There is no such thing as the perfect lender, every company will have customers who find fault at some point. And even though Clear Creek Lending is one of the better Native American lenders it doesn't mean the company doesn't receive complaints because they do. However, it should be noted that this firm receives far less complaints that some of the more basic tribal payday loan shops like Ameriloan or Arrow One Lending. But there are Clear Creek Lending complaints and we will go through them here to see just how many are legitimate and find out which ones are written by customers who just didn't read their loan agreement and are generally unhappy with the stated terms of the loan that they agreed to take on.
Also, a quick aside, make sure when you do your own research online for Clear Creek Lending that you are not reading reviews on Clear Creek Tax. Evidently, there is a company out of Louisville (or was out of Louisville, not sure if they are still around) that also carries the name "Clear Creek" but they do some type of tax preparing and/or money managing business. Clear Creek Tax is not the same company as Clear Creek Lending.
Now before I get too far with any complaints against Clear Creek Lending please realize that this is one of the tribal lenders that I suggest people should turn too if they are going to get a Native American loan. With a few exceptions I tend to recommend five tribal loan companies out of the 100 plus companies currently in business.
Most of the tribal lenders offer a very short-term, high interest payday loan product, which I universally say to avoid. Others offer an installment loan that has terrible interest, low loan amounts, or some combination of the two, and I tell people to stay away from those firms as well. But I do tell people that Clear Creek Lending offers a decent (above average) loan product and if they can't qualify for any other loan (which tens of millions of Americans are not able to qualify for any standard loan) then I say to go ahead with Clear Creek.
The other four tribal lenders that I advise people to use are Plain Green Loans (by the far the best interest rate), Spotloan (easily the most flexible lender), Great Plains Lending, and my personal favorite, Mobiloans. Please understand that I don't get paid by any of these companies, these are simply my own experiences from personally getting loans from four tribal loan shops (including the infamous and now out of business Western Sky) and applying to over a dozen others.
The first thing that stands out about Clear Creek Lending is how few online complaints you'll find on them. For instance, the BBB (Better Business Bureau) has only five total complaints against the firm and that's over the course of years. And out of those five complaints, only one of the complaints is unresolved, which means the company worked with the other four customers to some degree.
This varies greatly when you search for tribal lenders such as 500 Fast Cash, Ameriloan, and American Web Loan. Ameriloan has hundreds of complaints (maybe over a thousand) splattered everywhere across dozens of websites. So this is telling, just on the surface, that companies like Clear Creek Lending are operating a substantially higher class outfit than a low quality shop like Ameriloan.
The only other complaint, other than some general complaints that were filed in a news report, was a complaint that was on the Ripoff Report site, which listed one complaint against Clear Creek Lending. It was posted by someone who wound-up paying over 600% APR on their loan.
As it turns out the loan was actually made by Money Mutual, which is the Montel Williams lending vehicle, but the loan was technically funded by Clear Creek Lending. The lenders that supply Clear Creek with their cash to lend also back the Money Mutual lenders.
Nearly all of these commercial websites that you encounter (when searching for a loan) have themselves a reserve lender. So sites (businesses) like Clear Creek Lending or Money Mutual go out and make the retail loans to consumers like you and me. But these companies in turn often need to borrow money, in essence to re-lend to us, and it's these reserve lenders that the complaint is going towards. Technically, the person complaining about Money Mutual is building in Clear Creek Lending into the complaint because they get their funding from the same source.
I know this is complex but in the end this is really not a complaint against Clear Creek Lending more than it is to high interest lending in general. Yes, it's not fun to pay 600% APR to any company. The key here is knowing what you are signing and understanding that the longer you keep the loan going the more interest you will be paying.
Also, the fact is that the highest APR you could pay at Clear Creek Lending is 420% and many of their loans are actually 390% APR. So just because Money Mutual and Clear Creek have the same funding resource standing behind them doesn't mean they are the same entity. Clear Creek Lending is a tribal lender and Money Mutual is a state licensed lender. There is a big difference, especially in how the two types of firms are governed, regulated and licensed.
That's it. There are the five complaints at the BBB and then there is the single complaint at Ripoff Report, and I can't find any others. Remember that companies like Advantage Cash Services, Ameriloan, 500 Fast Cash, and so many other tribal lenders have hundreds of complaints, many of them with no resolution at all. And then there is Clear Creek Lending with their six total complaints.
That's not bad at all, for a high interest installment lender. Not bad at all. That's one of the reason I have been promoting (unpaid promotion) the firm to people in search of a loan. If you've been turned down by your bank, by your credit union, and by good credit lenders like Springleaf or OneMain Financial, then you are left with Native American lenders. You might as well choose the best of the bunch, and Clear Creek Lending is one of the best tribal lenders you can find.
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