Product Name: How Does This Lender Stack Up?
Product Description: They are a tribal lender that offers installment loans for people with bad credit. But is a loan from this lender worth it? We investigate...
Cost of Loan
They are a tribal lending entity wholly owned by and a governmental instrumentality of the Modoc Tribe of Oklahoma, a Sovereign Nation recognized by the United States government under Oklahoma Indian Welfare Act of 1936. They offer bad credit installment loans with very high interest rates. However, there is a reason for the high interest rates. Most people with bad credit are considered very risky by lenders. And because of this, the lender must have an upside in the event the loan goes unpaid.
User Review( vote)
- Helpful for people with bad credit that cannot obtain traditional financing
- Good option for emergency expense needs
- No collateral needed
- The application process is very smooth and fast
- Can typically be approved and funded within 24 business hours
- Can repay the loan over an extended period of time
- This lender is not transparent with their interest rates
- That said, the average APR of a tribal loan can exceed 440%
- Not a good option for long-term financing needs or major purchases
Tribal lending is a loan market that gives you the ability to obtain a shot-term installment loan, even if you have less than average credit. The difficulty people with low credit face are many of the traditional lending avenues won’t grant approval. This means should financing be needed, looking elsewhere is a must.
Obtaining a loan from a tribal lender is meant to be a short-term financial instrument, however, keep in mind that it is costly. That being said, paying off the loan as quickly as possible is your best bet. Also, these loans are meant for emergencies and should not be relied upon for a long-term financial solution.
In this particular review, we are going to take a look at 500FastCash. They are a tribal lender that specializes in short-term installment loans, meaning they are repaid over a fixed period of time. Throughout the article, we will go over their website, product offerings and how to proceed after you’ve received your proceeds.
Overview of 500FastCash
First, we’ll begin with 500FastCash’s landing page, which is extremely professional looking and contains all the right information you will be looking for. Right away, you will see the option to log in or begin the application process. At the top, you will find all the essential links to pages you will likely want to visit next.
As you scroll down, you are given a brief overview of the borrowing process and how quickly you can receive your funds. 500FastCash will process your application and you can receive your proceeds as quickly as the next day. Tribal lenders are in the business of quick turnarounds as they are looked upon as emergency loans.
Lastly, you will see a quick FAQ excerpt and how your information is handled. It’s important to know your application and sensitive information is handled with care, given hackers are rapidly becoming more advanced.
To qualify for a loan, you must meet the following criteria:
- Must have been employed or have equivalent reoccurring income for at least 1 month
- Must make equivalent to at least $800 USD per month
- At least 18 years of age.
- Must have a valid checking account
- Other requirements may apply during the application process.
What Types of Loans Are Offered?
Next, we move on to the product offerings of 500FastCash. As mentioned, this lender offers short-term installment loans, designed to cover short-term cash flow shortfalls. However, you have to select the option of paying over a period of time, otherwise the amount you borrowed will be deducted out of your bank account on the due date.
You will not find an interest rate on the website, but you can use competitors to gauge where your rate should be. Typically, for a short-term loan it will be in the triple digits. Also, you will notice there is no hard limit on how much you can borrow, as it depends on a few variables.
The Application Process
Now we jump into the application process, which shouldn’t take long at all. Tribal lenders are specialists in making the application process quick and painless. First you start by selecting the apply button at the top of the page. Doing so will bring you to a terms page where you will need to read and agree to the terms before continuing.
From there, you can begin to fill out the application with the necessary information. Ensure you have your personal information available as well, such as your social security number, driver’s license and banking information. The baking information is where your loan proceeds will go once you gain approval.
After you’ve completed the application, you will likely receive a decision in minutes, and you will proceed from there. You may have to contact a representative, but that is based on internal factors.
What Happens After I Submit My Application?
After you are approved and complete the process, your funds are sent via ACH to your account. However, before you sign the loan agreement be sure to take a careful look at the details such as interest rate and when the loan is due. Depending on the option you selected, you may have to repay the loan in full on your next paycheck.
To repay the loan, it will either be automatically taken out of the selected account or you can log in and manually make a payment. The quicker you repay the loan the less you will pay in interest expense. As stated, this is short-term financial product and should be used as such.
Lastly, a reputable tribal lending should have an in depth frequently asked questions page and 500FastCash has just that. Starting with the introductions such as how to apply, what are the rates and eligibility requirements. From there you will have answers on processing, due dates and how to access your online account.
If you still are unable to locate an answer to your question, you can visit their contact page and reach out via the methods they provide.
500FastCash appears to be a reputable company that provides you with all the information necessary to make an informed decision. Keep in mind that while they offer installment loan options, their primary method is to have the loan repaid on your next payday. If you wish to update that option, make it clear during the application process. Overall, 500FastCash is worth checking out for yourself to see if they are a good fit for you lending needs.