Easy Tribal Loans For Bad Credit - Best 5 Companies

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The average person in the US has a credit score of 698, which is pretty good, but not everyone’s lucky to have such a score. Some people have poor credit scores and they often have to spend hours looking for loans for bad credit. 

More than 56.2 percent of Americans indulge in borrowing loans but finding a loan isn’t always easy, especially when you have a bad credit score. That’s when tribal loans for bad credit come into play. These loans are designed for people with poor credit scores and can prove to be of great help.

What Are Tribal Loans and Why Are They So Famous?

Tribal loans are offered by lenders associated with Native American Tribes. These lenders are able to claim immunity from state-defined rules and regulations and thus are able to offer terms and interest rates that are different from what traditional companies offer.

In other words, tribal loans online are short-term loans that entertain a variety of borrowers.

How are tribal loans able to cater to those with bad credit? Simply because the US constitution labels all tribal lands as sovereign states. This means that lenders operating from these sovereign states do not have to comply with the rules set by the authorities.  

But with all of this privilege, comes a massive price. Tribal loans are known to charge high interest rates; higher than what would be allowed under federal law. 

So why are tribal loans online still so famous? Because they are highly accessible and easy to get.

Some other reasons behind their popularity are:

No Credit Checks

Most people hesitate to borrow a loan because of the overwhelming ‘credit check’ that comes with it. But with tribal loans for bad credit, there are absolutely no credit checks when you apply for a tribal loan. This is a major reason why people with bad credit scores can easily get tribal loans.

Easy Qualification

Most loans have strict requirements for someone to qualify for a loan. Bad credit tribal loans, on the other hand, are easy to qualify for since the requirements are easy to fulfill for the average person. You only need to be 18 or older and have a stable source of income to qualify.

Instant Cash

Easy tribal loans for bad credit are the go-to option for people who want quick loans as most providers offer instant cash. Borrowers can borrow up to $1,000, and have it deposited into their account within a day. 

5 Companies Offering Easy Tribal Loans for Bad Credit

Worried about a pending bill or having a financial emergency? Tribal loans can be of help. Here are some of the best companies offering tribal loans for bad credit.

MaxLend

MaxLend offers easy tribal loans for bad credit and markets itself as the best alternative to payday loans for people who are unable to meet the strict requirements of payday loans. 

Owned by the Lake Superior Chippewa Indians group, this tribal loans company offers up to $3,000 to well-qualified borrowers. The minimum amount is $100 only. Once approved, the money is usually transferred within a day. 

We think this is a great company for all kinds of applicants. It performs no credit checks and there is no set credit score requirement. Moreover, MaxLend does not require any collateral. All you need to have is a verifiable source of income that meets the required minimum income set by MaxLend; however, this amount has not been highlighted on their website. 

We have found that your income should be at least 6x the amount that you’re requesting. This means you must be able to demonstrate $1,000 in monthly income if you want a $600 loan. 

Interest rates at MaxLend range from 472 percent to 841 percent. This makes the company a very expensive choice but that’s a con when choosing tribal loan providers.

The company offers weekly, bi-weekly, monthly, and semi-monthly payment terms. Borrowers enjoy great flexibility and have the option to choose their preferred plan. There are no charges for early payments, however, there is a penalty for late payments. Also, frequent borrowers might be able to enjoy discounted APR rates and even extended repayment terms. 

Here are the pros and cons of choosing MaxLend:

Pros

  • Quick and easy online application with manageable requirements
  • Cash is funded within one-day after approval
  • Loans can go as high as $3,000

Cons

  • More expensive than other tribal loan providers
  • Not available in most main states such as New York, Massachusetts, and Washington

Max Lender offers bad credit tribal loans but it is an expensive option. Consider it if you fail to find a more affordable alternative.

Plain Green Loans

Owned by Chippewa Cree Tribe in Montana, Plain Green Loans is a registered tribal loan company offering short-term loans of $500-$1,000 to first-time borrowers, while frequent borrowers at the company can apply for loans of $3,000. In some cases, it might even approve larger amounts.

Depending on the loan amount that is borrowed, repayment terms can range from 10 to 26 months. Furthermore, borrowers are allowed to ask for a seven-day extension in case they are unable to repay the loan on time. However, the terms and conditions for extension are not highlighted on the website. 

Before you decide on borrowing tribal loans from Plain Green Loans, keep the high interest rates in mind. The interest rate ranges from 210 to 438 percent. You will have the option to make early payments. Also, in some rare cases, you might be able to negotiate the rate offered, especially if you’re a returning borrower with a good history with the company.

But, what truly sets this company apart is the ability to cancel your loan after receiving the amount. Plain Green Loans allows borrowers to return the full borrowed loan amount within 5 business days without having to pay any additional charges. This is a great perk. If you are expecting money from another source and need quick cash, you can turn to Plain Greens Loans and return the amount without having to worry about interest or additional charges.

Here are the pros and cons of choosing Plain Green Loans:

Pros

  • Loans can go above $3,000 for returning borrowers
  • Repayment terms of 10 to 26 months with the option to request an extension
  • No early repayment charges

Cons

  • Money can take up to three days to appear in the account
  • Not available in all states

Plain Green Loans can be a great option for people who want to build a relationship with a tribal loan company as it is known to offer great perks to loyal borrowers.

Big Picture Loans

Big Picture Loans is another tribal loan online company owned by the Lake Superior Lake Chippewa Indian Tribe. The company has a positive reputation for offering easy tribal loans for bad credit and has been in the business for nearly a decade.

Loans borrowed from Big Picture Loans can be used with little to no limitations. You can even use the money to start a business.

Big Picture allows new borrowers to borrow up to $1,500, whereas credible borrowers can get tribal loans of up to $3,500.

The loan application form is easy to fill. The company claims to have a very high approval rate of 94 percent. Plus, funds are released within 24 hours. 

Interest is in the range of 350 and 600 percent depending on the amount borrowed. This makes loans very expensive but there’s a huge perk for returning consumers. You will have to pay a very high rate for the first loan but future loans will cost you as low as 14 percent.

Repayment terms range from 4 to 18 months, which may be extended for returning borrowers. 

The minimum income requirement for being eligible for a loan is $700 per month. The company does not perform any credit checks, but not repaying your loan on time could result in Big Picture reporting you to three major credit bureaus in the country. 

The biggest benefit of Big Picture Loans is that it is available in all 50 states, including the District of Columbia. 

Here are the pros and cons of choosing Big Picture Loans:

Pros

  • Funds transferred within 24 hours
  • Low APR rates for returning borrowers
  • Available in all 50 states

Cons

  • Customer service could’ve been better

Big Picture Loans is one of the very few tribal loans for bad credit companies that function in all 50 US states, making it the only choice for some users.

Bright Lending

Bright Lending is owned by a federally approved tribe of Montana that offers bad credit tribal loans and works as an alternative to installment loans where users are unable to meet the required criteria. 

This can be a great option for people looking for easy repayment plans as it offers tribal loans with an extended window of up to 10 months. 

Bright Lending is only meant to cover smaller emergencies, so the maximum loan amount that you can borrow is $1,000, while the lowest is $300. Bright Lending might not offer huge amounts but it’s still a reliable option.

The entire process can be completed online and approval usually takes a few minutes. Money is usually deposited on the next business day. This means you will get funds on Tuesday if your request is approved on Monday, and you will get funds on Monday if it’s approved on Friday. 

While this is a great pro, be careful as Bright Lending has extremely high interest rates, ranging from 700 to 725 percent. One way to avoid paying high interest is to repay your loan as quickly as possible. Bright Lending does not charge a prepayment penalty, so you can pay back the borrowed loan without incurring additional charges. 

Pros

  • No prepayment penalties
  • Flexible repayment terms of 10 months
  • Known for offering excellent customer support

Cons

  • Not available in all US states
  • A 10 percent fee is charged on every late payment

UpRova

UpRova is a new company but it appears very reliable and already has a reputation. It processes applications in just a few minutes and dispenses cash in just 30 minutes. It’s as fast as it gets. Very few tribal loan providers offer instant cash, which gives UpRova an edge over competitors. 

Loans start as low as $300. You can get up to $1,500 if this is your first tribal loan, however, those with a good score or established relationship can even get up to $5,000. This is more than what other tribal loans companies offer. 

Terms at UpRova can range from 9 to 36 months, with multiple payment options such as ACH direct transfers and debit cards. However, credit card payments are not accepted.

Another great benefit of the company is that it can help improve your credit score as it reports to the three major bureaus. However, beware as this could also backfire. Your score will suffer if you don’t make timely payments.

UpRova offers the lowest APR rates, starting as low as 34.5 percent, which is pretty fair especially since it does not require an impressive credit score to process loans. Still, you could save money by making early payments.

Currently, UpRova is available in 28 US states and might direct you to its affiliate site, Mountain Summit Financial, if it doesn’t serve your region. 

Here are the pros and cons of choosing UpRova:

Pros

  • Offering the lowest APR rates out of all other tribal loans online options
  • Cash transferred within 30-minutes
  • No prepayment penalties

Cons

  • Since it’s a new company, not much is known about it

UpRova is one of the few tribal loan bad credit companies that offer quick loans at affordable rates. It should be your first option but beware that it doesn’t have a very long history.

5 Companies Offering Easy Tribal Loans For Bad Credit: Conclusion

Easy tribal loans for bad credit can be a good option if you need guaranteed quick cash approval. However, get ready to pay a lot in interest payments so choose this option only when you have no alternatives.

Frequently Asked Questions

Tribal loans can be complicated to understand. Here are some of the most commonly asked questions to make things easier for you:

Which is the best tribal loan company?

We have covered some of the best tribal loan providers in this article. The right option depends on factors such as the money that you require and your state as some of these companies do not cater to all US states. Pay attention to these factors and request a quote so you can find the most affordable option. 

What should I consider when applying for a tribal loan?

The most important thing is the interest rate as higher rates make loans expensive and difficult to pay. Tribal loans are quite expensive and the interest rate is usually in three digits. Next, consider repayment terms and ensure they’re easy. At the end of the day, apply for a loan only if you are sure of your ability to pay it back in the future (in a timely manner).

Are tribal loans legal?

Yes, tribal loans are fully legal despite stringent terms. 

Why was I not approved for a higher amount?

The higher amount is indicative and you may not necessarily qualify for it. Traditional issuers look at the creditworthiness of an applicant when processing loan applications; however, since tribal loan issuers do not pay attention to the credit score, you will typically get approved for a higher amount once you have built a history with a specific creditor, i.e.: you’re a repeat client. Also, repeat clients are more likely to get an affordable rate.

Will I have the option to cancel a loan?

It depends on the contract that you sign with the company. Read terms and conditions. Some issuers such as Plain Green Loans allow borrowers to cancel a loan by returning the amount within five business days to avoid any penalty. 

How much interest do tribal loan companies charge?

Tribal loan companies can be very expensive to work with and most will charge a very high interest with some issues going above 700 percent. They usually do not negotiate; however, returning customers are known to receive lenient terms.

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