Page Contents
Our Review
Article Title: How Does Target Cash Now Loans Stack Up?
Short Description: They are an entity formed under the laws of the Fort Belknap Indian Community a federally-recognized and sovereign American Indian Tribe. They offer short term loans to consumers with less than perfect credit. But is a loan from this lender worth it in the end? We investigate...
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Cost of Loan
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Summary
They are a tribal lender that offers bad credit short term loans. You typically find the interest rates to be as high as 795%–or higher. While we understand sub-prime lenders must charge higher interest rates for people with bad credit, this does seem extraordinarily high. The positive thing about this lender is they claim to protect your financial information, as well as offer debt help on their blog.
User Review
( vote)Pros
- Good option if you can’t get financing elsewhere
- Just about anyone over 18 years old can be approved
- Application process is simple and smooth
- Offers debt help and tips on their blog
- Lender appears to go to great lengths to protect consumer data
- Typically approves and funds loans within 24 business hours
Cons
- Not great for long-term financing needs
- Interest rates are exceptionally high and should be avoided
When life happens and you need cash quickly, you typically think of payday lending or a personal loan. However, with a payday loan you have to repay your loan entirely with the next paycheck and you may not find that as an option. A personal loan is great, but the application process can take some time and in an emergency you need the money fast.
Tribal lending is the happy medium between those two, offering an expedited application process while giving you the flexibility of an installment loan. Target Cash Now is a tribal lender that specializes in unsecured installment loans that are small in size.
This review is of Target Cash Now and will help you determine if they are a reputable company.
Overview of Target Cash Now
At first glance you will notice the modern and well laid out homepage, with the first item you notice being the start of the application process. As you continue down the page, they emphasize three main points, which are the online application, rapid funding and top-notch service. These three are something nearly everyone searches for in a lender.
The application process according to Target Cash Now is as simple as apply, e-sign, verify and receive funds. With this type of lending that’s all the process should take to be competitive in this market.
One item that jumps out quickly is they have a news or blog section, offering tips and information to you. This is something hardly seen in the tribal lending space, but certainly adds a level of confidence that the company knows exactly what they’re doing.
At the foot of the page, you will find Target Cash Now is a member of the Online Lenders Alliance, which many reputable tribal lenders are a member of.
Currently, you are unable to apply for a loan if you live in the states of Arkansas, Connecticut, Washington DC, Montana, North Carolina, New Jersey, New York, Pennsylvania, Virginia and West Virginia.
Loan Rates and Terms: How Much Will it Cost?
To qualify for a Target Cash Now, you must first meet the following criteria:
- Receive a consistent, regular income of at least $1,000/month.
- Be at least 18 years of age and a U.S. citizen.
- Have an active and valid checking account.
- Are currently not a member of the military.
- Do not have an active Target Cash Now loan or loan application in progress.
As mentioned, Target Cash Now offers small, short-term unsecured installment loans. The amount you are able to borrow ranges from $100 to $2,500 and could have an interest rate as high as 795%. First time borrowers can borrow $1,500.
If you visit the rates page of their website, they provide you with an interactive able where you can adjust the loan amount and payoff information to generate what your payment schedule may look like. You are unable to adjust the interest rate on the table.
The final point about the product are the late fees associated with Target Cash Now. If your payment is five days late or more, you will incur 10% of the amount of the outstanding scheduled payment. Also, if any payment returns due to insufficient funds, you are charged a $35 NSF fee.
The Application Process
Beginning the application process appears to be very simple. First you must input if you are a returning customer. Once you’ve selected your answer, you will then decide how much you want to borrow.
After that is complete, you will begin completing the personal information portion of the application, which includes your name, address, social security number and income information. This is all used in your review process to determine if you are eligible for a loan.
Once you complete the application process, you will submit your form and wait for a decision. Typically it can take as quick as a few minutes but may require more information.
How Long Does it Take to Get My Funds?
Once you’ve been approved you will receive the final loan documents for you to sign, which will include an amortization schedule and the loan agreement. If you meet the cut off time of 5:00pm MST, you will receive funds the day after your loan has been processed and approved. Funds are put into the bank account you used in completing the loan application.
Loan Repayment Terms
There are two ways to repay your loan, with the first following the amortization schedule. This will guide you to repaying the loan in full with the given interest rate. However, with Target Cash Now, you also have the option to repay your loan early.
Repaying your note early is recommended because you will not only save money on interest expenses, but if you need to obtain another loan it will look better on your application. To repay your loan early, you will need to contact Target Cash Now via phone and must be in increments of $25.
The one data point that is missing from the FAQ is regarding any sort of cancellations, which should be disclosed in your loan documents. Ensure you take the time to read over those before signing, otherwise you’ll have an extremely difficult time changing information.
Overall, Target Cash Now provide you with more than enough information to make an informed decision on the loan process. They are extremely competitive with those in the industry are certainly work hard to earn your trust. Everything is laid out well and nothing appears to be hidden.
Take time to look at Target Cash now for yourself and see if they are a good fit for you.
