What are these businesses, where do they come from, and what advantages do they offer?
An Old Business, a New Business ModelBanks and credit unions manage all kinds of financial transactions. Lenders focus on one thing – issuing loans. This focus allows independent lenders to offer much greater response time, and faster disbursement of funds.
Tribal lenders operate from sovereign Native American tribal lands. They are the same lending businesses that operate everywhere else, with one distinction: they abide by the rules of that tribe, and not the federal government.
“Sovereign” means self governing. The tribe enacts and enforces the rules and laws for business and lending. These rules will vary between tribes. By operating on their own, away from the federal government, they can provide fresh alternatives to the heavily regulated banking industry.
New Tribal Lenders to Serve YouEvery bank in America follows the same rules and offers the same rates.
But every tribe has its own regulations, and dozens of different tribes have lending businesses. By going to the tribe – by going outside the mainstream banking industry — you have a chance to find a truly different kind of loan.
Because many of these new tribal lenders are small, independently run businesses, they are much more responsive to the needs of their customers. These are not multi-national corporations with hundreds of identical branches, these are traditional American small businesses, the backbone of our way of life.
Spoiled for ChoiceWhen it comes to tribal lenders the “industry standard” is different. You may find better rates, or more beneficial repayment terms, with one tribe over the next.
The big banks are all the same, but New tribal lenders are all different. This means you need to do a little Google searching and find the one that is right for your needs.
Might we suggest National Small Loan?