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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.

Loan at Last

Finanso.Multilogin™

About lender

Loan at Last is an online, short-term installment and tribal lender that offers services for various financial needs. The firm was established in 2015 and is currently owned by the Lac Du Flambeau Band of Chippewa Indians. It has headquarters located in Lac du Flambeau, Wisconsin.

Loan at Last predominantly specializes in providing short-term borrowing as online unsecured installments and as an alternative to payday loans or home equity line of credit.

It follows the best industry practices, recommending its customers to take advantage of personal financial literacy education through organizations such as the Community Financial Education Foundation (CFEF) using clientele's My Starting Point program or through Clarity Services with Clarity for Consumers program.

As a tribal lender, Loan at Last is exempt from state laws. Nevertheless, it is still governed by federal financial laws and operates in 41 states.

Pros and cons

At first glance, as a tribal lender, Loan at Last greatly stands out from its counterparts because of its well-designed website and fully automated application and approval systems. However, as it has a very high customer complaints section on the official BBB website, it still deserves to be profoundly analyzed.

Pros

  • Loan at Last offers a short and straightforward application process that people can fill out entirely online. The company has easy qualification requirements that almost every customer can meet. People with bad credit can qualify for the services as well.
  • The turnaround times for applications and balance transfers are short.
  • Flexible principal balances can cover most unexpected cash emergencies.
  • Loan at Last is an Online Lenders Alliance member, meaning the company follows best practices to ensure a clientele is given a fair and transparent lending experience.
  • There is an option to cancel a loan if you have any second thoughts about the quality of Loan at Last services or opt to consider an alternative financial decision.
  • Online chat is available. Unlike some lenders that only give a single contact email, Loan at Last offers an online chat feature that optimizes the clientele's experience with the company.
  • Loan at Last is available in 43 U.S. states. The company lends to residents in all states except Arkansas, New York, Pennsylvania, Vermont, Virginia, West Virginia, Wisconsin, and Washington, DC.
  • Loan at Last has a secure website with 256-bit SSL encryption alongside industry-standard firewalls and virus protection software.
  • Provides a very fast funding process. With Loan at Last, customers typically can get their money on the next business day. They can also request "Same-day" funding.
  • There are various repayment options from electronic funds transfer using a checking account, money order, and cashier's check that can be sent in the mail. Also, customers can make payment arrangements by phone or a debit card.
  • Judging by customer reviews, Loan at Last offers exceptional support services that help answer questions before proceeding. Further, the company's customer support helps to fulfill a payment with no threatening collection calls.

Cons

  • Loan at Last rates is far higher than other types of lenders that work with customers who have poor credit.

  • As Loan at Last is a tribal lender, it's difficult to sue the company for breaking the laws. Hence, in the case of Loan at Last's non-fulfillment of the contract terms, according to the loan agreement, a clientele may not get a refund or compensation for damages through the court.

  • Loan at Last has a junk practice of not revealing information about the cost of their products, interest rates, repayment terms, or payment schedules until an applicant has applied to the company's services and received a loan agreement.

  • No secure data protection. Once Loan at Last has a clientele's personal data, they can use it at their own discretion. For instance, under the loan agreement, they may sell it or cannot protect it.

  • Loan at Last does not have a license for its services from the state. That means the company operates under the laws and regulations put forth by a Native American tribe.

  • Poor reviews on Trustpilot and the Better Business Bureau reviewed that clientele had issues with customer service teams on making repayments.

  • Compared to its competitors, Loan at Last does not provide customers with high loan amounts and has much higher financing fees.

  • Loan at Last only accepts traditional valid checking accounts that are registered under the customer's name. It does not accept prepaid cards or savings accounts.

Terms and conditions

Loan at Last offers principal balances between $100 and $3,000. The first-time customers can only receive up to $1,000, starting with the minimum loan amount of $200. Loan terms make up to 9 months. Loan at Last doesn't reveal an exact range of interest rates. However, it has been reported to have high APRs.

As for fees, Loan at Last charges a late payment fee of $20 if customers missed their due date by over five days. Also, the company levies a non-sufficient funds fee of $30 if there isn't enough money in a clientele's account. Loan at Last wins the attention of its customers by no prepayment fees for making an early payoff.

For fees, Loan at Last customers should be very precise with their loan balance and bank account so as not to be charged extra fees or payments. If you notice anything is off, contact Loan at Last by calling 844-676-8550, emailing customerservice@loanatlast.com, or by using the online chat feature.

Funding a loan

After a customer completes the online loan application, Loan at Last notifies them via email about whether they have been approved, pending verification. After completing it, the clientele presents with the transaction documents and applicable disclosures for the loan.

Normally, Loan at Last customers receive their cash via a banking account the next business day after approval if their information has been received and approved by 4:30 pm C.T. Also, customers can get same-day funding. The exact time for the availability of funds depends on the clientele's bank's processing schedules, policies, and bank holidays. If interested in expedited funding, contact the customer care team at (844) 676-8550.

Conclusion

Before opting for Loan at Last short-term loan, consider all alternative local resources such as government agencies, nonprofits, and local charities that often offer free financial services. Take into consideration some payment extensions and negotiate with your bill providers about a longer payment plan or extension of your due date if you're falling behind on payments.

Overall, Loan at Last is a great financial option for customers who:

  • Live in a state where short-term lending is banned. Here, Loan at Last can be a way to borrow the money a customer needs without having great credit and a hard credit check.

  • Seek various repayment options and need to get cash on the next business day after approval.

  • Don't want to pay a prepayment penalty in case of early loan repayment.

  • Look for great customer service. If a clientele has any questions regarding loan information or any other feedback, they can 24/7 contact the company via email, by phone call, or through an online chat.