Update: What You Should Know Before Applying for a Loan
Our Review of Ladder Credit
– Offers access to fast cash, typically within 24 business hours
– Decent option for bad credit borrowers that have no place else to turn
– Not a good option for long term expenses or large financial purchases
– Lender does is not 100% transparent with interest rates
Overview of Ladder Credit
Thank you for visiting our guide on Ladder Credit reviews. As you enter Ladder Credit’s website, you are welcomed with a simply yet professional looking landing page. All that’s on the page is the start of the application process, with other pages linked on the header of the website. In the footer of the page, you will find fine print information, which will go over in a moment.
If you are a returning customer, you can log in at the top of the screen using your social security number and email address. While this is an unconventional way of logging into your account, as long as your information is secure you will be perfectly fine.
Unfortunately, if you reside in the following states you are unable to obtain a loan from Ladder Credit:
- New York
- West Virginia
Also, in order to qualify you must be currently employed, receive regular paychecks and meet the employment duration requirements. An interesting find is that consumers posting Ladder credit reviews would like to see this tribal lender offer native american loans in other states. The employment duration requirements are not specifically listed on their website.
Loan Rates and Terms
Next, we move to the product, which is not a traditional bad credit loan that you repay over a few months. Instead, you will apply for a line of credit, which is similar to a credit card or home equity line of credit. The benefits to this include you are only charged interest on the money you borrow and if you don’t borrow money there is no fee.
Instead of being given an annual percentage rate you are charged per day. According to the company’s website, a line of credit for a new customer will cash 2% per day for an ACH and a 2.05% per day rate for debit via credit card. Returning customer can enjoy a lower rate of 1.75% per day and 1.80% per day respectfully.
While the interest rates seem low, if you compound that over several days it can quickly begin to add up. That means when you borrow money you will want to repay the balance as quickly as possible.
How to Apply for Ladder Credit
To begin the application process, you can select the apply now button and you will go to the start of the process. Initially you will provide information such as your name, address, social security number and driver’s license number. This information is standard across the tribal lending market. From there, you will move to the next page and complete the last bit of information. Once completed, someone from Ladder Credit will reach out to you, verifying final information. After that point you will wait for your approval notification.
The Bottom Line
Now that you’ve been approved you can begin taking draws against your line of credit. When you choose to draw against your line of credit, proceeds from the loan will typically be deposited into your account with 24-hours, as long as you meet the required cut off times. Repayments happen on your outstanding balance on the day you receive your paycheck. Funds are debited out of the linked account. Repaying the loan will consist of the finance charge plus 10% of your outstanding principal balance. However, if you want to repay the loan early you can contact Ladder Credit 3 business days before your due date and let them know you want your account to be debited early. In fact, this was the highlight of many positive Ladder Credit reviews online.
Other information you may find useful includes the language associated with the company being a tribal lender. While the company adheres to some Federal laws, the state laws from which you reside typically do not apply to this transaction.
Ensure you read your documents carefully before signing and if you have any questions reach out to the company. Ladder Credit has a very clean and professional appearance, providing all the information necessary to make an informed decision. What makes them unique is their product is a line of credit, not an installment loan. Having the line of credit available is perfect because should an emergency arise, you have access to money. Head on over to Ladder Credit’s website and give them look, you might find them to be exactly what you’re searching for.