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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Arrowhead Advance

Finanso.Multilogin™

About lender

Arrowhead Advance offers online installment loans for customers. The company claims to help its clients achieve their financial goals. They offer fast, flexible loans with high-interest rates and flexible terms. They offer quick, easy access to funds for individuals who need extra cash fast. But still, there are plenty of negative Arrowhead Advance reviews on the Internet claiming that the company spills borrowers' personal information for all online lenders.

The Wakpamni Lake Community owns Arrowhead Advance, and the Wakpamni Lake Community is a local government recognized by a federal government. The Pine Ridge Reservation covers about 2.2 million acres in South Dakota and has 604 residents who are members of the Oglala Lakota Nation.

Pros and cons of Arrowhead Advance

Arrowhead Advance Lending is a company that declares to offer loans online to borrowers with bad credit histories. Let's discuss its advantages and disadvantages.

Pros

  1. Its technology platform allows the lender to provide fast, convenient, and personalized customer service.
  2. In addition, they have an Arrowhead Loyalty Program that is designed to reward faithful customers with discounts. The more you've paid back, the fewer charges they promise, and they allow you to borrow more money with an extended repayment period.

Cons

  1. The main con is that this company is mainly seen as a scam company that doesn’t distribute their installment loans and sells your information to other companies.
  2. The maximum annual percentage rate can be as high as 961%.
  3. You can't be sure about your loan details before a loan agreement negotiation.

Loan conditions

Arrowhead Advance is a company that lends money under certain conditions. Arrowhead Advance offers $100-$1000 installment loans for new borrowers and $2,250 to returning customers. Each loan comes with its own APR, ranging from 233% and 961% depending on many factors, including loan fees incurred and duration of the loan. Most people with bad credit can’t even get a traditional loan. But an Arrowhead Advance loan is an option that offers no credit check or collateral.

Arrowhead Advance isn't clear about its conditions. Installment loans are accepted based on personal details such as credit history, accumulated debt, etc. To be pre-approved for a loan online, you must sign in with an account and apply for a loan through their portal.

Additionally, you must be able to pay back the installment loan in time to avoid paying any fees.

Funding a loan

Individuals can use digital tools that automate everything from loan approvals to funding applications with ease. Digital tools speed up the paperwork process, but it also reduces human errors and makes it easier for new or inexperienced people with online transactions, making the online application process quick and easy. Once your application is accepted, a Verification Specialist will contact you shortly after checking in with your information. If everything checks out, you’ll receive the cash into your bank account in as little as 24 hours or the next business day.

FAQ

Are Arrowhead Advance loans safe?

If you are looking for small installment loans or need some extra cash, there are many options. However, it would be best to be careful when choosing an Arrowhead Advance loan. This company has a bad reputation and is not trusted by many consumers. Consider other options before taking out an Arrowhead Advance loan to ensure your loan is safe and secure.

Does Arrowhead Advance report to the credit bureaus?

The company is not affiliated with banks, credit card companies, or other traditional lenders, and they do not file credit reports nor check your FICO score.

Is Arrowhead Advance a scam?

There are many negative reviews about the company on the Internet. The customers complain about significantly high-interest rates and unpredictable costs of a loan and about changing their terms by the company without warning. Such a behavior closely resembles a known scam practice. The online lender also does not reply to negative feedback. This indifference could mean that they either don’t care about maintaining their reputation or they have poor customer service. Finally, there are plenty of Arrowhead Advance review reports about selling customers' personal data for many other lenders who start to propose their lending options immediately.

What are the interest rates on Arrowhead Advance?

The APR on loan for an Arrowhead Advance will be made available to you at your approval and is typically between 233% and 961%.

Where is Arrowhead Advance located?

It is located in South Dakota in the Oglala Sioux Tribe’s Wakpamni District. The tribal government owns the Wakpamni Lake Community Corporation, which is responsible for economic development and the general management of the lake. They have neither a state nor a federal license, and it abides only by the tribal laws.

Company documents

Rates & Terms
Privacy Policy
License

Installment loan: unclear conditions and spilling customers' data

© Arrowhead Advance

Financial products

Arrowhead Advance
Personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$100-$2,250
Rate
i

Effective interest rate on the product

up to 961%
Term
i

Loan term for the financial product

up to 7 months

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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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Effective interest rate on the product

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Calculate loan payments in Arrowhead Advance

Arrowhead Advance calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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Enter the desired loan amount

USD
USD
100 $
2250 $
Loan term
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Specify the loan term for the calculation

months
days
1
7

What to focus on before applying for a loan with Arrowhead Advance

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Arrowhead Advance and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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All Arrowhead Advance’s reviews by October 2022
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