ArrowheadAdvance is an online lender offering short-term installment loans. It is owned by the Wakpamni Lake Community of the Oglala Sioux Tribe.
The community is located on the Pine Ridge Reservation in South Dakota. This lender specializes in online installment loans from $100 to $1,000 to people in 29 states:
Rates and fees for loans differ based on your state and your eligibility.
The annual percentage rate (APR) for Arrowhead Advance loans ranges from 200%–830%. Unlike other online lenders, this lender does not appear to charge an origination fee or any application fees.
Basic eligibility requirements include:
Applicants with bad credit and no credit can be accepted. The lender runs a credit check through alternative credit bureaus: DP Bureau and/or Teletrack, which specialize in consumers with bad credit.
The online application should take about two minutes. Once it's completed, a loan verification specialist will contact the applicant to review their application. Once applicants are approved, their money should be deposited into their bank account within one business day.
The application also includes a spot for borrowers to check if they would like to be referred to another lender if their application is declined.
When consumers borrow an installment loan from ArrowheadAdvance, they only have to pay fees for the number of days they keep the loan. So they are not paying any extra interest, even if they pay off the loan early.
Those who borrow from ArrowheadAdvance can make regular payments or pay off their loan at any time, with no prepayment penalty.
Unlike many online lenders, customer service is available with ArrowheadAdvance via phone and live chat at arrowheadadvance.com. The website even includes the local tribal customer service hotline as a secondary phone contact.
These consumer installment loans are available to people with bad credit. Hence, they have a high annual percentage rate of interest (APR). On the other hand, interest for these loans is less than traditional payday loans. Because borrowers have longer to repay the loan.
Installment loans are still an expensive form of credit, but they're going to cost consumers less than a payday loan, in general. It all depends on how consumers plan to pay it back and the repayment terms that are set in place.
Arrowhead loan customers can get a paper copy easily of their loan documents. Customers can print a paper copy from their account or they can request paper copies by email and ArrowheadAdvance will provide them.
All lenders have their own underwriting process and require differing forms of verification.
When consumers apply for a loan with ArrowheadAdvance, they fill out a quick form online, but will also need to talk to a loan representative soon after they finish submitting the loan application.
Loan applicants need to provide a phone number where they can easily be reached.
This may dissuade some consumers from trying to work with this lender, if they don't have easy phone access or reliable, ongoing phone service where they can easily be reached.
Consumers in some states might not be eligible for a loan.
Arrowhead Advance offers online installment loans to people residing in 29 states. Consumers who live in the following places will need to choose another lender: