Business

How to Use Tribal Lenders for Fast and Secure Loans

List of tribal lenders has become increasingly popular in recent years due to its less stringent requirements and more relaxed regulations compared to traditional banks and credit unions. Tribal lenders are Native American tribes that offer short-term loans to borrowers looking for quick cash. With hundreds of tribal lenders scattered across the United States, it can be challenging to find a reputable, trustworthy lender. In this blog post, we’ll discuss the top tribal lenders in the US and what you need to know before taking out a loan.

1. Blue Trust Loans: This tribal lender has been providing loans to borrowers for over a decade and has a reputation for being one of the most trustworthy lenders in the market. Blue Trust Loans offers maximum loan amounts of up to $2,500, and repayment terms vary between six and twelve months, making it an ideal option for those who need long-term loans. The APR ranges between 471.78% to 841.45%, and there are no prepayment penalties. Borrowers should note that their credit score will be checked before the approval of a loan.

2. Plain Green Loans: This tribal lender operates under the Chippewa Cree Tribe and provides loans up to $2,500 with repayment terms ranging from six to twenty-four months. You can apply for a loan on their website, and they usually approve loan requests within 30 minutes. Plain Green Loans’ APR ranges from 210% to 438%, which is relatively lower than most tribal lenders. However, their eligibility criteria are strict, and borrowers should have a credit score of at least 400 to be considered.

3. Mobi Loans: Mobi Loans is a tribal lender under the Tunica-Biloxi Tribe of Louisiana and provides loans up to $2,500 with a maximum repayment term of 18 months. They offer competitive APRs ranging from 20% to 319%, depending on the loan amount and term. Mobi Loans doesn’t require a minimum credit score to qualify, but borrowers must meet other eligibility criteria such as having a stable source of income.

4. Riverbend Cash: This tribal lender is under the guiding of the Fort Belknap Indian Community and is known for providing small loans with flexible repayment terms. Riverbend Cash allows borrowers to request loans ranging from $300 to $1,000 with repayment terms between 6 to 12 months. The APR ranges between 200% to 2,290%, which is relatively higher than most lenders, so borrowers should be careful before taking out a loan.

Tribal lending can be an excellent option for borrowers in need of quick cash, but it’s vital to do your research to avoid predatory lenders. The top tribal lenders discussed in this blog post have a reputation for providing reliable and affordable loans to borrowers. However, borrowers must read the fine print carefully, understand the terms and conditions, and ensure that they can repay the loan on time to avoid any financial difficulties.