Returning customers to the tribal lender My Next Day Cash are eligible (in most cases) to qualify for their Go Loan program.
The Go Loan program is for customers who have already taken out at least one loan prior and repaid that loan on time, with no payment schedule changes or adjustments to the original loan, then that customer will automatically qualify for a Go Loan via My Next Day Cash.
There are two main benefits of getting a Go Loan...
First, the cost of the loan will be cut in half. New customers with My Next Day Cash will pay the full rate with their finance fees. When you qualify for a Go Loan (that is when you are a returning customer that did not need assistance or have any kind of trouble repaying that first loan) you will have a 50% reduction in the finance fees you pay for the loan. This is significant and it would be nice if more Native American lenders operated with this kind of respect to their returning customers. 50% off is a nice statement to those who are responsible and it creates a decent incentive to get people back through the door.
Second, getting a Go Loan will require a lot less time and effort for the application process. The original loan with My Next Day Cash involves a good amount of information to be provided to the lender. For the Go Loan application the process is far more streamlined and simple.
Although it might seem tempting to get a Go Loan through My Next Day Cash there are a couple reasons why I do not plan to do so for my personal finances. First, and this is the main problem, is that I would have to take out a regular loan (non Go Loan) from the company and this would involve paying the regular rate.
Although it's not published the majority of tribal lenders (especially the payday version of Native American loan firms) will charge 30% per each pay period the loan is outstanding. That's just not a form of debt I feel willing to take on. And there is not much reason to anyway, when a quick glance around the growing market for Native American loans shows us some stronger competitors. Two companies I would suggest looking at before going with the Go Loan are Mobiloans and Plain Green Loans.
Mobiloans is a line of credit provider that charges only 10% for loans that are issued that are over $500. While that's still high versus the historical standards this is a low rate when compared to the rest of the tribal lending community. Plain Green Loans is a tribal lender specializing in installment loans.
This company stands out because they will issue loans that stretch nearly a year (and occasionally over a year) and their annual percentage rate of their typical loan is less than 60% which is far lower than the average tribal loan shop. Many tribal lenders have APR's that are between 700% to 800% for their APR.
Even with the nice reduction in cost it's hard to say this is the right tribal lender because in my opinion there are better deals out there. The only thing I will say is to anyone reading this who has already been a customer of My Next Day Cash and repaid a loan, then you are already past the big hurdle. That first loan with the firm is the biggest problem since a new customer will be paying that higher rate. If you have already moved past this stage then it might be worthwhile to consider going back to them for the Go Loan. The cost will be half of what you paid the first time you were a customer and the time needed to apply for the loan will be substantially less than the first application.
Other than that specific situation I am going to continue to lean on Mobiloans and Plain Green Loans, along with Superior Funding and Spotloan, as my favorite tribal lenders. Despite that I will say that My Next Day Cash does deserve a tip of the hat for at least trying to come up with some creative way to reward customers who are in good standing. Most tribal lenders couldn't even begin to care if you are taking your first, second or fifth loan with them, so it's nice to see a Native American affiliated lender making some effort to reward good customers.
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