Direct Tribal Lenders Help People With Bad Credit
Most tribal loans set their lowest amount at a minimum of $500. However, there are lenders that offer a smaller loans. The highest loan amount will depend from lender to lender. Some may not offer more than $800, whereas others can go as high as $2,500+. Bear in mind: the higher the loan amount, the higher your APR and fees will be. Make sure you do your homework before borrowing from any lender. That said, we’ve done quite a bit of homework for you.
Below is a list of every tribal lender that we know of. You’ll see minimum/maximum loan amounts, minimum and maximum APR and fees and more.
Are Native American Loans Safe?
Tribal loans secured through an accredited tribal lender are generally safe. That doesn’t mean you’ll get similar loan rates as someone with perfect credit. Tribal loans are still very expensive — and if you can’t pay the loan off according to the terms, you could end up in a vicious debt cycle. Most lenders are certified under NAFSA (Native American Financial Services Association). Tribal lenders that are represented by NAFSA have their own independent consumer protection policies that will keep you informed.
- Available payment options
- The payment schedule
- The amount of each payment
- The APR that has been set according to the chosen payment method
- How to address complaints and disputes, if there are any.
The state cannot sue a tribal lender in the event of a dispute, which is why you need to be careful when choosing a lender. To avoid a cycle of debt and scammers, you need to be sure that your lender is backed by the NAFSA.
The Advantages
Tribal loans are easy to obtain. And depending on the lender, it can be a wise decision for you if you have an emergency expense and cannot secure financing due to bad credit or a bankruptcy. Here are a few convenient advantages to securing a tribal loan:
Native American Lenders Provide Fast Funding
With traditional lenders, you may have to wait days — or weeks — for your funds. However, tribal loans for people with bad credit are a different story. Most of the time, your loan is approved on the same day. However, depending on the lender your funds may not be wired into your bank account until the next business day. Some lenders approve applications on the next business day – but this entirely depends on the time of your application. For instance, if the lender has certain working hours, sending the application later in the day may add one more day to your waiting period.
To an extent. If you have bad credit and can’t secure financing through a traditional lender, this could be a beneficial option for you. The caveat here is to not take out more of a loan than you can reasonably pay back. This is what keeps so many borrowers with bad credit in a vicious cycle of debt. And you should only use this type of loan for an emergency expense, such as an auto repair, small medical bill, etc. Paying your loan on time is critical. If you miss a payment, lenders will charge you additional fees on top of the astronomical interest rates they already charge. That said, be very careful and do your research.
You Can Complete Your Loan Application Online
No one likes standing in long lines to receive a loan, and checks are impractical these days. Time is precious, and it can’t be lost waiting in line for a loan that you are not even certain you’ll receive. That’s not the case with tribal loans. As long as you have an Internet connection (and a computer, obviously), it’s fairly easy to complete the online loan application. You only need to prepare and upload the necessary documents to prove your identity and verify your bank account. It may take a few hours for your application to be reviewed.