Installment Loans FAQs

At Otter Lending, Inc., we want to make it as easy and hassle-free as possible for you to get the funds you need. If you cannot find the answer you are looking for in the FAQs below, contact us at 888-290-1503 or via email at and we’ll be happy to assist you.

What is a Payday Loan versus an Installment Loan?

A payday loan is usually repaid in a single repayment on the borrower’s next payday, or when income is received from another source. The due date for a payday loan is typically two to four weeks from the date the loan was made. On the other hand, an installment loan is a type of loan in which you borrow a sum of money and must pay it back in fixed amounts called “installments” on specific dates as indicated on a payment schedule. Unlike payday loans, installment loans give you the flexibility to pay over a much longer period of time.

What You Will Need to Qualify:

  • • A job or other regular source of income; and
  • • A valid bank account in good standing; and
  • • A valid email address and phone number; and
  • • Be least 21 years old; and
  • • Reside in a state in which we offer loans.

How much can I borrow?

If this is your first time getting a loan through Otter Lending, Inc., you may qualify to receive up to $1,500. Returning customers that remain in good standing after certain number of successful payments may qualify for up to $5,000. See Rates for additional information.

What happens if I have bad credit?

Otter Lending, Inc. understands that you may have had credit troubles in the past. Our loans are meant to service a wide-range of borrowers, regardless of past problems with credit. Our goal is to help borrowers get the money they need, especially when other lenders won’t consider them. We are here for you.

How is my bank information used by Otter Lending, Inc.?

Otter Lending, Inc. uses your bank account information to determine income deposit information and to verify employment.

How can I repay my loan early?

To pay your loan off in full, give us a call at 888-290-1503 and our Customer Support agents will be happy to assist you.

What happens if I do not repay my loan?

Please contact us if you find yourself in a situation where you become unable to repay your loan. We will be happy to work with you. If you break your loan contract, we reserve the right to collect under all permissible means as stated in the loan agreement.

How quickly will I get my money?

If your application is approved, we can electronically deposit loan proceeds into your account in as little as one day. The time may vary depending on your bank’s transfer policies.

How much does my loan cost?

Please see our Rates page.

What is the range of APRs available on Otter Lending, Inc.?

The current APR (Annual Percentage Rate) range for Otter Lending, Inc. is approximately 550-815% depending on your payment schedule, pay frequency, and loan term.

How do I make payments on my loan?

Typically, payments are automatically deducted from the same bank account where your loan proceeds were deposited. No hassle. No stamps. We try to make repaying your loans as convenient as possible. If you prefer not to use an electronic repayment method, you have the option to pay by cashier’s check or money order by mailing payment to Otter Lending, Inc., P.O. Box 115, Crandon, WI 54520. Checks and money orders must be received by us no later than the scheduled payment due date.

What if I can’t make my payment on the due date?

It is your responsibility to repay your loan on the scheduled due dates. If you are unable to make your scheduled payment, please contact us at least three (3) business days prior to the date your payment is due.

You can schedule automatic electronic payments from your checking account. If you do make a late payment, skip a payment, or a payment is returned to us, you may incur additional fees.

Is this site secure? How will you protect my personal information?

Keeping your financial and personal information secure and confidential is a top priority at Otter Lending, Inc. We transact all our loans on our secure SSL server.

We verify applicants' credit information using national databases. You can complete the loan process by creating an account and submitting your application online.

**Otter Lending, Inc.’s loans are usually funded by Automated Clearing House (ACH) electronic crediting directly to your bank account. ACH transfers that are completed by 2:00 pm CST will usually be available the next business day. Unavoidable delays that occur as a result of bank holidays, the processing schedule of your individual bank, inadvertent processing errors, "acts of God", and/or "acts of terror " may extend the time for the deposit and may cause a change in the Disbursement Date.

Otter Lending, Inc. is a Native American business owned and operated by the Tribe, a federally recognized sovereign Indian nation (the "Tribe") that adheres to federal consumer financial protection laws and operates within the boundaries of the Tribe's reservation. Otter Lending, Inc. abides by all applicable federal laws, regulations, and tribal law as established by the Tribe.

This is an expensive form of borrowing. Otter Lending, Inc. Installment Loans are designed to assist you in meeting your short-term borrowing needs and are not intended to be a long term financial solution. Otter Lending, Inc. never charges any prepayment penalties on partial or complete repayments. Prompt repayment of your loan will reduce the costs associated with borrowing and is strongly recommended by Otter Lending, Inc..

Credit products obtained through this website are not available to residents of all states and state availability may change from time to time without notice. Currently, residents of Alabama,Arkansas,Connecticut,Georgia,Illinois,Indiana,Maine,Maryland,Massachusetts,Minnesota,New York,North Carolina,Pennsylvania,South Carolina,Vermont,Virginia,West Virginia,District of Columbia,New Jersey,Wisconsin are not eligible for a loan from Otter Lending, Inc.