Loan at Last Review: Features, Rates, Requirements, and Customer Feedback of 2024 (2024)

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 for bad credit customers as online unsecured installments and as an alternative to payday loan services or home equity lines 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.

Key Features

Based on the information available on the Loan at Last website, some key features of their personal loans may include:

Easy Application. Loan at Last offers an easy online application process that can be completed in just a few minutes. Borrowers can apply for a loan through the Loan at Last website or by phone.
Installment Loans. Loan at Last offers installment loans with longer terms than payday loans. Loan amounts and terms may vary based on the borrower's creditworthiness and state of residence.
Flexible Repayment Terms. Loan at Last's personal loans come with flexible repayment terms, allowing borrowers to choose a loan term that fits their budget and financial goals.
No Prepayment Penalty. Loan at Last does not charge a prepayment penalty, allowing borrowers to pay off their loan early without incurring additional fees.
Credit Reporting. Loan at Last reports borrowers' payment history to credit bureaus, which could impact their credit rating. On-time payments may help build or improve the borrower's credit score.

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 extensive 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 receives 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, 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

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's loans come with high-interest rates as they are designed to provide borrowers with short-term financial assistance to meet their immediate financial needs. However, it is important to note that this form of borrowing can be expensive and is not intended to be a long-term financial solution.
Loan at Last does not reveal information about the cost of its 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.

Before opting for a Loan at Last short-term loan, consider all alternative local resources such as government agencies, nonprofits, and charities often offering 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, phone call, or online chat.

Products

Loan at Last offers short-term installment loans of up to $3,000 to eligible borrowers in select states. The loan products offered by Loan at Last may vary based on the borrower's state of residence and creditworthiness. However, generally speaking, Loan at Last's loans can be used for a variety of purposes, such as unexpected expenses, home repairs, or car repairs.

Borrowers can apply for a loan through Loan at Last's website or by phone, and the application process is typically quick and straightforward. Borrowers can borrow money from Loan at Last, with loan amounts and terms varying based on the borrower's creditworthiness and state of residence.

Loan at Last's personal loans come with flexible repayment terms, allowing borrowers to choose a loan term that fits their budget and financial goals. Loan at Last does not charge a prepayment penalty, allowing borrowers to pay off their loans early without incurring additional fees.

It is important to note that Loan at Last's loan products are a form of credit and should be used responsibly. Borrowers should carefully consider their financial needs and ability to repay before accepting any loan offer. Additionally, borrowers should read and understand the terms and conditions of any loan agreement, including the interest rate, fees, and repayment terms.

Reliability

Based on the information available, Loan at Last is a reliable lending company offering personal loans to eligible borrowers.

Funding a Loan

After a customer completes the online loan process, Loan at Last notifies them via email about whether they have been approved, pending verification. After completing it, the clientele presents 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.

Loan conditions

Loan at Last offers principal balances between $100 and $3,000. 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. Loan at Last's loans come with high-interest rates as they are designed to provide borrowers with short-term financial assistance to meet their immediate financial needs. However, it is important to note that this form of borrowing can be expensive and is not intended to be a long-term financial solution. Your actual APR will be disclosed in your loan agreements.

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 with 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 [emailprotected], or using the online chat.

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Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
Check if the lender is a member of a reputable association, such as theCommunity Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
Carefully review all the terms and conditions of your payday loan contract.
Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.