There were a few tribal lenders that went out of business last year (2013) and some of them went out of business with quite a bit of fanfare, like Western Sky. Others went out of business with almost no whisper of a report, and one of those firms that just simply vanished was Black Card Loan.
We aren't missing much though because there wasn't much value with the company. Despite the lofty title of the company it turns out Black Card Loan was just another tribal payday lender that would issue loans ranging from $300 to $1,000. And that upper end of their lending scale was quite disingenuous because very few customers would qualify for the $1,000 loan.
Black Card Loan obviously was trying to capitalize on the interest in the black card, which is the vaunted unlimited credit card, where the card technically has no credit ceiling. People like Madonna and Lebron James would be the type of people to have a black (credit) card.
So some genius over at Black Card Loan decided that the best name for the company would be to mimic the famous black card. Thus, we had the name of Black Card Loan. Isn't that just so cute and crafty? Hardly. It didn't do much to keep the company afloat.
Why did Black Card Loan go out of business? Well, the truth is we'll probably never know.
Sometimes when a Native American loan company is very large, like Western Sky Financial, then the end of their business because a news story. Western Sky was the largest tribal lender and they had a much greater advertising presence. This gave the firm a public face.
Black Card Loan is on the other end of the spectrum from Western Sky. No one really knew anything about them, and they didn't even come close to being a household name. So when it comes to finding out what happened to Black Card Loan there just isn't any news. No press release, nothing on the net.
That's how it's been, especially through 2013 when a number of smaller tribal lenders went out of business, they don't issue a statement that they are going out of business but instead they just vanish. They simply turn off their website and their customer service numbers.
The website does tend to stick around for awhile because it offers the ability for existing account holders to be able to login to their account. This way they can continue to make repayments on an existing loan. Of course the tribal loan firm wouldn't want to miss out on any dollar that could be repaid, even if the company is spiraling into the abyss.
Black Card Loan is gone and we won't miss them. They tried with what should have been a catchy business name but it didn't do a thing to save them.
There are still at least 60 Native American payday lenders still in business so that means we have truly lost nothing with the loss of this low quality short-term loan shop.
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