Minto Money Review: Small, Pricey Tribal Loans
What you need to know in regards to a Minto Money personal loan
Minto Money is a tribal loan company offering installment loans as much as $3,000. They are short-term loans made to help individuals who need cash fast but who would like at least some time to repay what they borrow. Minto was originally designed to support the Native Village of Minto, which is a recognized Native American Indian tribe in Alaska.
Not transparent about rates and fees
If you search the Minto Money website for details about rates and costs, you will not find much. In the small print on its site, Minto advises, “our fees are disclosed inside your loan agreement” but doesn't give any suggestion of what their selection of fees is before you decide to apply, aside from $20 additional fees and $30 nonsufficient funds fees for returned payments.
Minto Money also admits in its fine print that other financing options, like a home equity line credit or credit card cash loan, may be a better, cheaper alternative.
Online application and approval
To obtain a Minto Money loan, you are able to submit an application online. If you are approved, you'll be able to sign the state loan documents (where you'll finally see what the loan can cost you) electronically. You can expect the money inside your account within one business day, based on your bank.
Not regulated by state laws
Tribal lenders like Minto Money aren't necessarily regulated by state authorities, the Federal Trade Commission or the Consumer Financial Protection Bureau, though Minto Money claims to adhere to laws that apply to short-term an internet-based lending.
Installment payment plan options
Unlike with payday loans, which need you to repay that which you borrow by your next paycheck, Minto Money loans are quick installment loans. Which means you are able to repay the funds over time, but Minto is not transparent concerning the length of its loans or how many installments are needed. The website simply claims that Minto Money will work with you to design a “manageable payment schedule” that coincides together with your paydays.
A closer consider a Minto Money personal loan
Here are several more details to bear in mind if you're thinking about a Minto Money personal bank loan.
- Not available in every state – Minto Money doesn't lend to borrowers in every state, so if you're interested, check to see if yours is excluded.
- Not open to active military members – Should you apply online, at the end from the form there's a field asking if you are active military. Those who respond “yes” get a message saying there are no loans offered to you at this time.
- May be eligible for a same-day funding – If your application qualifies Monday through Friday by 2 p.m. Central time, you may be able to get your money that very same day, depending on your bank.
- Can cancel your loan – You may not be tied to the loan if you realize it isn't right for you after approval. Minto Money says it will allow you to cancel, but you must do so by 4 p.m. Central time the next business day once you receive the funds.
- No prepayment penalties – If you want to pay off the loan early, you may be able to perform so without facing a prepayment penalty. You'll need to contact customer service to allow them to process your final payment.
Who is a Minto Money loan great for?
It might be risky to try to get a Minto Money loan. Since its rates and fees are unclear, you won't be aware of costs of your loan (or how long you need to repay it) until you apply, get approval and receive a loan agreement.
Before are applying for any Minto Money loan to pay for emergency expenses, consider other poor credit lenders who might be more transparent regarding their costs – or who might allow you to prequalify with no hard credit inquiry, which can temporarily ding your credit.
Another smart move is to consider a payday alternative loan from a federal credit union or a loan app.
If you do choose to take a loan from Minto Money, read the fine print and ensure you're aware of the interest rates and fees and payment term prior to signing. Minto acknowledges that these are expensive loans, and you ought to know what you're getting into before committing.
How to use with Minto Money
You may find it's possible to get approved for a Minto Money loan even if you have bad credit, as the lender will consider additional factors much like your income and banking history.
Eligibility requirements for a loan from tribal lender Minto Money include –
- You must be 18 years or older
- You ought not to be inside a bankruptcy case
- You must share contact information, income and bank account info
If you've considered your choices but still think Minto Money might be best for you, you are able to complete rapid application form on its site. You'll indicate just how much you want to borrow along with your name, email and state.
There's also a section that will require you to share your income along with other information. You will also need to make contact with a customer service representative to complete the verification process.
Not confident that Minto Cash is best for you? Think about these alternatives.
- OneMain Financial: If you'd like to prequalify for a financial loan and check your potential rate, OneMain Financial may be an option.
- NetCredit: NetCredit may make sense without having the very best credit but need a larger emergency loan as high as $10,000 using the option to prequalify.