Here's a simple question...
Is My Cash Advance (find that at MyCashAdvance.com if you want to see for yourself) a tribal lending company or not? Most tribal lenders put on a big display notifying everyone visiting their site that they are a tribal lender and that they have all these sovereign rights.
My Cash Advance makes no mention at all about who owns the company, which at first makes you think that their is no way this is a Native American lender. But then a closer look starts to make you wonder.
Just like a tribal lender this company does not engage in any type of background or credit check. They don't care about your credit score. They do have the same very basic requirements that are dominant in the Native American lending industry. Actually, to say they are similar is not correct because the requirements are identical. Here are the requirements to qualify for a loan through My Cash Advance...
You have to make at least $1,000 per month in gross income. Now this figure does change slightly from different online lenders. A company like Clear Creek Lending will want you to make at least $1,600 per month and I have noticed quite a few tribal lenders wanting their applicants to make at least $1,200 per month, which works out to roughly $400 per week.
You have to be at least 18 years old. This isn't too much of a determination as to whether My Cash Advance is a Native American lender because being 18 years old is required by both state licensed lenders and the Native American lending community. Minors will never qualify for a loan, no matter their income or other financial status.
You can't be an active member of the U.S. Armed Forces. Now this military requirement really makes me think that My Cash Advance might be tied to a tribe. Most state licensed lenders have (state mandated) interest rates that are acceptable for a member of the U.S. military to borrow from but (just like a tribal lender) My Cash Advance is not interested in getting any applications from anyone in the military. That's strange because that would seem to hint that they are exempt from the state controlled rates that would in fact make their loans available to current military member. And why turn down business when you qualify to make a market in that group of potential customers? This rule makes them a possible tribal loan company.
This list having a "current" checking account as a requirement and that's not too surprising. By the way, when you see a lender that talks about a current checking account, it means they want you to have a positive balance in the account. Many millions of checking accounts are dormant with a negative balance posted against them. These 'in the red' checking accounts are not eligible to take on debt through My Cash Advance and you will find the same rule across the online lending industry, so this not a good method to determine if the firm has a tribal affiliation.
The last rule that's listed on the site is for the applicant to have a job. It doesn't specify whether or not the person has been on the job for five days, five months or five years. It is just a very simple entry that says "currently have a job" so they aren't interested in your working history.
This is another sign of a tribal lender. A less free spirited (and usually displaying more concern) state licensed lender would have inquiries into the type of job you have, how long have you been on this particular job, is it contract or temporary position and is it a part-time or full-time job. The underwriting techniques at state licensed loan companies is more advanced and would incorporate your work history as a factor as to whether you get a loan or not. Here we see another instance where My Cash Advance resembles a tribal company.
There is technically one more entry for the requirements field but it's most likely meaningless. The last entry says that "other requirements may apply" but there is no further definition of what those other requirements might be. This is most likely the attorneys of My Cash Advance inserting this caveat for their lending practices. That last line basically gives the lender an out if they run into a customer they really don't want to do business with. The firm has given themselves the right to put more conditions and/or demands on getting a loan if they want to impose the extra (undefined) rules on an applicant.
When a visitor looks around the My Cash Advance website they aren't going to find any information about who owns the company. There is no holding company or ownership group listed anywhere on the site. There is no mailing address or reference on how to reach the company other than through email, the company website via a template or a phone call. There is no way to send them old fashioned USPS mail, at least not on the surface.
Whether or not My Cash Advance is a tribal loan company is up for debate, but what we do know for sure is that this firm definitely imitates (at the least) several key aspects that you'll find with a tribal lender.
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