Minto Money Lending App: Everything You Need to Know
Today, you’ll come across several lending apps and companies that help borrowers in crucial times. People often need cash to meet their daily needs of life.
Sometimes, people may need excess cash or money in times of medical emergency or when they have to their children’s education.
Minto Money is a similar app. It has the primary responsibility of giving loans to small borrowers (belonging to Minto tribe) who may be in immediate need of cash or money.
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What Is Minto Money?
From the above, it’s clear that Minto Money is a money lender that primarily pays borrowers in times of urgent need. In other words, borrowers can’t go and borrow money from it—just to flaunt their wealth and assets. You need a valid reason to take money on a loan from Minto Money.
However, Minto Money is still unknown to many people. It is because the site doesn’t promote itself much. Also, if you go online, you may not see many details about interest rates, documentation fees or the duration for which a person can take the loan.
Moreover, Minto Money warns its potential customers time and again, that the company charges a premium rate of interest from borrowers for loans granted to them.
Features of Minto Money
1. 100% Online Process
Before you wish to seek a loan from Minto Money, you have to fill out an application form online on its website. Only when your request is approved, you’ll have to get the document signed electronically by you.
After this, you’ll see the necessary charges and fees. Soon, you’ll get the requested amount of the loan credited to your bank account.
2. Rate of Interest
Unlike other lending institutions, Minto Money doesn’t show its rate of interest on its site. Only the successful borrowers (whose application gets accepted) can get full details about it. Others (rejected candidates) won’t get any information regarding interest and charges.
However, the APR (Annual Percentage Rate) of loans taken from Minto Money is expected to be between 5% to 35% when compounded annually.
3. Amount of Loan
Minto Money primarily serves the Minto tribe in Alaska. A borrower can take a loan up to $3000 in multiple installments. These are mainly short-term loans for emergency purposes only.
4. Repayment of the Loan
A borrower can repay the amount of the loan in several installments plus interest. A borrower has to repay the entire amount of the loan in several installments.
Unlike payday loans, you need not pay the entire amount of the loan in advance.
Pros and Cons of Minto Money
Merits of Minto Money
- No physical verification
- 100% online process
- 100% secrecy and confidential procedure
- Option to repay the loan in installments
Demerits of Minto Money
- Not a licensed firm
- Its service is limited to Alaska state only
- The firm doesn’t openly speak about its rates and terms
Is Minto Money Licensed?
Interestingly, Minto Money is not licensed. The Federal Trade Commission or the state authorities have no control over Minto Money. However, Minto Money adheres to tribal laws as applicable to the Minto Tribes of Alaska.
Who Should Take Loans from Minto Money
- A person belonging to the Minto tribe
- If you are in urgent need of money
- If there is any medical emergency at home
- You shouldn’t be part of the US Military
How to Apply for a Loan from Minto Money?
Step 1: Go to the official website of Minto Money
Step 2: Furnish all necessary details
Step 3: Share relevant information about your income
Step 4: You must make a declaration that you don’t have a pending bankruptcy case against you
Step 5: Enter the amount of loan that you wish to obtain
Step 6: Press the submit button at the end to confirm your application.
Step 7: Wait for a few hours, if your application gets accepted, you’ll be notified via email.
Step 8: If your application is accepted, the requested amount will be credited to your account immediately.
Step 9: If your application is rejected, you can’t go ahead.
Best Minto Money Alternatives
1. Net Credit
It’s a good option if you wish to obtain a loan of up to $9,999. Even a person who doesn’t have a good credit score can get a loan.
It is a reputed organization that offers the best rates to its borrowers. The process is 100% online so it’s prompt and easy. You can even make a comparative study of various other lenders to choose the best one for you.
3. PenFed Credit Union
PenFed has served over 2-3 million customers since its inception. It is a federally-recognized institute and offers various types of loans, including auto loans, mortgages, personal loans, etc. You can get up to five years to pay back the loan.
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You always have the option of reaching out to the Minto Money website whenever you need money. However, if you don’t belong to the Minto tribe or live outside Alaska, it’s extremely difficult to get loans from Minto Money.
You can instead reach out to various alternative loan companies as mentioned above and see if they grant you the requested amount in case the emergency needs. You can also borrow from your friends and family members if you are in dire need of cash.
However, Minto Money is suitable for one-time needs. It’s better to create your own financial plan so that you don’t have to borrow any more!