Native American Personal Loans
Many people are turning to Native American personal loans to cover their short term money needs. Lending institutions based on Indian Reservations are not held to the same regulations as state licensed lenders. If you live in a state that heavily regulated personal loans, then you may want to visit one of the tribal loan websites to see if they are a better option for you.
Laws and Rules for Native American Loans
Native American loan companies are able to create their own operating laws and lending standards. They are able to avoid Federal and State lending statutes because of their sovereign status. As with any other lender, you will want to analyze any company or loan offer you might receive.
Payday Loans and Installment Loans
Some tribal loans are in payday format, which means you will be required to pay off the full amount on your next payday. Other reservation lenders offer an installment loan format where you can make monthly payments over a specified period of time to complete the transaction. Learn more about the difference between payday loans and installment loans.
How Do I Know if a Tribal Loan is Legit?
Many Native American lenders are represented by the Native American Financial Services Association (NAFSA). This Association advocates for tribal sovereignty and promotes responsible financial services among its members. If you find your tribal loan company on their list of members you should feel better. Many tribal lenders also follow the guidelines set forth by the Online Lenders Alliance (OLA). This organization is not Native American and should give you peace of mind about it's members. Read reviews before you commit to any loan agreement.
You do not have to be Native American in order to borrow money from these organizations. The lend money to non-tribal borrowers as well.
Are Indian Reservation Loans Legal?
Yes they are legal but there are a few thing you will want to consider. Just like a traditional payday loan or installment loan, you will pay a very high interest rate if you borrow money from one of these lenders. High interest rates is the main reason payday advances have been outlawed in many places. Since tribal lenders do not have to abide by these laws they are still able to offer these financial instruments.
Top Online Native American Personal Loans
Here's a few a tribal lenders that have gained recognition and respect online.
Golden Valley Lending
Golden Valley Lending is a Native American website owned by the Habematolel Pomo of Upper Lake, California, which is a sovereign nation located within the United States of America, and is operating within the tribe’s reservation. They offer installment loans and not payday loans. You can get up to 10 months to repay the loan balance plus interest. It is advertised as a payday alternative product. You can borrow from $300-$1000.
Plain Green Loans
Plain Green is a tribal lending entity, wholly owned by the Chippewa Cree Tribe of the Rocky Boy's Indian Reservation, Montana — a federally recognized sovereign nation located within the United States of America. You could be approved for $500 - $1000. These are installment loans that offer 10 - 26 months to repay. Funds are sent direct deposit to your bank account, usually by the next banking day.
500FastCash™ is wholly owned by Modoc Tribe Financial Services Authority. Modoc Tribe Financial Services Authority is a tribally-owned corporation chartered pursuant to the laws of the Modoc Tribe of Oklahoma, a federally recognized Indian Tribe. The website offers the payday loan format, the balance of your loan will be due on the date determined in your loan agreement.
LoanAtLast, Niizhwaaswi, LLC is a tribal lending entity wholly owned by the Lac Du Flambeau Band of Chippewa Indians, a Federally Chartered Sovereign American Indian tribe. This entity is a member of the Online Lenders Alliance (OLA). You can sign your loan agreement with an e-signature. Funds are sent direct deposit to your checking account if you agree to a loan agreement.
MobiLoans, LLC, a tribal lending entity wholly owned by the Tunica-Biloxi Tribe of Louisiana, a federally recognized Indian tribe, operates within the Tribe's reservation. MobiLoans offers a unique and flexible line of credit up to $2500. They do check credit reports with various third party data providers. They have a tiered fee schedule depending on the amount of money you borrow.
Silver Cloud Financial
Silvercloudfinancial.com is a website owned and operated by Silver Cloud Financial, Inc., a tribal lending entity wholly owned and operated by the Habematolel Pomo of Upper Lake, California, which is a sovereign nation located within the United States of America, and is operating within the tribe's reservation. Short term loans with installment convenient monthly payments. You can borrow from $300 - $1000.
Blue Trust Loans
Blue Trust Loans is operated by Hummingbird Funds, LLC is a sovereign enterprise, an economic development arm and instrumentality of, and wholly-owned and controlled by, the Lac Courte Oreilles Band of Lake Superior Chippewa Indians (the “Tribe”), a federally-recognized sovereign American Indian Tribe. Small loans in with monthly installment payments. Loans up to $2,000 and they have a very good customer service department.
Things to Remember About Tribal Loans
Remember that tribal loans are still expensive and are a short term credit solution. They are not designed to used long term. If you live in a state that has strict lending laws, a Native American personal loan may be a financial solution for you. Loans are available from $300 - $2500.