Is there really any difference amongst the Native American payday lenders? The more I research and learn about tribal lending it seems the answer is more along the lines of a big "no" because it just seems that the same policies, timeframes, rates and terms keep showing up over and over again.
This is the situation I am encountering with Payday Loan Pros, which is a smaller tribal lending company. If you are looking for some reviews of Payday Loan Pros then this is the right place. But as I write this piece the question is arising as to why even bother since the company appears to be just another simple payday loan company that has no real value or reasoning as to why the average (debt seeking) consumer would want to do business with them.
Payday Loan Pros is a company that I have never had any dealings with, at all. That's rare, for the most part I have borrowed from, applied with, or at least spoken to someone at the company. Sometimes I develop an email correspondence with an employee or manager at the lender, too. But for Payday Loan Pros I have done nothing. No research, no interviews, no email, no telephone call, not a thing.
Why? It's because that I have become so adept at spotting the same old, sam tired loan product that it doesn't even phase me at all. I have no questions to ask, I have no inquiry to make. The loan product is not new, it does not vary in any form from all the other tribal lenders that offer it. Given all these facts, what is the purpose of contacting the company and asking questions? What is there to say and what is there to gain? Not a thing.
Payday Loan Pros is a tribal lending company that offers a very simple product. Actually, I wasn't completely correct when I said that there is no variation from PDF Loan Pros and the other tribal lenders. Most of those other tribal loan companies offer payday loans that charge 30% interest for a (roughly) two week loan. At the end of that time you can either pay the 30% in finance charges, plus the original amount you borrow or you may extend the loan by only paying the finance charges. Yes, I know, you've heard this story before.
But Payday Loan Pros is a little better in that they only (and read only with a big ironic grin) charge 25% interest on their two week loan. So I have to be fair and say that this company is slightly better than the American Web Loan and United Cash Loans type of company that charges the typical 30% interest payment and the firm is definitely better than the few gouging firms that actually have the nerve to charge 35% for the two week loan.
What else sets Payday Loan Pros apart from the competition? Not much. They have a Twitter page that has a few followers and they also have some videos posted there with a guy (looks more like a teenager) telling you not to give up if you get buried in debt and try to conserve your money, try to save up for payments so you don't get overwhelmed and all this type of blather.
It's actually hilarious because if you think about it these poorly filmed, poorly executed little videos are basically telling customers not to give up and struggle on paying, which in turn makes sure that the lender (Payday Loan Pros) will get their repayments from the customer who has not given up on repaying, ostensibly by watching these "encouraging" videos.
Insert the laughing out loud acronym here.
Oh, and it gets even better because in one of the videos the guy even says something to the effect of 'don't go to a debt consolidation company' which I just thought was so funny. Okay, right, don't go to the debt consolidation guy because he will restructure the high cost loan you have from our firm and you will be paying us (the lender) less money, so we'll make less in profits. Instead, just don't eat food and try not to pay your electric bill so you can continue to pay us the all important finance charges. What a racket. All I have to say is that these videos are so bad that they are funny.
Payday Loan Pros is better than many other tribal payday lenders if for no other reason the 5% marginal savings you would get by going with them rather than a firm like 500 Fast Cash. But at the same time Payday Loan Pros is not valuable at all when compared to some other, higher quality tribal loan companies (specifically some installment lenders) such as Mobiloans, Spotloan and Great Plains Lending. Clear Creek Lending and Plain Green Loans are both pretty decent firms as well.
All of these companies allow much longer timeframes to repay the debt and they all charge a much lower interest rate (APR) than Payday Loan Pros. So the final review of Payday Loan Pros is that they are a little better than a bunch of companies I am not interested in using and they are still much worse than many installment lenders which I prefer.
So that's the long version of saying I'm not interested in their loan product and you should not be interested in this company either.
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