About Lender
Lakeshore Loans is an online lending company that provides personal installment loans to customers who need quick access to cash. First-time borrowers can qualify for loans ranging from $100 to $600, while repeat borrowers may be eligible for loans up to $1,500. The loan amounts and terms may vary based on the borrower's credit history, income, and other factors. To apply for a loan, customers can visit the Lakeshore Loans website and fill out an online application.
Lakeshore Loans may be a good option for individuals who need quick access to cash and have limited options due to their credit history.
Key Features
Lakeshore Loans is an online lender that offers short-term loans to customers who need quick access to cash. Some key features of Lakeshore Loans include:
- Flexible Repayment Terms. The company provides flexible repayment terms to customers, making it easier for them to manage their payments.
- Bad Credit Considered. Lakeshore Loans offers loans to customers with bad credit or no credit history, which makes them an option for individuals who have been turned down by traditional lenders.
- Online Application. Customers can apply for a loan online by visiting the Lakeshore Loans website, making the process quick and convenient.
- Availability. Lakeshore Loans is available in several states across the US, making it accessible to a wider range of customers.
Pros and Cons
Pros
- Funds can be received as soon as the same day.
- Flexible repayment terms make it easier for customers to manage their payments.
- Loans can be used for a variety of purposes.
- Information about loans and fees is provided on Lakeshore Loans' website.
Cons
- Interest rates may be higher than what is available to customers with good credit.
- Loan amounts may be limited for first-time borrowers.
- Lakeshore Loans is not available in all states.
- Fees associated with the loan may not be fully disclosed until after the application process.
- Late payments may result in additional fees and damage to the borrower's credit score.
Products
Lakeshore Loans offers personal installment loans to customers, which can be used for a variety of purposes, including debt consolidation, home repairs, and unexpected expenses. Here are some of the products offered by the lender:
- Personal Installment Loans. Lakeshore Loans provides personal installment loans to customers with flexible repayment terms. First-time borrowers can qualify for loans ranging from $100 to $600, while repeat borrowers may be eligible for loans up to $1500. The loan amounts and terms may vary based on the borrower's credit history, income, and other factors.
- Bad Credit Loans. The company offers loans to customers with bad credit or no credit history, which makes them an option for individuals who have been turned down by traditional lenders.
- Emergency Loans. Lakeshore Loans' installment loans can be used for unexpected expenses, making them a potential option for customers who need quick access to cash in an emergency situation.
Reliability
Lakeshore Loans is a legitimate online lending company that operates under the business name of Giizis LLC and is Native American owned. The company is located within the interior boundaries of the Lac du Flambeau reservation, which is a sovereign nation located in Wisconsin.
Lakeshore Loans is licensed and regulated by the state of Utah Department of Financial Institutions, and the Lac du Flambeau Business Development Corporation, which is a subsidiary of the Lac du Flambeau Band of Lake Superior Chippewa Indians. The company has been in business for several years and has many positive customer reviews online.
However, as with any financial decision, customers should carefully review the terms and conditions of the loan, including the interest rate and any fees associated with the loan, before accepting the offer. They should also do their research and compare rates and terms from multiple lenders before making a final decision.
Funding a Loan
Lakeshore Loans is an online lending company that offers personal installment loans to customers. The funding process for a loan involves several steps:
- Application. Customers can apply for a loan online by filling out an application on the Lakeshore Loans website. The application will ask for information such as the loan amount, purpose of the loan, and personal and financial information.
- Approval. Once the application is submitted, Lthe lender will review it and make a decision on whether to approve the loan. The approval process is quick, and customers can often receive a decision within minutes.
- Loan Offer. If the loan is approved, Lakeshore Loans will provide a loan offer that include the loan amount, interest rate, and any fees associated with the loan. Customers can review the offer and decide whether to accept it.
- Funding. Once the loan documents have been signed, the company will typically fund the loan through a direct deposit to the customer's bank account as early as the same day. The exact timing of the funding may depend on the customer's bank and their processing times.
It's important to carefully review the terms and conditions of the loan, including the interest rate and any fees associated with the loan, before accepting the offer.
Loan Conditions
The installment loan conditions at Lakeshore Loans are as follows:
- Loan Amount. The approval amount depends on a variety of factors including loan history and monthly income. First-time borrowers can qualify for loans ranging from $100 to $600, while repeat borrowers may be eligible for loans up to $1,500.
- Repayment Terms. The company provides flexible repayment terms to customers.
- Interest Rate. It may vary based on the borrower's creditworthiness and other factors. The APR, or annual percentage rate, is included in the loan agreement.
- Fees. Lakeshore Loans may charge fees associated with the loan, including origination fees, late payment fees, and returned payment fees. Late payment fees are $30 for any payment that is late three or more days, and returned payment fees are $30 for any payment that is returned due to insufficient funds or not honored by the customer’s financial institution for any reason.
- Prepayment Penalty. Lakeshore Loans does not charge any prepayment penalty fees.
- Late scheduled payment. The company charges a $30 late fee for any payment that is late three or more days. The late fee is added to the outstanding balance of a loan and is due with the next scheduled payment.
Customers can review and download copies of their loan agreement and other documents at any time during the life of the loan by logging in to their account.
Additional Services
As an online lending company, Lakeshore Loans primarily offers personal installment loans to customers who need quick access to cash. However, the company does not appear to offer any additional services beyond this, as their main focus is on providing loans to customers.
Lakeshore Loans vs National Small Loan
Here are some differences between Lakeshore Loans and National Small Loan that customers may want to consider:
- Loan Amounts. Lakeshore Loans offers loans ranging from $100 to $1,500, while National Small Loan offers loans ranging from $100 to $1,200 for returning customers.
- Credit Requirements. Both lenders may consider a borrower's credit history when making a loan decision, but National Small Loan states that they work with customers who have bad credit or no credit.
- Loan Renewal. National Small Loan allows customers to renew their loan by paying the interest and fees on the original loan. Lakeshore Loans, on the other hand, requires customers to pay off their loan in full before applying for a new loan.
Lakeshore Loans vs Fineday Funds
Lakeshore Loans and Fineday Funds are both online lending companies that provide short-term lending. Here are keydifferences between the two companies:
- Loan Amounts. Lakeshore Loans offers loans ranging from $100 to $1,500, while Fineday Funds offers loans ranging from $300 to $2,500.
- Loan Funding. Lakeshore Loans provides same-day funding for approved loans, while Fineday Funds states that in most cases, funds will be deposited into the borrower's bank account on the business day after their application has been processed and approved.
- Late Fees. Fineday Funds charges a $30 NSF fee per payment source when a payment is returned due to insufficient funds or not honored by the customer's financial institution. However, Fineday Funds notes that customers will not incur multiple NSF fees on the same payment source for any given payment attempt and representments not authorized by the customer.
