As a tribal lender, keep an eye out for exorbitant rates and fees.
If you need cash fast but want to avoid a payday loan’s 14-day term, an installment loan from Golden Valley Lending may be worth looking into. It allows all borrowers to pay off their loan over five months, though you’ll want to watch out for high rates and fees.
Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.
What is Golden Valley Lending?
Golden Valley Lending is a tribal lender run by the Habematolel Pomo of Upper Lake, California. It offers installment loans of $300 to $1,000 for first-time borrowers, but you could borrow up to $1,500 with future loans. Everyone receives the same five-month loan term that comes with 20 biweekly payments.
The lender doesn’t disclose interest rates or fees up front, so you won’t know exactly how much your loan will cost until after you apply. This is especially worrisome since tribal lenders don’t have to abide by strict state short-term loan regulations, meaning there’s no limit to how much they can charge.
If approved, you could receive your funds as soon as the next business day.
What states is Golden Valley Lending available in?
You won’t be able to borrow if you live in Washington, DC or one of the following states:
What are the benefits of an installment loan from Golden Valley Lending?
Borrowing with Golden Valley Lending comes with a few perks:
Available in 35 states. Because Golden Valley Lending is a tribal lender, it’s able to work in more states than other short-term lenders.
Rate discount for return borrowers. Need another loan down the road? You may qualify for a rate discount.
Borrow more with future loans. Although first-time borrowers are limited to borrowing $1,000, you may be eligible to borrow up to $1,500 after you’ve established an account.
What to watch out for
Golden Valley Lending may be a convenient option, but there are still a few potential drawbacks you should be aware of:
Potentially high APRs. Because Golden Valley Lending is a tribal lender, it doesn’t have to follow state regulations on interest rates and fees.
May check your credit. Golden Valley Lending may perform a credit check to confirm your personal and financial information, which could potentially lower your score.
Rates and fees aren’t transparent. Despite Golden Valley Lending’s claims, its rates and fees aren’t initially transparent. You won’t be able to see your potential APR until after you apply.
Is it safe to apply for an installment loan through Golden Valley Lending?
Golden Valley Lending reviews and complaints
BBB customer reviews
1.3 out of 5 stars, based on 10 customer reviews
BBB customer complaints
4.7 out of 5, based on 2,612 customer reviews
Customer reviews verified as of
16 October 2020
Reviews for Golden Valley Lending gets mixed reviews. Most complaints revolve around poor customer service and high fees, with several borrowers stating they had to pay rates in the 200% to 800% APR range. There were enough for the BBB to put out an alert for the business.
While it gets mostly positive reviews on Trustpilot, we noticed that positive reviews tend to come in waves over a few weeks, not all at once. We’ve noticed this pattern with other short-term lenders. But it’s not clear if Trustpilot approves reviews in batches or the company periodically puts out requests for positive reviews.
In either case, we suggest reading your loan contract carefully to make sure you understand the full cost of your loan before signing the dotted line.
Am I eligible?
Golden Valley Lending doesn’t list its exact requirements, but you’ll likely need to meet the following criteria at a minimum:
Regular source of income
Valid bank account
US citizen or permanent resident
At least 18 years old
How do I apply?
If you’re a first-time borrower, you’ll need to apply online. After that, you can choose to apply online or over the phone by calling 855-214-8144.
Follow these steps to get started:
Visit Golden Valley Lending’s website, select how much you want to borrow and click Apply Now.
Complete the application with information about yourself, your income and your bank account. Click Next.
Enter a promo code — if applicable — and click Finish.
Golden Valley Lending will verify your information and notify you if you’ve been approved. If you submit your information on a weekday before 4:30 p.m. ET, you may be able to receive your loan funds as soon as the next business day. If not, it may take two or more business days for Golden Valley Lending to fully process your application.
What information do I need to apply?
When you apply for an installment loan with Golden Valley Lending, you’ll need to provide the following information:
Social Security number
Driver’s license or state ID number
Bank account information
Next two pay dates
I got the installment loan. Now what?
It’s time to think about repayments. Your loan agreement will state the exact terms of your loan, including your repayment schedule. Make sure you have enough funds in your account before each due date — otherwise, you may be charged a $20 insufficient funds fee. And multiple missed repayments could result in your account being suspended.
Come into some extra money? Since Golden Valley Lending doesn’t charge prepayment penalties, you could save on interest by making extra repayments or paying off your loan balance early.
If you’re unable to make a repayment, have a question or run into any issues with your loan, contact Golden Valley Lending as soon as possible.
Golden Valley Lending offers a convenient five-month term to all borrowers, as well as larger amounts than you could get with a payday loan. But the lack of state regulation on interest rates and fees means your loan could end up costing you thousands of dollars.
You can email Golden Valley Lending at firstname.lastname@example.org or call 855-214-8144 during the following hours:
Monday through Thursday: 8 a.m. to 9 p.m. ET
Friday: 8 a.m. to 5 p.m. ET.
Tribal lenders are run by Native American tribes and operated on tribal land. Because of their status as a sovereign nation, they don’t have to abide by state laws. Read our guide to tribal lending to learn more about how these providers differ from traditional short-term lenders.
No. As of May 2019, Golden Valley Lending only accepts payments made through a debit card or ACH transfer.
Golden Valley Lending only allows borrowers to have one outstanding loan at a time. And if you have more than two outstanding loans with other lenders, you won’t be able to borrow from Golden Valley Lending.
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