Money King Loans is a new tribal lender but that doesn't mean that there aren't any complaints against this firm. It does not take long from when a new Native American company gets up and running to the point when complaints against that same company start to appear on the internet.
Before we look at the complaints / negative reviews that I located online for Money King Loans I first want to say that there isn't much purpose to this, as I wouldn't use this lender even if the reviews were positive. I have become pretty demanding with the tribal lenders I like, am willing to do business with and who I feel are worthy of our attention.
It's very easy to waste money by taking out the (very simple) tribal loans, so it's in the interest of everyone and anyone reading this that you become much more exclusive when it comes to accepting loan terms that are just thrown at you by any random online lender, especially if they are affiliated with a Native American tribe because those loans tend to have the absolute worst APR's attached to them.
Let's see what our displeased Money King Loans customer has to say...
I decided to get a loan with Money King Loans back in October and went through the normal process, got the loan documents and signed for the loan, as usual. No problems at this point. I was informed that my first repayment date would be November 15. This is where things start to fall apart because I was actually charged my first repayment amount of $81 on October 31st, which was obviously much earlier than I was told that date would be. I of course called to complain they apologized and said that they made an error and that it was all a mistake. They said they would fix everything and it would be fine. The customer service rep saw what happened and said the company was very sorry for the trouble and for some reason they wanted to contact my bank to confirm that the funds (the $81) had been deducted from the account. We did that and the bank verified the transaction did take place.
After that Money King Loans escalated the situation to some higher person at the company and I was assured that my refund would be processed as quickly as the company could get it done. They did warn me that the refund would not be immediate and that it could take up to four business days to process and post bank into my checking account. I agreed that this was acceptable. Then five business days later, which was now the next Friday I contacted the lender and let them know that I still had yet to get back those funds. They let me know that the problem is still in an escalated status and that I should hold on until Monday and see on Monday how things look. Then on Monday we go through the same motions and now they say to try contacting customer service on Tuesday because it's about to be refunded. Finally the customer service rep admits that the refund is not going to take place because it was canceled by one of the managers at the company. At this point I'm truly upset and instead of talking about the refund they simply want to push back my repayment date by another 15 days for free and they said that would be sufficient to handle the early withdrawal of my money.
It makes me wonder how often this happens, most people probably just go with the flow and don't complain but I was really mad. They actually offered me the extended repayment date and a discount on my loan repayment amount, which would amount to paying a lower interest rate. But the fact that they just reached into my checking account and helped themselves is the issue here not the fact of whether or not I get some discount on my interest rate I'm paying the company. The problem is still unresolved and Money King Loans never did refund that early withdrawal. By the way, the company kept offering me that deal to push the loan further into the future, just a really unprofessional way of trying to handle the situation.
Alright, so that's a review on Money King Loans that will keep me away from the lender. It's not like I was in a rush to get a loan from the outfit but this customer experience is not what any borrower is looking for. I wasn't very interested before and now I am completely ready to never do any business with this tribal loan company. There's not much reason to when we have much better tribal lending firms like Mobiloans and Plain Green Loans that offer longer term installment loan products that cost less and are more flexible. Let's take a pass on Money King Loans.
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