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.

2.4
(26 Ratings)

Arrowhead Advance Review

Advertiser Disclosure

About Lender

Arrowhead Advance is an online lending platform that offers installment loans to customers in the United States. The company is headquartered in Batesland, South Dakota, and is an entity of the Wakpamni Lake Community, a federally recognized Native American tribe.

Arrowhead Advance offers loans ranging from $100 to $1,500. The loans are intended to help customers cover unexpected expenses, such as medical bills, car repairs, or home repairs. Customers can apply for a loan online and receive a decision within minutes.

One unique aspect of Arrowhead Advance is that the company is owned by a Native American tribe. As a result, Arrowhead Advance operates under the legal jurisdiction of the tribe rather than under state or federal laws. This can have implications for things like interest rates and lending regulations.

Arrowhead Advance charges interest on its loans. The interest rates can vary depending on factors such as the customer's credit score and the amount of the loan. Customers should carefully review the terms of their loan before accepting it to make sure they understand the interest rate and repayment terms.

Arrowhead Advance

Key Features

  1. Tribal Lender. These lenders follow tribal regulations and offer payday loans. You must be careful because there is a high chance you may fall into a large debt. It is difficult to make the tribal lender accountable.
  2. Installment Loans. Arrowhead Advance offers personal loans that are repaid in fixed installments over a period of time. This allows borrowers to budget and plan their finances more easily.
  3. No Collateral Required. Arrowhead Advance offers unsecured personal loans, which means borrowers do not need to provide collateral to secure their loans.
  4. Bad Credit Considered. Arrowhead Advance considers borrowers with bad credit, although borrowers with better credit histories may receive better loan terms.

Pros and Cons

Pros

Fast Approval and Funding. Arrowhead Advance claims to provide fast approval and funding, with many loans being approved and funded on the following business day.

Easy Online Application. The loan application process can be completed online, which makes it convenient for borrowers to apply for a loan from the comfort of their own home.

No Hidden Fees. Arrowhead Advance is transparent about its fees, and there are no hidden fees or prepayment penalties.

Flexible Repayment Options. They allow borrowers to choose their repayment schedule and pay off their loan early without penalty.

Cons

High Interest Rates. Arrowhead Advance offers loans with high interest rates, which may make it difficult for some borrowers to repay their loans.

Short Repayment Terms. The repayment terms for Arrowhead Advance loans are relatively short, which means borrowers may have to make larger payments over a shorter period of time.

Not Available in All States. Arrowhead Advance loans are not available in all states, which limits its availability for some borrowers.

Limited Loan Amounts. Arrowhead Advance only offers loans up to $1,500, which may not be enough for some borrowers.

May Encourage Debt Cycle. Taking out a loan can encourage a cycle of borrowing, which may make it difficult for some borrowers to break free from debt.

Reliability

Arrowhead Advance is a financial services company that offers short-term installment loans to borrowers. As with any financial services company, the reliability of Arrowhead Advance depends on a number of factors, including its reputation, regulatory compliance, and customer satisfaction.

One factor that can contribute to the reliability of Arrowhead Advance is its reputation. The company has been in business since 2014 and has received mixed reviews on websites such as Trustpilot and the Better Business Bureau. While some customers have reported positive experiences with the company, others have complained about high interest rates and fees, as well as difficulty in obtaining customer service.

Another factor that can contribute to the reliability of Arrowhead Advance is its adherence to industry standards and regulations. Arrowhead Advance is a tribal lender that adheres to tribal regulations.

How to Apply for an Arrowhead Advance Loan?

Apply For a Loan

  1. Complete the online application on the Arrowhead Advance website, which should take about two minutes.
  2. Upon completing the form, a Verification Specialist will get in touch with you to go over your details.
  3. After getting approval, the funds will be transferred to your bank account on the following business day.

Conditions and Requirements

Conditions

  1. Short-Term Loans. Loans are aimed for short-term financial needs, not long-term solutions.
  2. Loan Quantity. Only one loan is allowed at a time per customer, and once repaid, customers may apply for another loan.
  3. Tribal Lender. The company operates under the laws and regulations of the Oglala Sioux Tribe and the Wakpamni Lake Community, meaning state laws, regulations, and interest rates don't apply to Arrowhead Advance or the Wakpamni Lake Community Corporation (WLCC).

Requirements

To qualify for a loan at Arrowhead Advance, the requirements include:

  • Being 18 years of age or older.
  • Being a U.S. resident.
  • Having a valid Social Security Number (SSN).
  • Having a current checking account.
  • Earning at least $1,000 per month.
  • Having a steady source of income.
  • Not being an active servicemember or dependent of an active servicemember.

    Ways to Receive the Money

    Upon approval of your loan application at Arrowhead Advance, the money will be deposited into your bank account on the following business day. However, before this can happen, it's crucial to complete your loan process by confirming the details of your loan. A loan representative from Arrowhead Advance will reach out to you shortly after you submit your application to verify your information. If you don't receive a call from a representative, you're encouraged to contact Arrowhead Advance at 888-459-1315.

    After your information has been verified and your loan has been approved, the funds are typically deposited into your bank account on the next business day. This process ensures that all the loan details are accurate and agreed upon, which facilitates a smooth transfer of funds to your account.

    Products

    Apply For a Loan

    Arrowhead Advance is a lending company that offers installment loans to its customers.

    These are loans where the borrower repays the loan amount in equal installments over a set period of time. Arrowhead Advance offers installment loans in various amounts and repayment terms.

    Arrowhead Advance provides loans ranging from $100 to $1,500, welcoming all credit types, even those with discharged bankruptcy, charge-offs, or bounced checks. They offer a Loyalty Program where customers can earn points towards benefits and discounts. The loans are designed to be fast, with funds typically deposited the next business day post-approval. They offer flexible repayment terms, allowing payments over time or early payoff without penalties, and they ensure no hidden fees are involved.

    Other Loans

    Reasons for Loan Refusal

    The reasons for loan refusal at Arrowhead Advance may include not meeting the age requirement of 18 years or older, not being a U.S. resident, or not having the minimum monthly income of $1,000. Additionally, if Arrowhead Advance is unable to verify the application information provided, they reserve the right to withhold funding.

    How to Repay an Arrowhead Advance Loan?

    To repay a loan at Arrowhead Advance, you have three options:

    1. Pay only the installment amount on each due date as per your loan documents.
    2. Pay the installment amount plus an additional increment towards the principal.
    3. Pay the loan in full.

    You can change your payment option on their website in many cases, or by calling them at least 3 business days before your current due date if the website doesn't allow the change.

    Additional Services

    Arrowhead Advance offers a Customer Loyalty Program as an additional service. Through this program, customers can earn points which can be used towards obtaining valuable benefits and discounts.

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    Editorial Opinion

    Arrowhead Advance showcases a blend of unique and customer-centric features. The tribal lender aspect, while unique, may pose accountability challenges. Offering a range of loan amounts with an easy online application process is commendable, but the high-interest rates could be a setback for many. The company's transparency, flexible repayment, and loyalty program are positive aspects. However, the limited loan amount and short repayment terms may not appeal to everyone. The mix of positive and negative reviews online echoes this dichotomy, indicating a service that caters to a specific clientele but may not be suitable 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

    1. 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.

    2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

    3. Carefully review all the terms and conditions of your payday loan contract.

    4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

    5. 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.

    6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

    Methodology

    At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

    In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

    At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

    Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

    Additional Resources

    Sources

    FAQ

    Is Arrowhead Advance a Legitimate Company?

    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.

    Company documents

    Rates & Terms
    Privacy Policy
    License

    Installment loan: unclear conditions and spilling customers' data

    © Arrowhead Advance
    Offers
    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.

    2.2
    (19 Ratings)
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    Arrowhead Advance reviews 2024
    Leave feedback
    1.4
    Cons
    I made a payment and was informed that I couldn't allocate any funds towards reducing my principal balance unless I first covered the finance charge for the upcoming month. It's worth noting that I have a $900 loan, and my monthly payment of $249 is divided into $49 for the principal and $200 for interest and finance charges.
    Complain
    2.2
    Cons
    Arrowhead Advance engages in unethical practices. Beware and exercise caution.
    Complain
    2
    Cons
    I received a preapproved loan offer for $900 through a letter, but after applying online, I was inexplicably denied. It's puzzling why they sent me the letter in the first place, only to have me enter all my personal information.
    Complain
    2.6
    Cons
    They repeatedly call my workplace, and I have no clue about their identity or purpose. What's even more concerning is that they call back and leave messages with my coworkers.
    Complain
    2.4
    Cons
    I received what appeared to be a pre-approval, but after providing them with all my information, I was ultimately denied.
    Complain
    2
    Cons
    Their customer service is absolutely dreadful! They closed my loan, and now they're bombarding my phone with calls every 5 minutes. I have no intention of ever doing business with them again.
    Complain
    1.8
    Cons
    I recently received a pre-approval for $1,050. I'm relieved that I didn't proceed with it, considering the experiences others have had. Going through a divorce, some extra money could certainly be helpful.
    Complain
    4.4
    Pros
    I received pre-approval for $1,200. I don't want to deal with any more hassles.
    Complain
    1.4
    Cons
    I sent them more than $600 to settle my account, but they outright refused to credit my payment. The initial experience with their customer service was frustrating, as they spoke down to me, assuming I didn't grasp the fundamentals of loans and payments. By the seventh or eighth call, the agent was utterly incapable of comprehending my issue. Over the course of a month, I've engaged in a seemingly endless loop with them, making no progress whatsoever. In desperation, I had to file a formal complaint with the CFPB (Consumer Financial Protection Bureau). Hopefully, they can intervene or establish contact with someone who can help resolve this matter, as over $600 remains unaccounted for and seemingly lost.
    Complain
    2.2
    Cons
    Borrowing $750 at an interest rate exceeding 700% is absolutely not worthwhile, especially when you're faced with a repayment plan of $230 every two weeks. I strongly advise you to double-check the numbers I've presented here with those you enter into their website application.
    Complain
    aggregation.company.allReviews
    Company rating
    2.4
    / 5
    26 reviews
    Application
    2.9
    Support service
    2.2
    Mobile App
    1.7
    Service quality
    2.6
    Your satisfaction level
    2.6
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