You require money quickly for an emergency that can’t wait till your next paycheck due to the seriousness of the situation.
It could be to pay for your utilities, or it’s your wedding anniversary next week, and you need to do something special for your spouse. Whatever the situation may be, you need money.
The next step you may take is to begin to search for an alternative means to get the money.
You may think about asking your friends to lend you, but you may be embarrassed to do so. You may also try to borrow from a bank or a credit union.
However, such processes may be time-consuming and tedious, and you may even be denied approval after completing the tedious process.
Getting a personal small loan from direct tribal lenders may be just what you need. Tribal loans are convenient, the process is stress-free, and it is far easier to be approved.
But if for any reason your small loan approval is denied, you are informed within minutes so that you can move on to the next tribal lender.
5 Easy Steps to Get Small Loans from Direct Tribal Lenders (Tribal Loans)
Tribal lenders offer personal small loans between $500-$3000. They don’t care if your credit score is good or bad. And they accept payment in installments which could be from a few months to years, depending on the agreed payment plan.
Tribal loans have no prepayment penalties so you could decide to complete your payment before the agreed time with no fees attached.
Tribal lenders have a fast turnover, and once your small loan is approved, you could be credited as soon as the next business day.
Although direct tribal lenders do not obey state rules, they belong to regulatory bodies that guide them such as the Online Lenders Alliance (OLA), and the Native American Financial Services Association (NAFSA).
Here are the 5 easy steps to take to get small loans from a direct tribal lender.
Step 1 – Meet the Criteria
To be able to get a small loan from any institution, there are specific criteria that must be met for you to qualify to request a loan.
Tribal lenders also have qualifications that must be attained, these criteria are not unattainable. They are much simpler than the ones set by the banks or credit unions.
First off, you have to be at least 18 years of age. You also need to have a verified checking account. You need to have a regular job and be earning for an average over $40,000 yearly, a social security number, and an address.
You may also need to have your contact information ( an email address and a phone number). All these things are pretty basic, and once you check all the boxes, you may go ahead to step 2.
Step 2- Do the Necessary Research
Tribal lenders do not obey the state rules regarding commercial laws, and as such before you apply for a small loan with a tribal lender it is vital to know what you are getting into. So do the necessary research.
Very high Annual Percentage Rates APR’s is a distinct feature of the direct tribal lenders and other online lenders. Let us take a few moments to consider this.
When you borrow $100, you may be required to pay an extra $15 to $30.That is about 15 to 30 percent interest rate, which is quite high.
Also when applying for an installment loan, the interest rate can be as high as 300 percent or more depending on how long you agree to repay the loan.
So, in the long run, you may have to pay far more than you borrowed in the first place.
Endeavor to research these details from the tribal lender whose services you want to use to get the best deal that you could have no problems with repaying.
Step 3 – Applying for the Small Loan.
Applying for small loans is very easy. You could apply for a quick loan online.
When you are ready to apply for your small loan online, you are directed to fill out a form where you provide your necessary information and how much you require as a loan.
Then after a few minutes from filling the form, you are told if your loan is approved or not.
A phone call to discuss the terms and agree is also an excellent way to apply for a loan. Here you can speak with a call representative, and all questions that you may have would be answered before applying for the loan.
Step 4 – Small Loan Approval
Getting approval doesn’t take more than a few minutes. After that, you would know if the tribal lender approves your loan or not.
A tribal lender may decide to deny your application if you do not meet some criteria, so endeavor to have all requirements met before you begin to apply so that your application is not rejected.
Step 5 – Getting Credited.
It takes only a few days to get credit. Some lenders credit as early as the next business day. Once you are credited with your desired credit, you may then breathe a sigh of relief.
You can now go ahead and solve whatever financial emergency that was weighing you down.
One thing to do that may help you is to have an effective plan in place to repay your small loan in the soonest time possible. Because once you pay off your loan promptly or even beforehand, you can then improve your credit score, and be debt free.
It also builds up a relationship of trust between you and your lender. And you could even borrow a higher amount the next time you need to borrow funds for a financial emergency.
No doubt, being in financial difficulties can be a very distressing time, and when there is no hope for a loan, you can feel overwhelmed.
Obtaining a small loan from the bank is time-consuming and requires a lot of documentation. And you may not be approved if your credit score is terrible. You may consider obtaining a small loan from a direct tribal lender.
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