Borrow from this tribal lender offering up to $1,500 for first-timers.
There are times when you need to borrow more than what payday lenders typically offer — or you need more than a couple of weeks to pay the money back.
InboxLoan is a tribal lender offering unsecured installment loans that range from $200 to $1,500 for first-time borrowers with month-to-month repayments, rather than a large lump sum on your paydate.
Run by the Kashia Band of Pomo Indians of the Stewarts Point Rancheria in California’s Sonoma County, InboxLoan helps fund tribal programs and is available in most of the US.
- Product name. InboxLoan
- Maximum loan. $1,500 for first-time borrowers, $5,000 for returning borrowers
- Minimum loan. $200
- Loan terms. Varies by loan amount
- Interest rate. Varies by state of residence, loan amount and repayment period
- Requirements. Regular source of income, valid banking account, valid email address and phone number, ages 21+
- Not available in Alaska, Arkansas, Georgia, Hawaii, Maryland, Montana, New Hampshire, New York, Utah, Vermont, Virginia and West Virginia.
A tribal lender is a loan provider that operates under the Native American tribe. These lenders abide by their tribe’s laws, rather than state regulation. Tribal lenders offer loans to the public, but because they have sovereignty from the federal government they don’t have to follow strict state regulations.
What are the benefits and drawbacks of InboxLoan?
- Repay your loan in multiple installments. Unlike a payday loan, installment loans are repaid over multiple payments based on when you get paid, giving you more time to pay off what you owe.
- No prepayment penalty. If you’re able to pay off your loan early, InboxLoan won’t charge a prepayment penalty. This option saves you money on unnecessary interest and financing fees, which means you’ll pay less in the long run.
- Bad credit is OK. InboxLoan understands that we don’t all have the best credit. Its installment loans are designed to help you access financing based on your ability to pay it back — not your credit history.
- First loans of up to $1,500. First-time borrowers can borrow from $200 to $1,500. Once you’ve successfully repaid your first loan, you can then borrow up to $5,000.
- Automatic debit required. Funds are deposited directly into your account, but payments are withdrawn directly from this account as well. If you don’t have enough money in your account, you face stiff fee from InboxLoan and potential overdraft fees from your bank.
- Regulated by tribal laws. Because InboxLoan is run by a tribal band, it applies its own laws to loans and repayment plans. Be sure that you understand how tribal lenders work before signing a contract.
- High costs and fees. Most short-term loans come with high interest rates and hefty financing fees. If you can’t pay back your loan on schedule, you could find yourself stuck in a cycle of bad debt.
Compare InboxLoan to other online installment loan providers
How much does it cost to borrow from InboxLoan?
How much you end up paying depends on how much you borrow, your financial situation and the terms you’re ultimately offered. Varying terms and conditions are common for all short-term lending, so be sure to read the fine print of your specific loan documents before accepting them. And be absolutely sure that you can afford to take on this extra source of debt.
Installment loans are repaid in monthly or twice-monthly payments. While installments can be more convenient than owing a lump sum in two weeks, like with a traditional payday loan, InboxLoan options often end up costing you much more than you’re initially borrowing. This is because the provider deducts a financing fee and interest from your loan before forwarding the principal.
How can I reduce the total cost of my installment loan?
To reduce the overall cost of your loan, try to pay off the principal as quickly as possible. This means you should budget to pay more than your minimum payment, which will be made up of mostly interest charges. No prepayment penalties only sweetens the deal.
Fees for late or insufficient payments add up quickly. If you make a late payment or miss one entirely, InboxLoan will charge you a $30 fee. And if there isn’t enough money in your bank account at the time of withdrawal, you’re charged another $30.
Is it safe to use InboxLoan?
Yes. InboxLoan’s site is secured through an SSL server, meaning your private information is safe when entered into the site’s forms.
Note that InboxLoan can share your information with its affiliates for business and marketing, sometimes well after you’ve satisfied your loan. You can limit or stop this sharing by contacting InboxLoan by phone or email.
InboxLoan doesn’t have many customer reviews on trusted websites like Better Business Bureau or Trustpilot. You may want to call customer service to ask about specific terms and policies to be sure you’re comfortable with applying.
Are there any risks to getting a short-term loan online?
Like other online interactions that involve your bank account, short-term loans come with inherent risks. Still, you can stay vigilant by looking out for unsound business practices such as guaranteed approval or upfront fees. Read our guide on payday loan scams to find out how you can tell if a payday loan is legit or not.
Am I eligible?
Your credit score isn’t the most important factor with InboxLoan. Instead, InboxLoan determines your eligibility based off your ability to repay and the information you provide.
To qualify for an installment loan from InboxLoan, you’ll need to meet three eligibility requirements:
- You must be at least 21 years old.
- You must live in a state InboxLoan services.
- You must a valid checking account.
How do I apply with InboxLoan?
To apply for an installment loan with InboxLoan:
- Visit InboxLoan’s site and click Apply Now.
- Enter the required information and choose a loan amount.
- Once you apply, a representative will contact you to confirm your application.
- If you’ve applied before 8 p.m. EST, you may receive your funds by the next business day. Otherwise, it can take up to three days to see your loan transfer.
To complete your application, be ready to submit:
- Your personal information. Your name, Social Security number, driver’s license number, home address, phone number and email.
- Your income information. Your income amount, pay frequency and employer information.
- Your bank details. Your account type, routing number and account number.
If you’re looking for a loan of up to $1,500 to cover an emergency expense or a gap in your budget, the tribal lender InboxLoan might be a hassle-free solution. It offers clear terms, 24/7 customer service and a willingness to work with any credit history.
If you’re concerned about InboxLoan’s thin online reputation, you may want to compare other installment loan providers to find one with more positive online reviews. But make sure that you can repay these loans that tend to come with high rates and fees before signing any contract.
Frequently asked questions
How quickly can I receive my loan?
If your application is approved by 8 p.m. EST Monday to Friday, you might see your loan funds by the next business day. Applications received after 8 p.m. or on weekends generally take two business days to fund.
Keep in mind that how quickly you see the money in your account largely depends on your bank. Once InboxLoan processes your application, it could take a few days for your bank to approve the amount in your account.
What is the minimum amount I have to pay by the due date?
How much you’ll pay depends on your loan contract. Each installment includes your interest and financing fee along with a small portion of your principal. Read your loan contract carefully to understand the full cost of your loan.
How do I finalize my loan with InboxLoan?
If your application is approved, an InboxLoan rep will call or email you to complete the process. InboxLoan may want to confirm your identity, so keep your application materials close at hand.
Does InboxLoan offer loans in my state?
InboxLoan does not operate in:
- New Hampshire
- New York
- West Virginia
If you live in one of the states listed above, you can visit our short-term loans state directory to find loan options where you live.
What happens if I know my payment will be late?
If you don’t think you can meet a repayment, contact InboxLoan directly at least two days in advance. A representative might be willing to work with you to adjust your repayment schedule.