One of the more busy and widelyl known Native American lenders is 500 Fast Cash. Why exactly they are so popular, that I'm not too sure of. But they are growing and people are giving them business. Part of their popularity might be due to just how simple their loan process is, it is extremely fast and you get a decision almost immediately after you apply.
Of course, that does not mean you will want (or should want) the loan that they will offer you. I personally know I have no interest in paying their high rate of interest. There are just better options and I don't think I would want a loan that's going to come due in such a short amount of time (usually around 16 calendar days) and that's going to charge a bi-weekly 30% interest rate.
It looks as though there are quite a few other people who are disgruntled about paying the high interest. Unlike me there are a good number of folks who did actually go ahead and sign the loan papers that 500 Fast Cash sent them. And they received their $500 loans. And not too long after that they felt the same way I do, which is they were not very excited about this company any longer. Fortunately for me I just figured out the facts ahead of time.
It's important to go shopping when you are planning on taking out a Native American loan. They all by their very nature charge a high degree of interest, much higher interest rates than anything you have probably paid to any lender, ever. That includes any bank loans, credit card debt, department store debt, all of those loans that were once considered expensive will now seem very cheap when compared to the rates being pushed out by the tribal lending community. The tribal lenders answer to no one, they are free from state regulations so if they want to assign a 700% APR on one of their short-term (and yet often revolving) loan products, well then that's exactly what they will do.
This is what's happened with 500 Fast Cash. But this type of behavior has led to quite a few customers turning into ex-customers and they are complaining as they walk out the digital door. Make no mistake, many customers get in over their financial heads with tribal loans and 500 Fast Cash is not an exception to the rule.
Let's look at a few of these unhappy post-customers of the company and see what they have to say about their experiences borrowing money at these extreme rates...
I had made a loan of $250 on December 27 back in 2007. As of March 14, 2008, I had already paid a grand total of $350 and on their site, I still owe $110 for the March 28, 2008 pay period. This was not our signed agreement at all. The agreement was for a $25 or $30 finance fee for every $100.00. Can somebody please help me understand this? I had a Chapter 7 bankruptcy discharged in 2006 and I'm just trying my best to build my credit history again. Thank you very much for listening to my story.
That doesn't sound like much fun. I don't see that as a lending outfit that I would wan to do business with.
Here's another dud who took out another dud tribal loan....
This is a fast loan company and my first authorized withdrawal was for $140 but they withdrew $390 from my account instead. I called them right away and 500 Fast Cash admitted their mistake over the phone. The company asked me to fax them a bank statement for my checking account displaying the error (remember it's their error) and they will rectify there error in about two or three hours. Now it's been two days gone by and all I've gotten from 500 Fast Cash is the big run around and no help at all.
My information is not good enough form the company, first they didn't tell me all the information that my checking statement needed to show (like the balances, my name and account number) I had pulled that information off the company site so my original two statements sent to them didn't have all of this information. Then I went directly to my bank and spoke with a great person there, and I got the information I needed. For some reason this still wasn't good enough for 500 Fast Cash and they were telling me I had to wait four business days before their error could be fixed, what a bunch of lies. I have insufficient funds fees from the bank now because of their unauthorized withdrawal of too much of my money.
500 Fast Cash is not worth the time. Most people that leave a comment or a review about this tribal lender say they are not a very good firm to do business with. The loans are high cost and the people who have taken out loans with them usually have some problem or some level of complaints. I would say there are many other tribal lenders that are better than 500 Fast Cash, like Mobiloans and Great Plains Lending.
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