Interested in getting tribal loans? Personal Money Network has some information that you may choose to consider when determining whether you should apply for a tribal loan. Tribal loans differ from traditional loans because they are not backed by the lending capability of a bank. Banks may require extensive background checks that look deeply into your credit history that may disqualify you from receiving a loan.
Tribal loans are different because instead of a bank with strict rules about which types of borrowers they will lend to, the loan is backed by a tribe. Tribes have different rules that they operate by when it comes to offering loans. These loans may be attractive to borrowers who feel disenfranchised by bank lending options and want to seek loans that are available from alternative lending sources.
Tribal Payday Loans
Tribal Payday Loans work a bit differently than traditional payday loans online. Payday loans are sometimes referred to as “short term loans” and are frequently offered in amounts of $1,000.00 or less and are expected to be repaid when you receive your next pay check. These loans are one option borrowers can consider when it comes to reviewing the types of lending products that are available to them based upon their individual need.
Many tribal loans are not considered to be payday loans because they offer a set of features that are similar to the features offered in installment loans. If you only need to borrow a small amount of money, or you prefer the use of a payday loan, this may be something for you to consider.
Tribal Installment Loans
Many tribal loans are actually installment loans. Installment loans online allow you to borrow a set amount of money that is repaid in a set number of payments over a pre-determined period of time. Unlike a payday loan, which requires you to pay the money back very quickly, you can take a little longer to repay with an installment loan. You will receive a payment schedule from your lender when you receive a contract from them that will describe the number of payments you are to make and the dates by which the payments should be made. This contract should also describe your interest rate. Be sure to check all of this information carefully and contact your lender if you have any questions before you sign the contract. This will ensure that you don’t end up with any confusion later when it comes time to repay your tribal installment loan.
Guaranteed Tribal Loans
Borrowers will often search for any type of “guaranteed” or “instant” or “immediate” type of
loan. Borrowers that look for these types of lending products are often in need of fast cash quickly due to an emergency situation such as a car repair or a home repair. Some common reasons that borrowers look for these types of loans include repairing a home appliance or making a payment on a bill so that painful late fees can be avoided. Be aware that no lender guarantees approval. You must complete an application and go through some sort of approval process. Lenders may offer a “soft” credit check, or a non-invasive type of credit check that reviews your employment history and your current outgoing expenses. In this way, borrowers that have poor credit may qualify for bad credit loans but without guarantees.
Tribal Loans Online
Requesting tribal loans online works much like requesting online loans from other sources. You simply complete the form and wait for an approval. Personal Money Network offers online loans that are fast and easy. Our application process takes a few minutes to complete and many of the lenders working with Personal Money Network offer what is called an instant decision. So, you’ll know right away if you have been approved. Once you receive an approval, you will be sent to a new page where you will be able to review your contract. It’s very important that you read the contract carefully. Pay close attention to the fine print. The contract will tell you all of the information you need to know about the terms for paying back your loan and it is important to not be surprised when it comes time to pay back your loan.
Tribal Loans for Bad Credit
Bad credit is one reason why many consumers consider seeking out tribal loans. Consumers end up in bad credit situations for all kinds of reasons. No matter how the credit score got there, it is often difficult for bad credit borrowers to receive loans. Tribal lenders are likely to extend credit to borrowers who have poor credit scores. This is because they work in smaller dollar amounts than traditional banks and are able to offer different lending products that may offer more flexibility in repayment. It is important to discuss all of these details with your lender when you have received an approval for any type of loan.