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Majestic Lake Financial Reviews

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

This article on Majestic Lake Financial reviews has recently been updated.

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…

Our Review of Majestic Lake Financial

Reviewer: Brian Allen

Cost of Loan
Funding Time
Customer Support
Application Process

Review Summary

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…

PROS
– 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

CONS
– 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

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What is Majestic Lake Financial and How Does it Work?

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:

How Much Can I Borrow from Majestic Lake Financial?

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.

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

Returning Customer Loan Amounts

TRENDING: Top Reviews of Bad Credit Lenders

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%. The high interest rates is one of the most disappointing things about this lender, according to the Majestic Lake Financial reviews we analyzed.

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

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

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

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

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

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. As most Majestic Lake Financial reviews online tell us, the application process is super simple.

Step 1:  How Much Do You Need?

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

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

Step 3:  Finalize Your Personal Details

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

Step 4:  Enter Your Employment and Income Details

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.

Step 5:  Personal 5

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

The Advantages of Majestic Lake Financial

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.

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

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.

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

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