Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.8
(20 Ratings)

Little Lake Lending

Advertiser Disclosure

About Lender

Little Lake Lending is a direct lender that provides immediate loans to people. Although the company is not licensed by the state, a Big Valley Band branch called Layna, LLL, which is owned by the Pomo Indians Consumer Financial Services Regulatory Authority is licensed to make such loans. Their website states that they can provide loans of up to $2,500 without a prepayment penalty and that the loans can be repaid to the debtor within one business day after processing.

Their other mainstream financial services include short-term loan emergency funding. Little Lake Lending offers transparent and fair access to short-term, small-balance installment loans to people who need cash on an urgent basis. They have 24-hour customer service agents at their disposal, due to which the application process is fast, and a credit approval decision is easy. This also allows them to make deposits quickly. The company typically delivers funds into borrowers' bank accounts the following business day after they are processed and approved by the bank.

Little Lake Lending's interest rates are reasonable but higher than other loan options, and borrowers must make sure they can pay the installments in the long run before signing up for a loan. Little Lake Lending is known for its excellent customer service, and borrowers can expect support from experienced and qualified relationship managers. However, borrowers must be aware of the penalties for late payments and the importance of maintaining a good credit history to secure better APR rates in the future.

Key Features

  1. Loans Up to $2,500. Offering financial assistance with no prepayment penalties, catering to your short-term borrowing needs. First-time clients can borrow up to $2,000 and for returning customers available up to $2,500.

  2. Expedited Funding. Funds can be delivered to your account as soon as the next business day, ensuring quick access to the money you need.

  3. Simple Application Process. The online application is designed to be quick and convenient, allowing for a hassle-free experience.

  4. 24/7 Personal Service. Dedicated Relationship Managers and Loan Specialists are available around the clock to assist with any inquiries or needs.

  5. Penalty-Free Prepayments. Early payoff of your loan comes without any penalties or fees, offering flexibility and control over your financial commitments.

  6. Big Fish Rewards Program. Earn points throughout the loan cycle that can be redeemed for gift cards or principal paydowns, adding value beyond the financial assistance.

  7. Comprehensive Support and Resources. Access to account information, loan application for new and returning customers, rewards management, personal finance education, and multiple channels for customer support (phone, chat, email, mail).

  8. Tribally-Owned and Operated. Little Lake Lending is wholly owned by the Big Valley Band of Pomo Indians, emphasizing a commitment to responsible lending and community values.

Pros and Cons

Pros 

High Loan Approval Rate. The application takes a few minutes to complete and is processed very quickly. However, if you file on a weekday, the funds should be in your bank account in 24 hours, while applications filed on Friday, Saturday, and Sunday will have to wait until Monday or Tuesday for dispersals.

Good Customer Support. The Little Lake Lending review revealed that the company has good customer support, which is available 24x7.

Early Payoff. Little Lake Lending allows borrowers to pay off their loans early without incurring any prepayment penalties.

Cons

Not Transparent. Little Lake Lending changes its loan terms after it is signed, which is the main obstacle for borrowers.

High APRs. Little Lake Lending's offered APR is rather high, at around 795%. This means that for every dollar borrowed, you can expect to pay at least $7.95 back. Besides, this amount increases the longer your repayment plan lasts.

High Fees. Little Lake Lending charges penalties for late payment, so you need to set regular reminders or automatic payments to avoid these penalties.

Reliability

  1. 24/7 Availability. The service provides 24-hour access to Relationship Managers and Loan Specialists, ensuring that assistance is always available when needed.

  2. Comprehensive Customer Support. The availability of multiple support channels (phone, chat, email, mail) ensures that customers can rely on getting the help they need in the manner most convenient for them.

  3. Transparent and Ethical Lending. Operated by the Big Valley Band of Pomo Indians, Little Lake Lending adheres to its values of responsible lending, providing a trustworthy option for short-term financial needs.

  4. Clear Borrowing Terms. Detailed information about loan terms, conditions, and the lending process is readily available, highlighting a transparent approach to lending.

  5. Adherence to Federal and Tribal Law. Loans are governed by both Tribal law and applicable federal law, ensuring a legal and ethical framework that protects both the lender and the borrower.

  6. Responsive to Customer Needs. The company's policies, such as the lack of prepayment penalties and the rewards program, are designed with the customer's best interests in mind, indicating a reliable focus on borrower satisfaction.

How to Apply for a Little Lake Lending Loan?

Apply for a Loan

  1. Visit Website. Start by going to Little Lake Lending's homepage to access their online services. Click on the "Apply Now" button featured prominently on the homepage to begin the application process.

  2. Complete the Online Application. Fill out the convenient online application form with your personal, contact, and financial information as prompted.

  3. Verify Your Information. After submitting your application, you may need to verify your information. This can be done either by phone or online, depending on the instructions provided after your initial application submission.

  4. E-Sign Loan Agreement. Once your information has been verified and your loan is approved, you will be asked to review and electronically sign your loan agreement to finalize the borrowing process.

  5. Receive Your Funds. After the loan agreement is signed, Little Lake Lending will deposit the funds directly into your bank account. If your application is processed and approved before 4:00 p.m. PST from Monday to Friday, you are typically funded on the next business day.

Conditions and Requirements

Conditions

  1. Loan Amounts. Loans are available up to $2,500, providing financial assistance tailored to meet the borrower's short-term needs without the imposition of prepayment penalties.

  2. Penalty-Free Early Payoff. Borrowers are encouraged to borrow only the minimum amount needed and can save interest by making extra payments toward the principal or by paying off the balance early without penalties.

  3. Interest Rates and APR. The interest rate, finance charges, and APR depend on the borrower's creditworthiness, which is determined by factors such as credit and payment history, income, employment, existing debt, and types of debt. The max APR can be as high as 795%.

  4. Funding Timeframes. Funds can typically be delivered to the borrower's bank account the business day after the application has been processed and approved, subject to meeting cut-off times.

  5. Late/NSF Fees. A $25 late fee is charged for payments that are late by three or more days. A $25 NSF fee is charged if any payment is returned due to insufficient funds or not honored by the financial institution for any reason.

  6. Loan Agreement and Payment Schedule. The loan agreement includes a payment schedule that specifies dates, amounts, and the number of payments agreed upon for repaying the loan.

Requirements

  1. Eligibility. The services of Little Lake Lending are intended solely for users who are 18 years of age or older. Any registration by, use of, or access to the site by anyone under 18 is unauthorized and in violation of these terms.

  2. Governing Law. These terms of use shall be governed in all respects by the laws of the Big Valley Band of Pomo Indians of the Big Valley Rancheria, a federally-recognized sovereign American Indian tribe.

  3. Income. To qualify for a loan, applicants must demonstrate that they receive regular income.

  4. Age and Citizenship. Applicants must be at least 18 years old and hold citizenship of the United States to be eligible for a loan.

  5. Checking Account. Having a checking account is a prerequisite for loan approval.

  6. Military Service. Applicants must not be actively serving in the military or be dependents of someone who is actively serving in the military in order to qualify for a loan.

Ways to Receive the Money

Little Lake Lending offers a streamlined and efficient way for borrowers to receive their loan funds, primarily through direct deposit into their checking accounts. This method ensures that funds are delivered as swiftly as possible, usually by the next business day following the approval of their loan application. This expedited funding process is designed to meet the urgent financial needs of borrowers, providing them with quick access to cash for emergencies or other short-term financial obligations.

Products

Little Lake Lending specializes in offering short-term installment loans, with loan amounts going up to $2,500. These loans are designed to cater to individuals who need quick financial assistance without the burden of long-term debt. A standout feature of their product offering includes no penalties for prepayment, allowing borrowers the flexibility to pay off their loans ahead of schedule without incurring extra fees. This feature is particularly beneficial for those looking to manage their finances efficiently and avoid the accumulation of additional interest charges. Moreover, Little Lake Lending's loans are structured with a simple application process and the possibility of next-business-day funding, highlighting their commitment to providing expedited funding and superior service to meet the urgent needs of their clients.

Other Personal Loans

Reasons for Loan Refusal

Check Credit Score

Loan applications submitted to Little Lake Lending may be refused for a few key reasons directly tied to their specified requirements. If an applicant does not have a stable source of regular income, it may indicate to lenders an inability to meet repayment obligations, leading to a refusal. Similarly, being under 18 years old, not being a U.S. citizen, or lacking a checking account are critical criteria that, if unmet, result in ineligibility for a loan. Furthermore, those who are actively serving in the military or are dependents of someone in active military service are also not eligible for Little Lake Lending’s services. Meeting these basic requirements is essential for approval, as they ensure the applicant has the means and legal standing to enter into a financial agreement.

How to Repay a Little Lake Lending Loan?

Repay

Repaying a loan from Little Lake Lending is a straightforward process facilitated by a detailed schedule of payment amounts and due dates outlined in every loan agreement. To ensure timely repayments, borrowers have two convenient options: they can opt for automatic withdrawals from their bank account, simplifying the process and reducing the risk of missing payments, or they can choose to mail a money order or cashier’s check to Little Lake Lending at 2770 Mission Rancheria Rd, #393, Lakeport, CA 95453. By adhering to the provided schedule and selecting the repayment method that best suits their preferences, borrowers can effectively manage their loan obligations with Little Lake Lending.

Loans like Little Lake Lending

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OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.

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Rise Credit

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RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.

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OneMain Financial

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OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.

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Universal Credit

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Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.

Universal Credit

Editorial Opinion

Little Lake Lending offers a helping hand with short-term loans that are easy to apply for and convenient to pay back, especially since they don’t penalize you for settling your debt early. It's pretty smooth sailing if you need quick cash—apply today, and you might just have the funds by tomorrow. But, while it’s a breeze to get and repay the loan, it’s crucial to remember that this financial lifeline comes at a high cost. These loans are designed for those urgent situations where you have no other option, so it's important to use them wisely and make sure you can manage the repayment without putting yourself in a tighter spot.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional Resources

Sources

FAQ

What is Little Lake Lending?

Little Lake Lending is a financial service provider that offers short-term installment loans, which are different from payday loans. They are based in Michigan and offer loans ranging from $400 to $2,500 with repayment terms of up to 24 months. These Little Lake Lending loans offer clients expedited funding, superior service, and regular access to cutting-edge data security. The short-term lake lending loans offered are non-collateral and come with penalty-free early payoffs. 

Little Lake Lending has a simple and fast application process, with decisions made quickly and funds deposited directly into the borrower's bank account. Little Lake Lending prioritizes customer satisfaction and strives to provide excellent customer service.

Who owns Little Lake Lending?

The company is owned and operated as a limited liability company. It is owned by the Big Valley Band of Pomo Indians of the Big Valley Rancheria Tribe.

How do you qualify for Little Lake Lending?

To qualify for a loan, the applicant must be a US citizen who is at least 18 years old. They must have an active checking account and should not be actively serving in the military.

However, it is mentioned that they require a bank account for loan disbursement and that they may perform credit checks and consider other factors, such as income and employment when evaluating loan applications. It is likely that additional information about specific qualification requirements can be found on the Little Lake Lending website or by contacting their customer service.

How much can you borrow from Little Lake Lending?

First-time applicants can avail of loans up to $2,000, whereas repeat customers have the option to borrow up to $2,500. However, the actual loan amount may depend on various factors, such as the borrower's creditworthiness, income, and state regulations. It's best to check with Little Lake Lending directly for more accurate information on loan amounts and qualifications.

Is Little Lake Lending a legitimate company?

Yes, it is, although Little Lake Lending is not one of the licensed financial services companies in its city, and there is no business license for a company called Little Lake Lending. However, the Big Valley Band of Pomo Indians Consumer Financial Services Regulatory Authority has granted the license to a company called Layma, LLC, which controls Little Lake Lending. The loans are also insured under the federal deposit insurance corp.

Little Lake Lending appears to be a legitimate company that offers personal loans to individuals with poor credit. However, it is always recommended to do your own research and due diligence before applying for a loan or providing any personal information. You can check with the Better Business Bureau and read reviews from other customers to get a better understanding of their reputation and reliability.

Company documents

Privacy Policy
Terms and Conditions
License

When you need funding, Little Lake Lending has you covered.

© Little Lake Lending
Financial products
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.76
(20 Ratings)
Recommended FinScore™
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300
650
1000
400.00 – 2000.00 $
Rate
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Effective interest rate on the product

to 795.00 %
Term
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Loan term for the financial product

to 3 months
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2000.00 – 100000.00 $
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All Little Lake Lending’s reviews by may 2024
Leave feedback
4.6
Advantages
My experience was excellent. They explained the loan agreements to me with clarity and conciseness. Thank you!
Complain
4.4
Advantages
I highly recommend this trustworthy lending company to everyone.
Complain
4.6
Advantages
The employees were compassionate and supportive. When I initially took out the loan, I faced difficulties and couldn't make the first few payments on time. They were understanding and offered a solution that allowed me to stay in good standing with the loan while providing the necessary time to repay it. Their assistance significantly reduced my stress during a challenging period.
Complain
2
Disadvantages
I borrowed $300 to cover an urgent care expense, and I've not only repaid the borrowed amount but also more than that, yet they are still demanding more money. It feels like this business is taking advantage of people during their most vulnerable moments of hardship.
Complain
4.2
Advantages
The process was straightforward and hassle-free. The staff demonstrated a high level of professionalism and courtesy. I highly recommend Little Lake Lending to anyone in need of a loan.
Complain
4.6
Advantages
Top-notch customer service is their priority. When you find yourself in need, don't hesitate to contact Little Lake Lending. The only aspect I'm not particularly fond of is the interest rate percentage, but aside from that, I'm satisfied.
Complain
4.8
Advantages
I found their website incredibly user-friendly, and I particularly appreciate their reward system. I applied my rewards towards my payment and saw a reduction in my overall amount owed. It's a fantastic benefit, and who wouldn't appreciate that? The process of requesting funds was also remarkably straightforward. Unlike many other places, I didn't have to spend a lot of time on the phone; everything was efficiently handled through their website.
Complain
2.6
Disadvantages
The contact number provided for Little Lake Lending doesn't appear to be legitimate. I've been trying to call them for a week, and it doesn't even ring. This is extremely frustrating, especially considering I recently obtained a loan from them, paid it off, and now can't reach them despite them having my personal information. This situation is truly dreadful.
Complain
2
Disadvantages
This was a terrible experience. I wasn't aware that the interest rate was so exorbitantly high. It's shocking and feels like it should be illegal.
Complain
4.2
Advantages
I was fortunate to secure approval for a much-needed loan, and the process was refreshingly transparent. There were no hidden fees or unexpected surprises. While the interest rates were on the higher side, they were there for me when I truly needed a loan, and they are willing to collaborate on payment arrangements. Their process is straightforward and efficient, providing clarity about what you're entering into.
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aggregation.company.allReviews
Overall company rating
3.8
/ 5
20 reviews
Execution of an application
3.9
Support service
3.9
Mobile app
3.6
Service quality
3.8
Your satisfaction level
3.7
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