Loan at Last personal loan review

Pensive young woman holding smart phone at workplace.Image: Pensive young woman holding smart phone at workplace.

In a Nutshell

Loan at Last offers small personal loans of up to $3,000 to people who don’t have great credit. Borrowers also have the ability to change their minds after the loan is funded. But if you’re interested, you’ll have to apply and get approved before you know what your interest rate may be.
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Pros Cons
Small loan amounts available Not available in all states
Lends to people with all credit backgrounds Not transparent about rates
Ability to cancel the loan one day after funding Must finalize application over the phone

What you need to know about a Loan at Last personal loan

Loan at Last, also known as Niizhwaaswi, LLC, is a personal loan lender wholly owned by the Lac Du Flambeau Band of Chippewa Indians, a Federally Chartered Sovereign American Indian tribe. The lender offers small loans ranging from $100 to $3,000, with first-time loans capped at $2,500.

Rates aren’t disclosed until you’re approved for a loan

Though Loan at Last boasts that it offers “transparent loan terms,” you won’t find APR ranges for its installment loans anywhere on its site.

We contacted Loan at Last directly to find out what APRs people may expect, and a company representative told us that they couldn’t give that information since people need to submit an application to find out their APR. And according to Loan at Last’s site, you’ll need to apply and be approved for a loan to be able to check your rates.

You may qualify for a loan with less-than-perfect credit

If your credit isn’t great and you’ve struggled with getting approved for a loan in the past, Loan at Last may be able to help you get cash quickly. Loan at Last says it lends to people with “all types of credit backgrounds,” but note that the lender will check your income, banking history and ability to repay the debt.

Ability to change your mind after funding

If you decide you no longer need the loan, Loan at Last gives you a day to change your mind. As long as you get in touch with its customer service team by the deadline, you may be able to reverse the funds from your account back to the lender.

A closer look at a Loan at Last personal loan  

  • Loan at Last is a tribal lenderCheck with your state for guidance before applying for a tribal loan.
  • Late payment fees may apply — If you’re more than five days late on your loan payment, expect to pay a $20 late fee. Returned payments will cost you $30.
  • Loans aren’t available in every state — You won’t be able to borrow from Loan at Last if you’re a resident of Arkansas, Connecticut, the District of Columbia, New York, Pennsylvania, Vermont, Virginia, West Virginia or Wisconsin.
  • No prepayment penalty — If you decide to pay off your loan early — often a smart way to save on interest charges — there’s no prepayment penalty.

Who is a Loan at Last personal loan good for?

A Loan at Last loan may be a good fit for people with less-than-perfect credit who need access to small amounts of cash quickly. But since you can only borrow small amounts of money and the lender doesn’t disclose interest rates upfront, it may be a good idea to explore some other payment options first. Credit cards, personal loans from online lenders, and payday alternative loans may help you get the money you need at a lower rate.

How to apply with Loan at Last

Loan at Last lets you start your application online, but to complete it, you’ll have to call. To apply, you’ll need to be at least 18 years old — and you can’t currently be a debtor in a bankruptcy case (or intending to file for bankruptcy). You’ll provide the following information:

  • Name
  • Contact info
  • Checking account information
  • Income

Not sure if Loan at Last is right for you? Consider these alternatives.

  • Earnin: With Earnin, you can borrow money against your upcoming paycheck without paying mandatory interest or fees.
  • Possible Finance: Making on-time payments with Possible Finance may be able to help you build credit since the lender reports to all three major consumer credit bureaus.

About the author: Kat Tretina is a personal finance writer with a master’s degree in communication studies from West Chester University of Pennsylvania. Obsessed with her many side hustles, she focuses on helping people pay down their … Read more.