Tera A.
533% APR?!?! 15k repayment for a $2500 loan
Full disclosure I did not choose to go through Willow Lake. The process was easy, too easy. When I got to the last page it just said sign here and get your money as soon as the next business day. I had to find where the actual agreement was and open it up to read the details. The APR was 533%!! Are you kidding me? I really hope this was like a typo or something because that is ridiculous. The total payment back to them with interest was going to be over $15k, for a $2500 loan. No thanks!!
Response from Willow Lake LendingJun 2, 2025
Hi Tera, thank you for reaching out. We are always here to help. We are firmly committed to ensuring that our customers have a clear understanding of the fact that this is an expensive form of borrowing. As such, we make it a top priority to provide them with a comprehensive breakdown of our rates and terms, while also providing full disclosure on all fees associated with the loan well before originating the loan. Our goal is to ensure that our customers are fully informed and equipped to make informed decisions regarding their borrowing needs, while also fostering a culture of transparency and trust in all our dealings. We strongly encourage our customers to take advantage of our no pre-payment penalty policy by paying off their loan early. Doing so will result in substantial savings on interest charges. Additionally, customers have the option to make additional payments towards the principal balance of the loan, which can help reduce the overall cost of borrowing. We believe that these options provide our customers with greater flexibility and control over their finances. Reviewing your account, we see that we attempted to reach you to resolve this matter but were unsuccessful. Please feel free to contact us directly at [email protected] or (855) 857-5253 at your earliest convenience so we may resolve this issue. Thank you.


