Riverbend Cash is a simple payday lender that operates with some basic rules and provides loans without much excitement. There are no bad surprises with this company, however there is one surprise that some potential customers may find appealing.
First, let's cover the standard details. As usual the interest rate will be very high, just like all short-term lenders. Just how high do the rates go? Unfortunately, we can't find that information out because Riverbend Cash doesn't publish their rates and they do not publish an example of their rates etiher. The company does have an area that reads 'click here' to see an example of their rates however when you click on that link it takes you to the top of the same page. And that page doesn't have any rate information.
When you dig deeper the company says to find your interest rate on your loan contract. Thanks a lot guys, but I would rather see what kind of rate I'm getting before we actually get to the point of you sliding a contract in front of me.
When I said there wasn't anything negative about the company, well it seems that wasn't entirely true. At the same time it's not too much of an issue. The chance of the rates being 25% are not good, almost no tribal lender is going that 'low' on their rates these days. At the same time not too many are getting into the 35% range although there are a few that have gotten that high, or higher.
Most likely (very good chance) the rate will be 30% or a figure right around 30%, which is very much in line with dozens of other online loan companies right now. It almost looks like there was a tribal loan company convention and most of the firms agreed to use 30% as the default interest rate for new customers.
The loan time frame will look very familiar, too. As long as the loan is funded beyond five days or less from your next payday you will get to repay on your following (next) payday, or approximately 19 days from the loan date. The loan will be technically due in full on that date but you have the option of paying just the finance charge or paying the finance charge along with some of the principal amount. All three options are fine with Riverbend Cash but you can bet they would prefer if you just paid the finance charge and rolled the loan over. If at all possible it's a great idea to make some extra payment to the principal on the loan, the cost savings will show-up right away if you do.
So far everything is standard and plain vanilla as you get. Here is what set's Riverbend Cash apart from most other tribal loan firms, and that's the speed at which they will transfer the money to your checking account. Riverbend Cash is willing and able to do same day transactions into your bank account as long as you apply and qualify before 3pm EST. So if you live in California you will have to have all your paperwork in and get qualified before noon your time. The company claims to move quickly and with this firm I believe it. They talk about turning loans and getting money out to customers fast. If they sent the money the next business day, as nearly all other tribal lenders do, then I would look at their claims of speed with a jaundiced eye. But same day service deserves the mention and the credit that they are moving fast behind the scenes to issue loans.
In the same vein, Riverbend Cash will also wire the money to you on weekends and bank holidays for an additional $15. Now, this is a standout feature as well. I haven't been able to find any online lender that was willing to send out funds using a wire payment on a Saturday or Sunday. This is a service I know that a lot of potential customers will be interested in. The funny thing is that in an industry with such amazingly high fees and interest rates, the cost for a weekend payment is only $15 regardless of how large or small the loan is, which is just so funny because you would think that a service that is off hours, on the weekend, a special feature would be marked-up tremendously. But instead it's only $15, that's not bad at all.
So speed and delivery matters to Riverbend Cash. Their turn times are meaningful and if you are in a hurry for money it's pretty clear that they will deliver quickly.
In regards to how much you can borrow, well that gets back to the more mundane. If you are a new customer, and you qualify, you can borrow between $100 to $600 on your first loan. Returning customers (in good standing) can borrow as much as $1,000. Those dollar amounts are not too surprising, it would be better if that $600 for the first loan was more like $800.
Overall, the fact that Riverbend Cash is willing to break their back in more than one way to get the funds sent to the customer deserves a thumbs up. I'm always talking about how these tribal lenders need to do something, provide some extra service, if they are going to be charging 30% interest on their loans. And Riverbend does exactly that, they have fast same day service and they have weekend (and holiday) money wiring for a very reasonable fee. That's really good service. At least we are getting something for paying the high rates.
If you are in a rush for a loan, or if you are on the hunt for a basic loan ranging from $200 to $600 then consider Riverbend Cash. If you are in a pinch and need money that same day, then Riverbend Cash should be your first option to get the money moving.
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