There are always new Native American loan companies that are arriving into the market every month. It's not as though there is much of a need for the constant addition of lenders, but that doesn't stop these tribal lending firms from setting up their businesses and following the lead of another 200 tribe-based lenders that are already in operation.
Below are a list of a few of the new Native American laon companies that were found on the internet as of April 2014. That's not to say these tribal lenders have just opened their doors but it does mean that they are probably less than six months old. Let's see what new loan possibilities are being offered by the tribes as of April...
The first new lender is called Easy Cash Online Store. This tribal lender is being funded and operated by the same tribe that's behind the Fast Money Store tribal lending firm. The loans are not very enticing to me because the loan dollar amounts are too low and the timeframe for the loans is not what I'm looking for in a lender. Many of the best tribal lenders are true installment lenders and that's not the category that Easy Cash Online Store falls into.
Another new tribal loan option is called Money King Loans. It's funny to watch as the tribal lenders start to run out of company names and/or website names. That seems to be what's going on here with this silly name. I know that if I'm in the market for a loan I am at serious point in my life and I do not want to work with some company that sounds silly or has some joking element tied to their site name. It doesn't help that Money King Loans doesn't have a very good loan program, mainly because they offer lending amounts that are more in line with a tribal payday lender. As you probably know that's not what I'm looking for with these online loans.
Here is another new lending company that obviously has some issues trying to figure out what to do with naming (and branding) their new lending operation. The name of this new tribal lender is My Back Wallet. Again, this just doesn't make me feel like I'm working with a regular lending company. I would feel strange to send all my personal information to a company called My Back Wallet. It just doesn't sound like a very good or realistic proposition.
Here's the last of the new (April of 2014) Native American lending companies. None of these are anything that makes sense. The name of this tribal lender is Money Loans Quick. This lender falls into the same problem that so many tribal lenders do, which is the low dollar amount loans. Plus, Money Loans Quick seems to have another problem because their website doesn't work all the time. Sometimes when I visit their site I actually get through to the site but many other times (over the last few days) I land on the site and there is a message that says Money Loans Quick is not currently accepting new loan requests.
That's a little odd, it definitely doesn't do anything to encourage me to apply with the lender. Why do I want to apply with a tribal lender that has an operational site one day but the next day the site isn't even functioning? This is a major problem for Money Loans Quick. Perhaps the lender is only interested in lending funds to established customers but that seems unlikely because the company would not have enough clients to keep their business going with that simple book of business.
That's it for the April 2014 new additions to the Native American lenders. The market is already quite crowded and there isn't much room for new tribal lenders that are boring or staid. Why don't new tribal lenders create more inventive or innovative lending options? I just don't understand why, with all their sovereign abilities and their freedom from state licensing boards, more Native American lenders do not make entirely new lending formats. But they don't and we can see that with this batch of these new lenders because they are all quite dull and it's clear they have little interest (if any) in creating anything new in the tribal lending industry.
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