After reviewing Boulevard Cash for all of 10 minutes and making one phone call I was going to write about how Boulevard Cash was boring and it might be best to move on to other tribal loan companies. But then I found something that is really strange and I did some more research. It hasn't changed the fact that I don't see much use or interest in Boulevard Cash so if you are simply on the hunt for a tribal loan then you can move on now, but if you're interested in how these companies operate then keep reading.
So at first the Boulevard Cash website is just really bland. The layout is the same as usual, the loan amounts and time allowed to repay is very standard. The loan amounts range from $250 as a minimum to $1,000 as the maximum loan the company will issue. This is just the same (low dollar) installment loan product that we've seen dozens of times from the Native American lenders who exhibit a lack of creativity in their business.
The loan is due on your next payday (or potentially the next payday if the loan was taken within three days of your payday) but it can be rolled over for a finance charge. There's a shock. You have the ability to roll the loan over, and either pay some of the principal or none of the principal, as long as you make the finance charge payment. There are a few things about the Boulevard Cash website that are interesting.
The company makes a point that you do not need to be a first time borrower with the company to qualify for the $1,000 loan level. Most Native American lenders have a policy where you need to a "known" customer, meaning you have to take out at least one loan and successfully repay it, before you can qualify for their larger level of loans. In this case most lenders would make you take out a $500 loan as your maximum first loan, but not Boulevard Cash. So that's different. Also, the construction of the firm's website is interesting as they have specific buttons (links) for returning customers and another that says sign you loan documents.
These are well done, the website is organized and clean. However, these are small victories, in general the company is not terribly interesting. Now, let's get to the weird part I was talking about earlier. So when you apply the verbiage on their site talks about if you qualify for a loan you can receive a Ripple Cash loan. That can't my eye because why would I qualify for a Ripple Cash loan when I am applying to Boulevard Cash for a loan? Am I missing something?
So I looked for Ripple Cash and sure enough their is a sister website for Ripple Cash, where the site design is nearly identical to that of Boulevard Cash. And the Ripple Cash site had a lot more information, including a detailed schedule of repayments and interest rates (fees) that would be repaid over the course of a typical loan. Even those "special" buttons that I wrote about are there, where you can opt into a page that is for returning customers or a page that is specifically designed to sign your loan documents.
All this is just strange, the question is why would Boulevard Cash create a clone of their site and brand it as Ripple Cash? And why do they have the Ripple-branded loan product (Ripple Cash loan) listed at their Boulevard Cash website? One possible answer, and an interesting note either way, is that Ripple Cash does not list themselves as a Native American lender. Nowhere on their site does it reference the term tribe, tribal, Native American or anything like what normally appears on the standard tribal lending sites. Perhaps there are two versions of this company, one that is filed as a Native American loan company and another that is formed as a standard limited liability company. But even if that's the case it is still odd that they chose to use the branded Ripple Cash loan on the Boulevard Cash website.
The more I think about it the situation looks like a mistake on the part of the company. The only other option I can think of is that there is a plan in place to rebrand and move the Boulevard Cash site completely over to the Ripple Cash brand, and leave behind the Boulevard Cash label altogether. Like I said, unless you are interested in this stuff that was not a big surprise.
The problem with Boulevard Cash? Nothing really, they are an okay company. Would I use the company for a loan? No, because there are companies that loan more money at better interest rates. Unless you are already working with Boulevard Cash try applying to Mobiloans or Spotloan first, and if you need more money check out the program at Clear Creek Lending. Boulevard Cash is going to have to get more inventive, publish more information, lower their rates, and get a clear definition of exactly what a "Ripple Cash loan" is before people are going to give them a lot of business.
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