• Report: #1116041

Complaint Review: Silver Cloud Financial

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  • Submitted: Thu, January 16, 2014
  • Updated: Thu, January 16, 2014

  • Reported By: chewri — Solvay New York
Silver Cloud Financial
635 East Hwy 20, C Upper Lake, California USA

Silver Cloud Financial loan sharks Upper Lake California

*Author of original report: I did read this

*Consumer Comment: I went to their website and found this PROMINENTLY shown at the bottom of the home page...

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I used this company in hopes of being able to pay off a few medical bills that were about to effect my credit. I did accept this loan but upon reciept I was hit with a huge payment due the day the loan went thru. You are barely able to pay the interest amount on each payday much less pay on the loan it self. No where in what I read did it say that it was thru a recognized Indian Tribe and that they were not subject to laws of state regulatory laws. This does not come up in any of the information before signing the loan agreement that you never get a copy of.  I did end up taking a loan out thru my bank which I was trying to avoid to pay this loan off or I would have been dug into such a hole I may have never been able to recover.


This report was posted on Ripoff Report on 01/16/2014 12:05 PM and is a permanent record located here: http://www.ripoffreport.com/r/Silver-Cloud-Financial/Upper-Lake-California-95485/Silver-Cloud-Financial-loan-sharks-Upper-Lake-California-1116041. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 1Consumer 0Employee/Owner
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#1 Author of original report

I did read this

AUTHOR: chewri - ()

I did read this but nowhere does it state the amount of the 1st payment or the percentage of your loan as 1st payment. My 1st payment was due 3 days after the loan. Your getting a loan so how is it possible to have that amount of money in 3 days time.Here is my payments with interest amounts.

Pmt DatePaymentFeePrincipalType
07/26/2013 $280.00 $240.00 $40.00 ACH
Pmt DatePaymentFeePrincipalType
08/09/2013 $268.00 $228.00 $40.00 ACH
Pmt DatePaymentFeePrincipalType
08/23/2013 $256.00 $216.00 $40.00 ACH
Pmt DatePaymentFeePrincipalType
08/27/2013 $680.00 $0.00 $680.00 ACH

Now you look at those payments amounts due. This was on a $800 Loan. As you can see this is a total rip off. I took out a loan with my bank which I was trying to avoid as I just needed it a short term loan. With the interest and charges your paying and paying and paying due to the fee's alone.

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#2 Consumer Comment

I went to their website and found this PROMINENTLY shown at the bottom of the home page...

AUTHOR: Ken - ()

"THIS LOAN IS NOT INTENDED TO MEET LONG-TERM FINANCIAL NEEDS.

THIS SERVICE DOES NOT CONSTITUTE AN OFFER OR SOLICITATION FOR CONSUMER LOANS IN ALL STATES. THIS SERVICE MAY OR MAY NOT BE AVAILABLE IN YOUR PARTICULAR STATE. THE STATES THIS SITE SERVICES MAY CHANGE FROM TIME TO TIME WITHOUT NOTICE. ALL LENDING TRANSACTIONS AND SERVICING OFFERED THROUGH THIS SITE WILL BE DEEMED TO HAVE TAKEN PLACE ON THE RESERVATION OF THE HABEMATOLEL POMO OF Upper Lake, California, REGARDLESS OF WHERE YOU MAY BE SITUATED OR ACCESS THIS SITE.

silvercloudfinancial.com/ IS A WEBSITE OWNED AND OPERATED BY Silver Cloud Financial, Inc., A TRIBAL LENDING ENTITY WHOLLY OWNED AND OPERATED BY THE HABEMATOLEL POMO OF Upper Lake, California , WHICH IS A SOVEREIGN NATION LOCATED WITHIN THE UNITED STATES OF AMERICA, AND IS OPERATING WITHIN THE TRIBE'S RESERVATION. APPLICATIONS APPROVED BY 4:30 PM EST MONDAY THROUGH FRIDAY ARE TYPICALLY FUNDED THE NEXT BUSINESS DAY. IN SOME CASES, WE MAY NOT BE ABLE TO VERIFY YOUR APPLICATION INFORMATION AND MAY ASK YOU TO PROVIDE CERTAIN DOCUMENTS, WHICH MAY DELAY FUNDING. FIRST TIME ilvercloudfinancial.com/ CUSTOMERS TYPICALLY QUALIFY FOR A LOAN OF $300 TO $800. MAXIMUM LOAN AMOUNT FOR INITIAL LOAN IS $1,000.00. COMPLETE DISCLOSURES OF APR, FEES AND PAYMENT TERMS ARE SET FORTH IN THE LOAN AGREEMENT. THE LOAN MAY BE REPAID AT ANY TIME.

Silver Cloud Financial, Inc. LOANS ARE DESIGNED TO HELP YOU MEET SHORT-TERM BORROWING NEEDS, SUCH AS FOR CAR REPAIR, MEDICAL CARE FOR YOU OR YOUR FAMILY, OR TRAVEL EXPENSES IN CONNECTION WITH YOUR JOB. THIS IS AN EXPENSIVE FORM OF CREDIT AND IS NOT INTENDED TO PROVIDE A SOLUTION FOR LONGER-TERM CREDIT OR OTHER FINANCIAL NEEDS. ALTERNATIVE FORMS OF CREDIT SUCH AS A CREDIT CARD ADVANCE, PERSONAL LOAN, HOME EQUITY LINE OF CREDIT, AND BORROWING FROM A FRIEND OR RELATIVE MAY BE A LESS EXPENSIVE AND MORE SUITABLE SOURCE OF FUNDING."

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