Be cautious when taking out a short term loan.
When money is tight, the last thing you need is pressure to divert your hard-earned cash into paying excessive fees and services. Lendyou.com offers a way to connect with lenders when you are short on cash and have less than perfect credit.
Is Lendyou.com legit?
Yes. While Lendyou.com and similar services are not a scam, the payday loans they provide are highly regulated. Laws around short term loans are constantly changing, meaning that this week’s may be different from the next. The legislation is meant to protect consumers by putting caps on the interest and fees that can be charged, as well as limits on the maximum amount that can be borrowed.
What does Lendyou.com have to offer?
Lendyou.com specializes in matching you with lenders who have offers that fit your needs.
Here are some key features about short term loans you can get through Lendyou.com:
- Loan term. Varies by lender.
- APR. Varies by lender.
- Fees. Varies by lender.
- Maximum loan amount. $1,000.
- Application turnaround. In minutes.
How does Lendyou.com compare to other providers?
Is applying online for a short term loan safe?
Secure servers and databases, as well as 128-bit encryption used by lenders ensure the safety of your personal information. It is still beneficial to stick to lenders that prominently display their contact information, and are transparent with their privacy and security policies.
Protect yourself from predatory lending
Though Lendyou.com is a legitimate service, there are less reputable providers that come with a higher risk.
Be on the lookout for:
- High interest rates. Interest rates can be up to 1386%.
- Steep fees. Over $100 can be added to the original amount of your loan depending on the lender.
- Risk of debt spiral. Avoid refinancing amounts of the loan that you are unable to pay back. Late fees, extra charges and damage to your credit can all result from not paying a loan off on schedule.
- Your information sold. Brokers and similar services sell ‘leads’ to lenders, and these leads include your information. While the lenders are required to keep that information private, it can result in being contacted by lenders long after you have gotten a loan or decided against it.
Nearly 12 million Americans take out short term loans every year, according to Pew Charitable Trusts. Repeat borrowing is common, to the point that some companies incentivize regular borrowing.
Paying off a loan within the terms of that loan is extremely important. Make sure that you are able to budget for the cost of the loan in full before you sign any contracts.
What else do I need to know?
Lendyou.com is a loan matching service that gets borrowers like you in touch with lenders. This means that you aren’t directly lending from Lendyou.com, but a third-party.
Lendyou.com is a broker that boasts connecting you with lenders you may not reach otherwise. Note that by completing its online application, you are authorizing Lendyou.com to share your information with lenders and other marketing partners that could text you, call you or leave prerecorded messages at any number you supply — sometimes long after you’ve applied. Before you apply for any loan, be sure to read the fine print to understand exactly what the lender will do with your information.”
What other options are available?
Lendyou.com may not be exactly what you’re looking for, so you may simply want to compare the details of other lenders and matching services. If you’re unsure about getting a short-term loan at all, you can explore payday loan alternatives.