There are a few tribal lenders that just do not get much interest and Extra Funds Cash is near the top of the "not interested" list. This company doesn't offer too much in the way of good interest rates or loan dollar amounts. In fact, Extra Funds Cash doesn't have much of anything that would drive customers away.
I always wonder why tribal lenders do not get more creative with their loan products. So many of these companies just get in line and provide very little difference in their offerings. This is where many Native American loan companies just lose any chance they have to set themselves apart.
For example, let's look at the "product" offered by Extra Funds Cash. You can borrow up to $500 in a payday, but that's misleading because if you are a new customer (and 99% of people reading this would be a new customer) you may only borrow up to $300 as a maximum first time loan. The loan product is branded as a Multi-Pay Loan which is funny because Extra Funs Cash also mentioned that this loan is designed to be repaid quickly. So which is it? Is it a loan that is designed to be repaid over several payments (thus the multiple payments insinuation in the title of their product name) or is the loan supposed to paid off quickly, as in a true payday loan, where it is repaid in 14 days? That would be a single payment, not multiple payments, as in Multi-Pay Loan. There seems to be some confusion here about the structure of the product. And either way it's not a product that is worth much at all.
What about the interest rates at Extra Cash Funds? It would be great to know but the company is not providing the interest rate information on their loans. Instead, they say that you (the customer) will find out your loan rates once you are approved for the loan. So let's just make sure this is understood, you get the information about your loan after you get approved for that same loan. The assumption here is that you are going to apply for a loan that you don't even know what the terms are and you can find out after you apply. Imagine if this product was used in any other business, for example what about if you wanted to find out what the commission would be on a stock trade. So you contact a broker and tell him that you want to trade a certain number shares in a particular stock. Before the trade took place that broker would tell the customer either the exact amount of the commission or an estimate that would be very close to the correct amount.
In the case of Extra Funds Cash we just don't know what interest rates are and there is no way to find out unless we apply for the loan. The rates could be 300% or they could be 800%, there is no reference, hint or any method to even guess what the APR will be.
But wait, then it appears, hidden near the bottom of one of the pages is the allusion that most loans from the company will charge $30 for every $100 borrowed. Wow, what an amazing shock. Once again we have yet another Native American lender that is offering a small loan for a $30 finance charge on every $100 borrowed.
So what do we have? A company that will loan $300 (most likely will not help most lenders) and that charges 30% in interest rates every 14 days. This is the same product that is offered at dozens of other tribal loan shops. And we are supposed to do business with this company because....
The answer is there is no reason to do business with this company. Even if all you need is a small loan for $300 there are substantially better options. Before you apply to Extra Funds Cash take a long look at Mobiloans, or another tribal lender that gives higher dollar loans at lower interest rates.
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