Despite some of the rumors online about the impending demise of tribal lending there are still a number of Native American lenders making new loans.
One of those tribal lenders that is still in business and still issuing new loans (and still growing) is Star Cash Processing.
Now that's not to say I think this is a good lender to work with, in fact I can come up with a few reasons why there are a few substantially better tribal loan companies out there. But for the purposes of showing just how well the Native American lending industry is doing despite the many complaints and the many lawsuits being filed by state financial regulators.
The problem with Star Cash Processing isn't their business, it's the fact that a few people have mentioned online that the company isn't accepting new loans. Plus, I have received an email that said Star Cash was out of the lending game.
These online mentions and the email I received couldn't be further from the truth. Star Cash Processing is not only in business, but they are doing more business than they were a year ago. Now whether this is good or bad, that's another issue. If you have followed these pages over the last two years you know that I tend to prefer tribal installment loan companies, which makes Star Cash Processing a company that doesn't fall into the "good" camp.
But that has nothing to do with whether the firm is still in business. The point of this message is to dissuade the rumors (there were only a few) and to remind those that are watching for all Native American lending companies to slide out of business, like Western Sky did, are going to have to wait quite a bit longer. Star Cash Processing isn't going anywhere, anytime soon.
Now as a last word, just because I'm confirming the company is still around doesn't mean I would use them. If you want a decent lender you first want to try a company like Springleaf Financial, but you'll only get that type of a loan if you have good credit, or at least average credit.
If you must go with a Native American loan there are some good options, definitely better than the offerings of Star Cash Processing. Do some research on firms like Mobiloans, Plain Green Loans, Great Plains Lending and Spotloan. Also, look at some new entrants in the market, like American Credit Line. Two companies that standout are American Credit Line and Mobiloans, as they offer a line of credit rather than just a standard installment loan.
That's the key. You want to borrow from tribal lenders that offer either the line of credit or the installment loan, and avoid lenders that are pushing payday loans. These loans are less than worthless. Can you guess what loan type Star Cash Processing has?
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