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This tribal lender can likely get you money fast — but at a price.
When times are tough, it can be hard to find a lender that works with you. Silver Cloud Financial is a tribal lender, allowing it to skirt around some strict short-term loan state regulations — but watch out for triple digit APRs.
Kellye Guinan is a writer and editor with Finder and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.
What is Silver Cloud Financial?
Silver Cloud Financial is a short-term lender run by the Habematolel Pomo, a federally-recognized tribe of Upper Lake, California.
It offers first-time borrowers loans from $300 to $1,000. And if you decide to borrow again, you may be eligible for a loan of up to $1,500. However, interest rates are quite high — many borrowers complain of paying thousands in interest for a loan of only a few hundred dollars.
This is common with short-term loans, so carefully read over all contracts to avoid surprises.
What are the benefits of using Silver Cloud Financial?
Quick turnaround. If you apply during business hours — before 4:30 p.m. ET Monday through Friday — your loan may be available as soon as the next business day.
Multiple payment options. You can choose to repay your loan by ACH transfer directly from your bank account or through a debit card. However, credit card payments aren’t accepted.
No prepayment penalty. Like many short-term lenders, Silver Cloud Financial doesn’t charge a fee if you choose to pay off your loan early. In fact, it’s encouraged — the sooner you close your account, the less interest you’ll accrue.
What to watch out for
High APR. Since Silver Cloud Financial is a tribal lender, it’s not required to abide by state or federal usury laws. This means it can charge APRs double or even triple the amount you borrow.
Limited information. Silver Cloud Financial doesn’t have much information on its website. There’s no indication of loan terms, interest rate or states it services. And according to customer service, you won’t know this information until you apply.
May perform a credit check. While you don’t have to have good credit — or any credit — to qualify for a loan, Silver Cloud Financial may still perform a credit check to verify your information. This can result in a temporary hit to your score.
Silver Cloud faced legal issues
Silver Cloud Financial hasn’t always been on the up-and-up. Not only does it charge exorbitant interest — over 705% in some cases — it has also been accused of lending without a license in Washington state.
While the licensing investigation is ongoing, there have also been other issues. Namely, a dropped lawsuit by the Consumer Financial Protection Bureau (CFPB). The CFPB accused Silver Cloud Financial, among other lenders, of unlawfully withdrawing money from borrower’s bank accounts who didn’t legally owe them money.
Even though the case was dropped, it still shines a bad light on Silver Cloud Financial. If you decide to borrow, read reviews and carefully go over your contract. Even if everything is legal, you can still end up paying thousands in interest, trapping you in a cycle of bad debt for years to come.
Compare more short-term loan providers
Updated November 14th, 2019
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Is it safe to apply with Silver Cloud Financial?
Silver Cloud Financial uses a 128-bit SSL certificate to keep everything you enter on its website secure. It also has several security services in place to prevent hacking.
However, keep in mind that no information is completely safe when you enter it online, and Silver Cloud Financial may choose to share some of your personal information for marketing purposes. You can limit some sharing by contacting Silver Cloud Financial at 855-254-5430.
What does the Internet say about Silver Cloud Financial?
Silver Cloud Financial isn’t accredited by the Better Business Bureau (BBB) and only receives a B rating. This is due to the number of complaints filed against the business — nearly 50, with its average review being two-stars or less.
It does much better on Trustpilot, with about an 80% “Excellent” rating from its 600 or so reviews. Overall, most negative reviews have to do with the high interest rate — not an uncommon complaint with short-term and tribal lenders. Many have stated that Silver Cloud Financial charged them high interest rates, and a few complained that customer service didn’t help even after they explained money problems.
Am I eligible?
To be eligible for a loan from Silver Cloud Financial, you’ll need to meet at least two basic criteria: live in a serviced state and be at least 18 years old.
Silver Cloud Financial doesn’t offer loans in the following states:
Arkansas
Connecticut
Georgia
Maryland
Minnesota
Montana
New York
North Carolina
Pennsylvania
Vermont
Virginia
Washington, DC
West Virginia
While these are the only eligibility requirements that Silver Cloud Financial lists, you’ll likely still need a regular source of income and a bank account to receive your funds. Some states prohibit tribal loans, and Silver Cloud Financial doesn’t list which states it’s available in. Before you apply, know your state’s short-term loan laws.
How do I apply?
If you already have an account, you can use your login info to start a new application. If not, follow these steps to apply:
Visit Silver Cloud Financial and select how much you would like to borrow from the drop-down menu. Then click Apply now.
If you’ve had an account before, log in. If not, create an account with Silver Cloud Financial.
Supply information about yourself, including your full name, email and military status. Read over the information about tribal laws and its terms and conditions, then click Next.
Enter your contact information, birth date, Social Security number and driver’s license number. Click Next.
Enter information about your employment status, employer, monthly income, pay frequency and next two pay dates. Click Next.
Enter information about your bank account, including its routing and account numbers. Then click Next.
Enter a promo code, if applicable. You can then choose to verify the promo code or click Finish.
If you submit your application during business hours, Silver Cloud Financial will contact you that day. For all other applications, you’ll hear back the next business day.
If your loan is approved before 4:30 p.m. ET, your loan can be deposited directly into your account through ACH transfer or sent by check. You can also ask Silver Cloud Financial about same-day funding options if you need money sooner, though it’s not clear if this comes with an extra fee.
I got the loan. What next?
Before you sign, review your Consumer Loan and Arbitration Agreement — your loan contract — to confirm that the payment schedule and repayment amounts are acceptable for your budget. Once you agree, your money is sent to you in the method you request.
Sign in to your account at any time to make a payment or pay your loan in full. Otherwise, payments are withdrawn automatically according to the schedule set out in your loan agreement. If you don’t have enough to cover the payment, Silver Cloud Financial will charge you a $20 insufficient funds fee.
If you have any questions or concerns, contact customer service at 855-254-5430 or customerservice@silvercloudfinancial.com.
Bottom line
Silver Cloud Financial is an expensive option if you need to cover an emergency expense, but its longer terms mean you won’t have to scramble to repay within a few weeks. Also be aware that as a tribal lender, it doesn’t have to follow most state or federal regulations.
To reapply, sign into your account through Silver Cloud Financial’s site or call 855-254-5430.
You can only take out one loan at a time through Silver Cloud Financial. If you have more than two active loans from other providers, it won’t be able to extend a loan to you.
No. You can’t use a credit card to make payments, but you can pay with a debit card.
Contact customer service as soon as possible. Otherwise, Silver Cloud Financial will attempt to make two withdrawals from your bank account. If there are insufficient funds both times, your account may be suspended and Silver Cloud Financial will start the collections process.
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