Apply Below: 

https://partnerwitherik.com/t/national-small-loan

National Small Loan Review

National Small Loan is categorized as an Internet-based tribal lender. They primarily provide loans that are between $100 to $12,000. If you are a first-time client, you typically won’t have access to loans of more than $500. The said company services most states except Wisconsin, West Virginia, Washington, Pennsylvania, New York, Connecticut, and Arkansas.

National Small Loan claims that it doesn’t use TransUnion, Experian, and Equifax to evaluate loan applications. However, they do use other national credit databases. 

If you consider getting a loan from National Small Loan, then below are a few crucial things you need to know. 

National Small Loan Has Potential High-Interest Rates

You can’t find a published interest rate on the National Small Loan’s website. Instead, they will tell you the interest rate once your loan application is approved. Of course, you have the option to decline the offer if you think the interest rate and terms do not favor you. 

Because of this process, there’s a potential that you’ll be getting a relatively high-interest rate. 

To be fair to National Small Loan, high-interest rates or APR is the norm for short-term loans. Also, the said company is upfront about it by saying that their service is an expensive form of borrowing, and it shouldn’t be used as a long-term solution. 

National Small Loan states that the fees and interest rates are determined by several factors such as employment status, income, debt, payment history, and credit history. 

Good Credit Is Not A Must To Qualify For A National Small Loan

Since National Small Loan doesn’t use the three major credit bureaus, you still have a chance to get approved even if you have a “bad” credit score in TransUnion, Experian, or Equifax. But as mentioned before, the said company still uses other credit history databases. So, as a result, your credit history will still play a role in the overall transaction. 

You should keep in mind that even if you qualify for a loan, it doesn’t mean that’s automatically a good thing for you. You still need to check your finances and compare them against their terms and interest rate to make sure you are making a solid decision. 

Small Loan Fees Are A Bit Expensive

When you repay your loan, you’ll have to pay for the principal amount, interest rates, and other fees. However, if you cannot comply with the terms of the dot, you’ll likely be facing extra fees from National Small Loan. 

As an example, if your repayment is not honored or returned, you’ll be facing an insufficient fund fee of $25. Also, you’ll face a $30 late fee if you cannot make payments within a day of the scheduled payment date. 

No Early Repayment Penalty For National Loans

One excellent thing about National Small Loan is that there’s no early repayment penalty. This means that if you can repay your debt ahead of schedule, the said company won’t charge you any fees. 

Minor Notable Information

Below are a few minor but crucial information about the National Small Loan. 

* Fast funding – if your loan application is approved before 2 p.m. EST, then you will get your money before 24 business hours. This only applies from Mondays through Fridays. 

* Small-amount borrowing – other similar loan providers will usually impose a minimum borrowing amount of $1,000. The great thing about National Small Loan is that you can borrow money as low as $100. 

* Repayment terms are a bit vague – as mentioned above, National Small Loan doesn’t disclose the interest rate until you are approved. This also applies to the repayment terms. Hence, you won’t know how long or short the repayment schedule is until you get approved. 

Should You Get A Personal Loan At The National Small Loan? 

National Small Loan categorizes their loans like personal loans or calls them installment loans. They may not call it payday loans, but the APR can still get expensive. 

While it’s still not a bad idea to get a loan from National Small Loan, but you may want to treat it as a last resort. This is primarily because you won’t know the APR until approved, making it difficult to compare and shop. 

Because of the possible high APR of National Small Loan, please don’t shy away from comparing them to other payday loans. You might get a better deal. Alternatively, you could also use other apps such as Dave and Earnin as a possible solution. 

How To Apply

National Small Loan has only a few requirements when applying. 

Must be 18 years old or above

Must have an income source

Must have an active bank account

Must have basic information (name, date of birth, phone number, address, and SSS number). 

If approved, National Small Loan will contact you through email or phone. You’ll also get an electronic contract for you to sign. 

Are There Any Alternatives To National Small Loan? 

Earnin – an app that allows you to borrow up to $1,000 if you meet the requirements. There are no mandatory fees or interest. Instead, it’s all based on tips. You pay what you think is fair. 

OneMain Financial – an excellent alternative as you can see your potential interest rates before you get approved. However, the interest rates and terms may slightly change after your loan application gets approved. You may also be subjected to a hard inquiry if you submit an official loan application. 

Wrapping It All Up 

The main downside of National Small Loan is that they don’t disclose the interest rates and terms before your loan application gets approved. Also, there are insufficient-fund and late fees that you need to be aware of. Lastly, it may not be available in your state. 

National Small Loan has its upsides. For example, they can provide fast funding. Also, you won’t be paying fees if you decide to pay off your loans ahead of schedule. 

 

SOURCE: https://www.youtube.com/watch?v=W8KMczN_NUk