When you go to the Preferred Cash Loans website you'll find out the site is gone. In it's place is just a shell of a website being hosted by Network Solutions, which is just a website registration firm.
So it appears that Preferred Cash Loans is out of business. But as they say looks can be deceiving...
Even though the website and company are gone it appears that the company lives on using the name One Click Cash. For those of you visiting this site you'll notice or remember that a couple weeks ago the company received a "Do Not Bother" mention.
A quick recap on One Click Cash, they are just your run of the mill payday loan company that doesn't do much for their customers. Just like so many payday outfits they offer a loan which is ostensibly due on your next payday but there is a very good chance that you agreed to have just the finance charge deducted from your account. This offer was most likely made ahead of time and if not it is definitely available to the borrower. So in fact the loans are really not designed to be completed on your next payday.
One Click Cash did have one feature that was mentioned as good and that is they, unlike so many of their peers, are not willing to have the loans go on and on forever. After a certain number of instances rolling over your loan the company enforces a schedule (not published as to how fast) that gets borrower to repay principal amounts on the loan.
But beyond that "helpful" or should we say mildly moral format of their loans there just isn't any incentive to use One Click Cash over other tribal lenders such as Mobiloans, Western Sky, or probably the best of them all, Spotloan. It's not that they're bad they are just not really that good.
So that's One Click Cash. Somewhere in the recent past, or maybe further back, Preferred Cash Loans switched to become One Click Cash.
How do we know this? Well you wouldn't find out by searching the company history. These tribal lenders (and honestly all online lenders) are very privacy conscious. They don't publish very much information about themselves or their company histories or who owns their companies. Most of the tribal lenders have holding companies or parent companies that create a branded label name (like Mobiloans or Preferred Cash Loans) and then operate the business through a website with the exact same name as the branded label name. Thus Mobiloans is Mobiloans.com and so forth.
Behind that branded label name is the holding company. Normally this wouldn't matter, because frankly who cares who owns the tribal lender? Most people just want to know the terms of the loan, the repayment date(s) and the interest rate, specifically the repayment dollar amounts. Beyond that who cares about the company, right?
The only reason it matters here is because we are trying to determine what happened to Preferred Cash Loans. There website now goes to a shell of a site, so they're not doing business any longer with their branded name of Preferred Cash Loans.
What they did keep the same between the transition from Preferred Cash Loans to One Click Cash was the company telephone number. It remains the same, which is 800-230-3266. Now, it's a bit of a coincidence, don't you think, that Preferred Cash Loans was a tribal lender that offered payday loans and it is gone (offline) while we have a newer tribal loan company named One Click Cash, offering essentially the exact same loan product, that is now in operation and shares the same telephone number? I would say it's well beyond a coincidence.
For whatever reason Preferred Cash Loans was folded or temporarily put on hold, either way it's not currently conducting business. Maybe it was financial trouble, but probably not. Maybe legal trouble? I doubt that as well because tribal lenders are winning for the most part in all of the court cases they've been involved with. Most likely it is to get a new branded name that is not associated with online complaints. But what makes that funny is there were not that many complaints about Preferred Cash Loans out there, and believe me I have searched for (and encountered) tons of complaints about dozens of tribal lenders. We're talking over a thousand total complaints and Preferred Cash was the recipient of very few of those, so as far as rebranding it just didn't seem necessary if that why the name change took place.
One more interesting note about Preferred Cash Loans, before we let this company slip into the digital night of closed websites, is that one of the (few) complaints that I found online was from almost nine years ago. In the world of tribal lending that's very old. It was from October 5, 2004. It was the standard complaint from someone who took out a loan and agreed (unknowingly) to pay just the finance charges every payday. Then, after weeks of paying just the finance charges they complained to the company (and on RipOff Report) that they thought that the principal should be paid down from all those payments.
Come on here people, please read the paperwork that you are signing. At the risk of defending the tribal loan companies, the information is right there in front of you with the exact description of what is about to take place. Yes, the jargon does take a few minutes to read and understand, but that's just it, a few minutes.
On the flip side you could make the case that the language on the contract is vague and the print is sometimes too small to read very well. But that notwithstanding, wouldn't you at least wonder how the loan company is going to make money? I guess they thought that the company was taking out principal payments along with finance charges when they made a payment every other Friday. That's the moral thought process, right?
You would assume, and I did too at one very naive point, that these online lenders would create a process that will have some degree of mercy. And that would be to take some of my money as a repayment but also take some as principal and then get the loan repaid at some point. Basically, take some of my money for the loan as a profit but get me off the hook, too.
Wrong answer.
Most of these tribal lenders, and let's include nearly all of the internet lenders in this definition as well, will never ever let you go from your debt if they can help it. How do they stay in business? It's by people (customers, borrowers) like yourself who are desperate, looking for money from anywhere in order to accomplish something in your life. Whatever the money is for doesn't matter, the lenders want to make an arrangement where you are not really able to repay the whole thing yet at the same time are financially stable enough to make the minimum finance charge payment. This is the balance of online lending, this is the business of online lending, which is that delicate balance between letting someone out of a loan and keeping them afloat enough to pay the loan.
Anyway, that's the old soapbox.
Here's one more note that is mildly interesting. If you are searching for Preferred Cash Loans online don't make the mistake of finding the website "preferredcashloan.com" and thinking you've found the tribal loan company. They are not the same; this company is not a tribal lender, it is a plain old fashioned internet loan firm.
The old tribal lender had an "s" in their website title, so it went like 'preferredcashloans.com' which is ever so slightly different. Just a note in case you were working with that standard loan company and thinking you had the tribal lender.
So, the short of it is if you were looking for Preferred Cash Loans they are gone. If you want to work with an extremely similar company (hint) then you can head over to One Click Cash. You'll find a very similar operation.
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