Article Title: How Does This Lender Stack Up?
Short Description: They are a tribal lender owned by a tribal lending entity and operated by the Habematolel Pomo of Upper Lake, California, which is a sovereign nation located within the United States of America. The lender offers installment loans to people with bad credit, to be used in emergency financial situations only.
Cost of Loan
They offer installment loans with very high interest rates. The lender allows new borrowers to access as little as $300 up to $1,000. The amount you’ll be approved for will depend on your financial situation and credit history. The cost of the loan will also depend on many factors, including your credit history. Typically, you can expect to pay interest rates from 200% APR to a whopping 2,290% APR.
User Review( votes)
- Good option for borrowers that have bad credit or limited credit
- Fast access to funds, typically within 24 business hours
- Good option for short term financial needs (car repair, small medical expense, etc)
- Not a good option for long term financial needs
- Very aggressive interest rates–up to 2,290% APR
- Be careful; this type of loan could dig you deeper into debt
There are several different types of loans on the market but only a few are for emergencies. You can go and apply for a personal loan, but this method takes a few days and when you need money fast that isn’t an option. The next option is to go to a payday lender, but this can be costly and many times you must pay the loan back on your next paycheck.
That leaves tribal lending and a tribal loan, which is an unsecured short-term installment loan. These applications are almost exclusively online and are complete in a few minutes, expediting the approval process. Mountain Summit Financial does just that, offering you an installment loan to quickly cover your emergency. This article will be a review of Mountain Summit Financial, allowing you to determine if they are a good fit for you.
Overview of Mountain Summit Financial
Landing on their website will bring you a clean and minimalist approach, giving you the start of the application process first thing. A little down the homepage you are given instructions on how the process works. You start by applying for al loan and it should only take a few minutes. From there, you will receive a quick approval decision and you can receive funds as soon as tomorrow.
The next section of the landing page will direct you to the FAQ section, which is important because that’s where many people like yourself end up. On the top level some questions include when will you receive your money, can you pay you loan off early and are your transactions private.
The remaining portion of their homepage is information regarding the company and what they can do for you. Mountain Summit Financial even has a page dedicated on how tribal loans work. This goes a long way in building trust between the company and potential customers.
Loan Rates and Terms: How Much Does it Cost?
As you might have guessed, Mountain Summit Financial specializes in short-term unsecured installment loans. Two of the most important details are the amount of the loan and interest rates. According to the FAQ page, if you are a first-time borrower with the company you can qualify for a loan up to $1,300 and for repeat customers you can go as high as $2,500. Interest rates will vary greatly between 200% and 2,290%.
The reason for the higher interest rates is due to the nature of the lending and the length of the note. When you take out a loan in this manner it’s typically for an emergency, which is risk to the lender. Also, these types of loans are shorter in length and have a shorter interest-bearing period.
The Application Process
As with nearly every business in this industry, the application process is simple and quick. You can start on the homepage by filling out a few quick questions, including if this is your first-time using Mountain Summit Financial.
From there, you will redirect to a page where you will begin answering questions pertaining to your personal information. This includes your name, address, phone number and military status.
The next step includes your employment information. While not all companies are upfront with the requirement information, you need to meet certain income requirements for a loan. Your employment information will include place of employment, how much you are paid, the frequency of income and your work phone number.
The third and final section will include your banking information and any promotional information you might have received. When inputting your banking information, ensure it is the account you want your funds to go upon approval.
Once you complete the application you sit back and wait for the approval email.
The Bottom Line
After you send your application, Mountain Summit Financial states they will be in touch with you, likely to verify certain information.
Upon approval, in most cases you will receive your proceeds on the next business day. From there, you will begin following the repayment schedule that is in with your loan documents. While you can certainly follow that schedule, it will bring you more benefit to pay of your loan early if possible. Paying off your note early saves you money on interest expense and with the high interest rates, that can add up quickly.
If during the repayment period you find you will miss a payment, Mountain Summit Financial has a phone number you can reach out to. Keep in mind you might incur $20 insufficient funds fee and anything your bank may charge.
One final part of their website you may find useful is the blog. Many lenders do not have one and it’s an easy way to provide value to current and potential customers. While they are dated a few years back, they still provide information that is actionable and through provoking. Combine that with the page on tribal lending, they are at the very least putting value into education.
Mountain Summit Financial is one of the top players in this game from a visual and informational stand point. However, they do have high interest rates, which may be factor that drive customers elsewhere. Overall though, this company is certainly worth a look and could be your go-to in the event of an emergency.
Be sure to take the time yourself to review the website and all the important details, which are easily accessible throughout the website.