Majestic Lake Financial Reviews

Majestic Lake Financial promises fast cash up to $1,500 as soon as tomorrow...but is it true?

majestic lake financial reviews
majestic lake financial reviews

Name: Majestic Lake Financial

Description: Majestic Lake Financial is a tribal lender offering short-term installment loans to customers with bad credit. The lender is owned by the Habematolel Pomo of Upper Lake, California, and is operating within the tribe's reservation. But is a loan from Majestic Lake Financial worth it in the end? We investigate...

3 of 5 stars 1 review
  • Customer Support
  • Cost of Loan
  • Funding Time
  • Application Process

Summary of Majestic Lake Financial

Majestic Lake Financial helps customers with bad credit obtain financing for short-term emergency situations.  This lender should never be used for large financial purposes and the loan should be repaid as quickly as possible.  You can borrow a minimum of $300 up to $1,000 for first time borrowers.  However, the interest rates vary:  from 200% to 2,290% APR.  The rate you pay will depend on your credit worthiness.  How advice is to shop around and compare lender rates that offer installment loans.

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  • Decent option if you have bad credit and have exhausted all available resources
  • Fast access to cash and funding
  • Application process is fast, smooth and straightforward
  • Decent option for short term emergency financing


  • Not a good option if you are comparing lender rates
  • Not a good solution for large financial purposes
  • Interest rates can be as high as 2,290% APR

Read This Guide and Review on Majestic Lake Financial Before You Apply

Americans are finding it more difficult than ever to pay bills as the cost of inflation continues to rise.  Does this sound like you?  Are you finding it difficult to stay on top of your bills every month?  Has an unexpected bill hit you where it hurts?  If so, you might be considering Majestic Lake Financial for a bad credit loan.  Before you apply, you must read this in-depth review…

What is Majestic Lake Financial and How Does it Work?

how it works

Majestic Lake Financial is an online tribal lender that provides borrowers with unsecured installment loans. MLF is owned and operated by the Habematolel Pomo of Upper Lake Indian tribe of California, a sovereign nation located within the United States of America.  The loan amounts provided, along with rates and terms, vary according to several factors.

Most bad credit borrowers should be able to get a loan, even with poor credit, but you need to meet a few requirements first.  The minimum requirements are:

  • Must be at least 18 years old and live within the United States
  • Must have a form of reliable income
  • Must have a valid checking or savings account
  • Must have the proper photo identification (driver’s license, etc)

How Much Can I Borrow from Majestic Lake Financial?

how much can i borrow

How much can you borrow from Majestic Lake Financial? According to the lender, you can borrow as little as $300 up to a maximum of $1,000.  New customers are maxed out at $1,000, while returning customers that have built a positive relationship with MLF, can borrow up to $1,500.  A few key points you should keep in mind is this:  the more you borrow, the longer it takes to repay…and the more you’ll pay in interest rate fees.

The last thing you want to do is dig a deeper hole in debt.

First Time Customer Loan Amounts

  • Minimum – $300
  • Maximum – $1,000

Returning Customer Loan Amounts

  • Minimum – $300
  • Maximum – $1,500

What Are Majestic Lake Financial’s Loan Rates and Terms?

Since Majestic Lake Financial is taking a severe risk, they compensate for this by charging astronomical interest rates.  If a borrower fails to make their payments, this higher than average interest rate will cover the loan in the event you default.  The average tribal loan interest rates across all lenders that we have analyzed is approximately 440%.

Here’s What a Majestic Lake Financial Loan Could Cost You

$300 Loan at 200% APR With a 6 Month Repayment Term

  • Amount Financed – $300.00
  • Payment Every Month – $82.86
  • Total of 6 Payments  $497.16
  • Total Interest – $197.16
  • All Payments and Fees – $498.16

$300 Loan at 999% APR With a 6 Month Repayment Term

  • Amount Financed – $300.00
  • Payment Every Month – $256.52
  • Total of 6 Payments – $1,539.15
  • Total Interest – $1,239.15
  • All Payments and Fees – $1,540.15

$1,000 Loan at 200% APR With a 6 Month Repayment Term

  • Amount Financed – $1,000.00
  • Payment Every Month – $276.20
  • Total of 6 Payments – $1,657.19
  • Total Interest – $657.19
  • All Payments and Fees – $1,658.19

$1,000 Loan at 999% APR With a 6 Month Repayment Term

  • Amount Financed – $1,000.00
  • Payment Every Month – $855.08
  • Total of 6 Payments – $5,130.49
  • Total Interest – $4,130.49
  • All Payments and Fees – $5,131.49

Warning:  Beware of online loan sharks.

How to Apply for a Majestic Lake Financial Loan

If you still want to apply for a Majestic Lake Financial loan, despite what it could cost you, here’s the details and information will will need to complete the application.

Step 1:  How Much Do You Need?

loan application step 1

On this step, you will select how much money you’d like to borrow.  Once you do this, you will need to select if you are a new or returning customer.  The rest of this tutorial will focus on new customers only.

Step 2:  Enter Your Personal Details

loan application step 2

On this step, you simply need to enter your personal contact details.  This information includes:

  • First Name
  • Last Name
  • Are You in the Military? (yes or no)
  • Email Address
  • Check the boxes to agree

Step 3:  Finalize Your Personal Details

loan application step 3

On this step, you’ll continue entering your personal contact details, along with the following information:

  • Street Address
  • Date of Birth
  • Home Phone #
  • Cell Phone #
  • Social Security #
  • Drivers License Number
  • Drivers License Issuing State

Step 4:  Enter Your Employment and Income Details

loan application step 4

On this step, Majestic Lake Financial needs to know if you are employed, and if so by who.  You’ll also need to enter your income details.

  • Employer Name
  • Employer Phone Number
  • Employment Status (employed, un-employed, retired, etc)
  • Monthly Income
  • Direct Deposit?
  • Pay Frequency (weekly, bi-weekly, monthly, etc)
  • Your Next Pay Date
  • Your 2nd Pay date

Step 5:  Personal 5

loan application step 5

On this final step, you need to enter your banking and financial information.  This includes the following:

  • Bank Name
  • Bank Routing Number
  • Bank Account Number
  • Account Type (checking or savings)
  • Length of Time at Bank

The Advantages of Majestic Lake Financial

the advantages

The advantages?  Despite an astronomical interest rate, some borrowers will likely see advantages with Majestic Lake.  Borrowers not able to secure emergency financing from traditional lenders might see key benefits.  MLF typically approves anyone, regardless of credit history.  However, keep this in mind:  your interest rates will depend on your credit score.

MLF does not state an exact interest rate formula as it pertains to your credit score, but we do know that if you are seen as a higher than average risk, you’ll pay the maximum interest rate.

The Disadvantages of Majestic Lake Financial

the disadvantages

Want our opinion?  The disadvantages clearly outweigh the advantages…by a mile.  Most tribal loans have severe consequences that can land you in a mountain of debt.  The high interest rates can chew you up and spit you out…leaving you in far worse condition than when you started.  And it’s not only the high interest rates…there’s far more to the story.  Listed below are the main disadvantages you’ll find with this lender.

  • Excessive interest rates starting at 200% APR and maxing out at 2,290% APR
  • The longer the loan term, the more you’ll pay in excessive interest rates.  See our example above
  • A tribal loan can force you into a life of never ending, soul-crushing debt
  • If you don’t have available funds, MLF can overdraft your bank account
  • If you can’t make on-time payments, you will be charged late payment fees on top of the interest rates

Have you used Majestic Lake Financial for a bad credit loan?  Let us know your experience in the comments below.

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Brian Allen has been helping people make smarter financial decisions for over 10 years. As the Editor-in-Chief for Goloans, Brian writes about sage financial advice, "how to" articles, and reviews about lenders and creditors.