Arrowhead Advance is an online loan platform that offers installment loans to help you pay for unexpected expenses like medical bills or car repairs. Based in Batesland, South Dakota, Arrowhead Advance is owned by the Wakpamni Lake Community, a federally recognized Native American tribe and operates under tribal law not state or federal law.
Legal name
Wakpamni Lake Community Corporation
Short name
Arrowhead Advance
Legal address
PO Box 231, Batesland, South Dakota, 57716, United States
About Lender
Arrowhead Advance is an online lender that offers installment loans to help you pay for unexpected expenses like medical bills or car repairs. Based in Batesland, South Dakota, they are owned by the Wakpamni Lake Community, a federally recognized Native American tribe. As a tribal lender they operate under the tribe’s laws not state or federal laws which can affect things like interest rates and lending terms. Interest rates on loans vary based on your credit score and loan amount. Please review the terms and conditions before accepting a loan to understand your repayment obligations and costs.
Key Features
Tribal Lender. These lenders follow tribal laws and offer payday loans. Be careful because you may get into a big debt. It’s hard to hold the tribal lender accountable.
Installment Loans. Arrowhead Advance offers personal loans that are paid back in fixed installments over time. So you can budget and plan your finances better.
No Collateral Required. Arrowhead Advance offers unsecured personal loans, so you don’t need to put up collateral for your loan.
Bad Credit Okay. They consider bad credit, but borrowers with better credit may get better loan terms.
Pros and Cons
Pros
Fast Approval and Funding. Arrowhead Advance says they fund in one business day, many loans are approved and funded the next business day.
Easy Online Application. You can apply online, so you can apply from the comfort of your own home.
No Hidden Fees. The lender is transparent about their fees, no hidden fees or prepayment penalties.
Flexible Repayment Options. You can choose your repayment schedule and pay off your loan early with no penalty.
Cons
High Interest Rates. These loans have high interest rates, which can be tough for some borrowers to pay back.
Short Repayment Terms. Arrowhead Advance loans have short repayment terms, so you may have to make bigger payments over a shorter period of time.
Not Available in All States. Arrowhead Advance services are not available in all states so it’s not available for some borrowers.
May Encourage Debt Cycle. Getting a loan can get you into a debt cycle which can be hard to get out of.
Reliability
Operates Under Tribal Jurisdiction. Arrowhead Advance is owned by a Native American tribe and operates under tribal laws which are different from state and federal laws.
Not BBB Accredited. The company is not accredited by the Better Business Bureau (BBB) and has a B rating, which means concerns about customer service or business practices.
Low Trustpilot Rating. Arrowhead Advance has a 1.7 rating on Trustpilot, which means mixed or negative reviews from customers.
Compliant with Tribal and Federal Guidelines. Although not regulated by state laws, Arrowhead Advance follows tribal and federal guidelines which can affect things like interest rates and lending terms.
Visit the Website. Go to the Arrowhead Advance website.
Click "Apply Now." On the homepage, click the "Apply Now" button.
Enter Personal Details. Provide your name, state, and phone number.
Set Up Account. Enter your email, create a password, choose a challenge question, and provide the answer.
Click "Next." Proceed by clicking the "Next" button.
Complete Application. Fill out the remainder of the application form with the necessary information.
Conditions and Requirements
Conditions
Loan Amount. Amounts vary between $100 to $1,500.
APR Range. Interest rates vary from 200% to 830% APR.
Loan Term. Arrowhead advance loans are up to 7 months.
Requirements
Minimum Income. $1,000/month
Age. 18 years old or older
Residency and SSN. U.S. resident with valid Social Security Number (SSN)
Bank Account. Current checking account
Steady Income. Consistent income
Military Status. Not an active servicemember or dependent of an active servicemember.
Ways to Receive the Money
Once approved, the money will be deposited into your bank account the next business day. But before that happens, you need to complete your loan process by confirming your loan details. A loan representative from Arrowhead Advance will call you within a few minutes of you submitting your application to verify your info. If you don’t get a call, please call Arrowhead Advance at 888-459-1315. Once your information is verified and your loan is approved, the funds are deposited into your bank account the next business day. This ensures all loan details are accurate and agreed upon so the funds can be transferred to your account.
Products
Arrowhead Advance offers loans for all credit types, even discharged bankruptcy, charge-offs or bounced checks. They have a Loyalty Program where customers can earn points for benefits and discounts. Loans are fast, funds deposited the next business day after approval. Flexible repayment terms, pay over time or early payoff with no penalties and no hidden fees.
Reasons for denial at Arrowhead Advance may include not being 18 years old or older, not a U.S. resident or not making at least $1,000/month. If Arrowhead Advance can’t verify the information provided in your application, they reserve the right to hold the funding.
To pay back an Arrowhead Advance loan, you have three options: pay the installment amount due on each date, pay the installment plus extra towards the principal or pay off the loan in full. You can adjust your payment online or call customer service at least 3 business days before the due date if needed. These flexible payment options let you manage your loan according to your situation.
OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.
RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.
OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.
Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.
Editorial Opinion
Arrowhead Advance has a mix of good and bad. The tribal lender aspect is unique but may pose accountability issues. Offering loans in various amounts with an easy online application is good but the high interest rates may not be for everyone. They are transparent, flexible and have a loyalty program. But the loan amount and repayment terms are limited. Online reviews are mixed, they service a certain type of customer but may not be for everyone.
Important
Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.
How to Choose a Lender
Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
Carefully review all the terms and conditions of your payday loan contract.
Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Arrowhead Advance is an online lender that offers installment loans to individuals with less-than-perfect credit. The company is owned by the Wakpamni Lake Community Corporation, a tribal corporation wholly owned by the Oglala Sioux Tribe, which is a federally recognized Indian tribe.
As a tribal lender, Arrowhead Advance operates under the laws of the Wakpamni Lake Community and the Oglala Sioux Tribe rather than under state or federal laws. This can make it more difficult for borrowers to dispute or complain, as they may not have the same legal protections as they would with a traditional lender.
Arrowhead Advance has received a number of complaints from borrowers, many of which relate to the high interest rates and fees associated with their loans. Some borrowers have also reported difficulty reaching customer service and confusion over loan repayment terms.
Does Arrowhead Advance do a credit check?
Arrowhead Advance may perform a credit check as part of their loan approval process. However, they state on their website that they do not require perfect credit to be approved for a loan and will consider applicants with a range of credit scores.
Even if Arrowhead Advance does perform a credit check, having less-than-perfect credit may not necessarily disqualify you from being approved for a loan. However, it could affect the loan amount, interest rate, and other terms you are offered.
Even if a lender doesn't perform a traditional credit check, they may still review your credit history through other means, such as a soft credit check or by checking your credit report for past loans or delinquent accounts.
If you're considering applying for a loan with Arrowhead Advance, it's important to review their eligibility requirements and loan terms and to consider whether you'll be able to repay the loan on time.
Where is Arrowhead Advance located?
Arrowhead Advance provides loans online. Its headquarters are in Batesland, South Dakota. You can receive money remotely at your bank account. However, before giving your personal details and signing an agreement with the company, read the Arrowhead Advance reviews. They suggest the company is not so transparent and do not comply with federal government regulations.
Who are Arrowhead Advance's competitors?
The company's competitors are payday and installment loan providers like Quick Cash To Go, Payday Champion, Blue Trust Loans, and Plain Green Loans. If you need extra cash fast, it is best to read an Arrowhead Advance review on fintech websites. You will get an understanding of how the company works and compare the alternatives. Get pre-approved with different lenders before you make a decision.
