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LendUp review: Alternatives for 2021

LendUp no longer offers loans. Here are 3 legit lenders to consider instead.

3 alternatives to LendUp

LendUp set itself apart by reporting payments to credit unions. This is rare for lenders that offer payday or installment loans.

Fortunately, you aren’t limited to payday loans. You can improve your credit by working with an online lender that offers personal loans. These are often safer, less expensive ways to borrow money.

Monevo personal loans

4.4 / 5 ★★★★★

Go to site
on Monevo's secure website
Monevo works by matching borrowers with lenders they qualify for. And because of its wide range of partners, it is able to offer options to people with bad credit. While this does mean potentially high interest rates — and an annual percentage rate (APR) of 35.99% — it also means you may not need to turn to payday loans to cover emergency expenses. With loans as small as $500, Monevo covers most needs and can help you find a lender with one application. And unlike LendUp, Monevo also lets you check your eligibility for car loans and business loans.
  • Available in all states
Pros
  • Upfront about partners
  • Bad credit OK
  • Wide range of loan amounts
Cons
  • Limited partners in network
  • Marketing phone calls and emails common
Loan Amount$500 - $100,000
APR1.99% to 35.99%
Interest Rate TypeFixed
Min. Credit ScoreNone
Turnaround TimeVaries by lender
Maximum Loan Term12 years
Minimum Loan Term0.5 years

OneMain Financial personal loans

3.4 / 5 ★★★★★

Go to site
on OneMain's secure website
OneMain Financial is a direct lender that offers secured loans. This means you'll need to provide collateral for most loans. But unlike other lenders that work with borrowers who have bad credit, same-day funding may be available — and OneMain Financial offers a seven-day satisfaction guarantee. The downside is the expense. Alongside a high starting APR of 18%, you'll be on the hook for a high origination fee and a hefty late fee if you miss a payment. For those considering LendUp, OneMain Financial is a less expensive option that may be able to get you quick funding.
  • Not available in: Alaska, Arkansas, California, Connecticut, Massachusetts, Michigan, Rhode Island, Vermont
Pros
  • Same-day funding available
  • May offer unsecured loans to some applicants
  • Nearly 1,500 branches in the US
Cons
  • Origination fee up to 10%
  • High late and return payment fees
Loan Amount$1,500 - $20,000
APR18% to 35.99%
Interest Rate TypeFixed
Min. Credit ScoreVaries
Turnaround TimeAs soon as the same day
Maximum Loan Term5 years
Minimum Loan Term2 years

Universal Credit personal loan

Go to site
on Universal Credit's secure website
Universal Credit is backed by Upgrade, a top online lender. It isn't the most upfront about its process or many of its costs, but it does cover the basics. Like most lenders that offer loans to borrowers with bad credit, expect to pay a high interest rate and multiple fees — including an origination fee up to 8%. You also won't qualify if your credit score isn't at least 600. But overall, it's a good alternative to LendUp for those who don't quite qualify for larger personal loans.
  • Not available in: Iowa, West Virginia
Pros
  • Backed by Upgrade
  • Discount for automatic payments
  • Free credit monitoring
Cons
  • Limited information available
  • Origination fee up to 8%
Loan Amount$1,000 - $40,000
APR10.97% to 35.93%
Interest Rate TypeFixed
Min. Credit Score600
Turnaround TimeAs soon as one business day
Maximum Loan Term5 years
Minimum Loan Term3 years

There are some credit unions and pay advance apps that may also offer small loans or advances on your paycheck. However, you will need to open an account or sign up for these services.

Some federal credit unions even offer payday alternative loans. Your options will be more limited, but these are a helpful way to avoid high interest rates — and give you access to other benefits offered by a credit union.

A breakdown of LendUp’s lawsuits

Beyond this newest lawsuit that alleges LendUp violated CFPB orders, there have been two other lawsuits against LendUp in the past.

In December 2020, the 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.

Previous LendUp rates, fees and terms

LendUp’s options depended on your state and if you had already paid back one of its high-cost loans. Most first-time borrowers only qualified for payday loans between $100 to $300.

The financing fee also depended on your state. It ranged from 15% to 25% of the amount you borrowed.

StateLoan amountLoan 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

Because these loan amounts were small and loan terms were short, the cost of borrowing from LendUp was high. A personal loan — which has a maximum APR of 36% no matter which lender you pick — is a much more affordable option. And just like LendUp, most online lenders can get you funds as soon as the next business day after you apply.

Recap: Alternatives to LendUp

LendUp isn’t an option if you need a quick loan to cover a small expense. But these three lenders are solid alternatives even if you don’t have good credit. Better yet, they won’t cost as much as LendUp.

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22 Responses

    Default Gravatar
    VirginiaMarch 19, 2019

    Trying to apply for a loan.

      Avatarfinder Customer Care
      JoshuaMarch 20, 2019Staff

      Hi Virginia,

      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.

      Have a wonderful day!

      Cheers,
      Joshua

    Default Gravatar
    Smith82457February 25, 2019

    I applied for a loan on sunday. How long will it be to I can access my fund?

      Avatarfinder Customer Care
      JoshuaFebruary 26, 2019Staff

      Hi Smith82457,

      Thanks for getting in touch with Finder. I hope all is well with you. :)

      After you are approved, you should be able to access your money the next business day.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

    Default Gravatar
    carrie330January 13, 2019

    uncomfortable giving social security number…
    how safe?

      Avatarfinder Customer Care
      johnbasanesJanuary 16, 2019Staff

      Hi Carrie330,

      Thank you for reaching out to finder.

      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!

      Cheers,
      Reggie

    Default Gravatar
    amy.anderson94September 29, 2018

    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….

      Avatarfinder Customer Care
      JoshuaOctober 2, 2018Staff

      Hi Amy,

      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.

      It is true that using your credit card responsibly can improve your credit history and score. You can learn more about that in this article, “Build your credit history with 4 different types of credit cards.”

      I hope this helps. Should you have further questions, please don’t hesitate to reach out again.

      Have a wonderful day!

      Cheers,
      Joshua

    Default Gravatar
    SolomonJune 26, 2018

    I would like to apply for another loan. Is there a waiting period before I can do so?

      Default Gravatar
      nikkiangcoJune 26, 2018

      Hi Solomon!

      Thanks for leaving a question on our page.

      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.

      Hope this helps!

      Cheers,
      Nikki

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