These are a huge red flag since they’re usually over some illegal practice that the business does consistently. Trustpilot’s scores have an average score of 4.7 out of 5 stars, and those from Google average around 4.6. Both pages have over a thousand reviews, and they make a compelling case to work with the company. That said, they aren’t suitable for most borrowers. It’s only in extreme circumstances that someone should even consider taking out a Silver Cloud Financial loan. They’re not intended for long-term financing but rather for short-term emergencies like car repair, medical care, or travel expenses for a job. Receive an approval decision in just 4 easy steps. Before you sign a contract, be sure to get everything in writing so you have all information available to you.

Our partnership with Consumer Affairs allows us to serve consumers with bad credit by offering access totribal loans through an experience that is personal, fast, easy and clear. Expect a level of service that clearly exceeds what you receive from other lenders, a level of service that will set the bar for your future expectations. In order to avoid excessive fees, shop around before taking out a payday loan. There may be several businesses in your area that offer cash advances, and some of those companies may offer better interest rates than others. By checking around, you may be able to save money when it is time to repay the loan. Payday Loans are becoming increasingly popular among the young generation, as young people face more financial insecurity than any previous generation. As a result, the younger generation is turning to payday loans, which are simple to obtain and thereby fueling the market’s expansion. The borrower must be at least 18 years old, employed, and have a valid driver’s license and bank account. Because of the lenient standards, a huge number of consumers are qualified for a payday loan.

What is Silver Cloud Financial?

Additionally, the Bureau alleges that the lenders’ websites did not properly disclose the annual percentage rates for the loans. According to the CFPB complaint, since at least 2012, Golden Valley Lending and Silver Cloud Financial have offered online loans of between $300 and $1,200 with annual interest rates ranging from 440% up to 950%. Mountain Summit Financial began offering similar loans in 2014, while Majestic Lake Financial began doing so in 2015. I was looking for a place to get a loan that was fast and when I talked to the Silver Cloud Financial person, it felt like the thing was gonna go through quickly. I gave them the information and it was in effect that evening. I would tell a friend to go for Silver Cloud Financial too. If you look at it, you’d be afraid because you’d see the long payment history but if you just go in and pay what you can, you can get it done. With interest rates rising to levels not seen for years, this is a good time to evaluate where you are parking your cash.

As of October 2017, Consumerist is no longer producing new content, but feel free to browse through our archives. Here you can find 12 years worth of articles on everything from how to avoid dodgy scams to writing an effective complaint letter. Check out some of our greatest hits below, explore the categories listed on the left-hand side of the page, or head to CR.org for ratings, reviews, and consumer news. We had an emergency come up and my wife mentioned Silver Cloud to me.

US Payday Loans A-Z Directory

Their loan process is the most user friendly process I have ever encountered. The loan documents are easy to understand and the outline of payments is very clear and concise. If you are approved for a loan your first payment is due within the same week. The loan was easy to pay off the following paycheck. Would get another loan if needed, and would recommend to friends. Failure to pay them back practically rolls them over into another payday loan since they automatically transition into another costly two-week period. A couple of years later, borrowers also brought a class-action suit against the same four lenders for charging interest rates that exceeded state limits.

Most of their peers tuck away their atypical ownership in the footnotes or disclaimers, but Silver Cloud has an entire page dedicated to the topic. However, they don’t do anything to explain the significance of being a tribal lender to the consumer. The lawsuit alleges that Golden Valley Lending; Silver Cloud Financial, Inc.; Mountain Summit Financial, Inc.; and Majestic Lake Financial, Inc. All formed under the laws of the Habematol Pomo of the Upper Lake Tribe in California, violating federal racketeering laws as well as Virginia’s usury and consumer finance licensing laws. Many lenders need your Social Security Number to approve your loan. An industry standard for site and information security. Hi my name is Cristina LeMay and I am wondering about class action suits opened against Lendumo or Arrowhead Advance. Check the settlement website to find out if they’ll receive money. Get an access to the library of reports at any time from any device and anywhere. Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.

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Also, they answered all my questions and they seemed to be professional. We went back and forth a few times and it went really quickly. If I ever had the need again, I would use them again. The process was fast and easy, however it’s been 2 days and I’m still waiting for the funds to be deposited. Once I spoke to a representative about the issue I was having she was able to help me out.

The global payday loans market is segmented on the basis of type, marital status, customer age and region. By type, the market is divided storefront payday loans and online payday loans. By marital status, it is categorized as married, single and others. As per customer age, the market is bifurcated into less than 21, 21-30, 31-40, and more than 50. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Region wise, the global payday loans market was dominated by North America, and is expected to retain its position during the forecast period. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to rising payday loan awareness among the youth and growth in number of payday lenders in Asia-Pacific.

Quick approval decision

The 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. For example, a class member who paid $10,000 in interest and principal would be eligible for a larger share of the settlement than those who paid only $1,000 in interest and principal. Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains. See, I would have been skeptical as to how things would have gone down starting right there, because Silver Cloud Financial at this point in the game has their hooks into that checking account. But I’ve been reading and writing and blabbing about Native American loans for over two years now so I guess that would just natural to me.

Companies displayed may pay us to be Authorized or when you click a link, call a number or fill a form on our site. Our content is intended to be used for general information purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances and consult with your own investment, financial, tax and legal advisers. While the name has changed, the process and application requirements are essentially the same. To qualify for a loan, applicants need only reside in one of the states they operate in, be at least 18, and show proof of consistent income. The application will also ask borrowers to identify themselves via their Social Security Number.

If I only knew or had been told that this is how the lender operated in order to get a loan then I never would have taken the time to apply with them or even call them. Each license type allows a set number of users to access the report. The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential. Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry. A typical $800 loan from the lenders would eventually balloon to approximately $3,320 over the course of 10 months, according to the complaint. Great company to make business with, however the interest is really hi.

My experience with Uprova was very unsatisfactory and oppressive. Although it was easy it get approved and to access the loan quickly with poor credit, there is no excuse for the extreme interest rate charges. The ability for those struggling to obtain societal socioeconomic upward mobility with the interest rates you offer is unattainable and detrimental to all who need help in tough times. Realize that you are giving the payday loan access to your personal banking information. However, they will also be making withdrawals from your account. Make sure you feel comfortable with a company having that kind of access to your bank account. Silver Cloud Financial has been a huge help to me when I was in a financial bind. Even though the interest is higher than regular loans, Silver Cloud makes the repayment easy. There is always someone there to answer any questions and provide excellent customer service.

• However, as of early 2021, Silver Cloud Financial’s website states that the business is no longer entering into new loan agreements.
• There isn’t much the customer support is going to do other than finding a way to recover money.
• Payday Loans are becoming more popular among the young because they are experiencing more financial insecurity than any other generation.
• 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.
• Some time back, it was locked up in conflicts with several government agencies.
• If you do sign up for a payday loan, do not think that you will be able to get out of it without paying it off in full.

Some companies are phonies and are only after stealing your money. North America was the leading regional segment of the Payday Loans in 2020. What are the driving factors fueling the growth of the market. On the basis of Customer Age, the market is segmented into Less Than 21, 21 to 30, 31 to 40, 41 to 50 and More than 50.

Although they have a high interest rate, they’ve been easy to work with and everybody has been nice. One of the Virginians who sued, George Hengle, paid a total of $1,127 on three loans, with interest rates of 636%, 722% and 763%. Thadeus Geodfrey has been a contract writer for Lernbonds since 2019. As a silver cloud financial payday loans fulltime investment writer, Thadeus oversees much of the personal-finance and investment-planning content published daily on this site. With a background as an iGaming expert and independent financial consultant, Thadeus’s articles are based on years of experience from all angles of the financial world.