Where does LendUp offer loans?
LendUp currently offers loans in seven states:
finder.com’s rating: 3.6 / 5.0
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.
As soon as the next business day
|Product Name||LendUp Payday Loans|
|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+|
LendUp currently offers loans in seven states:
LendUp uses a unique ladder system that lets borrowers earn points and choose to improve their credit by successfully paying back short-term loans. You can borrow anywhere from to for your first loan, and you may be eligible for larger loan amounts if you borrow again.
Interest rates vary based on your state of residence and how many times you’ve borrowed from LendUp. Your term could range from based on your state laws and your pay date.
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 agreement. Texas residents may also have to pay a Credit Access Business (CAB) fee in addition to other fees LendUp charges.
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.
LendUp loans have received positive mention from CNN, TIME, Wired and Financial Times. And while they are still short-term loans, they come with a number of helpful features.
LendUp isn’t a perfect company, so consider these drawbacks before you apply.
|BBB customer reviews||1.83 out of 5 stars, based on 29 customer reviews|
|Trustpilot score||4.7 out of 5, based on 2,470 customer reviews|
|Customer reviews verified as of||16 October 2020|
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.
While LendUp is primarily a short-term loan company, it also offers other products that you might find beneficial.
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. And 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 through email and wait for a promo code. Once you have one, you can start the application process.
Like all forms of credit, be careful when applying. If you’re approved, you’ll be required to pay interest on the amount 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.
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 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.
In 2016, LendUp was found guilty of violating consumer finance laws because it failed report borrowers’ payments to credit bureaus like it claimed on its website. It also failed to disclose APR on its website, changed its pricing for some borrowers and blocked borrowers from accessing the higher rungs in its ladder system. The Consumer Financial Protection Bureau (CFPB) ordered LendUp to pay around $1.83 million to its borrowers and another $1.8 million to the CFPB’s Civil Penalty Fund.
If you were affected by this unlawful activity, it’s likely you’ve already been notified and received your funds. However, borrowers should be wary in the future. Carefully read any loan agreement you’re given and ensure that LendUp — and any other lender — abides by your state’s short-term loan laws.
To be eligible for a payday loan alternative from LendUp, you must meet the following requirements:
Follow these steps to complete LendUp’s quick application:
LendUp will process 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.
LendUp’s application requires you to provide some important information about yourself:
Once you agree to borrow from LendUp, you can choose from one of three options to receive your loan funds:
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.
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 repayment and financial courses could lead to you getting access to better terms, lower rates and higher loan amounts.
★★★★★ — Excellent
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★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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