Lift Credit installment loans review December 2018 | finder.com

Lift Credit installment loans review

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Short-term loans with the potential to unlock lower rates for repeat borrowers in the Midwest.

If your credit history has left you struggling to qualify for a traditional loan, you may want to consider Lift Credit. Its installment loans are particularly useful for borrowers who expect to take out multiple loans, as it offers a rate discount to repeat customers in good standing. But it has certain income requirements you’ll need to meet, and its loans are only available in three states.
Product NameLift Credit Installment Loans
Min Loan Amount$100
Max. Loan Amount$2,500
Loan SecurityUnsecured
RequirementsAges 18+, resident of Utah, Idaho or Wisconsin, $1,300+ monthly income, employed 3+ months at current job, no bankruptcies
  • Have a monthly income of at least $1,300 after taxes.
  • Be employed at your current job for at least three months.
  • Have a valid state-issued ID.
  • Not have an open bankruptcy.
  • Live in Utah, Idaho or Wisconsin.
  • Be at least 18 years old.

What is a Lift Credit loan?

Lift Credit offers installment loans between $100 and $2,500 to residents of Idaho, Utah and Wisconsin. Terms range 0.25 year to 1 year, and APRs ranges from 99% to 450%. However, making on-time repayments can help you score a 100% rate discount on your future Lift Credit loan. The lowest possible APR you can qualify for is 99%.

While its loans are available to all credit types, you need to make at least $1,300 a month after taxes and be at your current job for at least three months to qualify.

Borrowers in Idaho and Utah are also eligible for Lift Credit’s cashback rewards and referral programs. With its rewards program, you earn points based on the amount of interest you pay each month, which you can redeem for cash back or gift cards. And for every person you refer to Lift Credit who takes out a loan, you’ll get $50 after they make their first payment.

What are the benefits of a Lift Credit loan?

Lift Credit installment loans come with a few perks, including:

  • Interest rate discount. Making on-time repayments will knock 100% off your interest rate the next time you borrow with Lift Credit.
  • No prepayment penalty. You can pay off your loan early to save on interest without being charged a fee.
  • Rewards and referral programs. If you live in Idaho or Utah, you can earn cash back as you pay off your loan’s interest or by referring friends to Lift Credit.
  • Cancellation available. You have until 5:30 p.m. on the day you’re approved to cancel your loan.
  • Online educational resources. Lift Credit offers articles and videos to help you understand your credit score and learn ways to improve it.

What to watch out for

Consider these potential drawbacks when deciding if Lift Credit is right for you:

  • Only available in three states. If you live outside of Utah, Idaho or Wisconsin, you’ll need to look elsewhere.
  • Stricter eligibility requirements. Unlike most installment loan providers that only require you to have a regular source of income, Lift Credit has a list of eligibility criteria you need to meet in order to qualify.
  • High APRs. First-time borrowers could get saddled with interest rates as high as 450% APR.

Compare more installment loan providers

Rates last updated December 14th, 2018
Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
Name Product Product Description Max. Loan Amount Turnaround Time Requirements
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
$5,000
1 business day
Must have direct deposit and meet minimum income requirements
Jora Installment Loans
Installment loans with repayment terms up to 30 months, depending on your state.
$2,600
1–2 days
Must have an active checking account, regular source of income and email address.
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
$10,000
As early as 1 business day
Must have a monthly income of $1,000+ after taxes and valid checking account.
Blue Trust Loans Installment Loans
Get an installment loan from an online tribal lender. Perks for returning borrowers.
$2,000
As soon as next business day
Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.
LendYou Short-term Loans
Apply online with this loan-connection company offering unrestricted short-term loans at high maximums — fast turnaround.
$15,000
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
CashNetUSA Loan
Apply for a short-term loan with an easy online application and dedicated customer service.
Varies by state
1 business day
You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
Slam Dunk Loans
Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
$2,500
As soon as next business day
Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.

Compare up to 4 providers

Beware of high interest rates

Although Lift Credit offers lower interest rates for return customers, you’ll still find that its installment loans are much more expensive than traditional personal loans. And while you can expect a lower interest rate than you’d get with a payday loan, the longer term means you could end up paying more in interest in the long run.

If you’re worried about the cost, consider these alternatives before taking out a short-term loan.

Is it safe to apply with Lift Credit?

In general, yes — though no website can ensure your personal information stays 100% safe. Lift Credit does its part by maintaining a valid security certificate, which you can find by clicking the lock in your address bar. You can also find Lift Credit’s privacy policy on its website, which covers the information it shares with its partners. You can limit that sharing by calling Lift Credit’s customer service team at 800-223-5858 and opting out.

What do borrowers say about Lift Credit?

Not much, but what’s out there is positive. Lift Credit has been accredited with the Better Business Bureau (BBB) since 2015 and earns an A+ rating as of November 2018. There are only three complaints filed against the company, and it scores an average of 5 out of 5 stars based on 13 customer reviews. Borrowers praised Lift Credit for its friendly and helpful customer service team, fast turnaround and easy-to-use online platform.

Am I eligible?

Unlike many other short-term lenders, Lift Credit has a few eligibility requirements. You must:

  • Have a monthly income of at least $1,300 after taxes.
  • Be employed at your current job for at least three months.
  • Have a valid state-issued ID.
  • Not have an open bankruptcy.
  • Live in Utah, Idaho or Wisconsin.
  • Be at least 18 years old.

How do I apply?

You can apply for a Lift Credit loan entirely online by following these steps:

  1. Visit Lift Credit’s website and enter your email and how much you’d like to borrow. Click Continue.
  2. Fill in basic information about yourself, then click Save & Continue.
  3. Enter your birthdate and Social Security number, then select your military status. Click Save & Continue.
  4. Fill in your income, driver’s license number and information about your employment, then click Save & Continue.
  5. Provide your bank account and debit card information. Click Save & Continue.
  6. Enter what you plan on using the funds for and create a password for your account.
  7. Read over the terms of use and privacy policy, then click Apply Now.

If you apply during business hours, a Lift Credit representative should get back to you within 30 minutes with a decision. You’ll likely be asked to provide your two most recent pay stubs and a color photo copy of your state-issued ID. Once you review and sign your loan documents, your funds will be directly deposited to your bank account the next business day.

I got a Lift Credit loan. Now what?

After you receive your funds, it’s time to start managing your repayments. Consider signing up for autopay to ensure you don’t miss a payment. You also have the option of repaying your loan by check, money order or with a debit or credit card. Lift Credit doesn’t charge a prepayment penalty, so you can save on interest by paying off your loan early.

If you think you’ll have trouble making a payment or have any questions, reach out to Lift Credit’s customer service team as soon as possible.

Bottom line

A Lift Credit installment loan can be useful if you need extra cash between paychecks. Its interest rate discount and cashback rewards program could make it a less expensive option than taking out a payday loan. But you’ll need to live in one of the three states it services to be eligible.

Find out how Lift Credit stacks up to the competition with our guide to online installment loan providers.

Frequently asked questions

Kellye Guinan

Kellye Guinan is a writer and editor with finder.com and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.

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