United Credit Line is a new tribal lending firm that specializes in lines of credit. This once was a type of lending that tribal lenders all but ignored, with the only exception being one of my favorite Native American lenders which is Mobiloans.
For at least two years, maybe longer, Mobiloans was the only tribal lender that would issue a line of credit. A customer could apply for the line of credit and get the approval, but not take out any money in the form of the loan. Instead, the line of credit just sits there and waits for you to decide to take the funds. When the line of credit is granted the tribal lender makes an apportionment of funds to your new account. That way whenever you call on the funds they will be available.
United Credit Line is an above average tribal lending company just because they offer the line of credit option rather than the standard payday loan and the sometimes used installment loan.
The newest problem with this tribal lender is that their site is currently requesting that people not submit loan requests until further notice. This is an unfortunate outcome for a company that had (and still hopefully has) dedicated their business to turning away from the wretchedness of the tribal payday loan format. This dreary and distinctly damaging form of lending is very boring and quite useless for the great majority of folks who take our these loans.
It's a shame too because I have personally been lobbying a large number of Native American loan issuers to change their lending policies so it would be possible for (new and existing) customers of tribal loans to switch to a better loan. Right now all that's left of United Credit Line is a blank page, with almost no instructions, except for the directive that the company is not currently making new loans. This doesn't necessarily mean the end of the line for United Credit Line though because I have seen a good number of lending firms make a startling return when it looked like they were as good as dead. But at the same time it does not mean the company will be opening their digital doors again anytime soon.
The problem is that we need companies like United Credit Line to keep a fire burning under the sad tribal payday lenders like Ameriloan and American Web Loan. Consumers do not want 200 tribal payday lenders but that's where the business is headed, and we get a few opportunities to try out a new tribal lender that offers us something that is much better than the normal payday loan industry with their weak and nearly worthless product line of extremely short-term loans.
We're going to have to hope United Credit Line can get their finances or situation put back together so we can have another option for getting a line of credit. Of all the tribal payday loan shops that are still hanging around and offering their poor products it's just a shame that one of those firms couldn't trade places with United Credit Line and go out of business rather than one of our few tribal credit line establishments.
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