When you compare Native American loan companies you've got to mix in a few different components. The first thing most people think about is how much can I borrow? Followed quickly by the question what is the interest rate on the loan? Beyond these two factors the questions drop off very fast, with a few questions remaining about loyalty programs available, repeat loans, how fast a second loan can be taken out, if a second loan can be taken at the same time as the first, and whether the loan can be extended and for how long.
In a very unscientific and non-analytical approach I have rated what I consider to be the best Native American lenders. Certain rules apply, but not too many. First, the company has to be still issuing new loans. The company can't be in a situation like Western Sky Financial where the company is essentially defunct and they are just maintaining the current customers and outstanding loans. The second rule is that the company must be a true tribal lending entity.
A few companies, namely Western Sky and possibly companies like Gentle Breeze are not what I would qualify as solidly Native American operations. A true Native American entity must have the proper filing and be operated out of one of the many sovereign nations within the borders of the United States. That means companies that are filed as an LLC out of South Dakota do not count. That also means companies that have their home office address in Costa Rica, Honduras, or Belize also don't count.
Beyond those simple rules the rest is determined by my own experience (loans that I have taken with four different tribal lenders) and by my research into these companies over the last year. Again, this isn't any type of official record of which companies are "better" than the rest, it's simply my experience and my opinion on these firms.
You will notice very quickly that I tend to rate the tribal lenders that provide some version of an installment loan higher than the simple payday loan operators. This is for a few reasons, but mainly it is due to the time they give to repay the loan and the larger amount of money they provide. In my experience these companies are more flexible, more friendly, and more understanding if anything goes awry while you are trying to repay your loan. Payday lenders are just a more simple type of company and they are not very interested in making any changes to their standard operating format. You can borrow from them or not, they are just going to keep offering their basic product.
Below is the top 12 companies. I didn't bother going beyond number 13 because at that point the companies are very similar and there isn't much of a reason to differentiate between them at that point.
Here are the best Native American lenders list as of September of 2013.....
1) Clear Creek Lending - this company offers up to $2,500 and they are highly flexible, very friendly and just an overall professional group.
2) Spotloan - this company was just barely beat out by Clear Creek. Spotloan is a great company that doesn't allow huge loans but they are extremely flexible. I have worked with them more than once and the experience was my personal best in terms of getting extra time and having a great contact person.
3) Mobiloans - an often maligned company on the internet forums and complaint boards, but I just don't agree. The best option by far for borrowers who are looking for a discounted interest rate on their loan. Counter to the complaint boards I found this company very good to work with a good level of flexibility. Don't believe everything that you read because Mobiloans is an above average lender.
4) Plain Green Loans - another company where you will get a far better interest rate than the standard tribal payday loan shop. This company is easy to work with and very responsive.
5) Great Plains Lending - offers (more) reasonable installment loans than most other tribal loan companies. They also offer what would be considered long-term loans, that is in terms of Native American lending. Very solid firm that should be considered.
6) Red Mountain Loans - this company wins the award for flexibility. The amount available to borrow isn't the best but the company will work with you on the days needed to repay the loan. Good option to have if you are on the edge financially.
7) Sierra Lending - a quiet, interesting company that hints strongly that they will work with their customers. This is valuable on its own, as most lenders are not willing to make any adjustments to their set policies.
8) Golden Valley Lending - this is a good company, they could have easily been rated higher on the list but the loan amounts are low. The company is similar to Spotloan. If you are looking for a loan under $800 you should definitely at least price this company for a potential installment loan.
9) Northern Plains Lending - the company is a solid lender. The company offers long-term installment loans but they could use some help with the interest rates they charge. The company could be higher on the list if they lowered those rates even a little.
10) Riverbend Cash - an interesting and almost completely unknown firm. They offer a decent loan but again it is pretty small in comparison to what many borrowers are looking for in an installment loan. This company offers loans that can be extended before and after the loan agreement is signed. Also, this company is more quick to get money to the customer than any other tribal lender.
11) Minute Funds - the company doesn't offer a big amount in their loans but they are a quality firm. This is a decent firm if you are looking for a small loan.
12) Black Bear Advance - another firm that offers a lower amount on their loans but they are a good company to work with. The loan amount once again is the low point for the organization.
So that's it. Those are the current 12 top companies that I would work with if I were pursuing a Native American loan today. Fortunately, I'm currently out of that business but if I ever need to return to the well these will be the companies I will call on. One note on a company that would be on the list until recent developments. In early September of this year Western Sky Financial stopped issuing any new loans. The company was expensive to work with but they would have definitely been on the list as they offered the longest term (up to three years) and the largest loan amounts, ranging up to $10,000. The departure of Western Sky opened up the door for all of the smaller dollar lenders, many of which are on the above list.
This list is obviously subject to change. At the rate of change in the world of Native American lending there will most likely be some companies on this list that vanish and new companies will form that don't even exist today. But as of late 2013 these are the top 12 tribal lenders.
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