Makwa Finance is a tribal lending company that offers short-term installment loans to individuals and small businesses who need quick cash. Makwa Finance is owned and operated by the Lac du Flambeau Band of Lake Superior Chippewa Indians, a federally recognized sovereign Indian nation. The company operates within the interior boundaries of the Tribe’s reservation in Lac du Flambeau, Wisconsin.
Makwa Finance provides loans ranging from $300 to $2,500, with repayment terms of 6 to 12 months. The loans are not subject to state laws or regulations, but rather follow the principles of federal consumer finance laws, as incorporated by the Tribe. The loans have an annual percentage rate (APR) of 399%, which is higher than most traditional lenders, but lower than some other tribal lenders.
To apply for a loan from Makwa Finance, you need to meet the following requirements:
- Be at least 18 years old
- Have a valid bank account
- Have a regular source of income
- Have a valid email address and phone number
- Be able to enter a legally binding contract
You can apply for a loan online through the Makwa Finance website. You will need to provide some personal and financial information, such as your name, address, social security number, income, and bank account details. You will also need to agree to the terms and conditions of the loan agreement, which include the loan amount, interest rate, fees, and repayment schedule.
Makwa Finance will review your application and verify your information through national database services. If your application is approved, you will receive an email confirmation and a phone call from a customer service representative. You can choose to receive your funds either by direct deposit or by special services transfer. Direct deposit may take up to one business day, while special services transfer may be available on the same day if you request it before 3:00 p.m. CST Monday – Friday.
You can repay your loan either by automatic withdrawal from your bank account or by mailing a check or money order to Makwa Finance. You can also pay off your loan early without any penalty fees. Makwa Finance encourages you to do so as soon as your finances allow.
What are the Benefits and Drawbacks of Makwa Finance?
Makwa Finance has some advantages and disadvantages that you should consider before applying for a loan. Here are some of them:
Benefits
- Easy and fast application process: You can apply for a loan online in minutes and receive your funds within one business day or even on the same day if you opt for special services transfer.
- No credit check: Makwa Finance does not perform a hard credit inquiry that could affect your credit score. Instead, it uses alternative methods to assess your creditworthiness.
- Flexible repayment options: You can choose from different repayment terms and methods that suit your budget and preferences. You can also pay off your loan early without any penalty fees.
- Rewards program: Makwa Finance offers a rewards program that allows you to earn points for every dollar you borrow and repay on time. You can redeem your points for gift cards or discounts on future loans.
- Customer service: Makwa Finance has a friendly and helpful customer service team that is available by phone or email Monday – Friday from 7:00 a.m. to 7:00 p.m. CST.
Drawbacks
- High interest rate: Makwa Finance charges an APR of 399%, which is much higher than most traditional lenders and some other tribal lenders. This means that you will end up paying a lot more than what you borrowed over the course of the loan.
- Limited availability: Makwa Finance does not lend to residents of Arkansas, Connecticut, Illinois, New Mexico, New York, Pennsylvania, Virginia, Vermont, Wisconsin, and West Virginia. You also need to have a valid bank account and a regular source of income to qualify for a loan.
- Tribal jurisdiction: Makwa Finance operates under the laws and regulations of the Tribe, not the state where you reside. This means that you may have limited legal recourse if you have any disputes or complaints about your loan. You also waive your right to participate in any class action lawsuits or arbitrations against Makwa Finance.
Is Makwa Finance Right for You?
Makwa Finance is a tribal lending company that offers short-term installment loans to people who need quick cash for emergency expenses or personal needs. The loans are easy and fast to obtain, but they come with high-interest rates and fees that could make them difficult to repay. You should only consider borrowing from Makwa Finance if you have exhausted all other options and are confident that you can afford the repayments. You should also read the loan agreement carefully and understand the terms and conditions before signing it. If you have any questions or concerns, you can contact Makwa Finance’s customer service team for assistance.
Makwa Finance is not a long-term financial solution. It is an expensive form of borrowing that should be used sparingly and responsibly. If you are struggling with debt or have ongoing financial problems, you should seek professional advice from a credit counselor or a financial planner. They can help you find better ways to manage your money and improve your financial situation.
