Minto Money Review

Sara Rumlow

October 17, 2023

This tribal lender offers smaller loans meant to cover emergencies. However, it doesn’t disclose the loan periods, fees, or rates on the site.

• Best for: Best for anyone who has an unexpected emergency expense and needs quick access to cash to cover it and doesn’t have access to traditional loans. 
• What to watch out for: Watch out for high interest rates that aren’t regulated by state laws due to the entity being a tribal lender.

Minto Money Features

• Loan amount – $200 to $3,000
• Loan term – 10 to 18 months
• APR – Not listed online, but customers claim it’s north of 700%
• Fees – $20 late payment fee, $30 NSF fee
• Where is Minto Money available? All states except Alaska, Arkansas, Connecticut, District of Columbia, Illinois, New York, Pennsylvania, Vermont, Virginia, and West Virginia.

Product details

• Credit score range for approval – They don’t disclose the minimum credit score required however their products are targeted toward people with bruised credit.
• Turnaround time – Same day funding if approved by 2 p.m. CDT, Monday through Friday – Loans approved by 6:30 p.m. CTD Monday-Thursday will be funded the next business day
• Requirements – 18 years old, active bank account, proof of income, and no active bankruptcy cases
• Acceptance – You have to be able to prove you have an active checking account, are not in an active bankruptcy motion, and prove you get steady income. 
• Loan security – Unsecured 
• Fees – No origination fee, but a $30 NSF fee for returned payments and a $20 late fee for payments more than five days overdue.

What are the benefits of Minto Money

Minto Money offers quick access to cash for emergencies for people with all ranges of credit scores. There are several benefits of working with this entity, including: 

• Quick funding 
• Caters to low credit scores
• No prepayment penalties

What to watch out for

As with any short-term lender, there are things you should consider and watch out for before you borrow money. The biggest things to consider are: 

• Don’t disclose rates and fees
• High APRs
• Not available in every state

Is Mint Money legit? 

Minto Money is a legitimate tribal lender from the Native Village of Minto in Alaska. They offer quick funding on short-term installment loans, but they admit that they’re more expensive than other options and encourage borrowers to pay back as quickly as they can. 

The Better Business Bureau has them at a 1.21/5 stars, and it’s not accredited. Additionally, the majority of over 100 complaints talk about the interest rates, which borrowers claim are upwards of 700% and the company doesn’t advertise on their website.

TrustPilot has Minto Money listed at 4.6/5 stars, but there are also several negative reviews talking about the company’s lending practices. Many borrowers found that their interest rates were over 100%, and they’d end up paying back thousands on the original loan.

Something else to consider, Minto Money got named in a class action lawsuit in December 2022. The lawsuit alleged that Minto Money ran an illegal ‘Rent-a-Tribe’ lending scheme that allowed them to use their tribal sovereignty status to charge exorbitant interest rates into the triple digits.

Am I eligible?

It’s relatively easy to qualify for a Minto Money short-term loan, but you have to meet a few requirements. These include the following: 

• 18 years old at a minimum
• No active bankruptcy cases 
• List contact information like address and phone number
• Disclose your income with proof like bank statements or pay stubs
• Have an active checking account

How do I apply for a loan with Minto Money?

To apply for a loan with Minto Money, you have to fill out an online application, submit it, then verify your information with a representative on the phone. To apply, you’ll: 

1. Go to the website and indicate how much you want to borrow 
2. Input your details like your first and last name, email, and state
3. Use the prompts and give details about:
   • Contact information 
   • Income (employed, no regular income, etc, employment length, pay frequency, job title, and previous and upcoming pay days). You can also add alternative income sources like child support or alimony 
   • Select your military status 
4. Verify your identity with your state ID number or driver’s license, birthday, and social security number
5. Fill in the relevant details about your checking account
6. Check that you have read and agree to the terms and conditions and for them to contact you
7. Click submit application and wait for approval
   • If approved, you’ll have to have a quick phone call with a representative to verify all of your information.

What documents do I need to apply?

You will need to provide a few documents during the application process to ensure it goes through without any delays, including: 

• Driver’s license or state ID number
• Proof of residency like a utility bill if the address is different from the driver’s license 
• Proof of income like check stubs or pay statements
  • Proof of alternative income if you use it, like court orders or bank statements 

What are other loans like Minto Money? 

If the thought of higher interest rates doesn’t seem ideal for your situation, you have a few options, including: 

• Opploans – This lender offers next-day funding on loans up to $4,000, and they cater to a range of credit scores. 
• Creditninja – Borrowers with bad to excellent credit can get an installment loan up to $5,000, and they offer funding in as little as 48 hours. 
• Badcreditloans.com – As the name suggests, borrowers with bad credit can secure a personal, mortgage, business, student, auto, or home loan up to $10,000 through it’s network of lenders. 

What are other tribal lenders like Minto Money? 

Anyone who wants to work with a tribal lender instead of a more traditional federally-regulated lending platform may consider using: 

• Eloanswarehouse – For people with excellent to bad credit, this tribal lender has lending options up to $2,500. 
• Fineday funds – This online lending company specializes in short-term loans up to $1,500, and they have no prepayment penalties. 
• Uprova – Offering funding any day of the week in as little as 30 minutes, this lender allows quick access to loans up to $5,000 for emergencies.

FAQs