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Lender
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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.

River Valley Loans

Finanso.Multilogin™

About lender

River Valley Loans is a tribal lending entity. It is owned by an American Indian Tribe, which specializes in providing various types of installment loans such as auto, mortgage, and student loans.

River Valley Loans mission is to help customers to take out an alternative loan in little emergencies and unexpected events. The company lends money to customers on a cell phone or home repair, paying hospital bills, vet and extra utility bills, taxes owed, and moving costs.

Nowadays, River Valley Loans is located in Fort Thompson, South Dakota.

Pros and cons

Pros

  • River Valley Loans lend to people with all types of credit backgrounds.
  • The company has an upfront fee disclosure. Before signing an installment loan agreement, customers will know exactly their total repayment loan amount and terms.
  • Customers may cancel their payment obligations without cost or finance charges no later than 5:00 p.m. CST of the second business day immediately following the Disbursement Date, "Cancellation Deadline".
  • Even if a clientele misses the deadline, they can still pay off a loan early without penalties and pay only the interest accrued up to the pay-off date.
  • River Valley Loans enables a clientele to save money on installment loans by making extra payments towards the principal of the loan or making more than the minimum payment on a scheduled due date.
  • Provides personal data protection by using innovative security technology to protect clientele's data from any unauthorized or malicious access.
  • River Valley Loans adheres to the principles of the federal Fair Debt Collection Practices Act (FDCPA). Hence, it is aimed at providing customers with a flawless and secure experience.
  • River Valley Loans does not charge prepayment penalty fees. That means that customers can pay off their loans early, conducting no additional payments.
  • In most cases, the company deposits customers' funds the same day they apply.
  • Applying for an online installment loan with River Valley loans doesn't require paperwork or even visiting their office.

Cons

  • The company operates in a limited number of states. River Valley Loans doesn't lend to residents of Arkansas, Connecticut, District of Columbia, Illinois, New York, Pennsylvania, South Dakota, Vermont, Virginia, or West Virginia. Moreover, the availability of installment loans can be changed at any time at the sole discretion of River Valley Loans.
  • During the verification of applicants' information through national databases, the company pulls clientele's credit and payment history in order to determine their eligibility and ability to repay. Moreover, River Valley Loans may report a customer's payment history to one or more credit bureaus.
  • River Valley Loans states that late or returned item fees and non-sufficient funds may apply during the loan's funding.
  • If a clientele cannot repay their loan under its terms, River Valley Loans may place a customer's loan with or sell it to a third-party collection agency or other company that collects delinquent consumer debt.
  • As a tribal lender, River Valley Loans offers loans at much higher rates than lenders and financial institutions do.
  • The typical application and verification process with River Valley Loans requires a phone call with the company's customer service team.
  • Many customers' reviews show River Valley Loans unreliability and create the image of a despicable business. The company's users claim they had problems with paying off their installment loans, as River Valley Loans kept going into their bank account charging money.
  • The company does not point out its physical office address, showing only a Post Office box address.

Terms and conditions

River Valley Loans specializes in providing tribal installment loans, which allow customers to borrow an established amount of money and pay back the loan over a certain period with regularly scheduled payments called installments.

The loan amounts available to qualified borrowers vary from $100 to $3,000. The term of the installment loan at River Valley Loans may vary but is typically from 10 to 18 months.

The clientele's APR for a loan is determined by the loan amount they choose to borrow and the time they want to keep the loan outstanding.

River Valley Loans charges a $20.00 late fee if customers make a payment over five days late. A clientele may continue to accrue additional interest charges. Another type of fee is a $30.00 insufficient funds fee levied if payments are returned‌.

Funding a loan

In most cases, the company deposits funds in the customer's bank account on the next business day after their application has been processed and approved. River Valley Loans users can request same-day funding up to 2:00 p.m. CST Monday–Friday by calling (833) 987-4837. Verify with your bank, as River Valley Loans may apply additional incoming fees.

To optimize the process, watch out for your confirmation emails or spam folder, as they may involve important information on the status of your loan. Note that the operational time of the lender is from one to five months.

Conclusion

When considering all pros and cons of applying for River Valley Loans, customers have to consider that compared to other loan solutions offered by banks and financial institutions, this is a rather expensive form of borrowing which is not intended to be a long-term financial solution. Ensure you realize that interest and annual percentage rates for an installment loan with this online lending company are higher than with a credit card released by a bank. Also, mind that these loans assist customers in meeting their short-term financial needs.

As a short-term financial resource providing installment loans, River Valley Loans is a good suit for people:

  • In need of a limited amount of cash to help cover an emergency or surprise expense such as car repair bills, medical care, or essential travel expenses, but aren't able to pay it off right away.
  • Failed to find alternative forms of credit, like personal loan, a credit card cash advance, home equity line of credit, existing savings, or borrowing from a friend or a relative.
  • Not looking for a long-term financial solution.

FAQ

What laws apply to River Valley Loans?

River Valley Loans abide by Tribal Law as incorporated by the Crow Creek Sioux Tribe and applicable federal laws and regulations.

How do I repay my loan with River Valley Loans?

The most straightforward way to make your payments to River Valley Loans is through ACH, an automated electronic transfer from your bank account. The company accepts other payment methods such as cashier's checks, debit cards, or money orders. Your loan agreement includes payment schedule amounts and due dates. So, following it, pay off your loan as quickly as possible. River Valley doesn't charge any early pay-off penalties or fees.

What are River Valley Loans rates and fees?

APR varies on a customer's specific loan situation. You can find details of your payment amounts, dates, rates (APR), and detailed fee information in your loan agreement, as River Valley Loans enables clientele to review and download a copy of the loan agreement during the life of their loan by logging in to the account.

How soon will I get my River Valley Loans funds?

Generally, you will get your funds deposited in your bank account on the next business day after the application has been processed and approved. You can also make a request for same business day funding up to 2:00 p.m. CST Monday–Friday by calling (833) 987-4837.

Company documents

Privacy policy
Terms & Conditions
Availability & Rates
Mobile Communications Terms & Conditions

River Valley Loans is a tribal lending entity owned by an American Indian Tribe.

© River Valley Loans

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What to focus on before applying for a loan with River Valley Loans

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 River Valley Loans 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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