Our Review
Product Name: How Does This Lender Stack Up?
Product Description: They offer installment loans and is owned by Sierra Financial, LLC dba Sierra Lending, a tribal lender owned by the Iipay Nation of Santa Ysabel, a federally recognized Indian tribe. But is a loan from this lender worth it in the end? We investigate...
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Customer Support
(3.5)
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Cost of Loan
(1.5)
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Funding Time
(3.5)
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Application Process
(3)
Summary
They offer installment loans to consumers that have financial hardships. Obtaining financing from traditional lenders simply isn’t feasible for this type of customer. Therefore, they can provide such customers with a bad credit installment loan. The interest rates are between 388.55% 1,505.67% APR. This is considered extremely high. You should proceed with caution if you decide it’s a good match for you.
User Review
( votes)Pros
- Caters to those with less than perfect credit
- Good option if you’ve exhausted all other resources
- Can be repaid over time, but you should pay the loan off as early as possible.
- Application process is simple and fast
- Typically funds your account within 24 business hours
Cons
- Interest rates are between 388.55% 1,505.67% APR, which is astonishingly high
- Not a good solution if you need long term financing for a large purchase
- If you can’t repay the loan, the interest rates will likely put you in a never-ending debt cycle
Life has a way of getting in the way or popping up when we least expect it. The traditional method would be to go to a payday lender and quickly remedy the situation. However, there is one product that may be better for these situations and that is a loan from a tribal lender.
Sierra Lending is a tribal lender the offers small unsecured installment loans. The application process is simple, and funds are typically sent to your account within 24-hours. An installment loan offers a structured, yet flexible repayment plan that can fit your current financial situation.
Overview of Sierra Lending
At first glance, you’ll notice the well designed and welcoming website with cartoon visuals. After you’ve scrolled down, you will see a short piece on how a short-term loan works, providing value to potential customers.
The about us page gives insight into how Sierra Lending works and the proper way to go about handling a loan, especially for your first time. One thing you’ll notice is there’s no home button if you leave the homepage. While that isn’t anything major it is a slight annoyance.
Also from the homepage, you can begin the application process or log into your customer portal. Contact information is located on the information bar at the top of the page. There you will find a customer service email, phone number, as well as the collections information should you have become past due on your loan.
If you reside in Arizona, Connecticut, California, Washington DC, Maine, Montana, Ohio, Oregon, Vermont, Virginia, Arkansas, Colorado, Georgia, Massachusetts, Maryland, New Hampshire, New York, Washington, Pennsylvania, West Virginia, Kansas, Missouri, North Carolina, Oregon or New Jersey, you are unable to apply for a loan.
Loan Rates and Terms: How Much Will it Cost?
The loan product is a simple unsecured installment loan that ranges from $100 to $1,000, with an interest rate ranging from 388.55% to 1,505.67%. First time borrowers are limited to a maximum loan of $500. Interest rates are higher because a typical loan will span over several year, whereas this note will only be around for typically a month or two. As for financing fees, Sierra Lending states in most cases it will be 33% of the balance, or $300 per $100 borrowed.
While these products can seem expensive, they are designed for emergencies and should only be for the minimum amount needed to cover the current emergency.
The Loan Application Process
Before you begin the application process, you must ensure you meet the following criteria:
- You must have a job or proves source of qualified income.
- A working email address and verifiable phone number.
- A checking or savings account in good standing with Direct Deposit enabled.
- Be at least 21 years of age and be a United States citizen.
Pertaining to income, the following income sources do not qualify as income with which to receive a loan from Sierra Lending:
- Military Pay
- SSI/SSDI
- Child Support
- Alimony
- Short-Term Disability
- Retirement/Pension
To begin the application process, you will start by deciding the loan amount you wish to apply for. From there, you will input your name, email address, date of birth, social security number and other personal details.
Next, you will move onto the employment information section. This is to ensure the lender that you have the ability and the mean to repay your debt. Information you will use includes employer name, job title, work phone, time at job and your pay dates.
Lastly, you will input your banking information, which will be used to send you the loan proceeds. Ensure this information is accurate, including account type and routing number. Once you have that completed you agree you’ve read the privacy policy and wireless privacy polity and submit your application.
How Long Does it Take to Get My Funds?
After you submit your application, it will go through the underwriting process at Sierra Lending. If they determine you are not a fit for them, they may send your application to another lender who may be able to fund you. Your employer will also be contacted after you submit your application to verify your employment status.
One of the added benefits to using Sierra Lending is they do not perform traditional credit checks, meaning there will not be a hard check on your credit score. This means if you have less than average credit, you still are able to apply for a loan.
If you receive approval for your application, you will receive an email from Sierra Lending. From there you will receive your proceeds via the method you selected in the application process.
Loan Repayment Terms
Sierra Lending encourages individuals to repay their loan as quickly as possible to avoid unnecessary interest expense are potential late fees.
If you run into issues repaying your note, Sierra Lending will work with you on repayment options. However, you must reach out to them at least 3 days prior to the loan payment being due, otherwise you might not have flexibility to adjust your payment.
You will receive your amortization schedule in your loan packet. Ensure you review the schedule and that the information is correct. This is what you will use to repay your loan.
Overall, Sierra Lending appears to give you value by providing you with all the information needed to make an informed decision as well as a certain level of transparency. They seem to work with borrowers and attempting to be as accommodating as possible.
Take a look at Sierra Lending for yourself and see if they are a good fit for your lending needs.
