Are you considering taking out a short-term loan from Three Sticks Lending? This review provides an in-depth look at Three Sticks Lending, an installment loan provider owned by the Rosebud Sioux Tribe, covering key aspects such as loan eligibility, amounts, interest rates, repayment terms, and the pros and cons to help you make an informed decision.
Overview of Three Sticks Lending
Three Sticks Lending is an online lender that provides short-term installment loans to consumers who may need quick access to funds for unexpected expenses or financial emergencies. As a tribal lending entity, Three Sticks Lending operates as an economic arm of the Rosebud Sioux Tribe of the Rosebud Indian Reservation, a federally recognized sovereign American Indian tribe located in South Dakota.
It differentiates itself from payday loans by offering installment loans, which allow borrowers to repay their loans over a fixed period of time with regularly scheduled payments. This can make the repayment process more manageable for some borrowers compared to the lump-sum repayment often required with payday loans.
Loan Eligibility
To be eligible for a loan from Three Sticks Lending, potential borrowers must meet certain basic requirements. Applicants must:
- Be at least 18 years old.
- Not be currently involved in a bankruptcy proceeding.
- Provide valid contact information, including a phone number and email address.
- Have a verifiable source of income.
- Possess an active checking account for the purpose of loan disbursement.
It’s important to note that meeting these basic eligibility criteria does not guarantee loan approval. Three Sticks Lending takes into account various factors when determining whether to approve a loan application and the loan amount for which a borrower may qualify.
While Three Sticks Lending does consider applicants with less-than-perfect credit, the company does not specify a minimum credit score requirement. They state that they use a variety of factors to evaluate loan applications, which may include the applicant’s credit history, income, and other financial information.
Applicants should also be aware that Three Sticks Lending loans are not available in all states. Their loans are offered to residents of all states except Arkansas, Connecticut, the District of Columbia, Illinois, Maine, Minnesota, New Hampshire, New York, Pennsylvania, South Dakota, Vermont, Virginia, and West Virginia.
Not so sure about Three Sticks Lending? There are other online lending platforms you can consider. Read these articles to know more about them.
Loan Amount
Three Sticks Lending offers short-term installment loans with amounts ranging from $200 to $3,000. However, it’s important to note that not all applicants will qualify for the maximum loan amount of $3,000, especially if they are first-time customers.
The specific loan amount for which a borrower is approved depends on several factors that Three Sticks Lending considers when evaluating loan applications. These factors may include the applicant’s income, employment status, credit history, and other financial information.
For first-time customers, the maximum loan amount is generally capped at $1,500. Returning customers who have successfully repaid their previous loans and meet certain criteria may be eligible for higher loan amounts, up to the overall maximum of $3,000.
Interest and Other Fees
Three Sticks Lending’s installment loans come with high interest rates and potential fees that borrowers should carefully consider before applying. The company acknowledges on its website that its loans are an expensive form of borrowing and should not be considered a long-term financial solution.
- Interest Rates: Three Sticks Lending does not provide a specific interest rate range on its website, stating that rates may vary depending on factors such as the borrower’s credit history and the loan terms. However, they do mention that the Annual Percentage Rate (APR) for their loans can be high, and they provide an example of a customer potentially having a 400% APR. It’s important to note that APRs for short-term loans like those offered by Three Sticks Lending are often much higher than those for traditional loans from banks or credit unions.
- Origination Fees: The company does not explicitly mention any origination fees on its website. However, it’s essential to carefully review the loan agreement for any potential fees before accepting a loan offer.
- Late Payment Fees: If a borrower makes a payment more than 5 days late, they will be charged a $20 late payment fee.
- Non-Sufficient Funds (NSF) Fees: If a payment is returned due to insufficient funds in the borrower’s account, Three Sticks Lending will assess a $30 NSF fee.
- Prepayment Penalties: Three Sticks Lending does not charge any prepayment penalties. Borrowers are encouraged to pay off their loans early if they are able to do so, as this can help save on interest charges.
Repayment Terms
Three Sticks Lending offers short-term installment loans with repayment terms typically ranging from 10 to 18 months, although the specific terms may vary depending on the borrower’s pay frequency and other factors.
Payment Frequency: In most cases, Three Sticks Lending aligns the borrower’s payment schedule with their pay frequency. This means that if you are paid bi-weekly, your loan payments will likely be due every two weeks as well. This can help make the repayment process more manageable, as you can budget for your loan payments in line with your regular paycheck.
Payment Methods: Three Sticks Lending offers several payment options for borrowers:
- Automatic Withdrawal (ACH): This is the default payment method, where the company automatically deducts the payment amount from the borrower’s bank account on the scheduled due date.
- Debit Card Payments: Borrowers can also make payments using their debit cards.
- Other Methods: Three Sticks Lending also accepts payments via cashier’s checks or money orders, although these methods may not be as convenient as automatic withdrawals or debit card payments.
Early Repayment: One of the key features of Three Sticks Lending’s installment loans is the ability to pay off the loan early without incurring any prepayment penalties. In fact, the company encourages borrowers to pay off their loans as quickly as possible to save on interest charges. If a borrower wishes to make an early payment, they should contact the company’s customer care team at least three business days before their next scheduled payment date.
Late Payments: If a borrower is unable to make a payment on the scheduled due date, they should contact Three Sticks Lending’s customer care team at least three business days before the payment is due to discuss potential options or arrangements.
How to Apply for a Three Sticks Lending Loan?
Applying for a loan with Three Sticks Lending is a straightforward process that can be completed online. Here is a step-by-step guide on how to apply for a Three Sticks Lending installment loan:
- Step 1: Visit the Three Sticks Lending website (threestickslending.com) and click on the “Apply Now” button.
- Step 2: Fill out the secure online loan application form with your personal information, including your name, address, phone number, email address, and income details.
- Step 3: Provide your bank account information for the purpose of loan disbursement and repayment.
- Step 4: Review and submit your loan application.
- Step 5: Wait for the loan approval decision. Three Sticks Lending will review your application and inform you of the decision via email. If approved, you will receive the loan agreement electronically.
- Step 6: Carefully review the loan agreement, which will include the loan amount, interest rate, APR, repayment terms, and any associated fees. Make sure you fully understand and agree to the terms before proceeding.
- Step 7: If you agree to the loan terms, electronically sign the loan agreement.
- Step 8: Once the loan agreement is signed, Three Sticks Lending will initiate the transfer of funds to your bank account. If your loan is approved and finalized before 2:00 pm CT on a business day, you may be eligible for same-day funding. Otherwise, the funds will typically be deposited into your account as soon as the next business day.
Pros and Cons of Three Sticks Lending
| Pros | Cons |
|---|---|
| Quick and Easy Loan Process | High Interest Rates and APRs |
| Responsive and Helpful Customer Service | Potential for Rapidly Accumulating Interest |
| No Hidden Fees or Penalties | Not Ideal for Long-Term Borrowing |
| Flexible Payment Options | Limited Loan Amounts for Some |
| Fast Funding When Needed | Reports of Confusing Terms and Processes |
| VIP Rewards Program | |
| No Credit Check Required | |
| Doesn’t Impact Credit Score |
Pros
Quick and Easy Loan Process: According to numerous customer reviews, one of the standout pros of Three Sticks Lending is their quick and easy loan process. Customers frequently praise how effortless and convenient it is to apply for a loan online and receive funds quickly. Many mention being approved within minutes and having the money deposited into their account as soon as the next business day.
Responsive and Helpful Customer Service: Another commonly cited pro is the responsive and helpful customer service provided by Three Sticks Lending. Reviews highlight the friendliness, patience, and knowledge of the customer service representatives. Customers appreciate having their questions answered thoroughly and being guided through the process, making for a smooth experience.
No Hidden Fees or Penalties: Transparency is valued by Three Sticks Lending customers, as evidenced by reviews praising the lack of hidden fees or penalties. Customers can pay off their loans early without any prepayment penalties, only being charged the accrued interest up to that point. The full disclosure of terms and fees upfront is seen as a major pro.
Flexible Payment Options: The ability to set up payment schedules that align with borrowers’ pay frequencies is a pro mentioned in reviews. Three Sticks Lending strives to make repayment manageable by offering installment loans with flexible payment options tailored to individual circumstances. This pro allows borrowers to better work repayment into their budgets.
Fast Funding When Needed: For many customers, the speed at which Three Sticks Lending can provide funds is cited as a significant pro. In times of financial emergencies or unexpected expenses, reviewers appreciate being able to quickly secure the money they need from Three Sticks without a lengthy wait. Same-day or next-day funding is frequently lauded.
VIP Rewards Program: Several reviews mention Three Sticks Lending’s VIP Rewards program as a pro. Returning customers can qualify for higher loan amounts, better rates, and perks like free same-day funding by achieving VIP status through on-time payments.
No Credit Check Required: For borrowers with poor or limited credit histories, the fact that Three Sticks Lending does not pull traditional credit reports or scores is seen as an advantage in reviews. The company considers a wider range of credit backgrounds.
Doesn’t Impact Credit Score: Three Sticks Lending does not run or report credit to any of the three major credit bureaus (Experian, Equifax, TransUnion). However, they do report to alternative consumer credit databases like Clarity Services Inc and Factor Trust. This means that while a Three Sticks loan will not directly impact a borrower’s mainstream credit report and scores from the big three bureaus, the account and payment history could still be recorded in alternative credit reporting agencies’ databases. These alternative credit reports are commonly used by some lenders, landlords, utilities and other service providers.
Cons
High Interest Rates and APRs: One of the major cons highlighted in some customer reviews is the high interest rates and APRs charged by Three Sticks Lending. While the company discloses that their loans are an expensive form of borrowing, some customers express shock at just how high the rates can be, with reports of APRs over 500% in some cases. This makes the loans very costly if not paid off quickly.
Potential for Rapidly Accumulating Interest: Related to the high APRs, another con mentioned is how interest can rapidly accumulate even over a short period, especially for smaller loan amounts. Some reviewers claim they ended up owing significantly more than they borrowed after just a few months due to the compounding interest. This “debt trap” potential is seen as a major drawback.
Not Ideal for Long-Term Borrowing: Three Sticks Lending markets its installment loans as short-term solutions, which aligns with the consensus from negative reviews – these loans are not suitable for long-term borrowing. The high costs make carrying the debt for an extended period extremely expensive according to customers. The loans are best for short repayment periods.
Limited Loan Amounts for Some: While loan amounts can go up to $3,000, there are reviews from customers disappointed that they were approved for significantly less than they had hoped, even after providing requested documentation. The underwriting process resulting in limited loan sizes is seen as a con by those with greater financial needs.
Reports of Confusing Terms and Processes: A handful of negative reviews cite confusing or inconsistent information provided about the loan terms, processes like requesting payoff amounts, or other aspects of borrowing from Three Sticks Lending. While the majority seem to have a straightforward experience, this lack of clarity is understandably frustrating for some customers.
Is Three Sticks Lending Legit?
Based on the customer reviews, Three Sticks Lending appears to be a legitimate online lending company, but borrowers should carefully consider the potential drawbacks before taking out a loan with them.
On the positive side, Three Sticks Lending seems to offer a quick and convenient online process for obtaining funds relatively fast, even for borrowers with poor credit histories. Their customer service is often praised for being responsive and helpful in guiding borrowers. The company is upfront about costs and fees with no hidden penalties for early repayment.
However, the biggest caveat emphasized in many reviews is the extremely high interest rates and APRs that Three Sticks Lending charges, which can make the loans very expensive if not paid off rapidly. Interest can accumulate quickly, potentially trapping borrowers in cycles of debt if they cannot repay the full amount soon after receiving the funds.
While Three Sticks Lending presents its installment loans as short-term solutions for emergencies or unexpected costs, numerous reviewers warn that these high-interest loans are ill-suited for longer-term borrowing and can become unaffordable financial burdens. The company itself acknowledges its loans are “an expensive form of borrowing and not intended to be a long-term financial solution.”
Ultimately, whether to borrow from Three Sticks Lending comes down to being an informed borrower capable of promptly repaying the loan amount plus interest in full. For those confident they can pay it back within a few weeks or months, Three Sticks offers a legitimate short-term lending option, albeit a very costly one. However, those unable to quickly pay off such a high-interest loan may want to explore alternative options or ways to increase income before taking on such debt.
Conclusion
Three Sticks Lending emerges as a legitimate tribal lending option that can provide a viable solution for those facing temporary financial emergencies or unexpected costs. With an effortless online application process and relatively fast funding times, Three Sticks offers short-term installment loans that may appeal to borrowers with less-than-ideal credit.
However, potential customers must carefully weigh the significant drawbacks of extremely high interest rates and APRs against the benefits of flexible repayment schedules and no penalties for early payoff.
Ultimately, taking out a Three Sticks loan should only be considered by informed borrowers confident in their ability to promptly repay the full amount plus interest charges within a few months to avoid being trapped in cycles of compounding debt. For those unable to meet such a short repayment timeline, more affordable borrowing alternatives may be advisable.
Frequently Asked Questions
1. What is an APR and what are the APRs for Three Sticks Lending loans?
APR stands for Annual Percentage Rate, which represents the yearly cost of borrowing money on a loan. Three Sticks Lending discloses that their APRs can vary significantly between customers based on factors like credit history. However, they are upfront that their APRs are high – sometimes exceeding 500% – because their loans are an expensive form of short-term borrowing not intended for long-term use.
2. What is the maximum loan amount I can get from Three Sticks Lending?
Loan amounts from Three Sticks Lending range from $200 up to a maximum of $3,000. Not all borrowers will qualify for the $3,000 cap, as maximum loan sizes are determined by the lender’s underwriting based on each applicant’s specific financial information and ability to repay.
3. How soon can I get my loan funds after applying?
For approved borrowers, Three Sticks Lending aims to deposit funds as soon as the next business day after your application is processed. In some cases, you can qualify for same-day funding if your loan is approved by 2pm Central Time on a weekday. The quickest funding timeline is a key advantage mentioned in customer reviews.
4. What types of bank accounts does Three Sticks Lending accept?
The lender only accepts traditional checking accounts in the applicant’s name – they do not allow loan funding to prepaid debit card accounts or other non-checking account types. Having a valid checking account is a requirement.
5. How do I make payments on my Three Sticks Lending loan?
Automatic ACH withdrawals from your checking account are the primary payment method. Three Sticks can automatically debit your payments, which are typically aligned with your pay schedule. Other options like debit cards or money transfers are available as well.
6. Can I pay my loan off early without a penalty fee?
Yes, you can pay off your Three Sticks loan balance early at any point without any prepayment penalties. You’ll only owe the accrued interest charges up until your payoff date. The lender encourages early payoffs to reduce borrowing costs.
7. What if I can’t make a payment on my loan’s due date?
Contact Three Sticks Lending’s customer service team at least 3 business days before your payment due date if you cannot make an upcoming payment when scheduled. They state they will “work with you to find a solution” for missed/late payments.
8. Does Three Sticks Lending perform credit checks?
No, Three Sticks Lending does not pull your credit reports or scores from the three major credit bureaus (Experian, Equifax, TransUnion) as part of the application process. However, they may check alternative consumer credit databases.
9. How do I update my personal information like address or banking details?
To update things like your contact information, address, or banking account details on file, you need to contact Three Sticks’ customer service team directly at least 3 business days before your next payment due date.
10. What fees could I be charged by Three Sticks Lending?
In addition to the interest charges/APR, potential fees include a $30 NSF fee if an attempted payment bounces due to non-sufficient funds, as well as a $20 late fee if payments are made more than 5 days past the due date.
Emily Johnson is a seasoned loan expert whose passion lies in empowering individuals to make informed financial decisions. With years of experience in the lending industry, Emily has honed her expertise in various loan products and strategies.