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.
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.
How to Apply for an Arrowhead Advance Loan?
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Visit the Website. Go to the Arrowhead Advance website.
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Click "Apply Now." On the homepage, click the "Apply Now" button.
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Enter Personal Details. Provide your name, state, and phone number.
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Set Up Account. Enter your email, create a password, choose a challenge question, and provide the answer.
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Click "Next." Proceed by clicking the "Next" button.
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Complete Application. Fill out the remainder of the application form with the necessary information.
Conditions and Requirements
Conditions
Loan Amount. You can borrow between $100 and $1,500.
APR Range. The Annual Percentage Rate (APR) on an Arrowhead Advance loan can vary from 200% to 830%.
Loan Term. Loan terms can extend up to 7 months.
Requirements
Minimum Income. You must make at least $1,000 per month.
Age. You need to be 18 years of age or older.
Residency and SSN. You must be a U.S. resident with a valid Social Security Number (SSN).
Bank Account. A current checking account is required.
Steady Income. You must have a consistent source of income.
Military Status. You cannot be an active servicemember or a dependent of an active servicemember.
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.
Additional Resources
- About Arrowhead Advance
- Full Arrowhead Advance Account Review
- How to Apply for an Arrowhead Advance Loan
- How to Repay an Arrowhead Advance Loan
- Arrowhead Advance Reviews
- All Arrowhead Coupons and Promo for October 2024
