No matter what happens in the overall tribal lending market there are always brand new Native American lenders popping up, and the newest edition to the group is Everest Cash Advance. Now, there website is slightly different than the name of the lender.
The name of the company (per their own reference) is Everest Cash Advance, however the company website is EverestCashAdvance1.com which will undoubtedly confuse a few potential customers. What is that "1" doing at the end of the site? Is there an Everest Cash Advance 2 or 3, or 25 out there? It's hard to understand what the owners and/or managers of this tribal lending firm were thinking when they made the decision to throw the number "1" behind the title of the company.
This new lender does not have a lot going for it, a quick glance at the FAQ page is usually the best way to discover if we are dealing with a legitimate loan firm or just another small time payday lender. The unfortunate disclosure that the highest loan is $1,000 doesn't do anything to invite new business from those looking for a "real" loan.
Now to be fair the company does not say that exactly but they hint at it quite strongly when the wording at their site reads "in most cases our loans range from $100 to $1,000" which is code language that most would-be borrowers are not going to get past the $500 level much less be qualified for the $1K loan.
Everything with this company is just what you would expect, we have the basic loan amounts, and the normal loan qualifications including having a job that can show demonstrated income levels.
We also have the next day funding in place instead of same day funding. For customers who are used to getting the same day funding (cash in hand on the same day the loan application is submitted) the tribal lending business model (which is what Everest Cash Advance falls into) almost always provides the funding on the next business day.
The day the loan is approved is used to organize and submit the ACH transaction to the customer's checking account. But the actual payment (when the customer can withdraw the funds from their ATM or bank teller) will not be available until the early morning of the next business day. This creates some major conflicts when customers of the storefront payday loan shops try to make the jump over to online Native American lenders. But that's the way it goes with tribal lending and most people who have terrible credit (and are essentially forced into getting a tribal loan if they want any loan at all) have to put up with the next day funding situation.
When it comes to the cost of the loan Everest Cash Advance is right in the middle of the pack. The company charges the now "normal" amount of 30% on the outstanding loan amount for every 14 calendar days the loan goes unpaid. If a customer takes out a loan and repays the full amount 14 days later they are going to pay 30% of the loan amount. So for instance a $400 loan would have to repay $520, which would be the original loan amount plus the 30% interest, which is equal to $120.
The problem with Everest Cash Advance is that they do nothing to stand apart from the crowd. The loan amounts are average. The interest rate of 30% is average. The website and the site security are average. The time to repay the loan is average. The very obvious allowance to extend the loans by paying the minimum finance charge is average.
There is nothing at all that differentiates Everest Cash Advance from dozens of other Native American loan companies. And since we are very tired of the average loan product here at Native Loans it means we have no interest in Everest Cash Advance or their boring debt product.
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