Business Profile

Loans

Little Lake Lending

This business is NOT BBB Accredited.

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Additional Complaint Information

Customer Complaint:

BBB’s business profile for Little Lake Lending was created in April 2019. A review of complaints was done in September 2024. Complaints on file concern the high interest rate on loans taken out.

BBB encourages consumers to read the loan agreement carefully and thoroughly prior to signing the loan. Consumers should also review the following link to the company’s terms of use.

https://littlelakelending.com/terms/

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Initial Complaint
12/29/2024
Complaint Type:
Service or Repair Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
I opened a loan on March 2024 for $800. I desperately needed funds. I did not realize that I was being charged an outrageous interest rate of 350%. My loan is going to end up being $4200+ on an $800 loan. I am paying $236.37 per month and I have already paid back triple of what I borrowed and it leaves me owing $2000+ more. This is illegal. I am a senior citizen on a fixed income. This is loan sharking at best. This company is preying on vulnerable people
Business response
12/31/2024
Little Lake Lending discloses the total cost to a borrower if only the minimum payment schedule is followed. All rates and loan fees are prominently displayed within the loan contract and were acknowledged by ******* ***** at each point by mandatory electronic signature.
In the event customers would like to modify their payments, we encourage them to contact **************** at ************** at least three (3) business days before their scheduled payment date to request the payoff of an account, to skip a payment or to make an additional payment that will go towards their principal balance. Making payments toward the principal balance can quickly reduce the outstanding balance and reduce the time to repay the loan off.
Resolution:
As a courtesy to ******* *****, we will consider all payments made to date and close the account without any further obligation. If ******* ***** has any questions, he/she may contact **************** at **************.

Nothing herein shall be construed as a waiver of any rights or privileges of Little Lake Lending, all of which are expressly reserved.
Customer response
01/05/2025
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

Sincerely,

******* *****
Initial Complaint
12/28/2024
Complaint Type:
Order Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
I have a signed contract with specific date for monthly payments. This company continues to withdraw the payment 2-3 days before the due date.
Business response
12/31/2024
Little Lake Lending discloses the total cost to a borrower assuming only the minimum payment schedule is followed. All rates and loan fees are prominently displayed within the loan contract and were acknowledged by Marsha M******** at each point by mandatory electronic signature.
In the event customers would like to modify their payments, we encourage them to contact Customer Service at ***** ******** at least three (3) business days before their scheduled payment date to request the payoff of an account, to skip a payment or to make an additional payment that will go towards their principal balance. Making payments toward the principal balance can quickly reduce the outstanding balance and reduce the time to repay the loan off.

Resolution:
As a courtesy, Little Lake Lending will reach out to Marsha M******** with an offer to resolve their loan.
Or
Marsha M******** may contact Customer Service at ***** ******** to set up payment arrangements.

Nothing herein shall be construed as a waiver of any rights or privileges of Little Lake Lending, all of which are expressly reserved.
Initial Complaint
12/28/2024
Complaint Type:
Customer Service Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
About a week ago, I was looking into a short term quick loan and ended up on the phone with a rep from Little Lake Lending. The rep was very nice but I was extremely thrown off by her request for my routing, my bank account, amount of direct deposit and direct deposit dates. She explained that it was necessary up front to secure the loan but this still didn’t seem right to me. I supplied the info which I now regret but was told that “it won’t work” with my specific bank. I have another account and the rep mentioned I could try using that account too but I got scared and did not complete the verification and did not sign any documents. I have avoided all of the follow up calls and emails for me to finish the process to actually get the loan. But now that I am thinking about this even further and reading these other scary reviews I am concerned that my banking info is compromised. Especially because she said “this won’t work” with my bank. Since last week, I have been watching my account like a hawk but I am nervous because they have all my bank info and my upcoming pay dates. I didn’t agree to, verify, sign or e resign any docs but just want to make sure they don’t try to draft any money from my account.
Business response
12/31/2024
Thank you for contacting us. After reviewing your pending application, we found that the application has been withdrawn and was not funded. If Kia M******* has any questions, he/she may contact Customer Service at ***** ********.
Nothing herein shall be construed as a waiver of any rights or privileges of Little Lake Lending, all of which are expressly reserved.
Initial Complaint
12/26/2024
Complaint Type:
Product Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
On Dec 23, 2024 I applied for a loan and was approved for $1300. Funds were to be deposited by end of business day 12/24/2024. No funds have as yet been received. I notified them on 12/24/2024 and 12/25/2024 and as I write this 12/26/2024. They emailed me a letter stating they cancelled the ACH withdrawal but that I was still liable. My concern is they want me to repay this exorbitant payment for funds that I never received
Business response
12/30/2024
Little Lake Lending discloses the total cost to a borrower assuming only the minimum payment schedule is followed. All rates and loan fees are prominently displayed within the loan contract and were acknowledged by Renata P**** at each point by mandatory electronic signature.
In the event customers would like to modify their payments, we encourage them to contact Customer Service at ***** ******** at least three (3) business days before their scheduled payment date to request the payoff of an account, to skip a payment or to make an additional payment that will go towards their principal balance. Making payments toward the principal balance can quickly reduce the outstanding balance and reduce the time to repay the loan off.

Resolution:
As a courtesy, Little Lake Lending will reach out to Renata P**** with an offer to resolve their issue.
Or
Renata P**** may contact Customer Service at ***** ********.
Initial Complaint
12/21/2024
Complaint Type:
Order Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Had a desperate financial situation this year where I was unable to get any loans from standard creditors. This company loaned me $1,400 of credit at a 600% interest rate. They tell you to pay early but how could anyone this desperate?I went into this thinking Id be able to pay it all off in two weeks - the fact Im in this situation with this company shows anyone thats impossible, these people pray on folks without any other options and make interest rates so egregious. Not even 100 or 200 percent 600?!I am now in a contract where I pay $340 biweekly to pay for the $1,400 of credit that gave me at a 600% interest rate. Meaning if this contract went through full term Id be paying a total of $6,153.48 for $1,400 of credit.Turns out all of this is illegal. Creditors arent allowed to offer NJ residents a consumer loan higher than 30 percent.These people charge 600%I called the customer service. Who answered at 10:30 EST on a Friday night clearly offshore. They told me best they could do was 25% off. I paid them $340 already on my first payment. Once I realized how bad and how illegal this contract I entered into was - I asked support if I could pay a final total of $1300 which, plus the $340 of payment already made wouldve been a $1640 payment for $1400 of principal on a loan taken out on 11/13. They told me the best they could do was 25% off and couldnt go lower than that.. I offered to pay them more than the principal and still more than the legal 30% interest total but that wasnt good enough for them.People that can make differences need to be closing companies like that. These people destroy lives already destroyed. These people are praying on the lives of the desperate.
Business response
12/26/2024
Little Lake Lending discloses the total cost to a borrower assuming only the minimum payment schedule is followed. All rates and loan fees are prominently displayed within the loan contract and were acknowledged by **** ***** at each point by mandatory electronic signature.
In the event customers would like to modify their payments, we encourage them to contact **************** at ************** at least three (3) business days before their scheduled payment date to request the payoff of an account, to skip a payment or to make an additional payment that will go towards their principal balance. Making payments toward the principal balance can quickly reduce the outstanding balance and reduce the time to repay the loan off.

Resolution:
As a courtesy, Little Lake Lending will reach out to **** ***** with an offer to resolve their loan.

Or
**** ***** may contact **************** at ************** to set up payment arrangements.
Initial Complaint
12/18/2024
Complaint Type:
Customer Service Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
On Decmber 5, 2023 I took out a $1000 loan from Little Lake. For the past 12 months I have paid $276 totalling $3300. Little Lake's interest rates far exceeds federal laws and they truly have questionable business practices. I will never borrow from them again.
Business response
12/24/2024
Little Lake Lending discloses the total cost to a borrower assuming only the minimum payment schedule is followed. All rates and loan fees are prominently displayed within the loan contract and were acknowledged by ******* **** at each point by mandatory electronic signature.
In the event customers would like to modify their payments, we encourage them to contact **************** at ************** at least three (3) business days before their scheduled payment date to request the payoff of an account, to a **** payment or to make an additional payment that will go towards their principal balance. Making payments toward the principal balance can quickly reduce the outstanding balance and reduce the time to repay the loan off.
Resolution:
As a courtesy to ******* ****, we will consider all payments made to date and close the account without any further obligation. If ******* **** has any questions, he/she may contact **************** at **************.
Nothing herein shall be construed as a waiver of any rights or privileges of Little Lake Lending, all of which are expressly reserved.

Customer response
01/02/2025
Good Evening,

Please accept this as my formal response to my Little Lake Lending complaint and the business. I formally accept the proposed resolution from Little Lake Lending to close the account with no further financial obligations.

Sincerely,

******* ****
Initial Complaint
12/18/2024
Complaint Type:
Sales and Advertising Issues
Status:
Unanswered
The business failed to respond to the dispute.
This company approved me for a $1000 loan, and before I received the contract via email they discussed my terms with me and I agreed. The terms were not $200 a week until I paid $7200 total. The agreement was $1000 loan with paying $1300 back. Once I got my contract 2 hours later after the contract stated my terms were $200 a week until $7200 was paid off. This is a scam and is not acceptable.
Initial Complaint
12/14/2024
Complaint Type:
Billing Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
I borrowed $1,500.00 on 7/31/24. Payment schedule was $348.90 on the 15th & 30th of each month beginning 8/15/24. Made three (3) payments in the amount of $348.90 each, but then fell into financial hardship. Called Little Lake on 10/01/24 @ 2:45pm (Akika?) to advise that I cannot make my payment; *** stopped pymt and charged a $30 late fee. I asked to enter into an alternative pymt schedule due to hardship and was informed that the account had to be delinquent before I could enter into an alternative agreement. Called back on 11/09/24 @ 12:47 pm (******) and requested to enter into a hardship program; was informed that no programs were available. *** asked if I would be able to make 11/15/24 payment and said no, this is why I am calling. Was informed collection efforts would continue despite my continuous contact and requests for assistance in order to bring the account current. Called back on 12/14/24 @ 2:38pm (*******) to request assistance with my account AGAIN. Was informed that my account status was delinquent and that my past due balance is $1,495.60. I asked if it would be possible to set up an arrangement and was told no (which is not what I was told earlier). I explained I was experiencing hardship and was informed that they 1) do not have any programs; 2) could not enter into any alternative arrangements; and, 3) that my payoff as of 12/14/24 is $3,307.57!! I asked what I could do to ensure the account is not charged off and was told I had to pay $1,495.60 to become current AND THEN come up with an additional $1,811.97 in order to fulfill the $3,307.57 + addt'l daily interest accruals. This is predatory lending at its finest; the **** needs to investigate this company and their practices. I paid $195.60 via debit card on 12/14/24 for a total of $1,242.30 in pymts. I would like to make one final pymt of $257.70 in order to have remitted the original amount of the loan in full. I would like the account **** PAID IN FULL and collections efforts to cease.
Business response
12/18/2024
Little Lake Lending discloses the total cost to a borrower assuming only the minimum payment schedule is followed. All rates and loan fees are prominently displayed within the loan contract and were acknowledged by ***** ****** at each point by mandatory electronic signature.
In the event customers would like to modify their payments, we encourage them to contact **************** at ************** at least three (3) business days before their scheduled payment date to request the payoff of an account, to skip a payment or to make an additional payment that will go towards their principal balance. Making payments toward the principal balance can quickly reduce the outstanding balance and reduce the time to repay the loan off.

Resolution:
As a courtesy, LittleLake Lending will reach out to ***** ****** with an offer to resolve their loan.

Or
***** ****** may contact **************** at ************** to set up payment arrangements.

Nothing herein shall be construed as a waiver of any rights or privileges of Little Lake Lending, all of which are expressly reserved.
Initial Complaint
12/12/2024
Complaint Type:
Billing Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
From 11/21/24 Little lake lending charged me 400% interest on a $1000 loan. I believe I have paid off the loan with interest. I do not want to be charged any more interest or principal.
Business response
12/18/2024
***** ****** request to update her payment frequency was granted by refinancing the loan. When loans are refinanced, the rates and terms are disclosed to the customer at the time of the transaction, and agreed upon by electronic signature. As a courtesy to ***** ****, Little Lake Lending will waive the interest and fees and settle the account for the current principal balance. ***** **** can mail the payments to:

Layma, LLC dba Little Lake Lending
*********************************************************
******************

or ***** **** may contact **************** at ************** to set up payment arrangements.

Nothing herein shall be construed as a waiver of any rights or privileges of Little Lake Lending, all of which are expressly reserved.
Initial Complaint
12/09/2024
Complaint Type:
Billing Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
I applied for a loan with little lake lending on 11/20/2024. Upon speaking with the representative, I was informed that there was a special promotion running where after successfully making the first payment, I would have the next 6 payments waived. I successfully made the first payment. However, I received an email for he next payments to still be scheduled as normal. I called and the new agent I spoke with provided a completely different promotion that now requires 12 online payments before waiving any fees. I never would have agreed to the loan with the promotion now being offered.
Business response
12/18/2024
As a courtesy to ******* ******, we will apply all payments made to the principal balance of $2,000.00. Upon the success of the payment scheduled for 12/12/2024. Please remit the remainder of the principal balance of $1,126.74 by check or money order to:

Layma, LLC dba Little Lake Lending
*********************************************************
******************

Or ******* ****** may contact **************** at ************** to set up payment arrangements.

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