What in the world is White Pine Lending? It turns out they're just another boring tribal loan company that can't get out of their own way when it comes to following in the footsteps of other short-term lenders.
The folks running this lending company are of a sovereign nation, living on this nice,
serene lake will give loans to people who are interested in short-term borrowing, of a smallish amount. In the case of White Pine Lending, the maximum loan amount available is 950 dollars.
This loan is probably attractive for people that have an immediate need for emergency cash. For instance, my heater/AC unit just went number two all over my bed, so I had to call in a repair guy, who needed to order a part from Arkansas, and overnight it…well, you get the idea. The expense added up, and I am low on funds.
But I digress. Let’s get back to White Pine Lending...
If you read their website, they state three factors which make them different from other lenders. First, they claim to be convenient, as you (the potential borrower) can fill out the application online and receive a quick decision after speaking to one of their representatives. Second, they state on their website that they are flexible in their options for repayment and their online loan management is easy to understand and convenient. Thirdly, this company states that your financial security is their first priority, and you know what to expect right from the beginning of the process.
So, this is how it works, in a nutshell:
- You fill out an online application and someone
quickly contacts you with a decision. This gives you the opportunity to ask any
questions, and the representative discusses the terms of the loan with you. - If you’re approved, you are given an installment
loan. This is a loan you have to pay back in predetermined installments. - There is no application fee, but there are finance fees that will be associated with the amount borrowed, specifically $20 to $30 per each $100 borrowed.
- In order to qualify, you must be over 18, a United States citizen, have a job, an email address and a checking account with direct deposit from your employer.
- If approved, your loan is deposited to you the next business day. Your loan payment is typically due when your paycheck is deposited in your account.
- There is a disclaimer on the White Pine Lending’s webpage stating that this loan is very expensive and should be considered carefully before moving forward. There is also a link in case you need additional help regarding your debt / finances / budget. This link directs you to the USA.GOV credit counseling services.
So what do you think? Is going into debt really worth it? Are the needs and desires of life just that great? Like the nagging old lady, who is bugging you to buy her tickets to see The Jersey Boys? Or the kids, who have all of that soccer and hockey junk going on at their schools? Are you shopping at discount grocery stores and cutting your own hair, maybe researching the internet for techniques on making your own soap? It is tough world when your dollar just won’t stretch as far as you need it to, and believe me, I have been there.
That's how I got to writing about Native American lending in the first place because I became a customer, and you only become a customer of these lenders when you're in a bad way financially.
Chances are, if you are reading this, you are there too, but stop and take a deep breath, and truly assess your situation.
Be cautious and make wise decisions regarding your borrowing needs, and your ability to pay back these types of loans. They are very expensive, and not for the faint of heart or habitually strapped. White Pine Lending may seem like a short term solution, but the hassle paying them back may be long term.
Is a mere 950 bucks worth it?
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