Product Name: How Does This Lender Stack Up?
Product 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
Riverbend Cash is a tribal lender that specializes in small, unsecured installment loans. Consumers with bad credit may find that this lender an option for fast, short term loans. Installment loans are a much better alternative to payday loans because you don’t have to pay the loan back on your next paycheck. In most cases, you can have up to one year to repay the loan.
The question is: Is Riverbend Cash the right lender for you?
What is Riverbend Cash and How Does it Work?
Riverbend Cash is a tribal loan originator, owned and operated by the Fort Belknap Indian Community. As a tribal lender, they are exempt from U.S. federal laws. If you need fast cash for an emergency expense, they can offer you an installment loan that can be repaid over time, typically over a 12 month period. This is a much better option than a payday loan.
Here’s how it works:
- Submit an online application
- Once Riverbend reviews the information, they will contact you
- If approved, they deposit the loan funds into your bank account within 24 hours
- You start paying the loan back on your next payday
If you live in the following states, you might not be eligible for an emergency loan:
- District of Columbia
- New Hampshire
- New Jersey
- New York
- North Carolina
- West Virginia
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How Much Can I Borrow From Riverbend Cash?
Riverbend Cash allows you to borrow from a range of $300 up to $1,000. While they do have high interest rates, one thing we like about them is they do not offer loans over $1,000. The higher your loan amount, the more you will pay in fees…and…will take you longer to repay. By keeping the loan amounts lower, this helps you avoid long-term debt. If you are a returning customer and have proven you are not s risk, you may be eligible for a higher loan. However, we advise against loans larger than $1,000.
How Much Will Riverbend Cash Charge Me?
Riverbend’s interest rates are higher than your typical tribal lender. The average APR of a tribal loan is 440%, however Riverbend’s APR is between 550% and 780%. While high, we have seen other lenders charge much higher rates — with some lenders charging a whopping 2,700%. Note: Tribal lender, Big Picture Loans, has interest rates starting at 35% for comparison. Plus, they have excellent reviews from consumers.
Here is a breakdown of their fees:
- APR ranging from 550% to 780%
- Possible loan origination fee
- Late payment fees in the event you miss a payment
- Possible pre-payment penalties
Also, here is an example of how much a loan will cost:
Amount financed: $500
Finance charge: $1,383.42
Total of payments: $1,883.42
This example is based on a 12-month repayment term.
What Are The Loan Terms of Riverbend Cash?
After qualifying for the loan, and funds are deposited into your account, you will being repaying the loan on your next payday. The repayment schedule gives you two options (see below). You might also be charged loan origination fees, late payment fees, etc. The important takeaway here is to read all disclosures before you agree to a loan from Riverbend Cash. Not reading the terms of services and disclosures is where most borrowers get into trouble.
You have the option of the following repayment schedules:
- Standard Weekly Loan – Paid every week on payday
- Standard Bi-weekly Loan – paid every other week on payday
How Do I Apply for a Riverbend Cash Loan?
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.
Step 1: Fill in Your Personal Details
On step 1, you will enter your personal details which include:
- First Name
- Last Name
- Social Security Number
- Home Phone
- Mobile Phone
- Work Phone
- Whether You Rent or Own Your Home
- Length at Address
- Driver’s License #
- Driver’s License Issuing State
- Date of Birth
Step 2: Employment Details
On the job information section, you will need to complete the following information:
- Primary income source
- Employer Name
- Monthly Income
- Other Monthly Income (optional)
- Length of Time Employed
- How Often You Receive a Paycheck
- Last Pay Date
- Next Pay Date
- Pay Day Frequency
- Whether You Are in the Military
Step 3: Banking Details
You will need to give Riverbend Cash your banking details. This is required to electronically send funds to your checking account, and, to debit your account when payments are due.
- Bank Name
- Length of Time at Bank
- Bank Account Type (Checking or Savings)
- Bank Routing Number
- Bank Account Number
- Requested Loan Amount
- Promo Code (optional)
Step 4: Authorization and Consent
Ensure you carefully read each disclosure to avoid any hidden surprises. Here are the disclosures:
- Credit Reports
- Your Information
- Text Messages
- Electronic Delivery of Disclosures and Communications
- System Requirements
- Paper Copy of Communications
- Advertising or Telemarketing Text Messages and Phone Calls
If you agree and are satisfied with these disclosures, click the checkbox ‘I Agree’ and digitally sign your name.
Once complete, click “Submit”.
What Are The Advantages of Riverbend Cash?
Riverbend Cash offers a few advantages for consumers that cannot obtain traditional financing. Borrowers that need to pay for emergency expenses will find the advantages beneficial. However, before moving forward we advise that you read the disadvantages below. Most tribal loans have far more disadvantages. But, consumers that have nowhere else to turn, may not have a choice. That said, here are the advantages:
- Simple, secure and fast application process
- No hard credit checks required
- Funds deposited into your checking account within 24 hours
- Offers two repayment schedules: weekly and bi-weekly
What Are The Disadvantages of Riverbend Cash?
Riverbend Cash, like several tribal lenders, have several disadvantages that you should be aware of. For starters, high interest rates top the list. This is probably the most alarming disadvantage with this lender. However, we have uncovered a few more disadvantages you should familiarize yourself with. Be sure to reach each point, as it could save you a lot of money and grief in the long run. That said, here’s what you should know:
- Interest rates are very high – 550% to 780% APR
- Has a potential loan origination fee
- Has a potential pre-payment fee (in the event you want to pay off the loan early)
- Doesn’t have the best reviews from customers
Bottom Line of Riverbend Cash Loans
If you have an emergency expense, and have exhausted all other options, Riverbend might be an option to consider. If you follow through with their loan, just ensure you read all disclosures and terms of service to avoid any hidden fees or surprises. You want to know exactly how much the loan cost, any potential hidden fees, and when the lender will debit your checking account.