Little Lake Lending Loans, a direct lender based in Lakeport, CA, has been offering its services since 2019. Their physical address is 2726 South Shore Drive, Lakeport, CA 95453. With its loans available in 44 states and Washington, DC, it has a broad reach. But is it the right lender for you? Let’s delve into the details.
Loan Amounts and Rates
Little Lake Lending Loans offers loan amounts up to $2,500. This range provides flexibility for borrowers looking for varying amounts of short-term credit. However, it’s crucial to note that the annualized percentage rate for these loans can range from a staggering 720% to 795%. These rates are significantly higher than traditional personal loans, making them a costly option if not managed properly.
Credit Score Requirements
Unlike many lenders, Little Lake Lending Loans does not have a set minimum or maximum credit score for applicants. This inclusivity means that individuals with all types of credit scores can apply, making it a potentially accessible option for those struggling to find credit elsewhere. However, it’s important to remember that your credit score may still influence the terms of your loan, including your interest rate and repayment terms.
Eligibility and Documentation
To be eligible for a loan from Little Lake Lending Loans, you must be at least 18 years old or meet the state minimum age requirement, whichever is higher. The lender considers only employed individuals for their loans. U.S. citizens and permanent residents are eligible to apply.
When applying, you may need to provide documentation such as a valid personal checking account, driver’s license, government-issued photo ID, proof of identity, and proof of citizenship or residence permit. These requirements are fairly standard across most lenders and are used to verify your identity and financial situation.
Credit Checks and Reporting
Little Lake Lending Loans will conduct a credit check when you apply for a loan. This process is standard and helps the lender assess your creditworthiness. Additionally, they report your account activity to three major credit reporting agencies: Equifax, Experian, and Transunion. Regular on-time payments can help improve your credit score, but missed or late payments can negatively impact your credit.
Approval and Funding Time
One of the advantages of Little Lake Lending Loans is their quick approval process. They typically provide a credit approval decision in less than an hour. Once approved, the loan is usually funded within one business day, providing quick access to funds when you need them. This can be particularly beneficial in emergency situations where you need access to funds quickly.
Customer Service
Little Lake Lending Loans has been in business for 4 years, which indicates that they have a history of serving customers. However, there are not enough community reviews available to provide a reliable rating of their user experience and customer service. It’s always a good idea to look for reviews and feedback from past customers before choosing a lender.
Key Takeaways
What is the maximum loan amount I can get from Little Lake Lending Loans?
The maximum loan amount offered by Little Lake Lending Loans is $2,500.
What credit score do I need to apply for a loan with Little Lake Lending Loans?
Little Lake Lending Loans does not have a set minimum or maximum credit score for applicants. Individuals with all types of credit scores can apply.
How quickly can I get a loan from Little Lake Lending Loans?
They typically provide a credit approval decision in less than an hour and fund the loan within one business day.
Does Little Lake Lending Loans report to credit bureaus?
Yes, they report your account activity to three major credit reporting agencies: Equifax, Experian, and Transunion.
Conclusion
Little Lake Lending Loans offers a flexible range of short-term loans, making it a potential option for those in need of quick funds. However, the high annualized percentage rates mean that these loans can be costly. As always, it’s essential to understand the terms and conditions fully before applying for any loan. It’s also important to consider your ability to repay the loan on time to avoid additional fees and potential damage to your credit score.