My Snap Credit, or sometimes called MySnapCredit, or otherwise known as Snap Credit, is out of business. There website can't be found using any search engine and the website, when visited directly, is not functioning. Yet another casualty from the state regulators has fallen.
If you want to see for yourself, then just go to www.mysnapcredit.com to see what happens. The site is down. I've been trying for the last few days to get to the site and the page will not load. This isn't just some maintenance or service, plus usually a company will put up a sign on the home page that declares that some type of activity is ongoing and to expect the site to be back up in a certain timeframe. None of that is happening here.
My Snap Credit is out of business.
This is most likely tied directly to the push that started this past summer, when the Attorney General of New York, along with a financial regulating agency out of New York state, both began pushing hard against the tribal loan companies. Other states have tried to push back, notably Colorado, but they did not have the success that New York is having.
In essence what New York is saying to the tribal lenders is that they recognize that they are sovereign entities, and that the business that they conduct on their lands is their own business, which is not subject to regulation by any state.
However, New York insists that once a tribal lender starts issuing loans to U.S. citizens scattered around the country that they are no longer technically operating a business on those tribal lands. Instead, they are using the internet to conduct business in thousands of locations and that the loans, even though the offices of their origination is on a tribal land, are not being executed (where the customer is receiving the funds) on the sovereign tribal lands. Rather, the funds are being provided to the customer at points all across the United States and therefore the transactions are not subject to the sovereign status that the tribes are awarded, but instead fall under the jurisdiction of the state licensing and state regulators.
So how long did MySnapCredit.com (My Snap Credit) live? It turns out not long at all. The company, at least with their web presence, was organized late in September of 2011. The company lasted just under two years. Again, this is just the website, whether the company is actually still functioning somewhere (as in on the shelf and not technically folded) is not known. But the company website and phone number are history, so it looks like they are dead.
What are we missing without having My Snap Credit? What kind of loans did My Snap Credit provide? Fortunately, there isn't much lost with the loss of this firm. There are dozens of tribal lenders that still offer their basic payday loans. Just as most Native American lenders, My Snap Credit originated loans that were small when compared to Mobiloans or Plain Green Loans.
The problem I had with My Snap Credit wasn't one of customer service or dishonesty, it was a matter of the product that they offered. It just wasn't that good and it definitely was not anything original. If I am going to take out a loan I want more than 14 days to repay. This whole "emergency" loan concept is just not very good, at least for me, and it just doesn't help.
If you need money at the beginning of a month are you really going to be able to have 100% of the money ready to repay, plus interest, at the end of the month? And that's 30 days, imagine having less than half of a month to repay the loan. It's a busted product and I'm not surprised to see tribal lenders that are unimaginative and bland going away.
There is probably less and less demand for their boring loan, unhelpful loans. So that's the end of My Snap Credit, aka Snap Credit. Nothing lost here for those who follow tribal lending.
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