Pine Lake Lending is a small lending operation based out of Michigan. This lender is a little different because I believe they are associated with a tribal organization but I'm not 100% sure. They have all the hallmarks of a tribal lender, such as the super simple requirements of being 18 years old, having an active checking account, having some small level of income which in this case is $1,500 in gross earnings per month and not being an active member of the U.S. Armed Forces.
Pine Lake Lending is actually focused on state laws so the type of loan (the loan amount specifically) will vary depending on what state you live in. Except for certain special situations the loans from this firm will range from $300 to $3,000.
Some states will have laws about the repayment process, but a quick glance on the "How It Works" page on the company site shows that all customers will need an active checking account. That means the customer will have to provide an authorization agreement so that Pine Lake Lending will be able to automatically withdraw funds on the repayment date, which almost certainly will be your scheduled pay date.
Now there is one discrepancy that I want to talk about and it has to do with how much money a potential customer will be able to borrow. On one page of the site (the front page) the company discusses how nearly all of the loans through Pine Lake Lending will be in between $300 to $3,000 and that's fine, not too unexpected. But then on another page from their site (back on the How It Works page) the company has a scale where an applicant can choose what amount they want to borrow in their loan application.
The only problem is that scale only goes up to $1,000 which is far less than the stated range on the other page. The question that we have to ask is which is it, may we borrow up to $3,000 or is it $1,000?
Another slightly ominous note about this lender is that the page with the $1,000 (the scale) actually has the verbiage that reads "Up to $1,000" so it leaves us with a confusing situation. Can I actually apply for a loan of $3,000 or not? Is this higher range only available to returning customers who are in good standing with the company, meaning they have paid off at least one loan already?
The answer might come on the "About Us" page of the company site where they talk about a VIP program that they have in place, but at the same time they really don't provide any clear direction of what that entails.
They do however mention that paying off a loan with the firm will entitle a return customer to potential VIP status, or is it automatic, it's hard to tell. But once you become a VIP of Pine Lake Lending then you will have access to more money (that's probably the $3,000 maximum level) and you will also get lower interest rates assigned to your loan, and you will have access to the "unique VIP concierge service" which is not only undefined but that also just sounds strange. It makes you wonder what the VIP concierge service is all about, perhaps it gives you access to a different team of customer service representatives or it might get you a faster turn time in getting a response if you ask for help or ask a question.
One other important note is the interest rates charged by this lender, which are not published. Not much of a shock, right? We're getting to the point where only about 20% of all online lenders are actually posting up any type of rates or even example rates. Since this lender issues loans in so many states and each state is treated differently by local laws for the level of rates that are legally available, Pine Lake Lending doesn't have any rates for us to reference.
It would be nice if they could at least put up some example / common scenario interest rates (so that would mean we'd see the average loan costs for an average customer) and as far as the states they could just pick a few.
Show us what an average customer is paying in New York, California, Texas and Illinois. Just because we get to see a demonstrated rate doesn't mean that's the rate we (as new customers) will see from the firm. But it's not happening so no reason to continue with that, just know that the rate you get is being directly dictated by the laws in your state that cover short-term lending.
Pine Lake Lending looks like a good option to borrow from on the surface. They have a clean site, I'm sure their customer service is great, they will loan up to $1,000 and they do offer a loyalty program (the VIP program) so there's a lot going for this company. At the same time not having a good idea of what we will be charged just doesn't sit well with me. Some other online lenders, such as the tribal lender Mobiloans, publish exactly what will be charged on their loans no matter what state you live in. And that's the thing about Pine Lake Lending, just because you can charge more interest in a state like Indiana versus Oregon, does that mean you have to?
Do you have to charge so much money for your loans? Why not just pick the lowest common denominator (the state with the lowest allowable rate) and then run with that rate across the whole country, and then build a marketing / branding campaign around that low interest rate? Pine Lake Lending isn't a bad lender but I'm personally going to stick with Mobiloans, where I know the cost structure of the loan I take out no matter where I'm living.
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