Red Pine Lending is a new tribal lending entity that has recently appeared in the Native American lending community. The company doesn't offer much that's worthwhile if you're looking for low cost loans. The company offers the same low dollar loans that so many (and in so many we mean like 200 plus other tribal lenders are offering) other Native American lending firms are trying to pitch.
What makes Red Pine Lending stand apart from the crowd, if you can say this is anything meaningful, is that the tribal organization that created Red Pine Lending also started a good number of other online tribal loan companies roughly at the same time. You would think they would have other elements of nature just like most tribal lenders, right? Grey Wolf, Blue Lake, Green Mountain, all the normal naturally jazz sounding company titles we have gotten used to encountering when we go looking for unsecured debt.
For some reason that will never be explained the managers and/or owners over at Red Pine Lending felt it would be a good idea to create a bunch of very similarly sounding tribal loan websites. So now, in addition to Red Pine Lending, we have Blue Pine Lending, White Pine Lending, Green Pine Lending, and so on.
There are at least six sites (can we call these separate entities individual companies, technically they are separate legal enterprises) that all have "pine lending" in the back part of their name and have a different color in the front part of the company title.
It really makes you wonder what kind of business planning and decision-making skills they have over at Red Pine. What is the motivation to create all these similar sounding splinter companies? Maybe they were hoping that people would find one of them if they threw out all these company names all over the internet?
The real question is this, do any of these companies worth anything, and specifically for our purposes here of reviewing Red Pine Lending? The answer (this is my own personal decision) is not at all, I can't find any reason to use Red Pine Lending over the tribal lenders that are preferred by this site (Native Loans) such as Mobiloans, RadiantCash, Plain Green Loans and Great Plains Lending. These other tribal lenders all offer larger loans, a lower priced interest rate or some type of incentive program that makes them all a better selection for your personal finances than Red Pine Lending.
If these pine lending companies were to make a change, like a lower interest rate or a higher dollar loan amount, then I would be willing to make a change in my rating. But as it stands right now the company wants to issue small loans (for me that is less than $1K and I don't care if you are a first time customer or a returning customer) and the standard operating 30% bi-weekly interest rate is just not anything that I am willing to consider at this point.
There are well over 200 tribal lenders that are offering the 30% (de facto) standard rate and it's simply too expensive for most consumers. The majority of people (at least 90%) that take out these 30% interest rate (interest is charged every 14 calendar days) loans are just not going to help themselves financially. It might feel like they have achieved some relief but in reality they just made their financial picture even worse. Once the 14 days have passed they will have to come up with even more money than if they had just not taken a loan in the first place.
Red Pine Lending is a strange company with all their colorful 'cousin' websites and that's the only reason I took note of the firm, as their loan products are nothing for me to be interested in or recommend.
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