About Lender
Greenarrow Loans is an American loan agency and tribal lender that provides short-term small personal loans similar to payday loans to individuals who are in need of financial assistance. As a tribal enterprise, it is wholly owned and operated by the Big Valley Band of Pomo Indians, a federally-recognized American Indian tribe and sovereign government. This means that any agreement entered into as a result of an application is governed by applicable Tribal and federal law.
However, it is important to note that Greenarrow Loans does not currently offer loans to customers in several states, including Arkansas, Colorado, Connecticut, Georgia, Maryland, Minnesota, Montana, New Hampshire, New York, North Carolina, Pennsylvania, Puerto Rico, Vermont, Virginia, Washington, and West Virginia.
The loan amounts provided by Greenarrow Loans range from a minimum of $200 to a maximum of $1500, which can be granted to a returning customer. The maximum loan amount for first-time borrowers is $300. The financing agency's loan process is generally fast and easy, with most applicants receiving their funds on the same day they apply.
Key Features
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Short-term loans. Greenarrow Loans provides short-term loans to individuals who are in need of financial assistance. The loan amounts range from a minimum of $200 to a maximum of $1500, depending on whether the borrower is a first-time borrower or not.
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Tribal enterprise. Greenarrow Loans is a tribal enterprise wholly owned and operated by the Big Valley Band of Pomo Indians, a federally-recognized American Indian tribe and sovereign government. As a result, any agreement entered into as a result of an application is governed by applicable Tribal and federal law.
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Limited availability. Greenarrow Loans does not currently offer loans to customers in several states, including Arkansas, Colorado, Connecticut, Georgia, Maryland, Minnesota, Montana, New Hampshire, New York, North Carolina, Pennsylvania, Puerto Rico, Vermont, Virginia, Washington, and West Virginia. However, their states of operation change frequently.
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No hidden fees. Greenarrow Loans is transparent about its fees and charges; no hidden fees are associated with its loans.
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Small loan amounts. Greenarrow Loans focuses on providing small loan amounts to individuals who may not have access to traditional banking services or who may have poor credit.
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Flexible repayment option. Greenarrow Loans offers flexible repayment options to its borrowers, including the ability to pay off their loans early without penalty.
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Interest rate. Green Arrow Loans are associated with high-interest rates. It is an expensive form of borrowing.
Pros and Cons
Pros
Cons
Reliability
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BBB Rating. Greenarrow Loans has a B rating from the Better Business Bureau (BBB). While this is not a high rating, it indicates that the company has not received many customer complaints or negative feedback. However, it is important to note that Greenarrow Loans is not BBB-accredited, which means that the company has not met all of BBB's standards for accreditation.
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Trustpilot Rating. Greenarrow Loans has a 4.5 rating on Trustpilot based on 13 customer reviews. While this is a small number of reviews, the overall rating suggests that many customers have had a positive experience with the company.
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Tribal Entity. As a tribal entity, Greenarrow Loans is subject to certain tribal and federal laws that may provide additional protections for borrowers. However, it is important to carefully review the terms and conditions of any loan agreement before agreeing to the terms.
How to Apply for a Greenarrow Loan?
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Visit the Website. Go to the official GreenArrow website using your web browser.
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Navigate to Application. Look for an "Apply Now" button on the website. This button is typically located prominently on the homepage or in a dedicated section related to loans.
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New Customer. If you are a new customer, click on the "Apply Now" button. This will likely lead you to the loan application form.
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Fill Out the Application. Complete the loan application form with accurate and required information. You will need to provide details such as your personal information, contact details, employment status, income, and any other relevant information.
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Submit Application. Once you've filled out the application form, review it for accuracy and completeness. After confirming that everything is correct, submit the application.
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Returning Customer. If you have previously applied for a loan with GreenArrow and are a returning customer, look for a "Returning Customer Login" or similar button. Click on it to access your account.
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Log In. Enter your login credentials, which might include your email address and password. This will take you to your account dashboard.
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Apply from Account. Inside your account dashboard, there should be an option to apply for a new loan. Click on this option to initiate the application process.
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Provide Loan Details. Complete any necessary sections of the application form, providing updated information if necessary.
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Submit Application. Review the information you've entered and make sure it's accurate. Once you're satisfied, submit the application.
Conditions and Requirements
Conditions
Greenarrow Loans is a tribal enterprise that provides short-term loans to individuals who need financial assistance. The loan amounts typically range from $200 to $1500, depending on whether the borrower is a first-time borrower or not. The loan amount a borrower qualifies for depends on a number of factors, including income and employment status.
The interest rates associated with a tribal loan fromGreenarrow Loans with up to 780% APRs. The repayment terms range from a few weeks to a few months, depending on the loan amount and the borrower's financial circumstances. Borrowers who are unable to repay their loans on time may be subject to late fees and other penalties. The company may offer renewals or extensions to borrowers who are unable to repay their loans on time.
Greenarrow Loans has a straightforward application process and typically provides fast access to funds. If an application is approved by 5 pm MT from Monday to Thursday, the borrower can generally expect to receive the funds from the lender by the next business day. If an application is approved between 5 pm MT on Thursday and 3 pm MT on Friday, the funds will likely be disbursed on Monday, except during bank holidays. The exact time of funding is subject to the recipient's bank's Automated Clearing House (ACH) credits posting schedule.
Greenarrow Loans may verify applicant information through national databases, including Clarity, Data X, and CLVerify. The company does not typically perform credit checks or report to the three credit bureaus: Experian, Equifax, or Trans Union. Greenarrow Loans takes the privacy and security of customer information seriously and has appropriate safeguards in place to protect personal information.
While Greenarrow Loans may be useful for small financial emergencies, the high-interest rates and short repayment terms may make the loans more expensive for some borrowers. Therefore, it is important to carefully review the terms and conditions of any loan agreement and ensure that the borrower understands the costs and risks associated with the loan before applying.
Requirements
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Minimum Monthly Income. You need to have a steady source of income and make at least $1,000 a month. This income requirement ensures that you have the means to repay the loan.
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Employment Status. Typically, you need to be employed or have a consistent source of income. This demonstrates your ability to repay the loan as agreed.
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Age. You are likely required to be at least 18 years old to apply for a GreenArrow loan.
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Residency. You might need to be a legal resident of the country where GreenArrow operates.
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Bank Account. This is where the loan funds will be deposited and from where repayments will be withdrawn.
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Identity Verification. You will need to provide valid identification and other personal information to verify your identity.
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Loan Amount. The loan amount you are eligible for might depend on your income and other factors.
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Loan Purpose. Lenders might have specific guidelines regarding the purpose of the loan, ensuring that it's used for legitimate and responsible purposes.
Ways to Receive the Money
Once your application is approved, you can expect to receive the promised funds from the lender in your bank account by the next business day if approved by 5 pm MT from Monday to Thursday. For applications approved between 5 pm MT on Thursday and 3 pm MT on Friday, the funds will likely be disbursed on Monday, except during bank holidays.
The actual time of funding is subject to your bank's ACH (Automated Clearing House) credits posting schedule. If you do not see the funds in your bank account as expected, you can reach out to your bank's ACH department to inquire about the timing of the transfer.
Products
Greenarrow Loans issues payday loan services to individuals who need financial assistance. These loans are designed to provide quick access to funds to help cover unexpected expenses or financial emergencies. The loans typically range from a minimum of $200 to a maximum of $1500, depending on whether the borrower is a first-time borrower or not.
Greenarrow Loans has a straightforward application process; most applicants receive their funds on the same day they apply. The loans are unsecured, meaning that borrowers do not need to provide collateral or security to qualify for the loan.
However, it is important to note that the interest rates associated with Greenarrow Loans may be higher than those offered by traditional lenders. The loans typically have short repayment terms of a few weeks. Borrowers may be required to pay additional fees and charges if they are unable to repay the loan on time.
Greenarrow Loans is transparent about its fees and charges; no hidden fees are associated with its loans. The agency also offers flexible repayment options to its borrowers, including the ability to pay off their loans early without penalty.
Overall, Greenarrow Loans offers small, short-term loans to individuals who may not have access to traditional banking services or who may have poor credit. However, borrowers should carefully consider the costs and risks associated with these loans before applying.
Other Loans
Alternatives
Big Picture Loans
Big Picture Loans is a tribal lending company that provides installment loans to individuals with bad credit. They offer loans from $200 to $3,500, and the repayment terms typically range from several months to a few years. While Big Picture Loans may consider applicants with lower credit scores, it's important to be aware that their interest rates can be high, and borrowers should carefully review the terms and conditions.
Plain Green Loans
Plain Green Loans is a tribal lending company that offers short-term installment loans to individuals with bad credit. They provide loans ranging from $500 to $3,000, with repayment terms varying based on the loan amount. The company's website states that they consider applicants with bad credit, but borrowers should know that their interest rates can be higher than traditional lenders.
Mobiloans
Mobiloans is a tribal lending company that provides lines of credit to borrowers with bad credit. They offer credit limits ranging from $200 to $2,500, and borrowers can access funds as needed within their approved credit limit. Repayment terms and interest rates will depend on the borrower's creditworthiness and usage. It's important to note that lines of credit may come with variable interest rates, and borrowers should carefully manage their borrowing to avoid high costs.
Spotloan
Spotloan is a tribal lending company that offers installment loans to individuals with bad credit. They provide loans ranging from $300 to $800, with repayment terms varying based on the loan amount and the borrower's financial situation. While Spotloan considers applicants with bad credit, it's crucial to note that their interest rates can be higher compared to traditional lenders. Borrowers should carefully review the terms and conditions to assess the total cost of borrowing.
Editorial Opinion
Important
How to Choose a Lender
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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.
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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.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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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.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
