Article Title: How does this lender stack up?
Short Description: This is a tribal lender that offers installment loans for people that have credit issues. They are owned and operated by a tribal lending entity of the Habematolel Pomo Tribe of Upper Lake, California
Cost of Loan
Even though this lender helps consumers obtain installment loans who have less than perfect credit, it doesn’t mean it’s worth it. How so? Well, their interest rates are between 200% APR to a shocking 2,290% APR. This is one of the highest tribal loan interest rates we’ve come across. Our advice: proceed with caution and make sure you do your homework. You can even review other lenders and loan products on our site, so keep that in mind.
User Review( votes)
- Funds and deposits the loan within 24 business hours, typically
- Decent option for people with bad credit and have no other options available
- Application process is quick and smooth
- A very expensive form of borrowing. Lender rates are as high as 2,290% APR.
- Not a good option overall
Update: Proceed with caution as this lender has been sued by the Consumer Finance Protection Bureau.
In need of fast cash financing for an emergency expense?
What factors do you consider in the decision-making process? These are all questions you should ask yourself before you commit to a high APR short term loan.
There are many lenders to choose from, which means that you can most likely get a fairly convenient deal, granted that your credit score is decent, and you are a reliable borrower.
Perhaps you’ve come across the name Golden Valley Lending – a lender that operates as a the tribal lender. The question is: should you choose this lender’s services or not? What do Golden Valley Lending reviews point out? This is what our article aims at addressing.
About Golden Valley Lending
Before we talk about Golden Valley Lending reviews per se, let’s focus a bit on what you’ll see upon visiting the lender’s official website. First of all, it’s worth pointing out that Golden Valley Lending isn’t a direct lender. Rather, it’s a lending matching service.
Hence, it established a network of short-term lenders, facilitating relatively small amounts of money for emergency purposes.
Short-term loans are small loans that are paid back relatively quickly — usually within one year. In addition to that, eligibility tends to be more relaxed than conventional banks or lenders that require high credit scores. Plus, the application process is more time-efficient, in the sense that you can complete the entire application online, without the need to go to an office.
On a different note, something else you should know is that each particular lender belonging to Golden Lending Valley has an individual strategy. Therefore, depending on the state in which you live in, this could vary. Considering that each lender has a range of specific terms and conditions, it makes sense to get acquainted with them before agreeing to any type of loan.
All seems well with Golden Valley Lending – till this point, at the very least. They supply emergency financing to borrowers, within a short timeframe.
However, is this lender trustworthy or not? What type of information did we find in our search for legit Golden Valley Lending reviews?
The thing is that Golden Valley Lending has been involved in litigation. More specifically, in April 2017, the lender has been sued by the Consumer Financial Protection Bureau.
That’s because it utilized unethical ways of collecting money from borrowers, among other things.
The question is: what is the cause of this lawsuit? Well, the company utilized online ads, as well as their website, to persuade borrowers to opt for their services, while charging an unbelievable interest rate – ranging from 440% to 950% per year. To put it roughly, a loan of $800 would most likely lead to payments totaling to $3,320 over the course of just ten months.
With that being said, the Consumer Financial Protection Bureau sued this lender specifically because it used deceptive and abusive business practices.
In other words, Golden Valley Lending attempted to collect loan payments which were either wholly or partly void under the licensing laws of the 17 states.
Hence, their loans weren’t legal in the following states: Arizona, Colorado, Arkansas, Connecticut, Indiana, Illinois, Massachusetts, Kentucky, Minnesota, New Hampshire, Montana, New Mexico, New Jersey, New York, South Dakota, North Carolina, and Ohio.
What Is the APR?
Considering all the information you’ve read thus far, you may have determined that the APR for Golden Valley Lending is astronomical (equivalent to a loan shark).
One of the things we’ve read in most Golden Valley Lending reviews is that getting a loan is very easy. This can be seen as a good thing – at least at first sight. But usually, when the application process is so easy, this should raise a few alarms.
That’s the case for Golden Valley Lending – they offer a time-effective application process. But this comes at a cost – namely the high APR (annual percentage rate) we’ve already mentioned.
APR represents a percentage indicating the precise yearly cost over the lifespan of a loan. In other words, it points out how much money you end up paying in interest and additional fees. The law requires lenders to inform their borrowers of their APR so that one can see if the loan terms are convenient or not.
As a rule of thumb, you should know that the APR is significantly higher in the case of short-term loans than in the case of a mortgage, for instance. Usually, these short-term loans are provided online, in a time efficient manner. But the truth is that short-term loans can be quite dangerous, especially if you aren’t acquainted with the lender’s conditions and terms.
For instance, most Golden Valley Lending reviews pointed out that the actual application process was effortless and to-the-point. Their request for financing was solved in an efficient manner.
Nevertheless, there were other Golden Valley Lending reviews indicating the fraudulent nature of this lender’s approach to financing. Many people were unaware of the firm’s practices and ended up paying a lot of money in the form of interest rate and fees.
As for the actual APR – we have stated that it is really high. But is this lender upfront on APR and fees? In fact, the lender actually states on its official website that it cannot inform you regarding a specific APR, as this is determined based on several factors.
Supposedly, the APR information is to be provided to the borrower during the loan request process.
However, there is an approximate APR on the website, pointing out that the rate ranges from 200% to 2,290%.
The factors that matter most in the process include the amount of the loan, its duration, loan renewal actions, non-payment fees, late payment fees, loan fees incurred, and so on.
Minimum and Maximum Loan Amounts
Furthermore, the minimum loan amount is $100 and the maximum is $2,500. Hence, you can choose the amount of money that meets your needs within this range. Sometimes referred to as “no credit check loans”, are to be deposited directly into the borrower’s bank account. As a rule of thumb, this happens within an hour after the approval of the loan, without requiring any paperwork whatsoever.
Does this sound appealing to you?
Perhaps it may seem rather enticing, to secure financing in such an effortless way, without the need to leave the house or supplying endless documents.
Former customers were excited about this as well too, but ended up in a difficult position, because they paid such high interest rates, which ultimately backfired.
The Loan Terms
We’ve clearly stated that the lending process is simple and to the point. This is how this lender managed to convince so many people to choose its services. The lender actually guarantees that almost each loan application is prone to be approved, even applicants with a poor credit rating.
This can seem ultimately attractive, especially to people struggling with bad credit, whose applications might have been rejected by more reputable lenders.
The thing is that Golden Valley Lending repeatedly states that it isn’t a financial institution, a bank or a lender in the actual sense of the word. On the contrary, Golden Valley Lending connects borrowers to fast cash lenders.
This is why the firm actually encourages potential customers to consult with the lender’s actual terms and conditions. Hence, as you can see, things are a tad difficult to understand and a bit complicated. This is, supposedly, how so many people ended up in financial trouble after choosing the services provided by Golden Valley Lending.
How Can I Get Approved?
Moving on to how you qualify for short-term financing, Golden Valley Lending indicates on its website that this is rather easy. And that’s right – the process in itself is time-efficient and super easy, as it is the case for most payday loans.
In addition to that, the majority of fast cash providers will most likely approve the applications of borrowers with poor credit.
So, that shouldn’t get in the way of getting financing. As for the requirements for getting approved, these are quite easy to fulfill.
First of all, you have to provide proof of regular income. In other words, you should have a steady employment record. The minimum amount of money you are required to earn on a monthly basis is $800.
In addition to that, prior to applying for financing, you must have a checking account.
Also, you must be a US citizen and you have to be 18 years old.
These are the requirements that apply in the case of most lenders that collaborate with Golden Valley lending.
At the same time, the company clearly states that each lender might have a personalized approach to lending and might request additional elements.
Aside from this, even if you have filed for bankruptcy in the past, or you have serious credit issues such as bounced checks, the likelihood of getting a short-term or a payday loan is quite high.
What Do Consumer Reviews Indicate?
After outlining most of the information you should know about this company’s operation, let’s focus a bit on the Golden Valley Lending reviews. For one thing, the feedback we have found featured mixed opinions. For example, some reviews are very positive, indicating that the staff was friendly and supportive, providing them valuable insight into the loan application process.
In addition to that, others were really pleased by the effortless, quick application process provided by the company. They pointed out that this can be really convenient when you need cash ASAP. And this is true. When you have nowhere to turn to for financial aid, it can be reassuring to know that a lender will most likely provide you financing without placing too much attention on your poor credit rating.
Nevertheless, this is only a facet of the story. There were also many Golden Valley Lending reviews that revealed a different point of view, namely that this isn’t a firm you can trust, as it isn’t fully honest regarding the rates and fees charged. Some reviews also said that one might end up paying double or triple what they originally borrowed.
This can be really devastating for someone struggling with their finances.
In this case, you can understand the reason why Golden Valley Lending was sued by the Consumer Bureau. The number of negative Golden Valley Lending reviews has piled up, which inevitably led to litigations, as we’ve briefly pointed out at the beginning of this article.
The Bottom Line
All things considered, if we were to answer the question is Golden Valley Lending a scam, we would have to say that yes, it’s most likely a scam.
As indicated in most Golden Valley Lending reviews, there were many borrowers that had negative experiences, which is why they wouldn’t recommend others to try this firm’s services, as appealing as they might seem at first glance.
The thing with short-term loans is that they might seem like a good option at first, but, over the course of time, they may worsen your financial situation, leading straight to a never-ending debt trap.