Article Title: How Does North Cash Stack Up?
Short Description: They are a tribal lending company that offers short-term installment loans online. They are owned by the Fort Belknap Indian Community, a federally-recognized Indian tribe located in Hays, Montana. But is an installment loan from North Cash worth it? We investigate...
Cost of Loan
This lender is a tribal lending entity that offers customers online installment loans, typically within 24 business hours once approved. While North Cash does funds loans quickly, it should be noted that the loan comes with an astronomical interest rate — as high as 720% APR. That said, if you pay the loan off quickly, you can avoid such high interest costs. A few alternatives you can try instead are local credit union loans and applying for a secured credit card.
User Review( votes)
- Useful if you have bad credit and no other options
- Useful for short-term financial needs
- Application process and funding time are quick
- Very high interest rates — up to 720% APR
- Not a good option for long-term financial needs
- A loan like this could dig you deeper into debt if you can’t repay it quickly
Thinking about a tribal loan from Northcash?
In the world of lending, there are seemingly endless options you can choose from. Credit cards to personal loans, and everything in between, businesses fight for market share. A sector within the lending industry that gears their services to less than average credit individuals is the tribal lending space. What makes this sector unique are the businesses operate through Indian reservations, making them governed by that reservation.
For this article, we are going to look into Northcash, a tribal lending company that provides short-term installment loans that can be funded in as little as 24-hours. We’ll also dive into rates and other aspects, providing you with enough information to make an informed decision.
Overview of North Cash
Right away, you’ll notice the professional appearance North Cash offers. The first item you see are three fields where you can begin the application process. You’d be surprised but there are some tribal lending websites that are bare and plain, which along can turn potential customers away. Scrolling down you will see they offer an instant decision; the process does not affect your FICO credit score and your information is secure.
The landing page continues to flow with information on how the process works. You simply apply online, obtain an instant decision and receive your funds within 24-hours. These products are designed for short-term lending and you’ll understand why in a moment.
From there, you’ll see a little more information and links you can select if you are already in the application process. At the bottom, you’ll notice fine print and within that fine print are a list of states North Cash does not currently lend to.
North Cash does not lend in these states:
- New York
- West Virginia
Loan Rates & Terms: How Much Does it Cost?
Moving on to the product offerings, this is where you’ll want to spend some time because in a short-term financial need, you’ll want something that offers you efficiency and practicality. As mentioned, tribal loans are short-term installment loans that are used in emergency or extremely short-term situations. The loans are an expensive borrowing method and can cost you quite a bit of money.
The first order of business is to look at the interest rates. Northcash has a whole page dedicated to the rates and how a hypothetical loan would play out. A tribal loan with Northcash can run interest rates as high as 795%. While this seems extremely high, and it certainly is, keep in mind that these loans are short-term loans and can be repaid early, saving you money in interest.
In order to qualify for the application process, you must meet the following criteria:
- Be at least 18 years of age.
- Be a citizen of the United States of America.
- Do not reside in one of the states Northcash does not lend to.
- Not a member of the military.
- You are not a spouse or dependent of someone in the military.
- Have a regular source of income that meets the minimum monthly net income requirement.
- A valid checking account that is ACH accessible.
The Application Process
The application process Northcash offers is very user friendly, and can be started by selecting the apply button at the top of any page. You’ll begin by selecting the amount of money you wish to borrow, along with the loan terms you wish to have. From there you will enter your mail and social security number.
Following the application, you will enter the usual information such as your name, address, date of birth and other contact information. You will also need your drivers license information as well as income information. Providing income information ensures you have the means to repay the note.
Lastly, you will simply enter you bank information, which is the information tied to the bank account you wish your funds to be deposited. Once you’ve reviewed your information you can submit the application and wait for your instant decision.
Once you’ve completed the application process and received approval, you can typically have your funds deposited within 24-hours.
However, you’ll want to review the loan agreement before you sign. This document is what will outline the terms of your borrowing, including interest rate and how long the repayment is.
Now, if you decide you no longer need the loan and want to cancel, North Cash does offer that service. In order to cancel the loan you have to either no have the loan proceeds funded to you yet or if the loan has already been funded, you return the funds to North Cash as explained in the loan agreement. Again, be sure to read the loan agreement carefully.
Some questions you or many may have include can you repay the loan early? While North Cash does not offer an explanation on their FAQ page, you can likely repay the not early, However, this is something you want to understand prior to signing on the dotted lines.
Another question you may have is if there are any tools or services North Cash provides in term so of finance well-being? North Cash does offer their users a blog with simply money questions they provide answers for. This can help you better understand various financial topics and ensure you make the best decision for yourself.
Overall, North Cash is a very clean and easy to use provider that can help you obtain your short-term installment loan. Interest rates are in line with others in the market and nothing seems to be suspect. Keep in mind however that this is an expensive form of borrowing and should not be used as a long-term financial solution.