My Silver Safe? These tribal lenders are not going to stop with these names. The funny thing is that My Silver Safe is not a new company, they have a message on their site that dates back to August of 2009.
My Silver Safe. Well, is my silver safe? I doubt it considering this is another Native American lender that flaunts the fact that they charge 30% interest on a rolling basis every 14 days, but let's look around their site and see if we can find anything funny, strange or useful. Wait, I've got it completely wrong, when you look on their site it shows us a safe that is made out of silver. Alright, and then inside the silver safe is all the piles of money that will be provided as loans to all you lucky (yet broke and doomed) borrowers. Now I understand.
One odd thing about My Silver Safe is that they have a $600 maximum loan amount. That's just a strange amount to stop out at. I'm used to seeing the many tribal lenders that have $300 as their "top" amount. Then there is another batch of loan companies offer up to $500 as their maximum. Then the next stop is the $1,000 level and that's where pretty much all of the Native American payday lenders (and the state licensed payday shops as well) stop for their maximum loan. How and why My Silver Safe came to the conclusion that $600 was the right amount to lend is just going to be another mystery of life.
I was laughing at some other parts of the company site. At one point in the questions area the firm says "We Have High Standards" which doesn't seem to mean anything. I realize that I don't have perfect English but you have to love how My Silver Safe twists and turns in the legal wind trying to make sure they don't say anything wrong, or commit to anything that can be used against them.
For instance read the following statement by the firm, this is taken verbatim from their website....
"We know you may sometimes have a need to cover short term expenses."
This is professional? It's at a minimum hilarious. Alright, so I know you, and you might have a need, sometimes anyway. Huh? This is just terrible. How do you know I might do something? Anyone can say that. I know I might win the lottery. I know you might take the train to Chicago. I know that 14 years ago I was laughing at something, maybe a cat. I know that I might be homeless if I take out a loan from My Silver Safe. I mean, the language here is just absurd. You know what this is called? It's puffery. When you talk out of all sides of your mouth and act like a lawyer, never getting anything expressly stated in fact, that's being puffery.
My Silver Safe doesn't do much for anyone who needs a loan. You can get better terms, a longer timeframe to borrow the money and a lower rate from Plain Green Loans. When and if you choose My Silver Safe you are opting to borrow from a payday lender. That's not a good idea if you can qualify for an installment loan and most likely you would, but you have to find the right company and apply first. I would say that before you apply and/or borrow any money from My Silver Safe that you first investigate and apply with Mobiloans (up to a $1,500 loan over several months) or Great Plains Lending (up to $3,000 for around 18 months) or best of all that lender I already mentioned, Plain Green Loans.
Plain Green Loans will loan out money with a 59% APR which is the lowest you'll find among tribal lenders. My Silver Safe can't even approach that low level. I just can't say that a Native American payday lender is a good option when most people will have no problem getting approved for a Native American installment lender (like Plain Green) and that's why I personally have no interest in paying the high interest that My Silver Safe would charge.
Recent Comments