About Lender
Mountain Summit Financial is an online lending company that provides financial services to consumers across 35 states in the United States. The company understands that many consumers are looking for convenient ways to borrow money and manage their finances and offers online loans that are designed to provide quick access to cash when and where it is needed.
One of the key benefits of Mountain Summit Financial's loans is the repayment period, which allows consumers to repay their loans over time. This can be especially helpful for those who are dealing with unexpected expenses, such as home repairs, car maintenance, or medical bills. The company believes in responsible lending and takes the time to get to know its customers' financial situations, including their income and expenses, in order to determine their ability to repay the loan.
Mountain Summit Financial is owned by the Habematolel Pomo of Upper Lake, California, a federally recognized tribal group in the United States. By operating as a tribal lending entity, Mountain Summit Financial is able to offer loans to consumers while also providing economic stability to the tribe. The company's ownership structure also allows it to offer a fresh start to those with imperfect credit who may not have access to traditional lending sources.
To contact Mountain Summit Financial, call 855-819-6999, email [email protected], or log on to its website and use LiveChat to talk with an agent.
Overall, Mountain Summit Financial provides a valuable service to consumers in need of quick and convenient access to cash while also helping to support the economic growth of a tribal community.
Key Features
Mountain Summit Financial offers a number of key features that make it a popular choice among consumers seeking quick and convenient access to cash. Some of the key features of Mountain Summit Financial include the following:
- Online Loans: The company offers financial services to consumers allowing them to apply for a loan from the comfort of their homes.
- Easy Application Process: The application process for a loan from Mountain Summit Financial is quick and easy, with most consumers able to complete the process in just a few minutes.
- Loans up to $2,500: Mountain Summit Financial offers loans of up to $1,500 to qualified borrowers, giving consumers access to the cash they need to deal with unexpected expenses.
- Repayment Period: Mountain Summit Financial's loans come with a repayment period that allows consumers to repay the loan over time rather than having to pay it back all at once.
- Responsible Lending: Mountain Summit Financial believes in responsible lending and takes the time to get to know its customers' financial situations before approving a loan.
- Tribal Ownership: Mountain Summit Financial is owned by the Habematolel Pomo of Upper Lake, California, a federally recognized tribal group in the United States. This ownership structure allows the company to offer consumers loans while supporting economic growth in the tribal community.
Overall, Mountain Summit Financial provides a range of features that make it a convenient and responsible option for consumers in need of a loan. With its easy application process, flexible repayment period, and loans of up to $1,500, Mountain Summit Financial is a popular choice for those dealing with unexpected expenses.
Pros and Cons
As with any financial service, there are both pros and cons to using Mountain Summit Financial. Here are some of the key pros and cons to consider:
Pros
- Easy and Convenient Application Process: Mountain Summit Financial offers a quick and easy application process for its loans, allowing consumers to apply online from their homes.
- Loans up to $2,500: Mountain Summit Financial offers loans of up to $1,500 to first-time qualified borrowers, which can be helpful for those facing unexpected expenses.
- Repayment Period: Mountain Summit Financial's loans come with a repayment period that allows consumers to repay the loan over time rather than having to pay it back all at once.
- Tribal Ownership: Mountain Summit Financial is owned by the Habematolel Pomo of Upper Lake, California, a federally recognized tribal group in the United States. This ownership structure allows the company to offer consumers loans while supporting economic growth in the tribal community.
Cons
- Higher Interest Rates: Mountain Summit Financial's loans may come with higher interest rates than traditional lenders, which can make them more expensive in the long run.
- Limited Availability: Mountain Summit Financial is only available in 35 states, which may make it difficult for some consumers to access its services.
- Small Loan Amounts: Mountain Summit Financial offers loans of up to $2,500 for subsequent loans, but this may not be enough for consumers with larger expenses.
- Short Repayment Period: While Mountain Summit Financial offers a repayment period, it may be shorter than some consumers would prefer, making it difficult to manage repayment.
Overall, Mountain Summit Financial offers a convenient option for those in need of quick access to cash. Still, consumers should carefully consider the pros and cons before taking out a loan. It's important to understand the terms of the loan, including the interest rate and repayment period, and to make sure that the loan is the right fit for your financial situation.
Products
Mountain Summit Financial offers small personal short-term loans to consumers who need quick access to cash to cover unexpected expenses. These loans are designed to be repaid over a short period of time, typically within a few weeks to a few months. They are intended to provide a temporary solution to financial emergencies.
The loans offered by Mountain Summit Financial are unsecured, meaning that they do not require collateral such as a car or home to be put up as security for the loan. Instead, the loan is based on the borrower's creditworthiness and ability to repay the loan.
The amount that borrowers can apply for with Mountain Summit Financial ranges up to $2,500. This is a smaller loan amount compared to some traditional lenders but can be helpful for those who need a quick infusion of cash to cover unexpected expenses such as car repairs, down payments, medical bills, or home repairs.
One of the key features of Mountain Summit Financial's small personal short-term loans is the repayment period. These loans are designed to be repaid over a short period of time, typically within a few weeks to a few months, which can help borrowers avoid the long-term debt associated with larger loans. The repayment period allows borrowers to repay the loan in small installments over time, which can make paying it back more manageable for those on a tight budget.
Overall, the small personal short-term loans offered by Mountain Summit Financial are a good option for those in need of quick access to cash to cover unexpected expenses. However, borrowers should carefully consider the terms of the loan, including the interest rate and repayment period, to ensure that it is the right fit for their financial situation.
Reliability
The reliability of Mountain Summit Financial can be assessed based on a number of factors, including customer reviews, industry ratings, and available information about the company. Here are some key considerations to keep in mind:
- Customer Reviews. Mountain Summit Financial has a 4.7 rating on Trustpilot, which is considered an excellent rating. Many customers praise the company for its quick, easy application process and responsive customer service.
- BBB Rating. While Mountain Summit Financial has a B rating from the Better Business Bureau (BBB), it is important to note that the company is not BBB-accredited. The BBB rating is based on factors such as customer complaints and response times and may be affected by the fact that Mountain Summit Financial is a tribal lending entity.
- Available Information. There is a significant amount of information available online about Mountain Summit Financial, including details about the company's ownership, lending practices, and customer service. The company is transparent about its ownership structure as a tribal lending entity and provides detailed information about its loan products and repayment terms.
- It is important to note that the Consumer Financial Protection Bureau (CFPB) took action against Mountain Summit Financial and three other online lenders (Golden Valley Lending, Inc., Silver Cloud Financial, Inc., and Majestic Lake Financial, Inc.) in 2017 for allegedly deceiving consumers by collecting debt they were not legally owed. While this action by the CFPB may raise concerns about the reliability of Mountain Summit Financial, it is important to note that the company has since taken steps to address the issue and has remained in operation.
Overall, while Mountain Summit Financial may not have a perfect rating from industry organizations, it has generally positive reviews from customers and is transparent about its lending practices. As with any financial service, it is important for borrowers to carefully consider the terms of the loan and make sure that it is the right fit for their financial situation.
Funding a Loan
Once you have received your loan confirmation or approval documents, the funds will be deposited into your bank account. Depending on your bank, this process may take a few hours or up to one business day. Applications approved by 4:30 PM EST Monday through Friday are usually funded the next business day.
It is important to carefully consider the terms of the loan before applying, including the interest rate, repayment period, and any fees or charges associated with the loan. Be sure to read the loan agreement carefully before signing, and reach out to Mountain Summit Financial if you have any questions or concerns about the loan process or payment amount.
Loan Conditions
Mountain Summit Financial offers short-term loans with a number of conditions that borrowers should be aware of before applying. Here are some of the key loan conditions to keep in mind:
- One Loan at a Time. Borrowers are only eligible to receive one loan with Mountain Summit Financial at a time. This means that you cannot apply for another loan until your current loan has been repaid. First-time borrowers with Mountain Summit Financial may be eligible for a loan of between $300 and $1,500. For subsequent loans, returning customers may be eligible for loans of up to $2,500, depending on their individual circumstances.
- Credit Check. While Mountain Summit Financial does provide loans to those with bad credit or no credit, the company may review your credit report as part of the application process. The decision to approve a loan is based on the information provided in the application and the credit check results. In addition, the company reports to credit bureaus.
- Extremely High-Interest Rates. Like any other payday lender, the company charges so high-interest rates that several years ago, it resulted in legal action. A class action lawsuit alleged that several lending companies formed under the tribal laws of the Habematolel Pomo of the Upper Lake tribe attempted to evade state laws related to interest rates and lending safety. One of these companies was Mountain Summit Financial. The plaintiffs in the case claimed that they were charged interest rates of up to 919% on payday loans, which may be permitted under tribal laws but were not clearly communicated to borrowers who believed that state laws would apply. As a result, tribal officials agreed to fund a $39 million settlement to resolve the claims. The settlement benefits those who obtained a loan from Golden Valley, Silver Cloud, Majestic Lake, or Mountain Summit Financial (prior to February 1, 2021).
- Loan Agreement. The Loan Agreement outlines the financial terms of your consumer loan, including the cost of the loan, the dollar amount of the loan, the annual percentage rate, and the method and schedule of repayment. Be sure to read this agreement carefully before signing, and ask any questions you may have before accepting the loan.
- Repayment. Repayment of the loan can be made either on the first due date or according to the schedule outlined in the Consumer Loan & Arbitration Agreement. The loan is designed to be repaid over a short period of time, typically within a few weeks to a few months, and includes both principal and interest.
Overall, borrowers should carefully consider the loan conditions before applying for a loan from Mountain Summit Financial. It is important to understand the terms of the loan, including the cost and repayment schedule, and to make sure that it is the right fit for your financial situation.
