Start with small loans and work toward rebuilding your credit with this provider.
finder.com’s rating: 3.6 / 5.0
★★★★★
Bottom line: LendUp is unique among its competitors because it helps borrowers to build your credit over time. Although you’ll be limited to a small amount at first, consistent payments and financial courses could lead to you getting access to better terms, lower rates and higher loan amounts. Read our full review.
Kellye Guinan is a writer and editor with Finder and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.
Expert review
LendUp uses a ladder system that lets borrowers earn points and potentially improve their credit by paying back short-term loans. First-time borrowers may be limited in how much they can borrow. But repeat borrowers are rewarded with larger loans and lower interest rates.
However, it’s still an expensive form of credit: Interest rates can be above 1,000% in some states. Your options will also be limited depending on where you live. Mississippi, Tennessee and Wisconsin don’t offer the ability to build your credit.
And LendUp has recently faced lawsuits from the Consumer Financial Protection Bureau (CFPB) for violating the Military Lending Act (MLA) and failing to report borrowers’ payments.
The amount you can borrow — and the cost of your loan — will depend on your state and your previous history with LendUp. Most first-time borrowers will likely only qualify for payday loans between $100 to $300.
The financing fee also depends on your state. It can range from 15% to 25% of the amount you borrow. But if you choose to borrow from LendUp again, you may qualify for lower interest rates and more financing options.
Late fees and nonsufficient funds (NSF) fees also depend on your state, but expect to pay $10 to $15. Texas residents may also have to pay a Credit Access Business (CAB) fee in addition to other fees LendUp charges.
LendUp’s loan amounts and terms by state:
State
Loan amount
Loan term
California
Payday loans: $100 to $255
Installment loans: $100 to $400
Payday loans: 7 to 30 days
Installment loans: Up to 4 months
Louisiana
Payday loans: $100 to $300
Installment loans: $100 to $400
Payday loans: 7 to 30 days
Installment loans: Up to 4 months
Mississippi
Payday loans: $100 to $300
Payday loans: Up to 30 days
Missouri
Payday loans: $100 to $300
Installment loans: $100 to $400
Payday loans: 14 to 30 days
Installment loans: Up to 4 months
Tennessee
Payday loans: $100 to $300
Payday loans: 7 to 31 days
Texas
Payday loans: $100 to $250
Installment loans: $100 to $300
Payday and installment loans: Not stated
Wisconsin
Payday loans: $100 to $300
Payday loans: 7 to 30 days
How the LendUp ladder works
The ladder system allows repeat borrowers to access more money at lower rates by paying back a loan on time or completing free financial education courses. Your earn points to get into one of four rungs: Silver, gold, platinum or prime. When you reach LendUp’s platinum and prime loan rungs, you can choose to have your credit reported to boost your score.
Silver: Borrow a single-payment loan.
Gold: Take out a single-payment or installment loan.
Platinum: Qualify for a single-payment loan or larger installment loan, with the option to have your repayments reported to credit bureaus to boost your score.
Prime: Get a single-payment, installment or “prime loan” with a more competitive rate. The installment loan comes with optional credit reporting. The prime loan comes with automatic credit reporting.
LendUp provides new service: Ahead Money
LendUp has recently introduced a new service, Ahead Money. While you’ll only be able to join the waitlist for now, you’ll have access to quick direct deposit of your paychecks, financial resources, credit-building opportunities and fee-free ATMs once it goes live. However, there is no information on what bank Ahead will work with — or when the app will go live.
What is LendUp and is it legit?
LendUp is a legitimate company that allows you to borrow short-term loans and work on rebuilding your credit score. It is licensed in every state it services and keeps its rates transparent so you can see exactly what you’ll be spending. Like all short-term loan providers, the exact regulations LendUp abides by depend on your state. It was also recognized at the Lend360 conference in 2018 for its innovation in helping borrowers build savings.
Is LendUp safe?
Yes. LendUp has a secure website that keeps your information encrypted when you apply and when you log in to your account. It also has an industry-standard privacy policy that covers what type of information it collects and how that information is used. Review it carefully, and if you would like to opt out of some of your information being shared with third party lenders, you can call LendUp at 855-253-6387.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
LendUp receives mixed reviews on its BBB and Trustpilot pages. Some borrowers were happy with the speed and customer service, while others had difficulties with having their payments processed early and the high interest rate charged by LendUp. And LendUp has a good track record of responding to negative comments — but frequently uses the same form response for each.
The CFPB filed a lawsuit against LendUp
In December 2020, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against LendUp. It states that LendUp allegedly violated the Military Lending Act (MLA) by charging active-duty service members and their dependents APRs over the legal limit of 36%. It also states that LendUp allegedly included an arbitration clause – which is against the MLA – in its contracts and failed to make required disclosures.
This isn’t the first time LendUp has faced legal action from the CFPB. In 2016, LendUp was found guilty of violating consumer finance laws because it failed to report borrowers’ payments to credit bureaus. It also failed to disclose its APR, changed its pricing for some borrowers and blocked borrowers from accessing the higher rungs in its ladder system. LendUp paid around $1.83 million to its borrowers and another $1.8 million to the CFPB’s Civil Penalty Fund.
While this new lawsuit won’t affect most borrowers, it’s important to read your loan contract carefully and ensure LendUp meets all the legal requirements of your state. You can view payday loan laws in by state and learn more about the MLA if you’re currently serving in the military.
What information do I need to apply?
LendUp’s application requires you to provide some important information about yourself, including:
Date of birth
Monthly housing payment
Social Security number
Annual income
Bank account information
How to apply
You will need to create an account to complete an application with LendUp. Read its disclosures carefully — although LendUp can improve credit for repeat borrowers, this option isn’t available for your first loan and may not be provided in your state.
Provide basic information about yourself and submit your application. If you’re approved, LendUp will provide more instructions on how to finalize your application and what you’ll need to do to receive your loan funds.
I got a LendUp loan. Now what?
Once you agree to borrow from LendUp, you can choose from one of three options to receive your loan funds:
Standard delivery. LendUp processes and funds approved loans through the Automated Clearing House (ACH) weekdays by 5 p.m. PT. While many banks post funds the next day, it could take a day or two for you to see your money.
15-Minute Transfer — not currently available. Available in select states, this optional service allows you to choose a third-party service that can transfer funds to your bank within 15 minutes of your application’s approval. LendUp does not guarantee 15-minute delivery. Actual deposit times vary by bank. You’ll also pay a fee for this service that depends on your specific loan.
Same-day transfers for Wells Fargo customers only — not currently available. If you have a Wells Fargo checking account, you can pay a fee for a same-day deposit as long as you complete an application by 11 a.m. PT on business days only. Your funds should appear in your bank account by 2 p.m. PT the same day.
What are my repayment options?
Your repayment will be deducted from the bank account you provided when you applied. LendUp also accepts payment by MoneyGram and personal checks. If you’re unable to make your repayment, contact LendUp as soon as possible. Otherwise, you may be charged a late fee — and if you’ve borrowed a prime loan, it’s critical that you make your payments on time since these may be reported to all three credit bureaus.
Our answers to more common questions about LendUp.
What kind of bank account do I need to apply?
You will need to have a checking account that accepts ACH transfers. Unfortunately, prepaid debit cards and savings accounts cannot be used.
I received an offer by mail. Is this legit?
Yes. LendUp does send both credit card and loan offers by mail. To accept, you simply need to visit LendUp’s website, click Respond to Mail Offer, select the type you received and follow the application instructions LendUp provides.
How quickly can I apply for another loan?
Once you pay your first LendUp loan completely, there is usually a waiting period of three to four days before you can apply for another loan. There may be other restrictions depending on your state.
Short-term loan ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze short-term loan providers and similar services to help you weed out predatory lenders and find a company you can trust. We rate providers on a scale of one to five stars. Our ratings are based on factors that are most important to you, which include: loan amount, application process, fees, customer reviews and borrower experience.
Thanks for getting in touch with Finder. I hope all is well with you. 😃
I understand you want to apply for a loan. If LendUp is a provider that you believe could help you, please click on the “Go to site” green button to be redirected to their website and start your online loan application.
Alternatively, you can also check other payday loan options. On that page, you will see a table that allows you to conveniently compare your options. You first need to specify which state you reside and the table personalize the list. You can then compare your options based on the term of the loan, turnaround time, and max loan amount. Once you found the right one for you, click on the “Go to site” green button to learn more or initiate your application.
Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
You may want to check the reviews provided for this specific lender to know how secure they are or have your application done personally. LendUp currently offers loans in these states:
California
Louisiana
Mississippi
Missouri
Tennessee
Texas
Wisconsin
If you don’t live in one of these states you can visit our payday loan guide to see what loans are available where you live. Hope this helps!
I had a loan with Lend Up years ago, and I have not paid it yet….Is it possible to get the balance onto a LendUp credit card so I can attempt to build my credit as I pay it back, and then han=ve a credit card also, when it is paid off….I have had other creditors do this in the past and I think it is a great way to take care of debt, and get some credit in return….
Thanks for getting in touch with finder. I hope all is well with you. :)
LendUp does provide a credit card. However, you need to confirm with LendUp if they allow you to transfer your loan to their LendUp credit card. Generally, not all credit card providers allow this type of transaction. For this reason, it would be a good idea to directly ask LendUp.
Once you pay your first LendUp loan completely, there is usually a waiting period of three to four days before you can apply for another loan. There may be other restrictions as well depending on your state.
You may refer to the map above and hover through to the state you’re in, click that state to see regulations.
Generally, LendUp loan amount depends on your individual state laws, your eligibility and other factors. You’ll be able to see available loan amounts, durations and pricing before completing your application.
In addition, base on the last level on the LendUp Ladder which is the Prime Level, you may be able to apply for a Prime Loan of up to $1000. Therefore, the maximum loan amount is $1000 and is only offered to qualified applicants.
There are other options in acquiring funds other than banks. One option is through a personal loan where you can borrow from a lender and pay back with interest over a set period of time which is usually between one to seven years. Your lender will determine your loan amount, interest rate and fees based on factors like your credit score.
You may check on personal loan options to get a more detailed information and compare these between lenders.
What do you mean you don’t accept bank statements? The fifth item on the list of acceptable proofs is the last two months of bank statements. I sent you more than two months and now you are saying that isn’t approved. I have had eight loans with you people and have always paid them on time and have caused you no problems. What makes this one any different? I don’t know where you came up with the 7,670 figure as it doesn’t match any of the incomes I receive, Social Security is 10,548, Southern Lakes Publications is 5,163 and the SER program is 7,296.
While we do not represent any company that we feature on our pages, we can offer you a general information. In general, to apply for Payday Loan you must have the following:
– You have a valid checking account
– You are a permanent resident or a citizen of the US
Should there be any clarification or you need to follow-up your ongoing application. It would be nice to contact the lender directly.
How long do you have to pay back the $500 loan? I recently reached gold status so this would be my first $500 loan is it the same 30 days or do you have longer since it’s more money?
Kindly note that with LendUp, members with Gold status may borrow up to a maximum amount of single payment and/or installment loans. For some states like Ohio, if you are on a Gold status, you can only borrow up to $500 single-payment loan. This means that the loan is payable on the next payday.
Kindly check the lender’s website to see what type of loan is available to you based on your state of residence. If it is an installment loan, you can repay it over a period of time.
At Finder, we value and respect our editorial independence. We keep our reviews completely factual so you can use them to make better decisions. While we may receive revenue and referral fees from advertising and affiliate links, advertisers do not approve our reviews.
LendUp uses a ladder system that lets borrowers earn points and potentially improve their credit by paying back short-term loans. First-time borrowers may be limited in how much they can borrow. But repeat borrowers are rewarded with larger loans and lower interest rates.
However, it’s still an expensive form of credit: Interest rates can be above 1,000% in some states. Your options will also be limited depending on where you live. Mississippi, Tennessee and Wisconsin don’t offer the ability to build your credit.
And LendUp has recently faced lawsuits from the Consumer Financial Protection Bureau (CFPB) for violating the Military Lending Act (MLA) and failing to report borrowers’ payments.
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