Cover Me Cash is a tribal lender that is not the best of all Native American loan companies. At least not in my opinion. But I thought we could use this post to see what other people online, particularly customers and ex-customers, had to say about the firm.
After all, no one is a better source of reference than a person who has dealt directly the company. I have not taken a loan from Cover Me Cash, but I did apply for a loan with them in 2012. The terms were not satisfactory to me (I wound-up going with Mobiloans instead) but the company was interesting enough to fill-out an application.
Let's see what people had to say who went beyond the application...
I borrowed $400 from Cover Me Cash and they had arranged scheduled payments to be deducted from my checking account in the amount of $120 on each of my scheduled pay dates. The first repayments were made as proposed and agreed upon for three times for a total of $360 in repayments. But things then turned bad when the company said I still owe them over $500, and that's after I paid $360 of the original loan amount back to the lender. I spoke to a Cover Me Cash customer service rep and complained about their poor behavior and bad habits. The company agreed to do an arranged settlement that I offered them. When I tried to explain to them that I would have a payment due soon they refused that date and instead provided me with less than a week to pay $350, or I would be facing even more fees and further collection efforts by their collections team. So even though I do not agree with their predatory practices, I did agree to pay $350 more in order to close this terrible account.
So this is a review that is pretty negative in nature but yet it's written with a bit of apathy on the part of the borrower. Can you hear it, too? The problem is that we don't know if the actual loan was arranged to have those $120 repayments as a planned pay down method (in order words having both some finance fees and some principal amount built into those scheduled repayments) or if it was not.
I happen to think that this customer completely misunderstood the loan they agreed to repay when they borrowed it and that they continue to misunderstand it even know. That $120 was strictly to cover the interest costs of the loan. So Cover Me Cash created and issued this loan with the expectation that the borrower would be paying finance fees of $120 every two weeks. And that $120 did not include any principal repayment on the loan, not even a nickel. So do you blame the wretched lender who has outrageous, high interest loans? Or do you blame a customer who doesn't bother to read the loan documents?
I personally blame both. Cover Me Cash could easily offer lower rates and still make a good profit. The customer should have taken at least 30 minutes to stop what they were doing and read (and re-read) the paperwork that was provided to them before signing for the loan.
Here's another review, this time it comes from a customer who is unhappy about the collection efforts of Cover Me Cash...
I asked the company through my work phone and they have recently called me and they also sent me another email, which I will also put on the do not call my place of employment list. Now I have just received another phone call at work, they shouldn't be able to call my place of employment for collections on a bill or past due money. They can call the cellphone.
Alright, so this review is pretty worthless. But it does give us a small window that illuminates how Cover Me Cash (and pretty much all tribal lenders) will handle your loan should you fail to make the scheduled repayments. They aren't going to wait long before they start ringing the phone off the hook and don't think that they will stick with just calling your cell phone, they will call your landline phone if you have one and more likely they will find out your work number and start calling that constantly.
Most borrowers actually provided their work phone to the Native American lender when they applied for the loan, but even if they didn't it doesn't matter. The tribal collections workers will call any phone number there, they will call your boss, they will call human resources, they will call the company operator and ask to be transferred. If you think they won't try to create an embarrassing situation for you then think again because when tribal lenders don't get paid they are going to wait just a little bit more and then they will start dealing in the business of humiliation and high pressure tactics.
Cover Me Cash has a decent loan program but my personal review is to leave these guys alone. I would say that a tribal lender like Mobiloans is the best, and Plain Green Loans ranks as a close second. Cover Me Cash doesn't offer much that stands apart from all the other tribal loan shops and the reviews above didn't do anything to help persuade me that this is a good lender.
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