Crane Finance Review: Avoid This Costly Lender
Crane Finance isn't available on Finder right now.
- Min. Amount
- $100
- Max. Amount
- $1,500
Our verdict
Crane Finance offers loans to borrowers with bad credit, but the interest rates aren’t worth it.
Crane Finance is owned by the Menominee Indian Tribe of Wisconsin and offers loans up to $1,500 to borrowers with bad credit. If you need the money right away, you’ll only pay $5 for an instant transfer of funds to your bank account. But it charges interest rates of 700% or more, according to customer reviews, and it may try to aggressively pursue your loan payments even if you’re only a day or two late.
Best for: Borrowers who need cash today, don’t qualify for other loans and can pay it back almost immediately.
Pros
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Loans up to $1,500
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Funding as soon as the same day
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Accepts bad credit
Cons
-
Doesn’t disclose rates until approved
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Charges around 700% interest, according to reviews
-
Has very bad reviews
Is Crane Finance legit?
Crane Finance is an actual tribal lender. However, its interest rates are incredibly high, and it preys on borrowers who can’t get loans elsewhere, so you can’t really call it legit.
Unlike some high-interest lenders, it doesn’t disclose its rates until after you’ve been approved for a loan, and it may bury the actual rates in the fine print. It also had at least two lawsuits filed against it, which include racketeering and corruption charges.
Based on these reasons, we can’t recommend Crane Finance as a viable loan option, and borrowers should look elsewhere for top personal loan lenders.
Where Crane Finance falls short
One of the worst things about Crane Finance is that it charges interest rates of around 700% or more. Sadly, this rate makes a garden-variety payday loan seem like a sweet deal by comparison. Borrowers could end up paying quadruple what they actually borrowed. Even with less-than-stellar credit, borrowers can find a lender willing to lend to borrowers with bad credit.
Plus, it’s not up front about its rates — or what that means for the loan’s total cost — so many borrowers may not understand what they’re getting into before it’s too late. Also, because Crane Finance doesn’t have to abide by individual state laws, mistreated borrowers may have little recourse once they realize how much they owe.
Alternatives to Crane Finance
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What makes Crane Finance shine?
There aren’t a lot of positive things to say about Crane Financing, except that you could get a loan the same day you apply, which may be able to help you out in a serious emergency. But, if you can’t pay it back right away — which is the only way it would be worth it — you’ll wind up paying hundreds or thousands of dollars in interest for even just a small loan.
We rarely recommend payday lenders, but they’re better than Crane Finance by a mile if you need money in a hurry and don’t qualify for other loans. However, in some cases, a cash advance app may work instead.
Crane Finance product details
| Minimum credit score/credit range | No minimum score |
| APR | 700%+, according to customer reviews |
| Loan amount | $100 to $1,500 |
| Terms | Undisclosed |
| Approval turnaround | As soon as the same day |
| Availability | Unclear |
| Fees | $30 NSF penalty $20 late fee |
| Other fees | None stated |
Crane Finance contact info
| Phone number | 855-432-7654 |
| Customer service hours | Not stated |
| customerservice@cranefinance.com | |
| X (formerlyTwitter) | N/A |
| N/A |
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How to qualify for Crane Finance
To qualify for a loan with Crane Finance, you must meet the following criteria:
- Be 18 or older
- Be a US citizen or permanent resident
- Provide proof of a regular source of income for at least the last 90 days
- Have a valid checking account
- Have a valid email address and phone number
How to apply
Applying for a loan with Crane Finance is pretty similar to other online lenders’ applications.
- Visit its website and select Get started.
- Fill out the online application.
- Create an account and log in to verify your information.
- Wait for loan approval, which may require a hard credit check.
- Review and sign your loan agreement if you’re approved.
Crane Finance should deposit the funds into your bank account on the next business day, or you can have them transferred instantly for a $5 fee.
Crane Finance reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | C- |
| BBB customer reviews | 1.17 out of 5 stars, based on 36 customer reviews |
| Trustpilot Score | 3.2 out of 5 stars, based on 1 customer reviews |
| Customer reviews verified as of | 14 October 2024 |
There are basically no good reviews of Crane Finance on its Better Business Bureau (BBB) page. Customers complain about poor customer service, rates of or higher and being threatened with wage garnishment — even if their payment was only a day or two late. Most refer to the company as a predatory lender or a scam and express disbelief that a lender like this is allowed to continue operating.
On Trustpilot, a single review ranks Crane Finance as one star, but the review isn’t applicable to Crane Finance loans. Despite this lone review, it somehow has a rating of 3.2 out of 5 stars.
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Lacey Finder
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