Start with small loans and work towards rebuilding your credit with this provider
LendUp offers a unique borrowing platform where you can rebuild your credit history as you move up the LendUp Ladder and take free financial education courses. Although you’ll be limited to small loan amounts at first, you can keep borrowing over time to help build your credit and get access to better loan terms.
|Product Name||LendUp Payday Loans|
|Min. Loan Amount||$100|
|Max. Loan Amount||$250|
|Loan Term||7-30 days|
|Turnaround Time||As soon as the next business day|
|Costs||Depends on your state, loan product, loan amount and the term of the loan.|
|Requirements||Checking account with ACH, proof of income, Social Security number, ages 18+|
- Reside in CA, LA, MO, MS, TN, TX or WI
- Proof of income
- Social Security number
- Checking account with ACH
Where does LendUp offer loans?LendUp currently offers loans in these states:
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.
How does borrowing from LendUp work?
LendUp loans follow a unique ladder system where borrowers can earn points and choose to improve their credit by successfully borrowing and paying back short-term loans. You can borrow anywhere from $100 to $250 your first time.
The ladder system allows repeat borrowers to access more money at lower rates by paying back the loan on time or completing free financial education courses. When you reach LendUp’s platinum and prime loan rungs, you can choose to have your credit reported to boost your score.
Interest rates vary based on your state of residence and how many times you’ve borrowed from LendUp. Your term could range from 7-30 days and depends on when you get paid.
Why a LendUp loan might work for you
LendUp loans have received positive mention from CNN, TIME, Wired and Financial Times. While these loans are essentially short-term payday loans, they come with a number of helpful features.
- Good credit not required. LendUp approves people with poor credit. Their mission is to provide money to qualified applicants when they need it.
- Instant decision on loan. Applying takes no more than a few minutes to complete, and you can find out if you’re approved instantly after submitting your application.
- Credit education. LendUp offers free credit education courses through its website where everyone (whether they’re customers or not) can learn about topics including credit-related rights, how to establish credit, how to go through their credit reports and how to find out about the true cost of borrowing.
- Online personal dashboard. You can check your loan’s status at any time by signing into LendUp’s online platform.
How do LendUp payday loans compare?
How the LendUp ladder works
The LendUp ladder is a system that allows you to qualify for larger amounts and lower rates by paying back your loan on time. Points place borrowers into one of four rungs: Silver, gold, platinum and prime.
- 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.
In addition to paying back your loan on time, you can also complete free education courses offered by LendUp to increase your points.
LendUp goes beyond just short-term loans
While LendUp is primarily a short-term loan company, it also offers other products that you might find beneficial.
- Credit card. LendUp has recently started offering its Arrow Card, which allows select borrowers to build credit without having to put down a deposit.
- Educational resources. LendUp offers a library of information and courses about personal finance. You can use these financial literacy courses to help score lower rates on your loans with LendUp.
More about the LendUp credit card
You may have come across information about LendUp’s new credit card offer. Unlike secured credit cards, LendUp’s card doesn’t require a deposit for you to apply. However, the card isn’t open to everyone. You’ll have to sign up for updates about the card through your email and wait for a promo code. Once you have one, you can start the process of applying.
LendUp has developed a system of low payments that are reported to the three major financial bureaus so you can start improving your credit score right away without worrying about over limit fees and hidden costs. You’ll also have access to LendUp’s financial videos that can teach you all you need to know about borrowing smartly and safely.
Like all forms of credit, be careful when applying. If you’re approved, you’ll be required to pay interest on everything you borrow. It may not be as much as other short-term credit products, but if you don’t budget with the interest in mind, it’s possible damage your credit even further.
What are the costs of borrowing from LendUp?
Like all loans, there are fees you have to pay in addition to the principal amount you borrow. You can find out how much you’ll end up paying by going through the list of fees and charges detailed on LendUp’s website and on your loan offer document once you’ve been preapproved.
Depending on where you live, you might have to pay a Credit Access Business (CAB) fee in addition to other fees LendUp charges.
Late payment fees will vary by your loan type and state. If you’ve borrowed a prime loan, it’s critical that you make your payments on time since these will be reported to all three credit bureaus.
Is LendUp legit?
Yes. LendUp is a legit 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 borrowers know exactly what they’ll be spending. Like all short-term loan providers, it is heavily regulated. This means that your state will have specific laws about the maximum loan amount you’re able to borrow and how much LendUp can charge in fees and interest.
LendUp was recognized at the Lend360 conference in 2018 for its innovation in helping borrowers build savings.
Is LendUp safe?
How to apply
LendUp’s application requires you to meet some basic eligibility criteria and provide some important information about yourself.
- Reside in one of LendUp’s serviced states: CA, LA, MO, MS, TN, TX or WI
- Have a valid checking account
- Be at least 18 years old
- Be a citizen or permanent resident of the US
- Personal details, including your name, date of birth and Social Security number
- Contact details, including your address, email, and phone number
- Financial details, including your bank account information
LendUp is unique among its competitors because of its ladder system that can help you build your credit over time. Although you’ll be limited to a small amount at first, consistent repayment and financial courses could lead to you getting access to better terms, lower rates and higher loan amounts.