River Valley Loans Rates, Fees, and Loan Terms

Loan Amounts and Terms at a Glance

ACH autopay is set up by default, so scheduled payments are drawn from your checking account on each due date. If you prefer to pay another way, you can use a debit card, a cashier's check, or a money order. Your Loan Agreement lists your payment amounts and due dates.

How Your APR Is Determined

Two people who borrow the same amount may receive different APRs. We don't publish one APR for everyone, because each loan is priced based on the borrower's creditworthiness and the loan itself. When we review an application, these factors can affect your APR and finance charge:

• Your credit history
• Your payment history
• Your income
• Your employment
• Your existing debt and the types of debt you carry
• The amount you borrow
• How long the loan stays outstanding

Your exact APR appears in your Loan Agreement. Read it, along with the finance charge and payment schedule, before you e-sign. If anything is unclear, ask us first.

Interest, Finance Charge, and APR: What's the Difference?

These three terms show up in every Loan Agreement, and they measure cost in different ways.

When you compare loan offers, the APR is often the most useful single number, because it puts the cost of credit on a yearly basis. The finance charge tells you the cost in dollars. Look at both.

With an installment loan, time matters. The longer your balance stays outstanding, the more the loan costs. You can reduce your total cost by paying the loan off early or by making extra payments, either on a due date or between due dates.

Fee Schedule

Two fees can apply if a payment does not go through as planned. Both are also described in your Loan Agreement.

A returned payment usually happens when your bank account does not have enough money to cover a scheduled payment. A few habits can help you avoid both fees:

• Check your balance a day or two before each due date.
• If your payday or bank account changes, call us at least 3 business days before your next scheduled payment so we can update your details.
• If you think you'll miss a payment, reach out before the due date, not after.
• Keep a small cushion in your account so a payment isn't returned when other bills clear at the same time.

Our guide to how ACH autopay loan payments work has more practical tips for keeping payments on track.

Prepayment and Your Right to Cancel

Paying off your loan early

There is no prepayment penalty. You can pay off your balance early, or pay extra toward it, at any time. When you pay in full, you owe the amounts accrued up to your payoff date and nothing for the months you skipped.

To pay early or make an extra payment, contact us at least 3 business days before your next scheduled payment. That gives us time to adjust your upcoming payment. To see how early payoff can reduce what you spend, read how paying off an installment loan early saves money.

Cancelling your loan

After your loan is disbursed, you have a short window to change your mind. You may cancel free of charge until 5:00 PM South Dakota Time on the 2nd business day after disbursement.

Your Loan Agreement explains the exact cancellation steps. If you are thinking about cancelling, contact our customer service team well before the deadline.

State Availability

We do not currently offer loans to residents of these states and districts:

• Arkansas (AR)
• Connecticut (CT)
• District of Columbia (DC)
• Illinois (IL)
• Minnesota (MN)
• New York (NY)
• Pennsylvania (PA)
• South Dakota (SD)
• Vermont (VT)
• Virginia (VA)
• West Virginia (WV)

This list changes frequently, so please check it again right before you apply. Living in a state we serve is one requirement; on its own, it does not mean an application will be approved. Our loans are made under Tribal law rather than state law; our About page explains who we are and which laws govern our loans.

Equal Credit Opportunity

We do not discriminate against any applicant on the basis of race, color, religion, national origin, sex, marital status, or age. We also do not discriminate because all or part of an applicant's income comes from public assistance, or because an applicant has in good faith exercised any right under the Consumer Credit Protection Act.

High-Cost Credit Notice

Our installment loans are an expensive form of borrowing, and they are not a long-term financial solution. They are meant for a short-term, one-time need. If you expect to need extra money every month, a loan of this kind is unlikely to be the right tool.

Before you borrow, compare other options that may cost less, such as a payment plan with the company you owe or help from a local assistance program. Our guide to alternatives to high-cost loans lists options worth checking first.

Borrow only the amount you need, and make sure the payments fit your budget for the full term.

Cost FAQ

Where will I see my exact APR?

Your exact APR and finance charge are shown in your Loan Agreement. You'll see them before you e-sign, so take time to review both carefully and ask us about anything you don't understand.

What factors determine my APR?

Your APR depends on your creditworthiness, including your credit and payment history, income, employment, and existing debt and types of debt. The amount you borrow and how long the loan stays outstanding also play a role. Your exact APR is disclosed in your Loan Agreement.

What is the difference between interest, a finance charge, and APR?

Interest is what you pay to borrow the principal. The finance charge is the total dollar cost of your credit, while the APR states that cost as a yearly rate so you can compare it.

What fees apply if a payment is late or returned?

A $20 late fee applies when a payment is more than 5 days late. A $30 NSF fee applies each time a payment is returned unpaid.

Why is this considered a high-cost loan?

Installment loans from River Valley Loans are an expensive form of borrowing and are not a long-term financial solution. They are designed to help with a short-term need, so borrow only what you can comfortably repay.