Sovereign Advance is a tribal installment lender that has a few complaints floating around the internet. Not that there are any tribal lenders that don't have complaints but Sovereign Advance really had very few. That could be due to the lack of business at the company or it could be that they are just not that bad as a lender.
The best complaint against the company I found was talking about the relationship between Sovereign Advance and the holding company that owns the lender, which is a firm called Make Cents Inc. That's a bit of a funny name for a tribal lender, considering the rates that they charge are going to make them quite a bit more than some cents.
The complaint is below and I think it's interesting how this customer figured out the whole situation...
This lender (Make Cents Inc.) is definitely tied to Sovereign Advance because when I got the loan originally from Sovereign I started getting some communications from Make Cent Inc. not too long after I got that loan. I applied for a loan and was approved but I never actually received the loan that was promised from the company. Don't forget this was a loan that was promised through a contract and for some reason the lender decided that they didn't have to fulfill their end of the bargain.
Here's how I know for sure that Make Cents Inc. is affiliated with Sovereign Advance because I started receiving calls to my home from a 701 area code phone number and that number is registered to Make Cents Inc. Here's exactly how it happened, I first was confirmed that I got a loan from Sovereign Advance and was promised a delivery of the cash by December 7th. But the lender (either Make Cents or Sovereign) somehow managed to deposit the funds into the incorrect checking account.
I called Sovereign Advance soon after the mistake (it was their mistake) and I talked with someone at the company. This customer service rep didn't help much and actually made the situation must more difficult. On top of everything the lender wasn't interested in working with me to fix the problem.
I was promised (fresh) funds would be deposited to the correct checking account (that I did supply them) as soon as possible. But I kept checking with my bank and there was no new funds ever wired to that account. I think since the company had already sent my loan somewhere (who knows where) and they didn't want to dedicate any more money to this loan, which unfortunately happened to be my loan.
In the end I spoke with more than a few people at the company and everyone just had lots of excuses and no real answers, just kept explaining to me why I wouldn't be receiving any funds into my account. Since I never got the funds from my loan the situation and the situation has become stuck, it's never been resolved, and now my checking account has gone into the negative due to the delays. I wouldn't have a negative balance if the lender had done what they agreed to do in the first place.
Well, that's not much of an endorsement to borrow money from Sovereign Advance. Which isn't a big deal because I wasn't much of a fan of this tribal lender anyway. I prefer Native American lenders that offer installment loans, which tend to offer larger dollar amounts in their loans and also give a much longer timeframe to repay the debt. It's nothing personal against Sovereign Advance, and as far as the complaint above where the company accidentally sent funds to the wrong account that just doesn't concern me too much because that could happen with any lender. My concern about this lender is the fact that they don't have the best lending program versus what other tribal loan shops are offering. That's why I'll take a pass on Sovereign Advance.
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