There is no end in sight for new Native American lenders and the newest lender on the block is a company Bison Green. It's a little early in the game to try to find some Bison Green reviews but there are a few mentions out there. And we can do a little analysis of our own here at the site. If you want to skip to the end then just understand that there are zero new features with Bison Green, as they have adopted some very well worn tactics and business models.
Bison Green has decided to go down the road of claiming to have an installment loan service, and if you really want to be technical they do offer an "installment loan" because the repayments are structured and staggered over time just as an installment lender would do. However, and this is a truly big caveat for myself personally, the company is missing a big part of the concept needed to offer an installment loan...and that happens to be money.
According to the fine print at Bison Green (and you can see for yourself at the Bison Green homepage, at the bottom of their front page) a first time customer with this company is only eligible to borrow $300. Now in my world of needing to borrow cash (and especially back when times were not good financially in 2009-2010) my requirements for getting a loan went way beyond $300.
It's a shame because it was not that long ago we had tribal lenders such as Western Sky Financial that would create loans of up to $10,000 and getting a loan from Western Sky of under $1,500 was unheard of. This was back in 2011. Unfortunately for us the year, and the company, are both gone.
Bison Green is going to offer us installment loans, with the (unnecessary and elongated) repayment time frames for small loans that range from $200 to $500. And yes, the answer to the question if $500 is the maximum loan amount, the answer is 'yes' that is as high as this tribal lender will go. And for me that's a problem, I know there are plenty of borrowers out there who are fine with these small loans, it's been proven over time with the success of small loan issuers like United Cash, 500 Fast Cash and Greenline Loans, all of which are Native American companies. But that doesn't mean that I like these firms because I really prefer the "old days" when tribal lenders were far more willing to lend at least
Some consumers might be interested in getting a $300 installment loan but that's not going help my financial situation. This amount is for a payday loan, not something as substantial as the installment loan option is supposed to be. Imagine, a mortgage loan for $2,000 to buy a home? Anything wrong with that dollar amount? There aren't too many homes or condos available for $2,000 out there. Just as we wouldn't be able to accomplish anything financially with a $2K mortgage, we (meaning all U.S. consumers) will not be able to achieve anything meaningful with a $300 installment loan. Maybe pay a past due electricity bill? But even so, why not limit the damage done with the high interest rates and simply stick with a tribal payday loan? I'm not a proponent of the payday loan industry but in this instance I can find no reason to stretch out such a small loan.
An installment loan is designed for a larger amount of money which takes several months to repay, meaning anywhere from four months to 24 months. The amount of a decent tribal installment loan should be at least $1,000 and range (in the modern era) up to $3,000. The time frame is not a problem, we like loans that offer the opportunity to repay over the course of months. And just like most tribal lenders getting approved for the loan is a piece of cake, all you really need to demonstrate is that you have a job and a working checking account.
The only problem is that low dollar amount and unfortunately for Bison Green that happens to be all that matters for me. Before the length of time or the interest rate, the number one thing I look for when I am considering getting a loan is just how much that lender is willing to lend. That's because back when I was in need of multiple loans (and nearly all the companies were tribal organizations) I was most concerned about how much money they could provide. When you are in trouble with bills, previous debts and collection agencies you just aren't worried about how many weeks you can have the loan or if the APR is 200% or 400%, or any high rate. You are strictly focused on getting your hands on the most cash possible. And this is where Bison Green doesn't work out. Ironically, they simply do not offer enough green.
This company gave me a loan when no one else would. I'm not sure why I couldn't get a loan anywhere else. What companies are giving loans more than $500? I haven't had any luck finding that.
Posted by: Annie | 05/16/2016 at 07:09 PM
Hello I have an account with bison green and I love the tribal lending process only problem is the amount funded was 500 I do understand there are stipulations and I am in new Jersey I want to look into a secondary loan opportunity for a little more to hold me over I have the holidays coming up and I have the pay and work history to show payment responsibilities can you please help me find another lender or is this not possible.
Posted by: Alex Ochoa | 03/13/2020 at 03:00 PM
Alex, thank you for message and in answer to your question I believe it's more than just New Jersey. States like New York, Illinois, California and many others are going to limit the number of short-term loans you have outstanding at any time. This started a few years ago and the system is usually administered by the Secretary of State for each state. So that second loan opportunity is most likely not going to work out. And I guess as a side note we might not want to call it an "opportunity" anyway. Paying 300% - 700% annual interest is not an opportunity by any stretch. But I do understand where you were going and that second loan is not going to be allowed. Sorry for the bad news.
Posted by: Native Lender | 03/13/2020 at 03:04 PM