Experienced non-traditional lenders put forth a considerable amount of effort to help potential borrowers make informed decisions. Transparency is one way lenders practice responsible lending. When researching installment loans online, be sure to read all the information provided carefully including the fine print. It is vital to understand all the terms and conditions that apply to doing business with each lender.
Little Known Facts
Many online non-traditional lenders are owned and operated by federally recognized Native American Indian tribes. Blue Trust Loans, among other lenders, include detailed information regarding that fact because they want people to understand what that means. In short, it means the company cannot be sued in a court of law.
There is a grievance procedure to deal with any customer disputes, but the decisions of the Tribal Council are final. In the litigious society of today, that is essential to keep in mind. People who are not comfortable conducting business without that popular recourse are cautioned to search for another company.
Approval Is Not Guaranteed
The approval rates of non-traditional lenders are much higher than banks and credit unions. That leads many people to wrongfully assume that everyone is approved once they apply. There are minimum requirements applicants must meet in order to be approved for an installment loan. These are more lenient than banks, but they do exist.
Anyone who is under the age of eighteen, whether holding a full time job or not, is not eligible for a loan. Those who do not have the minimum monthly income will also be denied. The company elects not to conduct business with residents of eleven states so approval is contingent on where applicants reside. Active military personnel are also ineligible. Discover other situations that render people ineligible for approval.
A Contact Number
Websites include a contact telephone number for people who have questions, concerns, or issues to communicate with the company. This is recommended for use if someone anticipates a problem with an upcoming payment, or is confused about something in the original loan agreement. Any and all feedback is welcome either via email or telephone. Explore the entire site to be exposed to all the information the company wants you to know.