There are so many tribal lenders out there that some just get lost in the cracks. And frankly some of these loan companies should be ignored. One of those lenders is My Next Paycheck which is a small tribal lender that doesn't offer much in the way of quality, service, or security.
Now that's not to say there is anything specifically wrong with My Next Paycheck. The firm issues standard loans with pretty standard terms. They offer the same terms if a borrower needs to roll an existing loan for another 14 days. But that's just the thing, it is all the same product that is offered by bigger and better lenders. The dollar amount offered by My Next Paycheck isn't that good when compared to the larger, long-term lenders such as Western Sky Financial and Plain Green Loans. The largest loan (realistic) loan value from My Next Paycheck would probably be between $400 to $500. And the total amount of the loan must be repaid the next payday, just like the name of the company says. Now, of course there is the catch where the borrower can extend the loan by paying just the finance charge. So, technically, if you get a loan, your next payday might be paying the full amount of the loan or just the interest on the loan.
While there is nothing particularly wrong with this lender the problem is that they just don't bring anything unique or useful to the table. Why would a potential borrower want to use a relatively unknown company when they can use a bigger, more prestigious (if that's the right term for any of these lenders) tribal loan company? The problem is there isn't much of an incentive. Why would I choose a small company that isn't well known? And on top of it the company does not offer very much in loan value and there is no discounting on the interest rate charged to customers. There simply is not a reason to make a recommendation to use My Next Paycheck.
My Next Paycheck should be considered only if there is a need for a loan and the borrower has already been turned down by firms such as Plain Green Loans or Western Sky. Two more companies to try before turning to My Next Paycheck would be loans and my personal favorie Spotloan. All of these lenders are better known and have a stronger brand name. One last note, the My Next Paycheck website is not very interesting or intriguing. The website assures there is web security but the presentation of the site is just not very helpful.
In the end the company just doesn't provide a reason to get a loan with them.
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