Here's a little company with a big name, it's Easy Cash Online Store. This is a tribal lending company where the tribe has some links to other loan companies like Fast Money Store.
The problem with both of these lenders are just not very good. For starters their sites don't look very good and I don't get the feeling that any substantial resources were put into the production of these websites.
The problem is these sites are (assuming we do apply with Easy Cash Online Store or Fast Money Store) are going to carry our highly important personal information over the internet. This is a problem because I have no plans to risk my personal data to a site that has flimsy security and looks as though it was designed back in 1998.
It's strange how a company like Easy Cash Online Store can continue to exist and have customers in the face of much more dominant, and higher quality, competitors like Spotloan, Mobiloans, Clear Creek Lending and Bright Day Loans.
These are just a few of the tribally based companies that can improve on the offerings of Easy Cash Online Store, there are many more. The competitive nature of the Native American lending market doesn't always seem to matter that much.
In most businesses the pricing power of equivalent products or services will be the main decision point for whether a company gets business or goes out of business. But within the world of tribal lending it seems that having a dozen or more competitors that offer a better product for a lower price point just doesn't seem to register with consumers very well.
Perhaps it's because the business of online lending is so diverse and so distributed over such a huge number of companies. There are literally thousands of companies that are offering internet loans, which means finding the best quality lenders amongst that big group is going to be expensive. Most people just don't have the time or energy to dig through all these sites and read reviews so they quickly capitulate and take out a loan from the first website they come across that's offering a loan they can be approved for. This isn't a good way to save money and it's not the right way to get a loan, but it's the reality for the days we live in.
Easy Cash Online Stores just doesn't have what I'm looking for in terms of available credit or in terms of the cost of the loan. When I have other tribal lenders that are able to lend out money at a 10% simple (rolling every 14 days) interest rate then why do I want to borrow cash from a company that charges 30% or 35% for the same amount of money? The sad thing is I can borrow more money from a company like Mobiloans for a longer period of time and pay less money than I would if I took out a standard loan offered by Easy Cash Online Store.
This is why I have a pretty exclusive batch of Native American lenders that I work with, companies like Mobiloans, Spotloan, Plain Green Loans, Great Plains Lending and my one tribal payday operator RadiantCash. There just isn't much of an incentive, well scratch that because there is zero incentive for me personally to work with Easy Cash Online Store.
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