Product Name: How Does This Lender Stack Up?
Product Description: They offer installment loans to people with bad credit. But are they a legit lender? We investigate...
Cost of Loan
This lender offers installment loans to borrowers with bad credit. They are owned and operated by the Kashia Band of Pomo Indians of the Stewarts Point Rancheria. You can borrow between $200 – $5,000. If you must use Inbox Loan, our advice is this: only borrow what you need (up to $500) and pay it off as soon as possible. The APR and interest rates vary by state. But it will be very high, typically in the 3 digit, and even 4-digit range.
User Review( votes)
- The application process is smooth, straightforward and fast
- Get an answer on approval within minutes
- Good option if you’ve exhausted all alternatives and resources
- Allows you to repay the loan quickly, with no fees for repaying early
- Good option for short-term, emergency expenses
- Super high interest rates
- Not a good option for those with average to excellent credit
- Not a good option for long-term financial needs
Tribal lenders are somewhat of a behind the scenes lending category. Some people know about them while others have never heard of them.
Regardless of your knowledge, you should treat them like any lender. In other words, it’s up to you to research and perform your own due diligence.
So what’s this article about?
In this article, we’ll go over Inbox Loans, which is a Native American owned company.
Inbox Loans is a tribal lender, governed by laws of tribal nations.
How Much Can I Borrow?
- APR: Varies by state.
- Loan Amount: $200 – $5,000
- Term: Varied
- Payment: Biweekly
- Best For: People with extreme emergency situations.
- Not For: People with little income.
Overview of Inbox Loan
Inbox Loans is owned and operated by the Kashia Band of Pomo Indians of the Stewarts Point Rancheria.
The installment loan terms will vary, depending on where you live.
If you live in a state below, you may not be eligible.
The following states are not serviced by Inbox Loans:
- New York
- New Mexico
- North Carolina
- South Dakota
- West Virginia
Live in any state not listed?
You should be fine.
Inbox Loans offers installment loans, designed for an easy repayment schedule.
Keep this in mind…
- Tribal installment loans can be very expensive
- It’s not a solution for borrowers that can’t make the payments
- Interest rates are very high for tribal loans
- You should pay this loan off as soon as possible
- You should only use this for short-term, emergency situations
Read the bullet points above again.
If you can’t keep up with the payments, a tribal installment loan could dig you deeper in debt.
And that’s not something you want to happen.
If you still feel like a tribal loan from Inbox Loans is right for you, continue reading below.
So, how does a bad credit tribal installment loan from Inbox Loans work?
Let’s find out…
Here’s How it Works
The process is pretty simple.
- You’ll create an account on their website. From there, you can begin the application process online.
- Once completed, submit your information and wait for your approval. This should only take a few moments.
- If approved, you should receive funding within the next business day.
The application and funding process is straightforward and easy.
But the question is…
Are they reputable?
Are They a Reputable Tribal Lender?
This is the million dollar question.
You may also be wondering:
- Do they treat their customers fair?
- How is their customer support?
- What kind of interest rates can I expect?
- How often do I make payments?
- What information do I need to apply for a loan?
We’ll answer all these questions and more below.
Inbox Loans is a tribal lending company. They operate outside of the United States federal government and state laws.
They follow many of the same lending practices as most lenders.
Here’s where you’ll likely see differences:
- You’ll waive your rights to a lawsuit
- Interest rates are much higher
A way to determine if they are reputable is to look at the information on their website.
Currently, you can find all the contact information on their contact us page.
If they were a scam, their contact information would be hard to find. This information is easy to find on their website.
Another tip is to call customer support and feel them out.
Inbox Loans also offers financial tips, which is a benefit few tribal lenders offer. You’ll find many lenders of this type offer zero education. And the fact Inbox Loans does, pushes them one step ahead of their competition.
From what we can tell, they appear to be a reputable company.
Here’s where most borrowers get into trouble and leave negative reviews:
- Rushing into the loan process
- Not researching interest rates
- Expecting excellent interest rates and terms, even if credit is poor
Deep Dive Lender Analysis
Let’s discuss the installment loans offered by Inbox Loans.
What You Need to Apply for a Loan
- Have a job or regular source of income
- A valid bank account in good standing
- A valid email address and phone number
- Must be at least 21 years of age.
- As mentioned, the interest rate you pay will vary…depending on the state you live in.
No matter which state you live in, you will pay a hefty interest rate.
Tip: Read the fine print if you move forward with Inbox Loans. You can do this before signing any loan document.
This is where you’ll find interest rates, repayment terms, etc
If there is something you do not agree with, do not sign and ask your account representative. Or move on to find another lender
Loan Rates and Terms: Here’s How Much it Costs
While Inbox Loans does not have a formal rate breakdown, expect your loan to be expensive.
If you look at the example shown on the rates page, you’ll see how much borrowing a simple $1,000 can cost.
Be sure to research the APR…
Expect this number to be well into the triple digits, and in some cases, in the thousands.
Tip: avoid an installment loan from Inbox Loans if possible.
A small loan of $500 can end up costing you thousands over the life of the loan, if not repaid early.
Are There Alternatives to This Lender?
It’s important to understand your alternatives.
It can save you hundreds, or even thousands of dollars, in the long run. And it will keep you from digging deeper into debt.
By not knowing your options, Inbox Loans and others will make a quick buck off your financing needs.
Apply for a Bad Credit Personal Loan
First, look to take out a personal loan from a bank or credit union. Let them know you have bad credit. And see if they are willing to do a secured loan, backed by collateral (if you have it).
These rates are much more in-line with what you should pay.
Your rates will likely be somewhere in the high single digits through the teens.
Also, many of these smaller financial institutions have your interests in mind…
And will only lend what they believe to be necessary.
Apply for a Secured Credit Card
The interest rates are higher than a personal loan, but you’ll save compared to a loan from Inbox Loan.
Many secured credit cards also offer 0% financing over a 12-month period.
To apply for a secured credit card, you’ll need:
- A job or source of income
- Must be over 18 years old
- A small deposit of around $200 to fund the account
- This is the preferred option for borrowers with bad credit history.
Here’s the benefits:
- You’ll get access to funds up to $500 (includes your deposit)
- A secured credit card helps you rebuild your credit
- You won’t pay super high interest rates and fees
Tip: this is only an option if you need funds under $500.
This will cover your emergency expense needs…
And give you time to repay your balance with zero interest charges.
And did we mention it helps you rebuild your credit?
Apply for a Second Mortgage (Homeowners Only)
Other alternatives include taking out a second mortgage.
Here are the type of second mortgages you can apply for:
- Secured installment loan (backed by your home as collateral)
- Line of credit, also called a HELOC
Tip: this is only an option for homeowners that have equity in their home.
Apply for a 401k Loan or Withdrawal
Look at taking out a 401(k) loan, but remember your option will vary depending on your employer.
You can speak with your HR department to find out if that’s a possibility.
The Bottom Line
Use Inbox Loan as a last resort. The sheer cost of this loan, especially left unpaid, could drown you in debt.
And even if you do make payments on time, you’ll pay back an enormous amount in interest rates.
Do this instead:
Research the alternatives above…
and see if you can use one of those first.
Also, check with your friends and family to see if they can help out.
If you’ve exhausted all options and must use them…
Repay the loan back as soon as possible. Even if that means doubling up on payments.
We hope this article has helped you make a decision. Whether it’s Inbox Loans, or one of the alternatives mentioned.
Did we miss anything? Let us know in the comments below.
Have you used Inbox Loans before? Leave them a rating below so other potential customers know your experience.