with their customers and make their incentive program very well known. There are no surprises with this company, all the rates are out there and displayed on the company site for anyone to see.
The company maintains seven different interest rate levels and the best level (the Platinum Select members) can receive 36% APR loans. And while the absolute highest rate at RadiantCash is pretty expensive (their top rate is 690%) that is still cheaper that the 780% APR you will find at most tribal payday shops.
Here's the key situation with RadiantCash: I will always prefer to take a Native American installment loan over a Native American payday loan, that's just my personal belief in one financial product's superiority over the other.
However, the caveat is if you do need (or want) to take a payday loan product then your best selection by far will be RadiantCash. This applies to both state licensed loan firms and tribal companies. I like RadiantCash because they recognize the reality of this industry, and that is people will be coming back again and again, and they do not hide from this fact but rather embrace a situation that can be equitable for both the company and their customers.
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