Some tribal lenders have a seriously sloppy business arrangement. Some of them are just confusing and there will be a holding company that owns the lending firm that you are dealing with, it's as if they want things to be confused and distracting.
That's the case with a tribal lending outfit called Ripple Cash. There website, and the ownership of the company, not to mention it's seemingly strange relationship with another (potentially) Native American lender just makes the whole scene surrounding Ripple Cash an odd situation.
No matter who owns Ripple Cash or what different type of funding arrangement it doesn't matter too much. Ripple Cash offers some simple payday lending and as a tribal lender you know that they are going to charge much more than a state licensed lending company. The problem I have with Ripple Cash is that they offer too low of a dollar amount in their loans and I also don't care for the fact that this lender charges too much money in their interest payments.
Just like so many other tribal lenders this company loves the 30% bi-weekly interest rate assigned to their loans. It's annoying that some tribes aren't able to break out of this strong tendency of charging $30 for every $100 that's borrowed and that charge is repeated for as long as the loan is outstanding.
Ripple Cash is not a tribal lender that I would even consider using for a loan. If I'm going to get into debt I'm going to find the best (lowest possible rate) from my lender. I realize that many of you will want to stay away from state licensed lenders, whether they are physical store lenders or online loan companies.
So if we operate under the assumption that you will be borrowing from a Native American loan firm then there are still many other (and much better) options to borrow from that are far superior to Ripple Cash. One more problem with Ripple is that they don't provide much information about their loan structures, especially how long (how many times) a loan can be rolled over before it becomes mandatory to repay the loan in full.
If you want a good alternative to Ripple Cash then take a look at the following companies, which are listed below...
Mobiloans - a line of credit lender that will allow you to establish a line without actually taking out the loan right away.
Plain Green Loans - a larger loan company that will lend up to $3,000 and they have a relatively small interest rate.
Spotloan - this company will only issue an $800 loan but they are quite flexible and this company will work with you if you need a specific initial repayment date.
Ripple Cash just can't compete with these bigger and better tribal lenders. Ripple Cash probably doesn't have the funding or backing to make the kind of offers that these other firms can create. Too bad for Ripple Cash but I'm moving on to the larger Native American lenders.
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