Consumer Affairs

The lending process at Silver Cloud was really quick. It was a lot easier than any other loan experiences I’ve had. I didn’t have to go through too much and the application only took me about five minutes or so. The lending processor was very nice and she asked me a couple of questions. Silver Cloud Financial really helped me since I had to pay some overdue bills and paying the money back wasn’t too hard. The loan processor explained it when we had taken out. I would recommend them to my friends if they ever needed a loan. Just like with payday loans, it’s often impossible to pay them back in just a couple of weeks. If you need them in the first place, it’s unlikely that you’ll be able to pay them back plus interest so quickly.

Short-term loans are only stopgap solutions, and you should only use them as such. Before you resolve to go for a tribal loan, be sure to exhaust the other better alternatives, and only use Silver Cloud Financial as a last resort. And when you borrow, only get the amount you need, which you can quickly payback and strip yourself of the debt burden. Silver Cloud Financial is a legit lender, albeit its struggle with the CFPB! While it closely guards the fees and rates of borrowing, you’ll get all the information you need in the loan contract, once it has approved your loan request. Like any short-term loan, Silver Cloud loan credit is only useful as a stopgap measure, and you should repay it as quickly sooner rather than later – most preferably with your next paycheck. If you fail to pay it off in time, you’ll scramble to manage it, and you might end up paying interest running into thousands for the few hundreds of dollars you borrowed. You are not confined to follow the settlement schedule.

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To this guy, he just thinks everything is going to be fine and flexible, but he’s way off the mark. Unfortunately, there isn’t much there to use against Silver Cloud Financial. It sounds more like a customer is desperate (and that’s self-described) and so they take out a loan from Silver Cloud. The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. With its lawsuit, the Bureau seeks monetary relief for consumers, civil penalties, and injunctive relief, including prohibiting the collection of the void loans.

This is due to a variety of factors, including the penetration of new Payday Loans among the youth and economic improvement. Furthermore, the presence of a large number of payday loan vendors in the United States and Canada is expected to provide the market with lucrative opportunities. It is estimated that one-third of the population between the ages of 25 and 34 has a student loan, which is the most common source of debt among Generation Z members. As a result, the younger generation is opting for payday loans, which are simple to obtain, fuelling market growth. Last year, federal regulators released a report that found online payday lenders — despite their clean, professional websites — could be just as bad, if not worse, than their storefront counterparts. Today, the Consumer Financial Protection Bureau provided yet another example of how these companies can wreak havoc on consumers’ finances by skirting the law. Several venture capital firms are focusing on investing in payday lenders. Online payday loan companies that charged as much as 919% interest will spend $489 million to reimburse some 555,000 borrowers, to settle a class action lawsuit filed by eight Virginians. Payday lending is illegal and unavailable to consumers in some states.

Advance Financial Clarksville Tn

I was able to understand the process from beginning to end in laymen,s terms. I enjoy the experience and I able to use the funding made available. It looks like i can payoff early to save me money owed on interest. The representative I spoke with was very pleasant and helpful. She stayed on the line with me to make sure everything was done correctly. Apply in the morning and got my money in the afternoon. I’m returning customer and was able to get process done in an efficient and professional manner.

Furthermore, the presence of a large number of payday lenders has a positive impact on the growth of the payday loan market. High interest rates and the negative impact of Payday Loans on credit scores, on the other hand, are expected to stymie market growth. On the contrary, the increased adoption of advanced technology among payday lenders is expected to provide lucrative opportunities for market expansion during the forecast period. Payday Loans are becoming more popular among the young because they are experiencing more financial insecurity than any other generation. Moreover, it is estimated that one-third of all adults aged 25 to 34 have a student loan, which is the primary source of debt for Generation Z members. This is forcing them to apply for Payday Loans in order to obtain quick and easy loans, which is driving the market’s growth. A Payday Loan is a short-term unsecured loan with often high interest rates. This enables the borrower to write a post-dated check to the lender for the payday salary, but to receive a portion of that payday sum in cash from the lender immediately. Furthermore, it is simple to get approved because there are few requirements, such as the borrower being 18 years old or older, having a job, a driver’s license, and a bank account. These few requirements allow a larger number of people to be approved.

Plus, we learned today that they don’t appear to have much, if any, flexibility once the loan is established. If you get a loan with them they are going to run it just the way it’s set-up, and they’ll push it all the way until the loan is paid off. At the same time, I don’t know why Silver Cloud couldn’t have made some type of adjustment to switch checking accounts. I think they should have, it’s not like it’s a major undertaking. I never got this paperwork and it was not until my dad’s checking account had some money taken out of it and then I contacted them and was informed that it would be taken out of his (my dad’s) checking account. I was very surprised and explained to them that I was not given this information at any point in the loan process or after I was approved, either one.

• This is the most efficent way to go about it so you are not traipsing around with a large amount of cash on you.
• Infact, I got my money within Four hours of approval.
• My call was answered right away, the customer service was amazing and my questions were answered immediately!

For instance, payday lenders are focusing on offering triple-digit balloon payment loans and are effectively expanding their products to offer installment loans for shorter tenures. The growing popularity of payday loans and the absence of any major market entry barriers are also encouraging other lenders to consider a market foray. The outbreak of COVID-19 is anticipated to have a positive impact on the growth of the global payday loans market trends. In addition, many payday lenders wanted to repeat the same that has been repeating for the past two recessions that occurred in 1923 and 1926, i.e. to target the low earners to boost the market.

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Almost 100 more because I cant make a payment before the payment date. If I could make a 800 payment then I wouldn’t need the loan in the first place. After I pay my loan I will not use your service or recommend because I dont like cheats. You should allow customers to make payments before the payment date. These people had the nerve to call me at work to try to get me to take a loan from them. I did a general inquiry through a lending site and several companies responded within seconds, so I chose to go with a company with WAY BETTER interest rates and a better reputation. They kept asking me for my social security number in order to stop the calls. You do not call a customer’s place of business and expect them to conduct personal business with them unless a customer agrees. IT’S NOT ILLEGAL BUT IT IS BAD BUSINESS PRACTICE.

It was initially approved and the information had to go to the underwriter, and then once the underwriter approved it, it was good. The experience was great and I would use them again. Silver Cloud Financial allows you to apply for only one loan at a time. Besides, if you hold more than two debts from other providers, the company will decline your application. In terms of customer service tools, Silver Cloud has done a reasonably good job.

When in a financial pit, you will need all the help you can get. The problem, however, arises when you have bad credit. With the help of Silver Cloud Financial, you can get off the hook. But it is a tribal lender, so you want to watch out for triple-digit APRs. We can’t complain about the quality of service either. But we noticed some complaints from previous customers on review forums like the Better Business Bureau and Trustpilot. The loan is not as easy to pay as they are easy to secure.

This company is quick to provide a decision and offers various amounts to loan. You get all of the fee info up front so you can make an informed decision. 15 minute wait to return a call and still no funds in bank account. Marijuana stocks opened higher on Monday — and granted, with stock markets glowing green across the board, it looks like pretty much everything opened higher.

When considering a lender, it’s always a good idea to research the experiences of prior customers. Because Silver Cloud Financial is not forthcoming about its loan terms, this step is particularly crucial. Fortunately, the lender has been around for almost a decade, so there are plenty of Silver Cloud Financial review pages out there. Silver Cloud Financial doesn’t provide a sample loan, but at 630% , a $300 installment loan over a six-month repayment term would end up costing the borrower a whopping $945.65 in fees. Unsurprisingly, that usually works out poorly for the people who do business with them. State laws and regulations are often only in place to protect the consumer. Most significantly, Silver Cloud Financial can charge rates that are many times higher than legal state limits. That’s because Silver Cloud Financial’s interest rates are significantly higher than the vast majority of lenders. They’ll lend money to just about anyone, but the cost of the loans is steep.

• It looks like i can payoff early to save me money owed on interest.
• With all the three options, you can get immediate assistance whenever you have a problem.
• As a result, the younger generation is turning to payday loans, which are simple to obtain and thereby fueling the market’s expansion.
• He evidently used his father’s checking account to get the funds originally deposited to him back when the loan started.
• But if the bank doesn’t, Silver Cloud Financial charges you $20 – what it calls an insufficient funds fee – on top of the loan and interest for that month.
• At Trustpilot, it has more than 600 reviews, but does exceptionally well with an “Excellent” rating, scoring 80%.
• The most courteous, professional company I’ve ever experienced.

Every payment is to high will never use this place again, Next time I’m desperate I rather have my Bill’s late then pay these outrageous payments now I’m stuck. I made a search on the Google machine and went with Silver Cloud due to the ease of their process. They were able to walk me through it and it was a pretty smooth transition. You submit your information online, they call you and they go through it. He introduced himself, went through the required questions and then confirmed all my information.

I am grateful to have a service like this available to in an emergency. I would definitely recommend Uprova to someone if asked because they were there when I needed them. We use intelligent software that helps us maintain the integrity of reviews. 4,032,469 reviews on ConsumerAffairs are verified. Its location on this page may change next time you visit. As a matter of policy, BBB does not endorse any product, service or business. Silver Cloud Financial’s headquarters are in California, but they don’t have a license from the state. They do business from Habematolel Pomo of Upper Lake, a sovereign Native American nation within the United States. I will use Golden Valley again in the future if necessary. Very excellent, speedy service, very friendly help, and all questions all answered.

The provider utilizes 128-bit SSL encryption that ensures all inputs are safe from the prying eyes of data fishers. It also has sophisticated measures in place to protect consumers from hacking. I really have never had a problem , sometimes would like the transfer of funds to be faster. Definitely the lender of choice when I need a quick loan for an emergency. I’m so embarrassed about my financial situation and the incredibly kind Customer Service Representatives made me feel so much better and they silver cloud financial payday loans didn’t judge me. Thank you for helping me through my most difficult financial situation ever. Our moderators read all reviews to verify quality and helpfulness. Please see the attached response for the above-mentioned customer. If you have any additional questions, you can contact us at ###-###-#### from Monday – Friday 7AM – 8PM EST or reply to this email. Any unauthorized review, dissemination, copying, or the taking of any actions based on the contents of this information is strictly prohibited.