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 |
| Loan Security | Unsecured |
| 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:- 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.
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?
Yes. LendUp runs a secure website that keeps your information encrypted and safe when you enter it into an application form or when logging in to your account. Its privacy policy covers what type of information it collects and how that information is used. This is standard for all legit lenders. 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 1-855-253-6387.
How to apply
LendUp’s application requires you to meet some basic eligibility criteria and provide some important information about yourself.
Eligibility criteria:
- 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
Required documentation:
- 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
Bottom line
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.
If you need to borrow more money than LendUp offers, you can explore other short-term loan providers or compare loans similar to LendUp see if there’s a better option for you.
Trying to apply for a loan.
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 options here. 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 personalizes the list. You can then compare your options based on term of 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 us out again.
Have a wonderful day!
Cheers,
Joshua
I applied for a loan on sunday. How long will it be to I can access my fund?
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
uncomfortable giving social security number…
how safe?
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
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….
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 us out again.
Have a wonderful day!
Cheers,
Joshua
I would like to apply for another loan. Is there a waiting period before I can do so?
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
Does lendup ever go past the $1000 loan limit?
Hi Mike,
Thank you for your comment.
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.
I hope this helps.
Regards.
Jhezelyn
What is another way i can repay my loan other than the bank?
Hi Kent,
Thanks for reaching out.
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 this page to get a more detailed information and compare options between lenders.
Cheers,
Joanne
The website don’t let me sign-in.
Hello Sheritha,
Thank you for your inquiry.
You can click “Forgot your password” option on their sign-in page, and then follow the instructions sent to reset it.
Hope this helps.
Cheers,
Jonathan
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.
Hi Erla,
Thank you for your inquiry.
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.
I hope this information has helped.
Cheers,
Harold
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?
Hi Mommy,
Thanks for your question.
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.
Cheers,
Anndy