Silver Cloud Financial is a quiet little tribal lending company that goes about their business with little fanfare. But this company does tend to get some customers upset and we know this because more than a few of them have started leaving complaints around the net against Silver Cloud. Let's look at some of these complaints to see if they have any merit or if the borrowers were just the standard issue duds who took out a loan that they never had a prayer of paying back.
Our first Silver Cloud Financial complaint comes from a customer who wasn't terribly happy and wrote this scathing little testimony back in July of 2013. They wrote...
This company is a big rip off because their loan rates are higher than any other company ever and definitely more than I have ever heard of. They are taking advantage of people who are in need of a loan. This company should have to make some serious changes just like any company that charges so much for their loans. The company interest rates are not realistic at all and are very difficult to repay once you get into the loan. I'm telling my friends that there is no way they would want to apply or take a loan with this lender. All they do is sit around looking for desperate people and then when they find someone who is in bad shape they will try to trick them into thinking this loan will be manageable but it won't be good in the end cause the rates are just going to be too high and they will not be able to handle it due to extreme costs. The company just wants people to fall into their web of high fees and get them trapped plus penalties if there are any changes or any adjustments to the first loan. Everything is arranged for them you just have to take it or leave it. The way things are going I think just the rich will be okay, it will be the rich only who are doing okay and everyone else will have to deal with companies like this where they pay all their money to servicing their debts.
Alright, so that's our first happy customer. 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. Part of being desperate often involves not having any money, or very little money, so I think this customer got into a situation where they were unable to repay the loan quite soon after the original loan was issued.
Then it sounds like the fees and penalties started to accumulate. And then we know the rest of that story, don't we? It's not going to end well. It ends with the customer blathering online about how the company stinks. Well, guess what pal? We already know that Native American payday loans (and they go by a bunch of other names as well, like reservation loans, tribal loans) are not geared to help you, they are designed to make money for the lender. No surprises so far.
Here's our second complaint against Silver Cloud Financial and it's not much better. It comes from earlier this year (back in January of 2014) where the customer from California writes...
When I took out the loan I was not made aware of what the exact details were concerning this loan. A person at the company named Randy had me provide and commit to giving the company my electronic signature although he didn't explain anything to me about it, except that I would get paperwork later on through the snail mail.
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 (Silver Cloud Financial) 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.
The guy at the company said that because the loan was sent via ACH that their return payments would be done in the same way, using that same account and they did not say anything about how much this would cost and you have to understand how amazed I was because I was still waiting for the paperwork to arrive so I could see it.
This company really has some poor communication skills. I have asked the customer servivce team as to where I should send my repayments and then to pleast not both my dad's checking account at any point in the future. They need to change things and let me use my account, and my information to pay this loan back, not my dad's just because he was in at the start of the whole process. I keep trying to explain all this to them but they aren't interested.
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.
Sounds like quite a bad situation, so what do we have here? Two angry customers. But just like the first guy it doesn't sound like Mister Number Two has done much of anything to help himself here. He evidently used his father's checking account to get the funds originally deposited to him back when the loan started.
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. To this guy, he just thinks everything is going to be fine and flexible, but he's way off the mark.
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. The problem here is that I believe as long as the first checking account (which just so happened to be the dad's account) was functioning just fine then the tribal lender doesn't want to make any changes (or can read that as unwilling to) and risk getting a different checking account that might now work.
Silver Cloud Financial is not a company that I'm in any hurry to do business with. They obviously charge lots of finance fees with their high interest rate structure. 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.
As long as we have other tribal lenders, like Plain Green Loans with their APR of under 60% and the ability to borrow up to $3,000 for six months, then companies like Silver Cloud are going to be irrelevent to me. That is an opinion but it's also just some simple logic, too.
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