MotiveLoan (Motive Loan) is a new online lender that's been showing up for the last few months when you search for Native American loans. Is this company another tribal lender, or something else?
Motive Loans serves as a referral service between lending companies and potential clients. What does this mean?
Simply put - Motive Loan is a "middleman" between the two. A potential client can go to the Motiveloan.com website and fill out a short, straight-forward application. After review, the company matches the client with a lender, in as quickly as three minutes.
So here's the rub, are they matching you with traditional (state licensed) lenders? Or are they utilizing some batch of tribal lenders? Based on one of the ads they are running it would seem that they are for sure using some tribal lenders, particularly Riverbend Cash Loans. The ad reads as follows...
"Tribal Loans Online - RiverbendCash Loans Online"
This is a bit of an odd thing isn't it? How many potential customers, wandering around the internet looking for loans are going to even begin to know the reference of "Riverbend Cash" - hardly any. I guess it makes sense if you were looking for tribal loans and then at least the reference to Riverbend makes some sense - but it still seems quite lazy and oddly constructed by the folks at Motiveloan.
What else can be said about this loan match maker?
Upon approval this firm also claims that clients can receive funds as soon as the following day. Since Motive Loan is technically not the actual lender, filling out the application will not affect your credit score as the company only performs a "soft pull" on your credit.
However, once a client is matched with a lender through the service a more comprehensive credit check will occur, which will adversely affect your credit score. It is important to think about whether or not that hit to your credit score is worth it, or if money can be raised another way. -- and the other big question here is since they are talking about pinching and pulling your credit report (which can quickly affect your credit score), it would seem that some of the behind the scenes lenders are state licensed lenders and not tribal entities.
On the surface (and honestly, a very quick review) Motive Loan looks like a good service for people who are seeking a personal loan who don't have the time to research hundreds of options. A straightforward, simple application process which yields quick results sounds promising.
But as usual is this too good to be true underneath the surface?
There are more than a few negative online reviews, including a dismal Better Business Bureau rating. First, it is important to realize that Motiveloan is simply a referral service, not an actual lender, therefore they are unable to assist consumers once loans have been established and funds have been released. Once they link you to a lender, what happens in the future is between you and the lender, including loan renewal terms and debt collection practices.
The company does not help customers read the "fine print". As a matter of fact, they explicitly state this on their website.
They also do not have a customer service phone number that clients can use to contact the company with questions or concerns. You are literally on your own once you submit your application. While this does seem to be the flavor of companies going forward into 2022 (to not staff any phone assistance) it does not encourage me to run out and do business with a company that can't pay for someone to answer the phone.
Lastly, this service is unavailable to New York residents, so if you live in New York you are ineligible for this referral service whether you think this is a good fit for you or otherwise.
One quick note to mention is upon reading BBB reviews, a few dissatisfied customers mention that upon filling out the initial application, they received emails from Motive Loan that provided a link which upon clicking, directed customers to a credit monitoring service that charges a monthly fee. Typical sneaky upsell which has become standard practice for a bunch of companies that offer "credit services" as an addon to their 'regular service' which in this case happens to be loan match making. Another critique is that it appears to these customers that Motiveloan misuses their personal information.
Overall not a great look here by the company. I will take a pass on the thin, unsupported 'services' that Motiveloan offers. There is no motivation to get into bed with this company.
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