Product Name: How Does This Lender Stack Up?
Product Description: They are a tribal lender that offers short-term installment loans to consumers that have bad credit. The lender is an entity of the Wakpamni Lake Community Corporation, a tribal corporation owned by the Wakpamni Lake Community. The Wakpamni Lake Community is a local government under the Oglala Sioux Tribe.
Cost of Loan
They are a tribal lender that offers installment loans with interest rates ranging from 200% to 830% APR. On the lower side, it’s actually a fairly reasonable interest rate for risky borrowers. However, the 830% APR is cause for concern. That’s an astronomical interest rate and should be avoided if possible. You can borrow as little as $100, up to a maximum of $1,000 for first time borrowers. That said, you should compare all bad credit loan options before making a decision.
User Review( votes)
- Offers fast funding, typically within 24 business hours
- Decent solution for an emergency bad credit loan if you can’t obtain financing from a traditional lender
- Allows you to pay back the loan in installments
- Doesn’t have the best interest rates. On the lower side, the APR is 200%. However, many customers will not qualify for this and may see interest rates as high as 830%
- Not a good option for people with average to excellent credit
- Not a good solution for large financial purchases
As financial technology continues to evolve and benefit the consumer, so does the variety of lending options on the market. The more well-known avenues include a mortgage, automobile and personal loan. However, for those that have less than average credit the options were scarce, but now, there are several options to choose from such as tribal lenders.
In this article, we are going to take a look at Arrowhead Advance, which offers short-term installment loans. These loans are for immediate financial relief but should not be for a long-term financial solution. As with any financial lender, let us begin with the homepage of their website.
Overview of Arrowhead Advance
Right off the bat, you will notice the extremely professional looking website. It gives you immediate confidence you are working with a reputable company. However, as the old phrase goes, never judge a book by its cover.
You are shown the beginnings of the application process by selecting the amount you wish to borrow. As a potential customer, you can borrow between $100 and $1,000 and the application process should only take two minutes. Arrowhead Advance called the application process, “…simple, secure…”. The application process is accessible anywhere at any time.
Scrolling further down the page, you are shown that loan proceeds are put into your account as quickly as the next business day. Also, you can repay you loan over time or repay the loan early with penalty. This is an effective way to save on interest expense, which can quickly add up.
At the end of the homepage, you are shown the simply three step application process. First you apply, then a verification specialist will contact you, and then upon approval you will receive your funds within the next day or two, depending on cutoff times.
To qualify for a loan, you must meet the following criteria:
- Make at least $1,000 per month.
- Be at least 18 years of age and a United States citizen.
- Have a valid checking account.
- Currently have a steady source of income.
- Other requirements may apply.
What Types of Loans Are Offered?
Diving deeper into the product, again the product is a short-term installment loan designed to help your through any short-term financial needs. It should not be relied upon as a long-term financial solution because this form of borrowing is expensive. Arrowhead Advance even states at the bottom of their website,
“installment loans should be used for short-term finance needs only, not as a long-term financial solution.”
Moving to the rates and terms page, you can see more detailed information on the loan products. In terms of interest rates, you can look to pay between 200% and 830% interest on your loan, depending on certain factors. With the installment loan you are given flexible payment options, prorated fees and best of all, no hidden fees. Many times, lenders will attempt to hide fees in the language of the loan documents.
Also, on the rates and terms page, you will select the state from which you are borrowing. Note that not all states are eligible to obtain a loan through Arrowhead Advance. Be sure to check the rates page and see if you qualify.
The Application Process
To begin the application process, you can simply select the apply now button at the top of the page or return to the landing page. Here, you can begin the process be entering basic information such as your name, email address and password to set up your account. From there, you will input more detailed information such as your social security number, driver’s license number and income information.
Once you’ve completed the application process you will submit the application and await verification from a representative of Arrowhead Advance. It’s common for places to verify via phone and as a potential borrow you may find confidence in that process. Also, when applying for a loan there will not be an impact on your credit score as the company does not pull a credit report from the major 3 reporting companies.
What Happens After I Submit My Application?
After you’ve been verified and approved for your loan, it’s time to receive your loan proceeds. Typically, once you’ve been approved you can expect your funds to be deposited into your bank account the following business day. This is important because many of the applicants applying need money quickly for either an emergency of past due bill.
To repay the loan, you have two options that include following the repayment schedule and repaying your loan early. There are no fees associated with repaying your loan early and doing so will save you money on your interest expense. Also, the quicker you repay your loan the faster borrowing from Arrowhead Advance becomes an option again.
If you have additional questions you can take a peek on the FAQ page Arrowhead Advance offers you. While there are not as many questions as some lenders, the important ones appear to be on the list. Should you have additional questions you can always reach out to them directly with your concerns.
Looking at Arrowhead Advance gives all the right impressions to any potential borrower. While looks and information may be what you need, take a look for yourself. They offer competitive rates to those in the tribal lending space, and offer early repayments penalty free. Head on over to Arrowhead Advance’s website and take a look for yourself and you will likely find them to be one of the better options on the market.