Blue Thread Lending is an obscure tribal lender. I would say they are at the opposite end of the spectrum when compared to Western Sky Financial or Great Plains Lending, where those lenders achieved widespread marketing and branded name recognition, while Blue Thread Lending has almost no consumer name brand presence.
That doesn't mean Blue Thread Lending doesn't have customers, at least a few. And not all of those customers are thrilled with the service they got with the firm. Let's look at a couple of those not so happy customers and see what the problem was with this lender.
The customer below thought they were getting a loan with a company called Quicker Cash but instead their loan request was 'farmed out' or sent out to other lenders. It turns out Quicker Cash is just a loan matching service and not a true issuer of debt. The loan was picked-up and issued by Blue Thread Lending but the story isn't that simple...
After I was informed that the loan was being shopped and that I should be getting contacted soon to be offered the loan, but at first no one called. Then the phone started ringing constantly. Many of the calls just showed that they were California phone calls and the numbers were usually different each time. I wasn't sure I wanted to take the loan or pursue this any further so at first I didn't bother to answer. But they kept on calling.
I finally decided to answer, it was like the 15th call or something, it was in the afternoon. The lady who was on the line wanted to discuss the potential loan but I told her I had changed my mind and wasn't interested. Then they called back and I had to tell them to stop calling. Then the next morning I received even more calls and some of them were coming in before 8am which I thought was unprofessional. It gets even worse because when I got to work my co-workers (and my boss) let me know that they had been calling non-stop all morning there as well. The funny thing was it was supposed to be my day off but I had to come in to cover for a shift, so I shouldn't have even been there. Makes me wonder how many times they would've called if I didn't show up.
The callers I spoke to throughout the next week identified themselves as North Cash and sometimes they identified themselves as a company called Blue Thread Lending. The two companies just kept on calling until the end of the week until I finally got an email from them saying that my loan application had expired and that I would have to re-apply in order to get a loan. No thanks. They called at least 100 times between my home and work. Sometimes the calls came in one right after the other, it was crazy.
Alright, so this is a weird review but still it's insightful. This 'customer' was not even a customer, they were an applicant who was in search of a short-term loan. They don't really explain why they changed their mind, who knows it could be a number of factors but I happen to believe when he/she saw the interest rate attached to the loan they didn't like it. Plus, I get the feeling they weren't very appreciative of the fact their loan was sent through a loan matching system, it sounds like there was some surprise there.
This review shows the degree of desperation and desire of the smaller tribal lenders to get loans issued to anyone who expresses any interest in taking out a loan. In one sense I don't blame them; this is there job, they issue debt and that's all they do, so I get it. But truthfully their behavior can't be justified. Calling early in the morning, calling the potential customer at their workplace, calling dozens of times in a day.
It almost sounds as if North Cash and Blue Thread Lending were in a miniature bidding war, each hoping to grab this new account so they each tried to call and land the business (close the sale) as many times as they thought it would take to finish the deal. Instead they came across as scary, desperate, silling and embarassing. And frankly a little disgraced.
This confirms my theory that the top 10 tribal lenders are gobbling up most of the business while the lower 100 plus Native American lenders are fighting over the scraps and remnants of whatever is left. Blue Thread Lending needs to invest in some decent internet marketing techniques rather than getting one phone number and calling that person dozens of times day after day.
This doesn't do much to make me want to apply with the company because who knows how many times you'll be called? Throw in the high interest rate and I will say to keep your business at a larger, more established tribal lender like Mobiloans, Plain Green Lending or my new favorite, RadiantCash.
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