Native Loans

TREMONT LENDING REVIEWS

Tremont Lending is the newest Native American lender to arrive into the already crowded field of tribal lenders.  The question is do you as a consumer want to look at what kind of financial program this company is operating?  Assuming the answer is yes, then let's look at some Tremont Lending reviews.  There aren't a lot of places to find these reviews but our friends at the BBB have a few listed there and the reviews are not good - literally all 1-star which is the worst rating.  Here we go...

The first review goes as follows:  "This company should not be trusted. They qualified me for a loan then denied me a loan. So i am letting everyone know not to trust this company!" 

So this is a common complaint for payday lenders, but usually not for Native American lenders.  Most likely what happened was the loan information was not able to be verified. The would-be borrower has a good point though, why did Tremont give them the "approval" ahead of time?  Most likely they 'approve' anyone and everyone who asks for a loan.  And then they will actually take the steps to run the employment verification process.  This way they don't let any potential customer 'get away' - they keep them on the line with the (true or not) unofficial approval and then sort everything out after they do their background checking.  Most of the time it works out because the applicant has the job that is required but when it doesn't work out - then it's 'oh well' for that early 'approval' which turned out to not be an approval.

Looks like this problem is more widespread at Tremont because the next review is an even worse version of the first, where the reviewer writes:  "Tremont lending approved me for and I signed my documents which thank god I kept to prove and I never received the funds. Now they are coming after me with a lawyer for the funds I never received. SCAM and it's BS" 

So in this instance it looks like the applicant was well on their way to getting a loan but then Tremont decided to back out of their early commitment.  Most likely what happened was they were trying to get hold of the borrower's employer, left a voicemail and/or email and kept waiting.  To keep things moving along they told the customer to fill out the forms and to keep the ball bouncing down the road. The problem probably came up when the lender could never get ahold of the HR dept. or manager of the would-be borrower - so they pulled the plug on the loan.  You can see why the customer would be upset, everything appeared to be moving towards getting the loan and then the deal falls through due to the inability to get a phone call done in a small window of time. 

Tremont Lending is not one of the Native American lenders that I would say to use. The company doesn't stand out from the pack of other tribal loan companies offering the exact same product.  Same dollar amounts, same type of approval process, same repayment terms. Not for me.

TREMONT LENDING JOINS THE TRIBAL LENDING MARKET

The latest company to join the quite crowded tribal lending market is a firm called Tremont Lending.  Just like so many other Native American lenders there is no way to understand or figure out how they chose the name of their company.  At least Tremont Lending is better than Blue Frog Cash.

Tremont Lending is a new tribal lender but that doesn't mean that the company is going to be worth our time as consumers to focus on.  Just like so many other tribal loan companies the requirements to get a loan are the same, with a few slight exceptions.  While some of the lower end tribal firms tell their applicants that they must have only $1,000 in gross monthly income the managers over at Tremont Lending mandate that the applicants need to have at least $1,200 in monthly income.  

The rest of the requirements are all the same as the tribal peers.  Customers can't be under 18 years old, they can't be an active member of the U.S. Armed Forces and they need to have an income source that can be demonstrated through verifiable methods, like a checking account with direct deposits reflecting that you are employed.  

Considering most factors are the same as other tribal lenders on the requirement side (getting approved for the loan) now it's time to look at the benefit side.  What exactly does a consumer get if they decide to take out a loan with Tremont Lending?  The answer is not a whole lot.

Just like the many tribal payday lenders that use the 30% bi-weekly rate the management over at Tremont Lending has decided to go down this same boring path by using this expensive rate.  Charging 30% interest for a 14 day interval is too expensive and none of the tribal lenders that I prefer to use have this high of a rate.  

Tremont Lending doesn't do much to help with the low limit on their loan amount.  The highest loan that this company is willing to issue is $1,000 which puts Tremont Lending right in the thick of the industry.  Tribal lenders tend to limit their losses to any individual account to around $1K.  Again, these are the type of Native American lenders that I tend to stay away from, although this is not an absolute reason to leave a company behind.  

One good exception to the rule is RadiantCash, which only allows $1K as a maximum loan but they have a progressively lower APR assigned  to repeat customers.  But overall when a tribal lender says they are willing to loan out a top amount of $1K then it just makes that company all the less interesting.  It's not that this firm is a bad company, they are not, it's more like they are just average.  And being average in this type of an industry where the rates are too expensive from every single company, then being just average is a problem.  We don't need another standard lending firm on the scene that charges 30% every 14 calendar days.  

Are there better tribal lenders that can be used instead of Tremont Lending?  Yes, and the good news is that they are essentially just as easy to qualify for as the team over at Tremont.  Some of those Native American lenders are Mobiloans, Spotloan, Plain Green Loans and RadiantCash.

Mobiloans offers a line of credit and that is a very good loan product for those searching for flexibility.  Spotloan and Plain Green Loans are installment loan providers, and those are loans that last for much longer than the payday loan product.  

Where the payday loan will last two weeks, or four weeks with an extension, the typical installment loan will last anywhere from 12 to 40 weeks.  This helps quite a bit for customers that need to stretch out a loan and make smaller repayments rather than come up with all the money at once after two weeks.  

RadiantCash is a tribal payday lender and normally they would not be included as a potential lender to work with, but in this case we can make an exception.  RadiantCash customers that return after repaying their first loan will get a lower interest rate.  And for each loan that follows the interest rate continues to drop for that customer.  This progressive program for getting a lower rate with each successful loan payoff is very interesting and while this is only going to work for lenders who take out multiple loans it is worth looking at.

All of these companies are tribal lenders that are preferable when compared to Tremont Lending.  Why would we (as consumers looking for the best options and the lowest cost) want to pay more for a loan that has less benefits?  The answer of course is that we do not want to do that, and that's why when you look at this particular loan company please make sure you are also looking at these other higher quality tribal lenders.  

The ability to get a loan approval from the other tribes shouldn't be any more difficult than Tremont Lending and the web security is comparable, so there are no extenuating reasons why you shouldn't look at these other firms.  Tremont Lending can keep providing their loan products but the consumers who are taking advantage of them are most likely just unaware of the other potential loan products that they could be getting instead of the very average product they are getting with Tremont Lending.