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Lender
Rating by Finanso®
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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.

Little Lake Lending

Finanso.Multilogin™

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 $2500 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 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 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.

Pros and cons

Little Lake Lending is a straightforward lender that focuses on people who are backward and are not facilitated by general lending partners. A popular driver for their other mainstream financial services is borrowers paying off their loans early without incurring penalties or fees. However, all businesses have their benefits and drawbacks:

Pros

  • Little Lake Lending’s strength is its high loan approval and loan dispersal rates. 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.

  • The Little Lake Lending reviews revealed that the company has good customer support, which is available 24x7.

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

Cons

  • The Little Lake Lending review reveals that the company changes its loan terms after it is signed, which is the main obstacle for borrowers.

  • The Little Lake Lending’s offered APR is rather high, at around 720%. This means that for every dollar borrowed, you can expect to pay at least $7.20 back. Besides, this amount increases the longer your repayment plan lasts.

  • Like multiple lenders, their rates and fees are outrageously high, to the point where even borrowers with stable and high incomes might have a problem repaying the loan in time.

Loan conditions

The Little Lake Lending's loan conditions which are applied to your case may vary, but to be eligible for a loan, you need information like the applicant’s minimum full credit report score record and their other business data reflecting the potential to repay the loan. This will include the cash flow of your business along with its total revenue. Apart from that, here are some loan conditions you need to follow. Please, note that meeting the conditions listed below doesn't guarantee approval; they are just necessary for a successful loan application.

  • To qualify for financing, candidates must be at least 18-years-old who have valid U.S. citizenship.

  • The candidate should have a regular income coming into their account.

  • The candidate has to present their commercial records as the lender might examine them. However, there is no explicitly given to the disclosed credit score.

  • The candidate should not actively serve in the military nor should they be dependent on someone actively serving in the military

  • The applicant must have a checking account to be eligible for a loan with LLL

Funding a loan

The Little Lake Lending’s loan financing procedure is online and takes around 10 minutes to complete. You'll need to input some personal information as well as essential company information, name, date of birth, mobile number, alternate phone number, email address, social security number, street address, and other details related to your residential status. You will also be asked about the duration of your current address., if you are a member of the US military or a dependent of someone in the US military, then the company will not offer its services to you. However, if you are a US citizen and at least 18 years old, LLL will approve or reject your application after analyzing the health of your business, or personal credit history using an automated online method.

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. 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. 

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.

How much can you borrow from Little Lake Lending?

First-time applicants can avail of loans up to $1,500, whereas repeat customers have the option to borrow up to $2,500.

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.

Company documents

Privacy Policy
Terms and Conditions
License

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

© Little Lake Lending

Calculate loan payments in Little Lake Lending

Little Lake Lending calculator will allow you to calculate an approximate payment schedule for the loan

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What to focus on before applying for a loan with Little Lake Lending

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Little Lake Lending and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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