Tribal installment loans have lately emerged as one of the most preferred means through which individuals, who require some more funds for any purpose or circumstances, can borrow. Tribal loans originate from Native American tribes and offer more flexibility and better interest rates than payday or any short-term loans. Here are some of the top benefits tribal installment loans can provide for your financial needs:Here are some of the top benefits tribal installment loans can provide for your financial needs:

More Manageable Payments

Tribal installment loans differ from other types of loans since you can borrow money and repay it in installments within a certain period of the loan agreement. This makes them less costly and easy to service than payday loans or title loans that require a large lump sum payment before your next pay check. When it is payment by installments, you do not get stuck when you have a large bill to pay alongside penalty fees for not paying the balance.

Lower Interest Rates

Since tribal lenders operate on Native American soils, they are beyond the jurisdiction of state laws that limit interest rates. This makes it possible to set much lower rates than traditional payday lenders who can charge anywhere between 400-800%APR for a two week loan. Tribal loans are cheaper usually range from $20-$30 per $100 borrowed, which is far cheaper than payday loans. It also means that spreading costs over 3-24 months reduces the monthly impact of those costs.

Ability to Borrow Higher Amounts of Money 

Most payday lenders are limited to small loans of several hundred dollars that are due on the borrower’s next payday. Tribal installment loans offer higher loan amounts with the loan amount ranging from $500 to $5,000. This make it easier on the user to use the funds for major expenditures and also to bring in other higher interest debts into one easy payment. Larger cash amounts are manageable since the loan balance is repaid within longer terms.

Fast Funding Times

When one is let say involved in an accident, or a family member develops a medical condition that requires cash, you don’t have time to wait. The tribal lenders are some of the quickest in terms of time taken between the application of the loan and the actual deposit of the funds. In contrast to a bank that may take a few days and even weeks to approve the application and disburse the funds, tribal loans can provide the funds on the next business day following the approval of the loan application. This is a very fast process of putting important funds right into your account when you need them the most.

Online Applications & E-Signature

The application process for tribal loans is streamlined to ensure that borrowers can get the funds they need quickly. You can even apply 100% online, meaning that you do not have to find a physical location for a storefront. Approval decisions are arrived at fast and loan documents can be electronically signed within a few minutes using a computer, tablet or even a smartphone. Loan proceeds are typically disbursed directly to your bank account within two business days after documents are signed. This makes acquiring additional funds more convenient than it has ever been before.  

Credit History Flexibility

While mainstream financial institutions such as banks and other lenders have specific credit standards that the applicants have to meet, tribal lenders work with almost all credit scores including the bad ones or no credit score at all. It is mostly with regard to your current employment or income and not so much on your credit rating or profile. Tribal loan funding can be an option for those who have been rejected by banks and other financial institutions.

No Collateral Required

A personal installment loan often comes with collateral that includes a house, car, or cash in a savings account – and if you fail to pay it back, you may lose those assets. Tribal loans also do not demand that you have a good credit standing or that you need to pledge an asset to secure the loan, so your valuable assets are not at risk when seeking the loans. You are approved depending on the payment you can make.

Potential to Rebuild Credit

People with a bad credit history because of some mistakes in the past or at the moment, can take advantage of tribal loans and gradually improve the credit rating. When paying bills every month in full and on time, this will be an indication of having a good repayment record. This helps those who are stretched with credit to get back on track and be financially stable.

Added Convenience

There are several tribal lenders which are genuine, their operations are completely online, are always open for business and are staffed with well informed customer support to attend to inquiries regarding payments, terms and conditions and funding. Today, many of the tribal lenders also provide helpful features of the financial management, training sessions and other materials to improve the handling of the money and to prevent over borrowing. They extend loans in a proper way, and their aim is to see to it that the customers are financially stable.  

In general, using tribal installment loans is beneficial since it offers faster access to the necessary funds during emergency situations with comparatively low rates in contrast to payday loans. Tribal lending takes advantage of the flexibility and convenience thereby enabling borrowers to get their financial needs met in a manner that is responsible. If thinking about borrowing money, make sure to pay attention to the details such as the terms and the APR rates of any of the lenders in question.