Article Title: How Does This Lender Stack Up?
Short Description: This is a tribal lender that offers consumers short-term installment loans, who otherwise cannot obtain traditional financing. They are owned by Riverbend Finance, LLC and operate under the laws of the Fort Belknap Indian Community, a federally recognized Indian tribe and sovereign nation. But is a loan worth it in the end? We investigate...
Cost of Loan
This is a tribal loan provider that offers short term, bad credit installment loans. You can expect to pay a very expensive interest rate with this lender. In fact, interest rates are between 550% 780% APR. Typical tribal lender interest rates are on average 450% APR. That said, Riverbend is more expense than other lenders. The minimum amount you can borrow is $300 and the maximum is $1,000. In our opinion, this lender is too expensive and borrowers should look elsewhere.
User Review( votes)
- Typically funds and deposits loans within 24 business hours
- Fast and easy application process
- Decent option for bad credit borrowers that have no other options available
- APR rates are much higher than typical tribal loans
- Not a good option for people with decent credit that can afford to shop around
Some people have a game plan in the event of an emergency, but the reality is many do not. When an emergency arises it’s a scramble for cash. Most people turn to payday lenders but that can be a costly mistake. Tribal lenders are better suited for this situation, allowing for a fast application process. Also, tribal loans are an installment loan, meaning you have a longer period of time to repay the loan.
Riverbend Cash is a tribal lender that specializes in small unsecured installment loans. While this is a lesser know product, it can offer a better way to borrow short-term cash.
This article will be an in-depth review of Riverbend Cash and give you the opportunity to see if this is the right fit for your borrowing needs.
Overview of Riverbend Cash
Right away, you will notice their concise yet professional looking landing page. You can easily navigate to the areas with information, allowing you to begin your research process. The first thing you’ll notice is the scrolling images, giving you information to act upon.
Further down, you will see information on the application process. Riverbend Cash advertises they can, “meet your short-term cash needs quickly and easily without you ever having to leave your home or office”. This is perfect if you are in a situation where you need money quickly.
The next item is their online banking verification system, which allows for approvals in minutes, thus getting your money quicker. This is a must for any lender looking to stand out in this competitive field.
At the very bottom of the page you will find details. If you are from Alaska, Arizona, Arkansas, Colorado, Connecticut, District of Columbia, Georgia, Illinois, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Montana, New Hampshire, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Vermont, Virginian or West Virginia, you currently are unable to apply for a loan.
Loan Rates and Terms
Heading over to the rates and term section of their website, you will find must of the details necessary to make an informed decision. First, the loan is an unsecured short-term installment loan.
The amounts you can borrow range from $300 to $1,000. If you are a first-time borrower, you may qualify up to the $1,000 mark. Interest rates will vary between 550% and 780% depending on application.
Finance charges and other fees associated with your loan are clearly described in the loan documents upon approval. If you are looking for a sample of the loan table, Riverbend Cash provides that to you so you have an idea of how your loan payments will look.
Before you can apply, you need to meet the following criteria:
- Proof of consistent source of income for at least the past 90 days.
- To be 18 years of age or older and a citizen or permanent resident of the United States.
- Have a take home pay of at least $1,000 per month after taxes.
- Have a valid checking account in your name.
- Have a valid email address and current home phone number.
Next is the important stuff, the application process. At the top of the website you will see the apply button, which takes you to the application. You will begin by inputting information such as your name, email, phone number and social security number.
Further down the application you will input your driver’s license and employment information. Employment information is necessary because many lenders require you to make a certain amount before they are willing to lend. This increases the quality of their lending.
Other information you will need is your banking information. This will be where your funds are sent upon approval. There is other detailed information you’ll need to review but this is the essentials when it comes to applying for a loan.
What Happens After the Application?
Once you’ve completed your loan application you can check on the status of your application. They will send you a username and password, which you will use for your initial log in. However, before you are given a decision you will need to verify your application via telephone, with the process taking no longer than five minutes.
After all of that is completed and you gain approval, you will be given your loan proceeds. Typically you can expect to have your funds on the next business day following your approval.
You can take the path of the standard repayment, following along with the amortization schedule. This will in your loan documents and will be used to repay your loan. However, if you have the ability you should repay you loan as quickly as possible.
Riverbend Cash offers you the ability to repay your loan early, which saves you in interest expense and builds trust with them should you need a loan later down the road. The interest rates on these types of loans are high because of the short duration and potential for early payoff.
Overall, they seem to have it all and is available on their website. Being a member of the Online Lenders Alliance gives you the extra layer of credibility. If you have any questions their website does a great job of explaining everything.
Riverbend Cash is certainly worth your time to explore and see if it’s the right fit for you. While others lack in information, they go the extra mile to ensure you have everything you need to make an informed decision.