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How to Get a Tribal Payday Loan with no credit check

You’ve probably heard of payday loans and tribal lenders before. The former is a type of loan that offers cash upfront at a high interest rate, while the latter refers to lending institutions that primarily serve Native American communities. If you’re currently living in or near a Native American reservation, either as an enrolled member or a non-Native friend who has access to one, getting a tribal loan may be one of your few viable options for getting fast cash. However, navigating both types of lenders can be challenging without prior experience. Between all the different qualification criteria and individual lender websites, it can be difficult to know where to start your search and what kind of considerations you need to make beforehand. Read on to learn more about tribal loans vs payday loans, eligibility requirements for each lender we cover here, tips for qualifying for a loan even if you have less-than-ideal financial circumstances, and links to detailed guides with step-by-step instructions on how to get a tribal payday loan from each lender we list below.

What’s the Difference Between a Tribal Payday Loan and a Traditional One?

The biggest difference between tribal payday loans and their conventional counterparts is that Native American lenders typically offer interest rates 4-10 times lower. The high-interest rates associated with conventional payday loans are primarily a result of their short-term nature. In exchange for providing cash upfront, tribal lenders expect to be paid back with interest over a longer period of time. Because tribal loans are not regulated by any federal agencies, there is no national standard for what makes a person eligible for one. As a result, tribal lenders have more leeway in deciding which applicants they will approve, and what interest rates they will charge. Many tribal lenders require that applicants have a verifiable source of income, but they are more willing to accept applicants with sub-par credit scores or existing financial obligations.

Which Tribes Offer Loans and Where to Find Them?

  • The Mescalero Apache Tribe: The Mescalero Apache tribe is one of the largest and most prominent Native American tribes in the United States, and serves over 12,000 enrolled members. The tribe’s main economic activities are in the hospitality and tourism industries.
  • The Gila River Indian Community: This tribe is located in Phoenix, Arizona, and is one of the largest tribes in the United States. It has over 70,000 enrolled members and is known for its agricultural enterprises.
  • The Salt River Pima-Maricopa Indian Community: Located in Scottsdale, Arizona, this is another of the largest Native American tribes in the country. It has over 30,000 enrolled members and has been actively engaged in the tourism and hospitality industries.

How to Qualify for a Tribal Payday Loan?

Qualifying for a tribal loan will largely depend on your financial circumstances, but certain general guidelines apply to most lenders. For starters, you will need to prove that you are currently employed, or have sufficient savings or assets to cover the cost of the loan. This is so the lender can be reasonably sure that you will be able to repay the loan with interest. In terms-of-income, tribal lenders differ considerably in their requirements. Some may not have any minimum income requirements at all, while others may require applicants to have a verifiable annual income of $30,000 or more. Debt-to-income ratio (DTI) is a common metric used to determine whether you are financially stable enough to qualify for a loan. It is calculated as the amount of money you owe each month, divided by your gross monthly income. Most traditional lenders typically require your DTI to be below 36%. A credit score is another important consideration when applying for a tribal loan. A large number of tribal lenders do not consider credit history at all, or only consider it as an additional metric in conjunction with a person’s current financial situation. This is because, unlike federal lenders, tribal lenders are not required to report credit histories to the major credit bureaus. Tribal lenders may also consider things like your employment history, the length of your residence in the area, and whether you have any dependents.

Who Can Get a Tribal Payday Loan?

Anyone who lives works, or is a member of a Native American tribe with access to a tribal lending institution can qualify for a tribal loan. These loans are primarily aimed at residents on sovereign tribal lands in the United States, but some lenders may accept non-Native applicants with valid tribal identification. Though much more flexible than conventional payday loans, tribal lenders may still be hesitant to issue loans to people with poor credit histories, little or no employment history, and no verifiable sources of income. If you have poor credit, you may have a better chance of qualifying for a tribal loan than a conventional loan. Tribally-backed loans are not regulated by any federal agencies, and lenders are not required to follow the same qualification guidelines as commercial banks. As such, tribal lenders can be more flexible in their lending requirements. Some tribal lenders may be willing to offer unsecured loans to people with bad credit or no verifiable source of income.

How to Apply for a Tribal Payday Loan

Navigating the application process for a tribal payday loan can feel like trying to find a needle in a haystack. Most lenders do not have a website or a phone number and operate almost entirely over postal mail. The first step to applying for a tribal loan is to contact the nearest tribal government office. Lenders have different requirements and procedures, so it’s important to pick the right one. Once you’ve identified the tribal lender near you, call their business office and ask for the loan application process. Next, you will need to fill out an application form. Tribal lenders do not have a standardized application form, so you will need to contact the lender directly to learn what information they require. The application form may ask you to provide details about your employment, income, assets, and credit history. Once your application form and supporting documentation have been received, the lender will review your application and decide whether to approve your loan. You may be contacted by postal mail, so make sure to keep an eye on your mailbox for important updates.

Is a Tribal Payday Loan Right for You?

The tribal payday loan vs payday loan comparison is clear: tribal lenders offer significantly lower interest rates, less stringent qualification criteria, and a more flexible repayment schedule. However, this does not mean that a tribal payday loan is always the better option. The main drawback of tribal loans is that they are unsecured. Tribal lenders are not required to maintain any formal standards for loan repayments, so there is no federal agency that can help you if you default on your loan. Additionally, applying for a tribal loan can be frustratingly difficult, as lenders do not have a central online portal. You will need to physically visit the tribal business office in person, and submit a paper application via postal mail. Make sure to keep copies of each application form and any supporting documentation you submit. If you feel like a tribal loan is a right choice for you, make sure to carefully review the terms and conditions of each lender near you. There are significant variations between lenders, so find the one that works best for your situation.

Why you should read this guide and FAQs

  • You may not be eligible for a tribal loan if you live outside of a tribal community.
  • You will need to physically visit the tribal business office in person to apply for a loan.
  • You will need to provide documentation to show how you will repay the loan.
  • Tribal loans are unsecured, so if you default on your payment, there is no federal agency that can help you.
  • Tribal lenders don’t have a centralized online portal, so you will need to physically visit their business office in person to apply for a loan.

Now that we’ve covered the basics, let’s take a look at some common FAQs related to tribal payday loans.

Author

Alex J. Mowrey

Alex J. Mowrey

Financial expert at batloan

I’m Alex. I’ve been working in the financial sector for over 10 years and have worked in two US banks. I write about all financial topics. My goal is to help people find the right solution for their situation so that they can get back on track financially!