Are you in a financial bind and considering a loan to meet ends? With countless online lenders and loan options, it can be overwhelming to determine which ones are legitimate and which are scams.
One lender that has recently gained attention is Right Now Loans. But the big question remains: is it legit or a scam?
In this blog post, we’ll dive deep into Right Now Loans to help you decide whether it’s a safe and reliable option for you. So, please grab a cup of coffee and explore together!
What is Right Now Loans? (Detailed Review)
Right Now Loans is a lending service owned and operated by the Elem Indian Colony of Pomo Indians, a Native American band of Pomo based in California.
As an economic development arm of the Tribe, Right Now Loans aims to provide a quick and effective way for hardworking individuals to access extra cash to cover life’s unexpected expenses.
The loans are typically installment loans, which can be used for various purposes, such as home repair bills, family emergencies, medical bills, and car repairs.
With a simple and quick application process, Right Now Loans offers borrowers a viable option to get the cash they need promptly and efficiently.
Right Now Loans understands that life can be unpredictable, and unexpected expenses can arise anytime. That’s why they offer a lending service available whenever their customers need it.
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Whether it’s next week, tomorrow, or right now, Right Now Loans is ready to provide financial assistance to those in need. Their installment loans have helped countless customers cover costly expenses, such as home and auto repairs, medical emergencies, and other unexpected bills.
Unlike payday loans, which typically require full repayment within a short period, Right Now Loans’ installment loans offer a flexible payment schedule that allows borrowers to repay their loans in a series of fixed payments.
This gives customers the peace of mind of knowing that they can manage their loan repayment in a way that works for their financial situation.
Right Now Loans Rates and Finance Charges:
Right Now Loans offers flexible loan amounts to meet the needs of a range of customers. First-time borrowers can apply for loans between $200 and $1,500, while returning customers may be eligible for loans of up to $5,000.
The finance charge for each loan is disclosed on the loan agreement, with the dollar amount of interest and the APR provided per the Truth in Lending Act and other applicable regulations. Right Now Loans provides a sample amortization table on its website to give customers a better idea of how rates and interest may be applied to their loan.
This table assumes a bi-weekly payment schedule, a $300 loan amount, and 14 days from the effective date of the loan to the first scheduled due date.
However, customers should keep in mind that their schedule of payments, number of payments, finance fees, total payments, and APR may differ depending on several factors, including their loan program, pay date frequency, loan amount, date of the loan, and whether they choose to prepay the loan.
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Right Now Loans Customer Care Number:
Right Now Loans is committed to providing top-notch customer service to its customers. If you have any service-related concerns, you can contact their customer service team at 1-866-660-8743.
Their team is dedicated to promptly resolving customer issues to ensure you have the best experience possible. If your concern is not resolved after contacting customer service, you can contact their hotline at 1-866-399-8594, available Monday to Sunday from 5 AM to 6 PM PST. You can also email them at [email protected].
Right Now Loans is a Native American entity formed under the laws of and operated by the Elem Indian Colony of Pomo Indians, a federally recognized sovereign American Indian Tribe in the United States. If you prefer to send mail, you can at their mailing address: PO Box 4102, Clearlake, CA 95422.
Is Right Now Loans legit or a scam?
When choosing a lender, it is essential to ensure that the lender is legitimate and not a scam. Several factors must be considered to determine whether a lender is legit or a scam.
Firstly, you should check whether the lender is licensed and registered to operate in your state. Additionally, legitimate lenders will fully disclose all fees, charges, and interest rates upfront, whereas scammers will often hide or manipulate this information.
It is also important to consider the lender’s reputation and customer reviews, which can indicate whether they are trustworthy and reliable.
Based on these factors, we conducted a thorough analysis of Right Now Loans, and we can confirm that they are a legitimate lender.
Right Now Loans is owned and operated by the Elem Indian Colony of Pomo Indians, a federally recognized sovereign American Indian Tribe located within the United States.
They are licensed and registered to operate in several states and comply with all applicable state and federal laws and regulations. Right Now Loans also fully discloses all fees upfront, by the Truth in Lending Act and other applicable regulations.
Their customer reviews and reputation are generally positive, with many customers praising their fast and efficient service. Overall, based on our analysis, we can confirm that Right Now Loans is a legitimate lender and not a scam.
The Pros and Cons of Right Now Loans:
Here are some pros and cons of Right Now Loans:
- Quick and easy application process: Customers can apply for a loan online and receive a decision quickly, usually within minutes.
- Flexible payment options: Unlike payday loans, Right Now Loans offers installment loans with a flexible payment schedule, allowing customers to repay the loan in a series of fixed payments.
- Low minimum loan amount: With a minimum loan amount of $200, Right Now Loans can be a good option for those who only need to borrow a small amount.
- Owned by a federally recognized sovereign American Indian Tribe: Right Now Loans is owned by the Elem Indian Colony of Pomo Indians, which is a Native American band of Pomo based on 50 acres near Clearlake Oaks, California, on the Eastern shore of Clear Lake. This means the company is subject to tribal laws and regulations, which may be more favorable to customers than state laws.
- High-interest rates: As with many short-term lenders, Right Now Loans charges relatively high-interest rates, which can result in significant fees over time.
- Limited loan amounts: While the maximum loan amount for returning customers is $5,000, this may not be enough for those with larger expenses or significant financial needs.
- Limited availability: Right Now, Loans are only available in certain states, so it may not be an option for everyone.
- Potential for debt cycle: As with any short-term loan, there is a risk of falling into a debt cycle if the borrower cannot make their payments on time. This can lead to additional fees and may make it harder for the borrower to get back on track financially.
Right Now Loans Customer Review and Ratings:
Customer reviews and ratings are crucial when evaluating a lender’s legitimacy and trustworthiness. In this regard, Right Now Loans has a solid reputation, with a Trustpilot rating of 4.2/5 stars.
Customers have praised the company’s fast and efficient loan processing, transparent fee structure, and friendly customer service. However, some negative reviews have cited high-interest rates and aggressive collection practices.
It’s important to note that online reviews should be taken with a grain of salt, as they may not always represent the entire customer experience.
Nonetheless, the positive customer reviews and high ratings on Trustpilot are promising signs that Right Now Loans is a legitimate lender that values customer satisfaction.
How to Apply for a Loan with Right Now Loans?
The process is quick and simple if you want to apply for a loan with Right Now Loans. To start, visit the Right Now Loans website and click the “Apply Now” button. You’ll be directed to a page where you can input your personal information, such as your name, address, and employment details.
You’ll also need to provide your bank account information for direct deposit. Once you submit your application, you’ll receive a decision within minutes. If approved, the loan funds will be deposited directly into your bank account within the next business day.
To increase your chances of getting approved for a loan with Right Now Loans, ensure you meet their basic eligibility requirements, such as having a regular source of income and a bank account in good standing. It’s also important to make sure your application is accurate and complete.
Right Now, Loans can be a viable option for those who need extra cash to cover unexpected expenses. With flexible repayment options and transparent fee disclosures, it offers a straightforward and convenient solution for those in need.
While there are some downsides to consider, such as the high-interest rates and potential for debt traps, it ultimately comes down to individual circumstances and financial responsibility.
As with any financial decision, it’s important to research, understand the terms and conditions, and only borrow what you can afford to repay. Remember, a loan is a tool, not a solution to long-term financial problems.
As with all loans, consider the pros and cons, and make an informed decision that suits your unique situation.
What is the maximum repayment term for Right Now Loans installment loans?
Right Now, Loan installment loans have a maximum repayment term of 24 months, allowing customers to repay their loan in a series of fixed payments over a longer period compared to payday loans.
Can I pay off my loan early with Right Now Loans?
Yes, customers can pay off their loans early with Right Now Loans without penalty fees. Paying off your loan early may save you money on interest charges.
Is there a credit check for applying for a loan with Right Now Loans?
Yes, Right Now Loans performs a credit check as a part of the application process. However, they do not solely rely on credit scores to approve or deny loan applications. They take into account a variety of factors, including income and employment history.
How quickly can I receive funds from Right Now Loans after approval?
Right Now Loans typically deposits funds into your bank account within one business day after approval. However, the time it takes to receive funds can vary depending on your bank’s processing times.
Are there any states where Right Now Loans does not operate?
Yes, currently, Right Now Loans does not operate in Alabama, Arkansas, Connecticut, the District of Columbia, Florida, Georgia, Illinois, Maryland, Massachusetts, Minnesota, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, South Dakota, Vermont, Virginia, or West Virginia. If you reside in any of these states, you are not eligible to receive a loan from Right Now Loans.