Sun Credit Line is another new tribal lender that is using the line of credit product. This is a bit of an answer to a long running request that I have been making publicly of the Native American lending industry as a whole. So much of this industry is dedicated to the (trivial and largely useless) payday loan business, but they could be providing other types of loans.
Sun Credit Line is an answer to that request, at least I would like to believe it is. These tribal lenders are always so obsessed and enamored with their fully sovereign status, so my question is always why not take full advantage of that status?
Well, now we finally have some new players entering the line of credit lending game who are tribally associated companies. Sun Credit Line joins a few other recent entrants to this market, which are Gallery Cash Now and American Credit Line.
For some reason each of these companies, including Sun Credit Line, are locked into the $1,500 format for the loan amount. Why is that? It's funny because I just got done saying how these firms are fully sovereign in nature and they are literally free to do as this wish and charge however much they want. Despite this freedom all of the line of credit lenders are all selecting $1,500 as the maximum loan amount for their credit lines. It's not just a coincidence, we have the original (and what used to be the only) tribal lender Mobiloans who has always had their max amount of $1,500.
But now the three new lending firms have joined Mobiloans at this odd and somehow magical number of $1,500. Not $1,000 and not $2,000 or any other dollar amount, but $1,500 is the place where they landed.
Here's the real question, would I borrow from Sun Credit Line? Perhaps, but most likely not and the reason why is pretty simple once you compare the website of Mobiloans against the website of Sun Credit Line.
Mobiloans website is dynamic, it's full of information, it's intuitive, it's user friendly and the rates that are charged by the company are easily found. The important thing is that they are published rates, we get to see the fact that Mobiloans will charge either 10% or 15% per each pay period from their customers. Is that a good interest rate? When compared to other tribal lenders it absolutely is a great rate, but when compared to traditional banks or a company like Springleaf then it's not so great. But at least I get to make that determination.
With Sun Credit Line the website just needs more information. I don't know the rates I will be charged, evidently I'm supposed to find that out after I get approved for the loan I applied for, in which I had no idea what rate I was applying for. The other problem is the site looks dated, it looks old and that's strange because this is a new company, this site didn't even exist two years ago. So how come it's brand new and yet it looks flimsy and old?
The site also doesn't talk enough about security and/or encryption of my personal data which will be flying over the net. That's everything, my phone number, social security number, my legal address, pretty much everything that is important to me and important to those who would commit identity theft. The whole site for this company just needs to be scrapped and a new website, similar to that of Mobiloans, needs to be introduced.
So even though I'm happy to see a new lender that has stepped away from the monotony and uselessness of the tribal payday loan, at the same time I'm not ready to say I would use Sun Credit Line. If they were willing to publish more information about themselves, their rates, and they were willing to buy more security software for their site, then I might consider applying for a loan here. But until that happens we have Mobiloans doing a decent job and there is no reason to step away from something that is already working.
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