River Valley Loans

According to research, the average American has a credit score of 698. That’s a good score, but sadly, many people have a lower or very poor credit score, which makes it impossible to find payday loans. While more than 56% of people in the US turn to loans at some point, payday loans are not that easy to find, especially if you have a bad credit score.

Luckily, there are options even for those who have poor credit scores. This is where tribal loans for bad credit, such as those offered by River Valley Loans, can come in handy.

What is a tribal loan?

Simply put, tribal loans are offered by those lenders who are associated with Native American tribes, as in Native American-owned lending institutions. Under the law, these types of lenders can claim immunity from the rules and regulations that have been defined by the state. This is the reason why tribal loan providers can provide more flexible terms and better interest rates as compared to traditional loan providers.

While a tribal loan is a great option if you have bad credit, there are a few requirements that are needed to qualify. For instance, applicants must be at least 18 years of age, have a checking account so that the funds can be transferred, and have a job or any other source of regular income.

Normally, after you apply for a tribal loan or an installment loan, the funds are deposited into your bank account the next business day once the application has been received and processed. Same-day funding options are also available. Those who have applied for a tribal loan over the weekend or holidays can view their confirmation email to track the status of their application.

Pros and Cons of River Valley Loans

While there is the issue of tribal loan providers not operating under federal rules and regulations, which may be intimidating for some folks, loan providers such as River Valley Loans are licensed and approved in accordance with the Tribal Credit Code of the Crow Creek Sioux Tribe. It is crucial for anybody looking to get a tribal loan to first find out whether or not the tribal loan provider has the proper certificate of licensure for a financial services company.

It should be noted that River Valley Loans adheres to all federal laws and regulations that apply to short-term online loan providers. The best part about using a tribal loan is that it does not discriminate against applicants who have a bad credit score or have not maintained their credit history. Since it is an expensive form of borrowing, it is not advised to look at a tribal loan as a long-term financial solution.

Certain fees are applicable if a person cannot repay the loan within the agreed-upon deadline. For instance, a $20 late fee is charged if the payment is made after 5 days.

River Valley Loans are not available in every US state. If you are looking for a tribal loan, you will find one in West Virginia, New York, Columbia, Vermont, Illinois, South Dakota, and Pennsylvania.

River Valley Loans encourages its customers to make early repayments so they do not have to pay any penalties. River Valley Loans is a trusted lender for tribal and installment loans for those who need money. The lender offers free same-day funding, a great option for those who need access to cash to make payments on short notice.

Another advantage of obtaining a tribal loan is that repayment is simple. River Valley Loans makes it easy for customers to make payments via ACH, or an automated electronic transfer from their bank account. This is both a faster and more efficient method of repaying the tribal loan.

Terms and Conditions of River Valley Loans

River Valley Loans have been designed as short-term financial solutions for anyone needing quick cash. Mainly for those who need a limited amount of cash, the tribal loans or installment loans offered by River Valley Loans help cover immediate needs, such as after a medical emergency or any other surprise expenses that one cannot pay off right away.

Payments are scheduled based on the particular loan agreement. The term of the tribal loan can vary from 10 to 18 months. River Valley Loans also provides installment loans such as auto loans, student loans, and mortgage loans.

River Valley Loans also makes it easier to cancel a loan without any penalties or additional charges. However, the cancellation request should be received before 5:00 p.m. Central Time on the second business day following the deadline for cancellation. When it comes to interest rates, the client’s APR is determined by the amount of the loan and the duration they need for the repayment of the loan.