Silver Cloud Financial Review: Read This Before You Borrow

Wisely, they’re taking the strategy of disputing that the lenders actually belong to the Native American tribes that they’re using to claim sovereign immunity. Time will tell if they’re able to break the connection. There was a significant lawsuit against Silver Cloud Financial as recently as 2017. The Consumer Financial Protection Bureau sued them — and three other online lenders — for collecting debts from consumers who didn’t actually owe them. They eventually dropped the suit, perhaps because they struggled to pierce the veil of sovereign immunity. They also mention other problems, like the company sometimes attempting to collect on loans that don’t exist from customers who have never heard of them.

silver cloud financial payday loans

Lenders like Silver Cloud Financial tend to attract people who don’t think they have any other option. They usually can’t get any help from friends or family or access traditional banking options due to their low credit scores. While it’s understandable that people borrow from Silver Cloud Financial, it’s still a mistake. They pose all of the same dangers as every other tribal installment lender, and borrowers are taking a big risk by doing business with them. Our proprietary scoring system uses the information you provide in making an approval decision. You’re more than just a three digit credit score.

Features of Silver Cloud Quick Loans

So, before you sign the agreement, you should be sure the terms are agreeable and conform to your budget. But once you agree and receive the money, there is no turning back. Sign in to your account, view your payment options, and make a partial or full payment. Otherwise, on every due date, the provider automatically withdraws payments according to your loan contract and repayment schedule. Once you receive the loan, you can settle it based on your Consumer Loan & Arbitration agreement. Repayment is pretty simple, usually multiple installments, including the interest calculated on a reducing balance. Thus, each payment consists of the cost of the loan and a partial principal repayment that reduces your outstanding amount.

  • The loan is not as easy to pay as they are easy to secure.
  • They’re a tribal lender, which grants them “sovereign immunity” and makes it almost impossible to sue them successfully.
  • I was trying to get more money but I didn’t get what I was looking for.
  • Silver Cloud Financial’s headquarters are in California, but they don’t have a license from the state.
  • Since I’ve become a customer, the total process has been seamless.
  • With the help of Silver Cloud Financial, you can get off the hook.

Once your loan is approved, you’ll receive a contract document, which is subject to the U.S. This document outlines terms of the loan, comprising of the dollar amount of the loan, the cost of the loan, annual percentage rate, method of repayment, and your repayment plan. Before we move even further with this review, you need to be aware that Silver Cloud Financial has had a fair share of negative publicity. Some time back, it was locked up in conflicts with several government agencies. It’s not just its high APR, which sometimes go well over 700%, the Financial Protection Bureau accuses them of unfair practices. The case came after several customers complained that the lender had used the ACH authorization to take money from their accounts, yet they fully settled their accounts and, thus, legally owed nothing. Though CFPB has since withdrawn the case, it is something you want to keep in mind. Not provide any personal information, such as social security number or bank account number or access if the company is not licensed or authorized to conduct business. I’ve always experienced awesome customer service each time I’ve spoken with Silver Cloud. Just really nice to know I can rely on this service in times of need and it’s fast and easy.

Silver Cloud Financial Review Tab

This change in behavior is however negatively impacting the growth of the market. However, the outbreak of the COVID-19 pandemic is expected to have a negative impact on the payday loans market. Consumer spending is plummeting as several individuals have either lost their jobs or are facing pay cuts in the wake of the outbreak of the pandemic, which does not bode well for the growth of the market. It provides unsecured loans ranging from $300 to $,1500 regardless of one’s credit score. But like payday lenders, its interest rate is prohibitive, with some borrowers paying thousands in interest for borrowing a few hundred dollars. If you make a payment at Silver Cloud and then pay down the loan, they reduce your finance charge. Your payment then goes down as much as you pay down the loan. When I filled up the application in the morning, I got the money in the evening. Since I’m a returning customer, I don’t go through a lot of paperwork unlike in other companies, where you gotta get approved through the bank again. Silver Cloud has very good customer service and they helped me out.

silver cloud financial payday loans

Under terms of the settlement, the tribal firms will cancel $450 million of balances due from on their loans. The businessmen will pay $39 million, to be distributed to borrowers as compensation. You can repay your loan by log in to your account online and submitting payment. The lender does not accept credit cards, but you can use your debit card to initiate the repayment. If you can’t go about it, reach out to silver cloud financial payday loans the customer care as soon as possible to help you. BBB has not accredited the tribal lender thanks to near 50 complaints with at most a two-star rating. At Trustpilot, it has more than 600 reviews, but does exceptionally well with an “Excellent” rating, scoring 80%. Silver Cloud Financial loan is safe, nothing outside the ordinary tribal loan. You may be concerned about safety, as most states ban tribal loans.

I took a loan in desperate times for 800 I thought this was like a regular loan pay it back with some interest. I’ve already paid 200 over what I originally borrowed. I finally was able to get access to the loan contract and the total I will have to pay for a 800 loan is 3200. And now with everything else going on its just really defeating that companies are preying on peoples hard times. Payday lending has been a problem in this country for decades, almost since its very beginning. Since each state has the right to regulate the industry within its borders, it’s nearly impossible for the country to come to a consensus on the best plan of action.

It is advisable to take your time and carefully go through the agreement as it is legally binding. In other words, unless the terms are agreeable, don’t enter the contract. But once you agree to the terms, you receive the loan. If you decline, your application is withdrawn and discarded. Whether you get a same-day loan or receive the funds the following day, it will be in the form of a direct deposit into your account or a paper check. They claim, in case you need the money sooner, you can ask for same-day funding.

I have asked the customer servivce team as to where I should send my repayments and then to pleast not both my dad’s checking account at any point in the future. They need to change things and let me use my account, and my information to pay this loan back, not my dad’s just because he was in at the start of the whole process. I keep trying to explain all this to them but they aren’t interested. I was surfing the web for a small personal loan and I found Silver Cloud. They were the first company to reach out to me, and the online application process was easy. They were very well-informed, and they let me know what was gonna take place and how the process was gonna go. That was the first time I ever took a personal loan online, and I didn’t know how the process was gonna go, but it went well. The process was solely on me and it took a day to complete it. Silver Cloud helped me get out of the jam that I was in, and I had a wonderful experience with them. A tribal lender is not different from other lenders except that it is an institution found on the protected sovereign territories that are independent of the state laws and restrictions.

silver cloud financial payday loans

We are not in a position to confirm this, though. The lender offers very little information about it. So, it is worth checking out if they charge extra fees to facilitate it before you proceed to make such a request. The faux tribal lenders have, for years, not been under state laws. In 2014, the Supreme Court laid down the path on how states can handle tribal lenders. It said tribal lenders are only immune when operating in sovereign territories. You can reach them via call or live chat to get more about their products. They have a pretty amazing offer; you’ll get hundreds of dollars in your checking account by the end of today. You also don’t need collateral, but more interestingly, the deal comes from the Native American—owned enterprise, so you don’t need to worry about your state-imposed loan limits.

Submit Loan Request

If the scammers already have your bank account information, social security number, or other personal information, you may be a victim of identity theft. You can contact your bank and the three major credit bureaus to take appropriate precautions. The FTC has information for victims of identity theft online at The only complaint I’d have is the interest rate, but anyone who goes into these loans realistically understands rates are going to be high.

This is an expensive form of credit and is not intended to provide a solution for long-term credit or other financial needs. Alternative forms of credit such as a credit card advance, personal loan, home equity line of credit, and borrowing from a friend or relative may be a less expensive and more suitable source of funding. Complete our streamlined loan application in minutes. We ask for nothing more than the information needed to help you. Our online loan process is secure and is based on federal and tribal regulations and OLA guidelines. Class members in the financial lawsuit settlement can have their unpaid balances forgiven for all Golden Valley, Silver Cloud, Majestic Lake or Mountain Summit loans covered by the class definition. The financial lawsuit settlement benefits consumers who obtained a loan from Golden Valley, Silver Cloud or Majestic Lake at any time or those who obtained a loan from Mountain Summit before Feb. 1, 2021. Sounds like quite a bad situation, so what do we have here? But just like the first guy it doesn’t sound like Mister Number Two has done much of anything to help himself here. He evidently used his father’s checking account to get the funds originally deposited to him back when the loan started.

Payday Loans Online

Borrowers in Virginia, along with 21 other states, would get back all the money they paid lenders that exceeded the principal amount of their loan. Under the terms of the settlement, the tribal firm will cancel the $450 million balance it owes on its debts. Businesses will pay $39 million to be distributed as compensation to borrowers. Anytime you are in a financial pinch, it may make sense to think about cash advances. Fast cash might be exactly what you need in order to get you through. Keep reading for useful Silver Cloud Financial Loans information that can help you now. Our users typically find great success in our short term lending products, the offers are not obligatory, so feel free to check them out.

silver cloud financial payday loans

Leave a Reply