Here's another not too great tribal lending firm called Quick Credit 911. That's a cute name, but in one sense it's making light of the fact that many people are in true need of credit.
Most of those in the most need also happen to be the ones who are least likely to get credit. Thus we have the need for Quick Credit 911, where the need for a loan has reached the point of an emergency.
The emergency could be the need to stop a checking account from being closed due to repeated negative transactions, the repossession of a car, getting evicted from an apartment or home, or not paying a utility bill that could lead to the discontinuance of that service.
Quick Credit 911 is a company that is trying to make fast loans, where customers are promised that those who are approved will get their money within 24 hours. The only problem is that this is the normal function of nearly all the tribal lenders. Mobiloans, Spotloan, Advantage Cash Services, Ameriloan, and many others, all of them offer the loan to be sent (via ACH electronic transaction to the checking account of the customer) the next business day.
So it's not that this situation makes Quick Credit 911 disingenuous, but it does make the thrust of their business to be pretty meaningless. Since so many Native American lenders offer this service, including good and bad tribal loan shops, it just doesn't matter much to offer something that nearly all the other competitors in the same industry offer.
Let's take a look at a few of the online reviews of Quick Credit 911...
The first review comes from a writer who posted their comment back in May of 2013, where they wrote "I am seriously in a bad situation with multiple loans. I intentionally took out these loans with the full intention of paying them back but one after one I found myself in a a big hole of debt! I have seven online loans and reside in the state of Louisiana. I have already contacted the Finance Dept and AG office in my state, and they said that the company has to abide by the state laws but do not have to reside in the state. I think that's correct. I have been trying to overcome this for over two years now and I am at a point I feel like I will never be free from these loans."
Then the comment goes on to list all the loans he still owes money on (and by the way, all seven of those loans were with tribal payday lenders, no surprise) and Quick Credit 911 is one of those seven loans. This review isn't very helpful in that it is just a borrower who got in over his head and now is looking for a way out. Quick Credit 911 is mentioned, and complained about in general terms about the high interest, but nothing significant is brought forward about the lender.
Here is a second review (more like a complaint) from a customer that seemed puzzled as to why Quick Credit 911 was taking money out of his checking account, and he claimed that Quick Credit 911 wasn't allowed to take money out of his account. He wrote "I received a loan from Quick Credit 911 for $250. During the phone call I was not told when to pay my loan back or how much I had to pay back. Now, Quick Credit 911 has taken out 101.57 for two months in a row, which is equal to four paychecks. I didn't authorize them to take money out of my checking account, I even called my bank to stop the payments but Quick Credit 911 was still able to pull it out of the account."
This review is hard to understand, at least for me. Anytime I've used a tribal lender I have been instructed that providing a checking account was essential if I wanted the loan, because the checking account (and the bank routing number) would be utilized to take the repayments out of my account on my payday. In the review it's strange because the writer admits to applying and getting a loan, and yet they are surprised (offended) by not getting the approval to take money out of his checking account.
I think the Quick Credit 911 reviews reveal two distinct factors about the company...
First, the fact is that most of the customers who get a Quick Credit 911 loan have no business doing so at all. They don't understand what they are getting into, they do not read the loan agreement, they are unhappy about paying a high rate of interest even though they should know that is the type of loan they applied for and qualified for, and they probably do not even understand that Quick Credit 911 is a Native American lender, which means that the company is unshackled from any state or federal regulation, as the tribes are a legally separate entity that can charge whatever interest rate they feel like charging. Second, getting a loan from Quick Credit 911 is just not a good idea for any consumer.
The (extremely) short amount of time you (as the borrower) get when you take out a 14 day loan is just not going to make anyone's finances any better. Perhaps there could be a few situations where someone is going to have to pay 10 overdraft fees or they are going to have their lights turned out by the utility company due to non-payment of past due bills. Alright, I acknowledge there could be some unique, special circumstances that require an insanely short-term loan like those that Quick Credit 911 offers.
But for the vast majority, and I mean like 95% of all those who are taking out their loans, getting this loan is just not a smart move. You are gaining anything really, just a very short-term reprieve from whatever financial burden is breathing down your neck. Then, after the 14 days have passed, you have to pay a big fee (that high interest rate) and then if you do not pay off the original loan amount (the principal on the loan) then you have this massive financial albatross hanging around your neck going forward.
Despite what they say and how they pitch their sloppy loan product, Quick Credit 911 will not be providing you any true financial relieve. In fact, it will most likely just wind-up being the exact opposite situation, where the 911 will be you in a new financial emergency due to the Quick Credit 911 loan, and not the original financial problem that you had.
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