Update: Here’s What You Should Know
Our Review of Arrowhead Advance
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.
– 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
Overview of Arrowhead Advance Loans
You are shown the beginnings of the installment loan 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 short-term installment 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.
Types of Arrowhead Advance Loans for Bad Credit
As mentioned by several Arrowhead Advance reviews online, they offer 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 from this loan provider. 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.
How to Apply Online
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.
The Bottom Line
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.
Frequently Asked Questions
Arrowhead Advance is a Wakpamni Lake Community Corporation (WLCC) entity. This tribal corporation is wholly owned and controlled by the Wakpamni Lakes Community. The Wakpamni Lake Community, a local government of the Oglala Sioux Tribe, is an entity. WLCC is governed and incorporated by the Oglala Sioux Tribe. This federally recognized Indian Tribe is a federally recognized Indian Tribe. WLCC is independent of the Oglala Sioux Tribe. The company appears to have all necessary licenses and is in fact legit. However, they do have very high interest rates on loans.
Installment loans can be used for mortgages, car loans, or other personal loans. They are generally longer-term and require credit checks. Although payday loans can be considered an installment loan, they have a shorter repayment term, higher interest rates and require no credit checks. Payday loans are now known as “short term installment loans” to avoid stigmatizing them.
The APR for an Arrowhead Advance loan ranges from 233% to 961% depending on loan terms, fees incurred, and other factors. The APR range does not include your finance charges, which will be disclosed in your loan agreement.
You can borrow as much as $1,000.
There are several lenders very similar to Arrowhead Advance. A few examples are Big Picture Loans, Plain Green Loans, American Web Loan, Blue Trust Loans, and Golden Valley Lending.
Arrowhead Advance doesn’t check your credit report or provide any information that could affect your FICO credit score.
The lender is located in South Dakota.
Brian Allen says
Wow, that is crazy Scott. Thanks for letting us and other potential Arrowhead Advance customers know about this. Hopefully your review will help others stay away from Arrowhead Advance during this critical time.