When you are faced with unexpected expenses, you may be looking for loans similar to Little Lake Lending. But is this the right loan option for your current financial situation?
A costly bill could pop up when you least expect it. For example, your car could unexpectedly stop working and need immediate repairs. According to AAA, unexpected car issues typically cost $500 to $600, but prices can reach $10,000 or more for major repairs.1
Keep reading to learn how loan options like Little Lake Lending work and about alternative options you can consider.
Finding the Right Personal Loan
A personal loan is a versatile installment loan that provides quick emergency cash. Banks, credit unions, and online lenders offer online installment loans. Unlike other loans, personal loans can be used for almost any emergency, such as car repairs, home repairs, and medical debt from a hospital visit.
Before you apply for online installment loans, it’s critical to think about the type of loan agreement you want. There are different types of personal loans, and they all offer different benefits.
- Unsecured Loans — Most personal loans are unsecured, which means they do not require collateral. Unsecured loans can be challenging to get for low-credit borrowers, but not impossible. Just make sure to inquire with multiple lenders and compare loan offers.
- Secured Loans — A secured personal loan requires some form of asset as collateral. Most lenders accept car titles, cash in a savings account, investment accounts, etc. While popular with bad credit borrowers, they are risky.
- Fixed-Rate Loans — A fixed-rate loan has a predictable payment schedule. The monthly payment amount generally does not, which makes budgeting easier.
- Variable-Rate Loans — A variable interest rate is based on an index rate and can change monthly, quarterly, or annually. While variable rates can help borrowers save money if they decrease, they can also increase unexpectedly, which makes them risky.
Qualifying for an Online Installment Loan
The qualification requirements for a personal installment loan vary by lender. But most lenders will look at the following financial and credit history details.
| Qualification Requirement | Description | Why It’s Important for Lenders |
| Credit Score | A numerical representation of your creditworthiness. | Higher scores indicate lower risk for the lender, often leading to better loan terms. |
| Income Level | Your regular income from employment or other sources. | Assures lenders that you have the means to repay the loan. |
| Debt-to-Income Ratio (DTI) | The ratio of your monthly debt payments to your monthly gross income. | Lower DTI indicates more disposable income to service new debt. |
| Credit History | Your past behavior with credit, including credit cards, loans, and bill payments. | A history of timely payments suggests responsible credit management. |
| Bank Account Information | Details of your checking or savings account. | Often required for depositing the loan amount and setting up automatic repayments. |
Personal Installment Loans Compared to Other Options
Even if you want to take out an installment loan, knowing how they compare to other common emergency cash options is a good idea.
- Payday Loans — Payday loans, also known as cash advance loans, are short-term loans designed to provide same-day funding. While convenient, online payday loans typically need to be repaid within 2 weeks. Unfortunately, 4 out of 5 payday loans are rolled over or renewed due to high rates and fees, which leaves borrowers stuck in a debt cycle.2
- Home Equity Loans — A home equity loan is a secured loan that can provide thousands of dollars in funding. However, approval and the loan amount depend on the equity in the borrower’s house. These loans are risky because the property is used as collateral.
- Pawn Shop Loans — A pawn shop loan is a secured loan that borrowers obtain from a local pawn shop. Pawn shop loans can be small or large, depending on the collateral used.
- No Credit Check Loans — A no credit check loan does not require a hard credit check for approval. However, lenders typically offset the risk of lending to poor credit borrowers by charging very high-interest rates.
Little Lake Lending: What You Need To Know
Little Lake Lending is an owned and operated limited liability company of the Big Valley Band of Pomo Indians of the Big Valley Rancheria, which is a federally recognized sovereign American Indian tribe.
The lender Little Lake Lending offers tribal installment loans up to $2,500. Customers can expect to receive money in their bank account as soon as the next business day. In addition, Little Lake Lending does not charge any penalties or fees for early loan payoffs.
The exact loan terms you can get depends on your credit score and financial background. If you are approved for an installment loan with Little Lake Lending, you will receive a loan offer with your payment amounts, payment dates, APR, and specific fee information.
Little Lake Lending currently has a 4.6-star rating on TrustPilot from 3,615 reviews.
What Are the Benefits?
Little Lake Lending offers a Big Fish Rewards Program. Borrowers can earn Big Fish Rewards Points with their online installment loans.
A customer in good standing can exchange their points for over 30 types of brand gift cards or use them to pay down their principal loan balance. Little Lake Lending does not specify how points are earned. However, their website states that there are many opportunities to earn Big Fish Reward Points.
What Makes a Tribal Loan Different?
Tribal installment loans work differently than traditional installment loans.
Tribal loans are offered by lenders based on tribal land and operated by Native American communities. As a result, tribal loans are regulated by tribal laws rather than state laws. This can lead to differences in interest rates, loan terms, and collection practices.
Tribal installment loans can be a go-to for individuals with bad credit. Tribal lenders typically have less stringent credit requirements compared to traditional lenders. However, they can have higher interest rates, which is something to consider, especially if you’re budget-conscious.
How Will the Application Process Work?
Interested borrowers can apply for these online installment loans by following four steps. The first step is to apply online using the online application form on the Little Lake Lending website or mobile app.
After submitting the application, you will have to verify your information by phone or online to complete step two. The third step is to review and e-sign your online loan documents. And the final fourth step is getting your money deposited directly into your checking account.
CreditNinja: How Does It Compare?
CreditNinja provides online installment loans through a quick and easy loan process. We work at ninja speed to provide our customers with emergency cash to tackle all kinds of unexpected bills.
Since our start in 2018, we have helped nearly 200,000 people get the cash they need when they need it most. Interested borrowers can check out our reviews to see why so many people choose us over the competition.
What Benefits Does CreditNinja Offer?
CreditNinja offers a lot of benefits for borrowers. Take a look at some of our highlights below.
Bad Credit is Okay
Many people with bad credit believe they will not qualify for an online installment loan so they settle for a high-rate payday loan. But at CreditNinja, we work with all types of financial backgrounds. We consider more than just your credit score! It’s possible to still qualify despite bad credit, so inquire today!
Quick and Easy Process
We offer a fully online experience! You can apply at any time through our website or mobile app. There is no need to travel or wait in a long line. All you have to do is submit basic personal information through our online form.
Competitive Rates
Unlike predatory payday loans and other quick cash loans, we offer competitive rates! At CreditNinja, we understand that you have other monthly expenses. That’s why we aim to offer rates that are competitive and not exploitative.
Flexible Loan Terms
Our loan terms are flexible to suit your lifestyle and budget. We offer small and large loan amounts to help with all kinds of financial emergencies. We also offer short and extended repayment lengths for your convenience.
Fast Funding
If you need money quickly, don’t settle for a payday loan. You could get an online installment loan directly deposited into your checking account as soon as the same day!* We understand that you may need financial relief now, not days from now.
Who Should Pick CreditNinja?
CreditNinja provides fast online personal loans for anyone who requires financial assistance. We aim to be one of the best online lenders. Unlike our competitors, we understand that you are more than your credit score. That’s why we look at your entire credit history when making an approval decision. If you find it challenging to get approved for traditional loans, then CreditNinja may be the solution for you!
How Does the Application Process Work?
Our online application process only requires 3 simple steps! If you are interested in applying for a CreditNinja installment loan, take a look at how the process generally works:
- Apply Online — Fill out the application form on our website or mobile app. All you need is to provide some basic information.
- Pre-Approval — You can find out if you qualify fast! If you are approved, you’ll be able to see your personalized loan amount, rate, and terms.
- Get Your Money — Electronically sign your loan agreement and get your money sent directly to your bank or credit union account!
FAQs About Loan Options Like Little Lake Lending
Interest rates for online installment loans can vary widely, often depending on the lender, your credit score, and other factors. Rates can range from moderate to quite high, especially for lenders catering to borrowers with bad credit. It’s important to compare rates and read the loan terms carefully before committing.
Yes, it’s often possible to obtain a payday loan, even with bad credit. Payday lenders typically focus more on your current ability to repay the payday loan rather than your credit history. However, be aware that payday loans can come with high-interest rates and fees.
Many online lenders offer same-day funding, which means that if you’re approved, the loan amount can be deposited into your checking account on the same business day. This depends on the time of day you apply and get approved, as well as your bank’s processing times.
Short-term installment loans often offer more flexibility than payday loans. They typically have longer repayment periods, which can make monthly payments more manageable. Additionally, the interest rates might be more favorable compared to payday loans.
Repayment terms for installment loans can vary, but they generally range from a few months to a few years. The exact terms will depend on the loan amount, the lender’s policies, and your creditworthiness. It’s important to understand the repayment schedule before taking out the loan.
Applying for an online installment loan can result in a hard inquiry on your credit report, which might temporarily lower your credit score. However, consistently making on-time payments can positively impact your credit score over time.
While criteria vary by lender, common requirements include proof of income, a bank account, and identification. Lenders may also look at your current debts and income to assess your ability to repay the loan. Some lenders specialize in loans for those with bad credit.
Most personal installment loans are intended for personal use, but some lenders may allow you to use the funds for business purposes. It’s important to check with the lender about any restrictions on how you can use the loan proceeds.
CreditNinja: A Summary of Loans Similar To Little Lake Lending
CreditNinja is an online lender similar to Little Lake Lending. However, both options offer unique benefits and loan terms. Little Lake Lending offers tribal loans, while CreditNinja offers traditional installment loans. The best option for you depends on your financial needs and budget.
If you want to increase your financial literacy, check out the CreditNinja Dojo! We offer a wide variety of financial articles. Learn how a 401k loan affects credit, read about the differences between default and delinquency, and much more!
*Applications approved before 10:30 a.m. CT Monday-Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case the loan, if approved, will be funded the business day after such additional verification is completed.
References:
- Planning for Auto Maintenance and Repair Costs │ AAA
- Four Out Of Five Payday Loans Are Rolled Over Or Renewed │ CFPB
- About Us │ Little Lake Lending
- Rewards│ Little Lake Lending
