One of the less known tribal lenders is a company called Get Instant Loan. This Native American company has not done much in the way of marketing or getting the word out about their services. For some reason the tendency of a few tribes is to simply throw up a website on the net and they must expect customers to just come flooding in magically from some unknown source.
If you are one of the few customers, or potential customers, of Get Instant Loan and you are looking for a quick review of the lender then this is the right place for you.
Are you ready for the review? Do not get too excited because there are no customer reviews that can be found on the net. Why? The company is too new and too obscure for anyone to have bothered writing (positively or negatively) about them. This means, once again, we will be forced to do our own internal review. If you have been reading Native Loans then you probably know how this review is going to unfold, quite swift and not too sweet.
Get Instant Loan is a tribal lender that "specializes" (we are going to use that word in a joking fashion) in providing short-term loans (aka payday loans which are terribly short-term loan products) that charge the typical 30% interest on a bi-weekly basis to the unlucky customer who signs up to get this financial product.
Get Instant Loan is not very useful for a larger loan, since they tend to limit their loans to about $500 for the average customer. They company technically offers higher loan amounts but these higher levels (supposedly up to $1,000 to an individual) are misleading because only the very top applicants will be considered for the $1K amount. Most customers will land between the $300 and $500 range. This once again is quite typical for a tribal payday lending company.
The interest rates are the same as most Native American payday lenders as well. Get Instant Loan feels that the 30% interest charged on a bi-weekly basis (yes, that amount is charged every 14 calendar days, usually on every other Friday) is the appropriate fee. Some quick math tells us that this is a 60% rate per month for the amount of money a consumer has open with a loan from this firm.
That's pretty expensive and it is hard to imagine how this extremely short-term loan product can serve the needs of anyone who has troubled finances. Even if you are in desperate need of a loan it's important to understand this really isn't a loan. Technically it is, and legally it is a loan, but for any practical terms of common sense try to think about how having a relatively small amount of money over the course of a very short period of time will do anything to help your already existing financial difficulty.
It's my belief that the longer a person considers the positive and negative aspects of a loan from a lender such as Get Instant Loan they will come to the realization that this simply isn't going to benefit them, at least not enough to justify the extraordinary expense of the loan.
The only argument in defense of Get Instant Loan is that they are performing a business (making a loan offer) that at least 100 other tribal loan companies are doing at the same time. Issuing small loans between $300 to $1,000 for 30% interest that is payable every 14 calendar days, well that just happens to be the core operating business of the Native American payday lending industry.
Having said that, we need to decide what is the best option for our own personal finances and that means not taking out an overly expensive loan which does little in the way of providing any capital to us. It might be one thing if the loans available were for $1,500 or $3K, but with these very limited amounts there is just no reason to use Get Instant Loan.
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