Post Lake Lending review
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- Min. Amount
- $200
- Max. Amount
- $5,000
- Turnaround time
- As soon as same day
Our verdict
Post Lake Lending offers fast funding for qualified applicants, but APRs could reach as high as 800%.
Although Post Lake Lending offers fast funding on loans up to $5,000, we can’t recommend these loans for anyone except the most desperate borrowers. Frankly, you could actually save money by going to a payday loan lender instead. Plus, Post Lake is a tribal lender, which means it may not be regulated in the same way as a traditional lender. However, if you can’t get a payday loan — or need more money than a payday lender offers — a loan from Post Lake Lending may help you out of a jam.
On the plus side, it doesn’t charge origination fees or prepayment penalties, so it’s definitely in your best interest to pay it off as soon as possible. However, even if you repay it early, you’re still on the hook for interest already accrued.
Best for: Customers who need emergency funding and don’t qualify for other loans.
Pros
-
Loans up to $5,000
-
Easy online application process
-
Funding in as fast as one day
Cons
-
APRs from 550% to 815%
-
May require bi-weekly repayments
-
Poor customer reviews
Where Post Lake Lending falls short
Post Lake Lending is a tribal lender. Because it operates from the tribe’s reservation, it may not adhere to state and federal payday lending laws — which could mean sky-high interest rates.
While technically, Post Lake Lending doesn’t provide payday loans, its APRs are at least as high as, if not higher than, most payday loans. Plus, because you’re paying the loan off in installments over months rather than weeks, it can squeeze a lot more in interest charges from its customers.
Interest rates are so ridiculously high that Post Lake Lending pretty much qualifies as predatory even though it is upfront about its loan costs. And, unlike payday loans, Post Lake Lending offers amortized installment loans, meaning your initial payments go almost entirely toward interest, with only pennies paid toward the principal.
To illustrate, here is a sample payment schedule showing the first 10 out of 26 payments — taken from Post Lake Lending’s website — based on a $1,000 loan with bi-weekly payments. This is why it’s so important to pay down the principal as fast as you possibly can.
| Payment Number | Beginning Loan Balance | Finance Fee Payment Due | Principal Payment Due | Total Payment Due | Ending Loan Balance |
|---|---|---|---|---|---|
| 1 | $1,000.00 | $299.18 | $0.33 | $299.51 | $999.67 |
| 2 | $999.67 | $299.08 | $0.43 | $299.51 | $999.24 |
| 3 | $999.24 | $298.95 | $0.56 | $299.51 | $998.68 |
| 4 | $998.68 | $298.78 | $0.73 | $299.51 | $997.95 |
| 5 | $997.95 | $298.56 | $0.95 | $299.51 | $997.00 |
| 6 | $997.00 | $298.28 | $1.23 | $299.51 | $995.77 |
| 7 | $995.77 | $297.91 | $1.60 | $299.51 | $994.17 |
| 8 | $994.17 | $297.43 | $2.08 | $299.51 | $992.09 |
| 9 | $992.09 | $296.81 | $2.70 | $299.51 | $989.39 |
| 10 | $989.39 | $296.00 | $3.51 | $299.51 | $985.88 |
Where Post Lake Lending shines
We do appreciate that — even though we can’t recommend Post Lake Lending — it is transparent about its extremely high interest rates. It also goes out of its way to admit that this is a very expensive source of funding and should not be considered a long-term financial solution. Still, just because someone tells you they’re going to rob you before they actually rob you doesn’t make it ok. Post Lake Lending should only be considered as a last resort.
Alternative lenders to Post Lake Lending
Post Lake Lending loan details
| Minimum credit score/credit range | Accepts bad credit |
| APR | 550% to 815% |
| Loan amounts | $200 to $5,000 |
| Terms | Undisclosed |
| Approval turnaround | As soon as same day |
| Availability | Not available in: Alabama, Arkansas, Connecticut, Georgia, Illinois, Indiana, Maine, Maryland, Massachusetts, Minnesota, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Vermont, Virginia, West Virginia, Wisconsin |
| Fees |
|
| Other fees | Undisclosed |
Post Lake Lending loan repayments
If you have loan repayments automatically deducted from your checking account, Post Lake normally withdraws the payments on the date of your next expected income deposit.
However, it states: “If that day happens to fall on a weekend or holiday, the payment will be due on either the business day immediately prior to or the business date immediately following; this will be specified in your loan agreement.”
Be aware of this. If Post Lake takes your payment too early, you may get charged overdraft fees if there’s not enough money in your account. And you probably won’t be reimbursed because the details are disclosed.
How to qualify for Post Lake Lending
Post Lake Lending is clear about its requirements to qualify for a loan, which are similar to those of other lenders.
- Be at least 21 years old
- Have a job or other regular source of income
- A valid bank account in good standing
- A valid email address and phone number
- Live in a state where it offers loans
How to apply
Post Lake Lending’s approval process is almost entirely online but may require a follow-up call to verify your bank account.
- Prequalify online
- Review offer and proceed with formal approval
- Review terms and conditions before signing
- Get funded and follow repayment plan
Post Lake Lending reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | C+ |
| BBB customer reviews | 1.14 out of 5 stars, based on 14 customer reviews |
| Trustpilot Score | 4.4 out of 5 stars, based on 4,937 customer reviews |
| Customer reviews verified as of | 24 June 2024 |
There aren’t many reviews on the Better Business Bureau (BBB) site, but they’re all negative. Customer complaints revolve around extremely high interest rates, which many reviewers claim weren’t disclosed. Another issue customers have is payments being deducted from their accounts sooner than expected, resulting in overdraft fees.
Trustpilot also has a lot of negative reviews, mostly the same types of complaints as on BBB. However, positive reviews praised the easy online application process and professional customer service. But even some positive reviewers admitted the rates were really high and said they didn’t receive the funds as quickly as expected.
Is Post Lake Lending legit?
It’s difficult to tell if Post Lake Lending is a legitimate company. It’s not BBB accredited, and it’s only been around for about a year, according to the BBB. Plus, it’s hard to trust a company that charges up to 800% APRs.
But it does have positive customer reviews, and it has legitimately loaned money to multiple borrowers. So, while it’s a real company, it may have somewhat questionable practices.
Frequently asked questions
Does Post Lake Lending accept bad credit borrowers?
Post Lake Lending considers borrowers with bad credit, but it has other requirements you’ll need to meet. For example, your bank account must be in good standing, and it will likely need to verify that you make enough to repay the loan.
How much can I borrow from Post Lake Lending?
First-time borrowers can only borrow up to $1,500. Repeat customers in good standing may be eligible for loans up to $5,000. The minimum loan amount is $200.
How does Post Lake Lending use my bank account information?
Post Lake Lending uses your bank account information to verify employment or other income sources and the size and regularity of your deposits.
Your reviews
Lacey Finder
Writer
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