Back in 2014 we took a look at My Back Wallet and said they were one of the smallest tribal lending companies, basically a fringe operator amongst hundreds of other peers.
Now it's seven years later, through the Trump years and a year into the coronavirus pandemic and yet My Back Wallet is still chugging along in 2021 as if time stood still. Many of the prominent tribal lenders from that time have gone out of business, gone to ground so to speak or have gone battling in the U.S. Court system.
My Back Wallet didn't do any of those things. But they did stay in business and continue onward (with a bit of a lackluster, uninspired website I have to add) and they kept on offering essentially the exact same loan products.
What is there to say about My Back Wallet? Not a whole lot, they offer a maximum of $1,500 in short-term loans and as usual you can bet nearly zero customers are approved for that amount. The company just admits on their FAQ that the maximum amount a new customer can qualify for is only $600. They probably issue a $1,500 loan twice a year to extremely strong financial customers or perhaps to a returning customer who has already taken out multiple loans in the past.
One nice aspect of My Back Wallet is their willingness to issue a loan while you currently have a loan outstanding. This is the old Mobiloans style of lending, where the authorized dollar amount doesn't necessarily have to be taken all at once. Instead, the comapny issues a line of credit, so a customer could take a $200 loan for instance on Monday and then by Thursday need more money, and they could have the company issue them another $300 loan - and both loans would have come from qualifying with the one-time application.
Considering what is offered from tribal loan corporations on the whole this is a standout feature. Credit lines are great for people who are in a financial pickle and will not be escaping that situation in the near future. The line of credit is beneficial as to offer a secondary valve of funds. In theory a customer that is in really bad financial shape could take a second payment from the line of credit to make an installment payment on the first loan. Please do not doubt this has happened, it probably happens everyday.
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