About Lender
Explore Credit, a lender under WLCC Lending JEM DBA, specializes in short-term installment loans and offers customers a straightforward online application process. WLCC operates under the jurisdiction of the Oglala Sioux Tribe, a federally recognized Indian Tribe, and adheres to the regulatory framework of the Wakpamni Lake Community. They take pride in their commitment to approving customers with proof of income, ensuring transparency with simple interest rates and no hidden fees. Explore Credit operates under a Consumer Loan License, authorized to provide consumer financial services in accordance with the Consumer Loan Ordinance available on their official website.
Key Features
- Lending Solutions for Lower Credit Scores. Explore Credit is a lender committed to serving borrowers with average or lower credit scores, offering a diverse range of features designed to enhance the lending experience for its customers. Explore Credit's approach includes the following key elements:
- Fee-Free Extra Payments. One of the standout features is the ability for borrowers to obtain loans without incurring fees for making extra payments. This unique offering empowers borrowers to save money on interest over time and take control of their financial commitments.
- Loyalty Points Program. In addition to the financial benefits, Explore Credit recognizes and rewards its loyal customers through its innovative Loyalty Points program. Under this program, borrowers earn one loyalty point for every dollar they pay toward their loan. Over time, these points accumulate with regular payments, offering a sense of progress and achievement.
- Unlock Valuable Perks. Once borrowers accumulate 1500 loyalty points, they gain access to a valuable perk—a $25 discount that is automatically applied to their next payment. This not only provides a financial advantage but also serves as a heartfelt expression of gratitude from Explore Credit to its loyal customer community.
- Customer-centric approach. The lender ensures access to financial support but also actively engages with and rewards its customers. The lender is a valuable choice for individuals seeking loans with average or lower credit scores, offering a clear and financially advantageous lending experience.
Pros and Cons
Pros
Cons
Reliability
Explore Credit is a licensed lender. Explore Credit garners both praise and criticism from its customers, reflecting a mix of strengths and weaknesses. Some borrowers commend the lender for its friendly and prompt customer service, finding it convenient and accommodating. However, there are also instances of dissatisfaction among borrowers. Some expressed disappointment when they were not approved for the loan amount they initially requested, with their preapprovals subsequently canceled. Others reported issues where promised discount codes were not applied, and the loyalty program appeared to fall short of expectations. Additionally, a subset of customers has faced declined loans. It's important to note that a few individuals have voiced concerns, labeling the company as deceptive and alleging unauthorized debits from their accounts, despite not having previously engaged with Explore Credit.
How to apply for an Explore Credit loan?
- Determine How Much You Need to Borrow. Start by specifying the loan amount you require. Explore Credit allows you to choose the exact amount that suits your financial needs.
- Create an Account. You'll need to create an account on the Explore Credit website. This typically involves providing your email address and creating a password. This account will serve as your platform for managing your loan application and payments.
- General Information. Fill out the required general information, such as your name, contact details, and social security number. Be sure to provide accurate and up-to-date information.
- Income Verification. Explore Credit may require you to verify your income. You may need to provide documents or information related to your employment or other sources of income to support your loan application.
- Banking Information. You'll be asked to provide your banking information, including your active checking account details. This is essential for loan disbursement and repayment purposes.
- Final Authorization. Review all the information you've provided, ensuring it's accurate and complete. Once you're satisfied, authorize the loan application. This step is crucial to move forward with your loan request.
Conditions and Requirements
Conditions
- Loan Rates and Terms. Rates for installment loans with Explore Credit may fall within a range of 5.99% APR to 35.99% APR. The loan term lengths vary, spanning from 61 days to a generous 72 months. However, it's important to emphasize that these rates and loan term lengths apply exclusively to qualified consumers.
- Loan Amount and Eligibility. Explore Credit offers loans in the range of $250 up to $2,000. These loans are available to borrowers who are 18 years of age or older, ensuring that Explore Credit's services are accessible to a broad demographic of adult borrowers.
- State Restrictions. Explore Credit does not provide loans to residents of specific states and territories. These locations include IL, NY, PA, GA, NC, NJ, VA, MA, MD, AL, CT, AR, WV, NH, SD, AK, VT, Guam, Puerto Rico, and the US Virgin Islands. Borrowers residing in these areas should be aware that Explore Credit's installment loans are not available to them.
Requirements
- Residency Requirement. Borrowers must have legal residency in the state where Explore Credit offers its loan services. The lender typically provides loans to residents within specific states or regions.
- Age Requirement. Borrowers should be at least 18 years old, demonstrating legal adult status.
- Creditworthiness. While Explore Credit may cater to borrowers with average or lower credit scores, demonstrating a level of creditworthiness is essential. Borrowers may need to meet certain financial criteria to qualify for loans.
- Income Verification. Explore Credit may require borrowers to verify their income to ensure they have the financial capacity to repay the loan amount.
- Banking Information. Borrowers will need to provide valid and active banking information, particularly a checking account, for loan disbursement and repayment purposes.
Ways to receive the money
Explore Credit provides various convenient methods for borrowers to receive the funds from their installment loans. Once approved, borrowers can typically choose between direct deposit or paper check delivery.
Products
Explore Credit provides a comprehensive installment loan product designed to cater to the financial needs of eligible borrowers. With this offering, borrowers can access a range of loan amounts and repayment terms that suit their unique circumstances. Explore Credit's installment loans aim to provide flexible and transparent lending solutions, supporting borrowers in achieving their financial goals while adhering to established terms and conditions.
Alternatives
Spotloan
Spotloan, established in 2012, is a lending institution that specializes in offering installment loans, enabling borrowers to gradually reduce their balance with each timely payment. Loan amounts vary from $300 to $1,500, with new and repeat borrowers qualifying for up to $800, while preferred borrowers with ten or more loans can access up to $1,500. Spotloan is owned by BlueChip Financial, a tribally-owned entity governed by the Turtle Mountain Band of Chippewa Indians of North Dakota, one of the country's largest federally recognized Indian Tribes.
Big Picture Loans
Big Picture Loans, a respected lending organization, serves as a wholly owned subsidiary of Tribal Economic Development Holdings, LLC, operating as an economic arm of the Lac Vieux Desert Band of Lake Superior Chippewa Indians, a federally recognized tribe. Their flexible borrowing options allow customers to secure loans ranging from $200 to $3,500, with repayment terms spanning from 4 to 18 months.
River Valley Loans
River Valley Loans provides a financial solution tailored to those facing urgent financial needs, offering same-day installment loans of up to $3,000 for handling unexpected expenses. Their tribal installment loans feature a straightforward and rapid application process, ensuring borrowers can access funds without unnecessary delays.
MaxLend
MaxLend, a notable financial service provider, excels in promptly delivering funds of up to $3,000 directly to borrowers' bank accounts, ensuring quick access to necessary funds. Operating as an economic development arm and instrumentality of the Mandan, Hidatsa, and Arikara Nation, a federally recognized sovereign American Indian Tribe, MaxLend operates as a sovereign enterprise.
Editorial Opinion
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Methodology
At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.
In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.
At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.
Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.
