West River Cash is probably the most basic, most uninteresting Native American lender you will ever find. After looking over their site for about one minute it becomes so obvious that they are losing and losing badly to the competition. There are just so many other tribal loan companies that offer so much more to their customers versus what West River Cash believes is a good deal it's not even a fair comparison.
So this review for West River Cash can work backwards from most, where normally at the end of the piece I will say whether or not I would use the company for a loan, meaning my own personal loan and whether I think they would work for any type of customer that could be interested in these bad credit loans.
This time I'm doing it the other way around, where I'm telling you (the potential borrower, the potential consumer) that there is just no reason I would take out a West River Cash loan. For those who are bored or curious, you can keep reading to find out why this is the automatic option for this firm.
West River Cash offers a $200 to $500 basic payday loan that's due on the customer's next payday, or potentially on the second payday if the most recent payday is too close to the time they apply for the loan.
This tribal lender is very similar to their peers in that they use the ACH banking system for the electronic deposit into your checking account, and they will withdraw the funds using the same method.
Just like the standard operators in this industry the cost of these short-term loans is very expensive. The cost of the loan is 30% for every pay period (that would be for every 14 days) and that's not terribly expensive when compared to most other tribal lenders.
However, at the same time, this is the type of cost that we want to avoid when we turn to Native American loans. And there is a reason consumers wind-up looking for and taking out tribal loans, it's because they have bad credit.
At least for the most part it's due to the poor financial situation of the customer. So of all people to be paying an excessive amount in interest charges isn't it odd that the people who are the most broke are the ones being charged these outrageous rates. The number one goal when you decide to borrow from a tribal loan company is to try to limit your costs. There are other factors that are important, like the duration of the loan and the amount of money you can borrow, but for most people the problem will be the high cost of the loan.
This is the difficulty that West River Cash presents anyone who is considering becoming a customer. The 30% interest rate is not what we are looking for. The consuming public has some other, better options when it comes to tribal lenders that are going to keep the costs lower than this firm.
Companies like Plain Green Loans with their 59% APR for their six month loan, then there is Mobiloans which has a rolling 10% interest charge on the outstanding balance for amounts over $500 on their line of credit product and RadiantCash which has an interest rate that goes substantially lower on each loan you take out with them. There simply isn't much of a reason to apply with West River Cash when you look around at the tribal lending landscape.
To summarize this just isn't a solid tribal lender. They have a basic program and the terms are very typical for tribally-based financial firms. But that doesn't mean this average company is the right way to go because it's not unless you want to throw away money.
It will be just as simple to get approved for these other (lower cost) companies like Mobiloans and Plain Green Loans. That leaves West River Cash out of the picture, at least for my personal choices for a source of debt.
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