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Ladder Credit

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LAST UPDATED: September 22nd, 2020

Ladder Credit offers alternative personal loans, offering consumers a line of credit that can be used to meet urgent and unexpected financial expenses. If you need cash quickly, Ladder Credit’s line of credit offering is a great option, and there are minimal eligibility requirements, making it easier to receive approval. However, the maximum loan amount of $1,500 is very small and may not cover your needs. 

Please take note that this company operates under tribal law. Ladder Credit is a sovereign enterprise owned and operated by Miinan Funds, LLC, which is controlled by the Lac Courte Oreilles Band of Lake Superior Chippewa Indians (the ‘Tribe’), a federally-recognized American Indian Tribe. The Supreme Court has made clear that tribes must obey state law, including state interest rate compliance and licensing laws, protecting consumers from potential financial scams and fraud. However, Ladder Credit states that consumers who are uncomfortable doing business with a sovereign enterprise that cannot be sued in court should look elsewhere for their borrowing needs.

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The Good

  • Minimal Eligibility Requirements
  • Simple Application 
  • Quick Funding
  • Line of Credit

Minimal Eligibility Requirements

Ladder Credit does not have a minimum credit score requirement for borrowers, making it a good option for borrowers with bad credit or no credit history at all. To be eligible for a line of credit, Ladder Credit requires that applicants meet the following criteria:

  • At least 18 years old
  • No history of bankruptcy nor intention to file
  • Must have a regular source of income
  • Must have a checking account

Compared to other personal loan lenders these requirements are very minimal and can make Ladder Credit a great option for those who need a loan quickly but may not receive approval from a larger lender. 

However, Ladder Credit does not extend lines of credit to borrowers who are active military, nor their spouses and dependents.

Simple Application

Applying for a personal loan alternative, line of credit, with Ladder Credit is quick and simple, taking less than two minutes. 

Applicants fill out an online application and can expect a call from a Ladder Credit representative within 15 minutes of submission* to verify submitted information. Once the applicant has been approved and they have signed and submitted the required loan documents, their line of credit will be set up and they can begin using their funds as soon as the next business day.

*Representatives make calls within normal business hours. If a borrower applies outside of these hours, there will likely be a delay in receiving a phone call to complete the application process. 

Quick Funding

If an application is approved, and required documents are signed and submitted, borrowers could have access to their funds that same day or as soon as the next business day. This is ideal for borrowers who need money quickly, although the loan amount may not be as large as amounts offered elsewhere.

Line of Credit

Ladder Credit offers lines of credit as an alternative to traditional unsecured personal installment loans offered by the majority of personal loan lenders. A line of credit is a separate account into which funding is deposited and made available to the borrower; a revolving line of credit is available, making funds available as soon as the balance is paid down, and no collateral is required to open an account.

A line of credit is not an ideal way of building credit, but is a quick way to meet some emergency expenses as the funds are deposited directly into your checking account and can be withdrawn just as you would your own funds. When your balance is paid down, you can easily borrow more money if necessary.

Repayment options with a line of credit are also flexible, and borrowers can repay their line of credit balance early without penalty.

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The Bad

  • Undisclosed Interest Rates
  • Small Loan Amounts
  • Not Available in All States
  • Shares Personal Information

Undisclosed Interest Rates

Ladder Credit does not provide any detail on interest rates for lines of credit. Because Ladder Credit’s services are similar to those of a payday loan lender, it is likely that you will receive a high interest rate on money borrowed. In general, with small loan amounts that are paid back in a short amount of time, you can expect high interest rates.

Small Loan Amounts

The minimum amount you can borrow from Ladder Credit is $100 and the maximum amount is $1,500 which is very low within the personal loan industry. If you are looking for a larger loan, Ladder Credit may not be the best choice. 

However, if you are finding it difficult to qualify for a larger loan amount with another lender due to a poor or damaged credit score, the ability to pay down your line of credit balance and receive more funds could be an option. However, this would not be advised and would not be sustainable because you would need to be able to pay the money back very quickly, which may not be possible for you, and would defeat the purpose of taking out a loan that you can pay back over time.

Not Available in All States

Ladder Credit can conduct business in all states, but has chosen not to provide service in the following states:

  • Arkansas
  • Connecticut
  • Georgia
  • Maine
  • Minnesota
  • New York
  • Pennsylvania
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia

Before submitting an application with Ladder Credit you should ensure that your current state of residence is not included in this list.

Shares Personal Information

Ladder Credit will collect and share your personal information including, social security number (SSN) and checking account information, your payment history and income, and your employment information and wire transfer instructions. It is unclear who Ladder Credit will share information with, but personal information will likely be shared with Lac Courte Oreilles Bank of Lake Superior Chippewa Indians affiliates, as well as other financial and nonfinancial companies.

Borrowers can limit some, but not all, sharing of their personal information. This can be done online or over the phone. Even when you are no longer a Ladder Credit partner, it may still share your information.

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The Bottom Line

If you have damaged or bad credit, or no credit history at all, Ladder Credit provides a borrowing option. However, the maximum loan amount offered is quite small, which may not meet your needs. Nonetheless, Ladder Credit’s line of credit service provides flexibility in how borrowed money is spent, and provides added flexibility in terms of repayment.

As a sovereign enterprise, Ladder Credit’s services are limited and not for everyone. If you are considering borrowing from this company make sure you understand the details of doing business with a tribal law company, as there are different terms and legal conditions. 

However, for many borrowers seeking a personal loan, this may not be the best option for you.

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