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Radiant Cash Personal Loans Review
If you’re ever facing a financial emergency, you might need money fast. Before turning to a quick cash lender, it’s wise to explore other funding opportunities that aren’t as expensive as payday or bad credit loans. However, not everyone can find options that will work for them, and a personal loan is the only option left sometimes. That’s where lender marketplaces like RadiantCash.com come in.
Radiant Cash is a marketplace that connects borrowers with bad credit with tribal lenders from Las Vegas, Nevada. These tribal lenders are owned by Native American tribes and offer small, short-term loans at high interest rates. While it isn’t the best choice for most borrowers, it can be used as a last resort for borrowers without other options.
When we review lenders like RadiantCash.com, we use our SimpleScore methodology to consider factors such as interest rates, loan size, customer satisfaction, support and fees to prove honest and transparent ratings.
RadiantCash.com at a glance
|Loan Amount||Up to $2,500|
|Eligibility Requirements||Monthly income of at least $800|
|Best For||Borrowers with very bad or no credit who have no other borrowing options.|
|Not For||Borrowers eligible for a personal loan elsewhere.|
|Contact Customer Serviceemail@example.com|
What we like about RadiantCash.com
RadiantCash.com advertises that once matched and approved with a tribal installment loan provider, borrowers can receive their funding in as little as one business day. This is a boon for borrowers who need to pay a bill quickly or are in a serious financial emergency that requires fast action. However, as fast as the funding is, remember it comes with a steep cost of borrowing from lenders with high interest rates.
Available to borrowers with bad credit
Borrowers with bad credit scores (or no credit scores at all) often have a difficult time finding a lender willing to extend a personal loan. And unfortunately, they don’t typically qualify for the best loan offers. While RadiantCash.com doesn’t offer competitive interest rates, it does offer loans to borrowers who may not otherwise be able to qualify for one.
Things to consider
High interest rates
According to the RadiantCash.com website, interest rates on short-term loans can range from 200% to 2,290%. RadiantCash.com isn’t a lender and doesn’t have the final say on what interest rate you qualify for — the tribal lender you match with and apply for will dictate your interest. That being said, you can generally expect that the lowest rates will be reserved for borrowers with good credit scores.
Small, short-term loans only
RadiantCash.com is not a suitable option for anyone who needs to borrow a large amount of money or who needs extended loan terms. The tribal marketplace lender only offers matching to lenders with amounts ranging from $100 to $2,500. And while its website doesn’t indicate what loan terms are available, it does explicitly state that it connects borrowers with short-term funding.
Not a direct lender
RadiantCash.com isn’t a direct personal loan lender. Instead, it offers a marketplace where prospective borrowers can be matched up with tribal lenders in Las Vegas who have loans to fit their needs. While it can be beneficial to have access to multiple loans at once, it also has its downsides. Because RadiantCash.com won’t be your lender, it also can’t provide much customer support or stand behind the loan product.
[ See: How Personal Loans Work ]
RadiantCash.com bad credit loans vs. the competition
How much will a RadiantCash.com loan cost?
Because RadiantCash.com isn’t a lender, it can’t guarantee your interest rate. And while the marketplace doesn’t charge any fees for its services, borrowers will likely pay fees to the lender.
The interest rate you’re likely to get from a RadiantCash.com lender is likely higher than what is available from other lenders. According to its website, loan rates range from 200% to 2,290%. Even for a small, short-term loan, you’ll pay a large amount of interest.
Let’s say you borrow $1,000 that you plan to pay back within two months. Even at the lowest interest rate of 200%, you’ll end up paying more than $250 in interest. If you’re already in a bad financial spot and need money quickly, a loan through RadiantCash.com will make your financial situation even worse. Only take out a bad credit personal loan if you’re fully confident you can pay it back.
Cheaper alternatives to RadiantCash.com
Depending on your credit score, there’s a good chance you can find a more affordable personal loan than RadiantCash.com. For borrowers with bad credit, lenders like Upstart and BadCreditLoans.com offer starting interest rates below 10%.
However, before you take out a personal loan — whether with no credit or bad credit — ask yourself if a personal loan from RadiantCash.com is the best choice. First, you should consider borrowing from friends, family or your 401(k). Then, you could explore credit cards for bad credit, which may have lower interest rates, or tap into community resources like charities or food banks. Just make sure you consider all other options available to you before taking out a personal loan, since it’s an extremely costly product.
We welcome your feedback on this article and would love to hear about your experience with the personal loans we recommend. Contact us at firstname.lastname@example.org with comments or questions.