Short-term loans with the potential to unlock lower rates for repeat borrowers in the Midwest.
Lift Credit’s 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 strict income requirements you’ll need to meet, and its loans are only available in three states.
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What is a Lift Credit loan?
Lift Credit offers installment loans between $100 and $2,500 to residents of Idaho, Utah and Wisconsin. Loan terms range from 0.25 years to 1 year, and APRs range from 99% to 450%. Repeat borrowers may have access to lower rates, and making on-time repayments can help you score a 100% rate discount on a future Lift Credit loan.
While its loans are available to people with all credit backgrounds, Lift Credit requires its borrowers to make at least $1,300 a month after taxes and to be employed at 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 can knock 100% off your interest rate the next time you borrow with Lift Credit. Check with Lift Credit to learn how to qualify.
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:
High APRs. First-time borrowers could get saddled with interest rates as high as 450% APR. For a service that claims to be different from payday loans, you might not see much of a difference when you first borrow a loan.
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.
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 — even with its lowest rate of 99%. And while you can expect a smaller APR than you’d get with a payday loan, the longer term means you could end up paying more.
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 January 2019. There are only two complaints filed against the company — from 2017 and 2016, respectively — and it scores an average of 5 out of 5 stars based on 42 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:
Visit Lift Credit’s website and enter your email and how much you’d like to borrow. Click Continue.
Fill in basic information about yourself, then click Save & Continue.
Enter your date of birth and Social Security number, then select your military status. Click Save & Continue.
Fill in your income, driver’s license number and information about your employment, then click Save & Continue.
Provide your bank account and debit card information. Click Save & Continue.
Enter what you plan on using the funds for and create a password for your account.
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.
Lift Credit’s interest rate discount and cashback rewards program could make it a less expensive option than taking out a payday loan, especially if you need a larger loan. But you’ll need to live in one of the three states it services to be eligible, and for first-time borrowers, you’ll still face a higher interest rate than you’d find with a personal loan.
Your interest rate is based on your loan repayment history, current employment, income and other financial factors.
No. You can pay off your loan early to save on interest without being charged a fee.
Returning customers in certain states may have the option of receiving their funds through a same-day wire transfer for an extra fee. Reach out to Lift Credit’s customer service team for more information.
You can cancel your loan by notifying Lift Credit before 5:30 p.m. on the day you’re approved. This can be done by emailing firstname.lastname@example.org or calling 800-223-5858.
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