It wasn't that long ago we were discussing a small tribal lender called Quick Credit Us. We made fun of their name and pointed out that the lending program they had in place was the terribly redundant 30% bi-weekly interest rate and that they were a poor choice of financing for any customer no matter their economic situation. It seems that some other people across the U.S. had the same thinking because Quick Credit Us is now out of business.
This has to be one of the most spontaneous collapse of a tribal lending business since the beginning of all this Native American lending. To give some context on that time frame, tribal lending has been around since the early 2000's but truly picked-up steam around 2009 which happens to correspond with the big Wall Street / financial collapse that took place in September of 2008. In all that time we have witnessed dozens of tribal lenders vanish (maybe even 100 companies at this point) but none of them with the expedited nature of Quick Credit Us.
Quick Credit Us was a discredit to all Native American lenders. They brought absolutely nothing new to the already crowded world of online lenders. They were a clone of so many other bland payday lending shops that wanted people to pay the typical 30% bi-weekly interest rate. The website was completely drab and despite being constructed in late 2014 the site looked like a website from 1997 with very blockish text and generally poor navigation.
The owners of Quick Credit Us most likely learned in a short time frame that consumers have hit their limit for these mostly useless (and financially dangerous) payday loans. There are so many other options out there and even for those customers that did opt for the incredibly short nature of a 14 day loan the question still persists as to why would a consumer want to use a brand new company as opposed to a more established (and more likely safer) than some unknown firm? And why would that consumer want to trust some website that looked like it was slapped together by someone who took a quick course in online web design? Why not go with a tribal lender that at least has some degree of reputation (not that most tribal lenders have much a reputation anyway) and have the security that many other customers are using that firm?
A few weeks ago I could not find a reason to recommend using Quick Credit Us and nothing has changed, there was (and still is) no reason to choose them. Now the market has spoken and they have unanimously voted to not use Quick Credit Us. This lender was deemed to have no value in the market and that's why they have so quickly gone away.
If you are still in the market for Native American lenders do not worry there are still hundreds of companies still hanging around. The nice thing about tribal lending is the fact that your personal credit score (and your credit report) have no bearing on whether or not you will qualify for a loan. Look at some companies like Mobiloans or Plain Green Loans if you want some decent loans that will last for more than a couple weeks. Not all tribal loans are terrible but the products offered by Quick Credit Us had no value for any consumer.
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