Zoom To Cash is the name of another new tribal lender for 2016. This year is off to a red hot start with three new lenders already and it's only January 27th. It's clear that the lack of new (strange and odd) company names will never be a problem for tribal lenders as we now have Zoom To Cash. The question is do we want to zoom to this type of cash? Is it extraordinarily expensive or are the rates decent enough for us to consider them as a legitimate lender?
If you want the quick answer it's "no" we are not interested in Zoom To Cash because they are another replica of the latest version of Native American lenders that we have been seeing through much of 2015 and that's continuing into 2016. These online only lenders have essentially merged the tribal payday loan with the tribal installment loan.
What does that mean?
It means the tribes took the best of both worlds from each side of the business and pushed them together to form what is commonly getting the term 'payday installment loans' which is not much of a financial product in my own estimation. Companies like Zoom To Cash took the small dollar amount available to lend (usually ranging from $300 to $800) that the very ubiquitous payday loans offer and they combined that with the stretched out repayment schedule that they assume will be used by the customer and there you have it, another worthless online lender.
Any reason that I should use this company? None that I can see. The value of the $300 will almost certainly not be changing your financial situation with any degree worth mentioning. But the loss of the repayment amount $30 - $45 every other Friday is going to start to really hurt after enough paydays go by.
Advice? Don't bother with companies like this. Zoom To Cash is going to feel more like your cash zoomed away from You. Even if the $300 helped think about the longer term scenario and realize this is not truly "help" but instead a big financial problem that will be a stone around your neck. Not for me anyway, good luck if you choose to deal with them.
Important Update: This company has now gone out of business, as of early 2019. Why? Who knows, could have been people didn't repay their awful loans or it could have been part of the regulatory crackdown that has been going on for the last few years. Either way they are toast. One more note, the company was based out of Batesland, South Dakota. Talk about the middle of nowhere.
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