Money Loans Quick is yet another tribal loan company to arrive early in 2014. This lender may have been in operation back in late 2013 but I don't think it was, the firm probably started somewhere in January or February of 2014.
For all the Mobiloans and Great Plains Lending in Native American lending it seems as though we will get six or seven of these 'lesser' tribal lenders. Why lesser? It's because these operators are in the business for a fast buck, that's the problem.
The tribes that are behind these companies realize they have full sovereignty so they don't have to follow all the old rules or regulations that state licensed lenders are mandated to follow. That means the owners and/or managers at these firms could think outside the box (yes, cliche, but it fits) and really get creative.
They could develop some type of balloon loans, or a partial balloon loan, they could be inventive with the line of credit product. They can institute loyalty programs, similar to what RadiantCash is doing or some other type of returning customer benefit, like a lower interest rate or a gradually reducing APR.
Instead what we get is a very basic offer from an even more basic company. Money Loans Quick likes to say they get money to their customers in a hurry but that is a bit misleading because the turn time (the delivery time into your bank account) is still the same 24 to 48 hours that we're looking at with a Minute Funds or US Fast Cash type of tribal lender.
The maximum amount you can borrow tops out at $1,000 and you know nearly no one will qualify for that level, in fact it wouldn't surprise me to learn that Money Loans Quick never issued that $1K loan. Or if they did it was probably to like 20 customers or some very small number.
The time to repay the funds is not very good, it's the same super fast timeframe that we're looking at with 500 Fast Cash and all the rest of the tribal payday lenders.
Here's the real question, which is why do I choose to walk away from my much more established, lower cost and more secure Native American lenders like Mobiloans, Plain Green Loans, Clear Creek Lending and Spotloan to go with a newer, lower quality outfit that is offering a product that is obviously of a more deficient nature than what I'm getting already?
The answer is there simply is no reason at all to even continue the debate. There is no reason at all.
Money Loans Quick is a late entrant to a growing and already crowded field of tribal loan companies. I just don't see the reasoning behind becoming their customer as long as there are better shops around the digital town to conduct business with.
Before you turn to Money Loans Quick please read more about Mobiloans and perhaps even Spotloan, then if for some reason you still can't find a reason to use these other higher quality lenders then feel free to call up Money Loans Quick for your future loan. But I think you'll be hard pressed to ignore the better terms at these better lenders, and I doubt highly you'll get to the point of filling out an application for Money Loans Quick.
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