Little Lake Lending Review: Last-resort Loans for Bad Credit

Is Little Lake Lending legit?

Yes, Little Lake Lending is a legitimate provider of short-term loans. But it’s also a tribal lender, which allows it to skirt state laws and charge APRs in the triple digits.

Despite its high interest rates, Little Lake Lending maintains a B- rating from the Better Business Bureau (BBB) and 4.6 stars from past customers on Trustpilot, which strengthens its reputation. The company also takes appropriate measures to protect customer data, including using industry-standard security protocols.

How Little Lake Lending compares to other lenders

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Finder Score	Loan amount	Turnaround time	Requirements
Promoted 9.5 Excellent EarnIn	9.5 Excellent	Up to $150/day, with a max of $1000 between paydays	1–2 business days standard; minutes with Lightning Speed	At least 18 and a US resident, Valid Social Security number, At least 60 days of banking history, Proof of consistent income, Positive bank balance, Get paid by direct deposit.	Access up to $150 per day, with a max of $1000 between paydays. Not available to CT or Washington, D.C. residents. Subject to EarnIn terms & conditions.	Important information EarnIn is not a bank. Access limits are based on your earnings and risk factors. Available in select states. Terms and restrictions apply. Visit EarnIn.com for full details. Expedited transfers available for a fee. Visit Earnin.com for full details.	Go to siteView details Compare product selection Compare	loading
Promoted 8.2 Great Cleo	8.2 Great	$20 to $250	3 to 4 days or instant for a fee.	Not stated	Automatically monitor your spending plus access cash advances up to $100 at a time.	Go to siteView details Compare product selection Compare	loading
Promoted 9.4 Excellent Varo Cash Advance	9.4 Excellent	Up to $250 today. Build up to $700 over time with direct deposit at Varo. Average loan: $195. Qualifications Apply.	Instant, once qualified	You must have an active Varo Bank Account with a positive balance, no delinquent Varo Line of Credit or charged off Believe account in prior 6 months. Varo Advance qualification is subject to evaluation of consumer reports and Varo account activity.	Important information Varo Advance qualification is subject to evaluation of consumer reports and Varo account activity. If approved, initial limits range from $20- $250. Unlock higher limits up to $700 over time when you bring your qualifying direct deposit to Varo and build a positive history with us. Negative repayment history may impact credit. Fees range from $1.60 - $100 based on loan amount, and deposits to your Varo Bank Account. Your current limit and applicable fees can be viewed in the Varo App. Qualifying direct deposits are electronic deposits of your paycheck, pension or government benefits (such as Social Security or unemployment) from your employer or government agency to the extent that can be identified. Tax refunds and government stimulus payments, Person-to-Person payments (such as Venmo or Varo to Anyone), and funds deposited using a Varo routing number are not considered a direct deposit.	Go to siteView details Compare product selection Compare	loading
9.4 Excellent OppLoans Installment Loans	9.4 Excellent	$500 to $5,000	As soon as the same business day	+18 years old, Receive paychecks through direct deposit, $1,500 minimum monthly income, Live in eligible state	Not available in: CO, CT, GA, IA, MD, MA, NY, SD, VT, WV. Comes with the option to change your due date so you won’t fall behind on repayments.	Important information The advertised APR is an estimate based on currently available information, is not final, and is subject to change. If approved, your actual rate will be determined and assigned based on your creditworthiness, income, application information, and other relevant factors. Applications submitted on the OppLoans platform will be originated by one of our bank partners and serviced by OppLoans. Please see the Rates and Terms for details regarding the availability of products in your state of residence. Subject to credit approval and verification. Actual approved loan amount and terms are dependent on our bank partners’ standard underwriting guidelines and credit policies. Funds may be deposited for delivery to your bank via ACH as soon as the same business day if verification is completed and final approval occurs before 12:00 PM CT on a business day. If approval occurs after 12:00 PM CT on a business day or on a non-business day, funds may be delivered as soon as the next business day. Availability of the funds is dependent on how quickly your bank processes the transaction. Installment loan amounts typically range from $500 to $5,000. Annual percentage rate (APR) ranges from 129% to 195%. Installment loan lengths range from 9 to 18 months. Example: A $2,000 installment loan repayable in 9 monthly payments with an APR of 160% would have monthly payments of $394.58. Loan amount, APR, and repayment terms may vary by state, please see https://www.opploans.com/rates-and-terms for additional information. Approval is not guaranteed. If approved, your actual rate will fall within the marketed range of rates, and will be determined and assigned based on your creditworthiness, income, application information, and other relevant factors. Not all applicants will qualify for the lowest available rates. This is an expensive form of credit and you should determine whether the offered product(s) meets your financial needs. OppLoans’ Bank Partners may use credit report information provided by Clarity Services and Experian as part of the application process to determine your creditworthiness. The credit inquiry will appear as a soft credit inquiry on your Experian credit report and a hard credit inquiry on your Clarity report. Therefore it will not affect your FICO credit score. OppLoans and its Bank Partners report customer payment history to the three major credit bureaus. On-time payments may improve credit score.	Go to siteView details Compare product selection Compare	loading
8.8 Great Albert Instant	8.8 Great	$25 to $1,000	Within minutes	An active bank account with transaction history linked to Albert	Advance up to $1,000 in minutes with Albert Instant.	Important information Albert is not a bank. Savings account provided by Wells Fargo, N.A., Member FDIC. Albert plans start at $19.99/mo. Try for 30 days before you're charged. Fees auto-renew until canceled. Cancel in the app. Terms apply. Albert Instant Line of Credit is an unsecured line of credit issued by FinWise Bank, a Utah chartered bank, Member FDIC. Limits range from $25-$1,000. Draw fees apply. Terms and eligibility criteria including geographic restrictions apply. In some states, Albert may offer you an Albert Instant Advance instead. Limits range from $25-$1,000, subject to terms and eligibility criteria. No Albert subscription is required for Albert Instant Line of Credit or Albert Instant Advance. See Albert Terms of Use for additional important terms.	Go to siteView details Compare product selection Compare	loading

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How we picked these

What is the Finder Score?

The Finder Score crunches 3+ types of short-term loans across 65+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.

To provide a Score, we compare like-for-like loans. So if you're comparing the best short-term loans for all credit types, you can see how each short-term loan stacks up against other short-term loans with the same borrower type, rate type and repayment type.

Read the full breakdown

Where Little Lake Lending falls short

The biggest shortcoming is Little Lake Lending’s lack of transparency regarding interest rates. On its FAQ page in response to the question “How much money will it cost to borrow money from Little Lake Lending?” the company states, “Little Lake Lending believes in transparency. We publish our rates on our website and ensure that our clients understand exactly how much their loan will cost.”

Except that’s not true. An APR range is nowhere to be found on the company website. We only have an approximate idea of how much Little Lake Lending charges because past customers complain about the cost on review websites. More reputable short-term lenders like OppLoans and OneMain Financial openly disclose their minimum and maximum APRs so you know exactly what you’re signing up for.

Some borrowers might also be turned off by the low maximum loan amounts. If you need to take out a larger loan — like for $5,000, $10,000 or more — you’ll need to search for another lender and maybe even snag lower interest rates.

What makes Little Lake Lending shine?

Little Lake Lending offers borrowers quick access to cash when faced with a financial emergency. The loan application is easy to complete and only takes a few minutes. You can borrow up to $2,000 if you’re a first-time customer or $2,500 if you’ve used the company before. Once you sign your loan agreement, funds should arrive as soon as the next business day.

If you change your mind about the loan, Little Lake Lending gives you two business days to cancel. And if you take out the loan and have trouble making a payment, you’re allowed one three-day extension over the life of the loan. However, you must request it through the customer service department before your payment is due.

Little Lake Lending loan details

Little Lake Lending contact information

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How to qualify for Little Lake Lending

There are only a few basic requirements you need to meet to qualify for a loan through Little Lake Lending:

• Be a US citizen
• Be at least 18 years of age or older
• Have an active checking account
• Earn regular income
• Not be active duty military or their dependent

Little Lake Lending has no minimum credit score requirement and encourages people with no credit history or a bad credit score to apply.

How to apply

According to past customers, Little Lake Lending’s application process is simple and straightforward. Here’s what it typically looks like:

1. Visit the Little Lake Lending website and select the “Get Started” button in the upper right corner of the page.
2. Enter how much you want to borrow plus your name, phone number, Social Security number, address, etc.
3. See if you qualify for any offers. Review the terms carefully and decide if you’ll be able to repay the loan.
4. Verify your information either online or by talking to a company representative if you decide to move forward with the loan.
5. Sign the loan agreement and expect to receive your funds by the next business day if signed and submitted by 6 p.m. CT on weekdays.

Little Lake Lending reviews and complaints

Reviews of Little Lake Lending from past customers are mixed. On Trustpilot, where the company has high marks overall, most borrowers praise the easy application process and fast funding. Several also mention how helpful the customer service team is.

But many claim that the cost of borrowing isn’t clearly explained up front and were shocked to discover exactly how high the interest was. The word “scam” is often used to describe the company in these complaints.

Those who give specific numbers report APRs around 400% to 500%. Other complaints include rude customer service personnel, fees charged even after a loan has been paid off and loans canceled unexpectedly by their bank before funds were received.