Red Stone Cash is out of business, or at a minimum they've gone into a long-term hibernation. But I'm pretty sure that the firm is completely done. First off, their website is not only down (there is no longer any mention of Red Stone Cash or anything having to do with a tribal lending company) but now the site actually tracks to the registrar of the domain, so that's a big sign that the owners of Red Stone Cash have thrown in the towel on their small lending operation.
Red Stone Cash was a bit of a dud when it came to their role in the world of tribal lending. They charged high interest (they were in the 30% every 14 days club) and their loans were for the extremely short two weeks. Once again, you know my diatribe about how these 14 day loans are not even 'loans' in my book, they are more akin to the usage or utilization of someone else's cash for a brief moment.
Red Stone Cash didn't have any kind of incentive program to promote repeat business, and that would be repeat business with a customer that is high quality because they would have already proved their ability (and willingness) to repay that first loan. The company also failed to make any mark when it came to creative marketing or branding, this lender just meandered out onto the internet with their low grade loans and expected to make a bunch of money. As if everyone (desperate or not) would come flocking to this small, ugly loan product.
I believe that the Native American lenders that are going to emerge as the survivors in the business are companies that focus on things like incentives, unique marketing and branding their business. And obviously those that have the most favorable loan terms for their customers.
Red Stone Cash should've been like the following tribal loan shops...
Plain Green Loans with a large $3K loan and up to 12 months to repay the debt.
RadiantCash, with their RadiantClub free membership program, where each new loan that is taken out reduces the APR from the previous loan.
Spotloan, a mid-size lender that offers up to $800 as an installment loan but is willing to craft and create specific timeframes for the repayment dates if that's needed.
There are many other companies I could reference. Red Stone Cash made no effort to be on that list of quality operators. Instead, they just rolled out the same old bleak financial rug. I think the reason they are now out of business is because of that lackluster business model which received an even greater form of lackluster support. No one cared about this offered loan. I'm sure they had a few customers but in general there are better terms from a number of other lenders. In the end the marketplace did its job and this weak firm was eliminated from the better loan shops who are getting people through the door and earning the profits from this lucrative business.
That's the end of another tribal lender and once again we collectively say...that's alright.
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