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Lendly

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Min. Amount
$1,000
Max. Amount
$2,000

Our verdict

While Lendly offers quick cash to borrowers with bad credit, its steep APRs and limited availability make it not worth it for most borrowers.

Lendly is not a direct lender but rather connects borrowers to third-party service providers, Pinwheel and Argyle. Lendly offers small personal loans ranging from $1,000 to $2,000 with quick funding, often within 24 hours. However, borrowers must be on a payroll system to qualify, as repayments are automatically deducted from paychecks. While Lendly is accessible to those with poor credit, APRs can be extremely high, around 225% on average. Plus, its loans are only available in certain states. With extremely high interest rates, limited availability and no accreditation with the Better Business Bureau (BBB), we urge borrowers to look elsewhere for a loan.

Pros

  • Quick loan approval and fast funding
  • No credit check required for eligibility
  • No prepayment or origination fees

Cons

  • Extremely high APRs
  • Limited state availability
  • No prequalification with a soft credit check

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Is Lendly Legit?

Lendly is a legit provider that has been around since 2019. Lendly promises that “All information that is entered online is only transmitted over the internet using an encrypted form directly to encrypted data services, where it can only be accessed and used to serve that customer per our privacy policies.”
While Lendly has not faced major scandals or security concerns, it is not accredited by the BBB.

Where Lendly falls short

While Lendly can be a viable option for quick cash, its high fees, low maximum loan amounts and limited repayment options mean there are better loan options that offer quick loans like Lendly. Here are a few drawbacks to consider before applying for a Lendly personal loan.

  • Extremely high APRs. One of Lendly’s main drawbacks is its high interest rates. Although Lendly’s APR may be lower than some payday loans, which can exceed 400%, Lendly’s typical rate hovers around 225%. This rate is significantly higher than cash advance app alternatives like EarnIn, which offers payday advances up to $750 at no cost.
  • Low maximum loans. Lendly caps its loans at $2,000. Upstart personal loans are a good alternative if you have bad credit but want to borrow more than $2,000 with better interest rates.
  • Limited availability. Lendly loans are only available in 22 states.
  • No preapprovals. Lendly’s loan applications may impact credit scores, as it conducts a hard credit check, unlike some competitors that offer a preapproval process using a soft pull.

What makes Lendly shine?

Lendly shines in a few areas. Its quick application process, automatic payment system, flexible credit assessment and support for credit building can make it appealing to borrowers. That said, it’s important to weigh the benefits against the drawbacks before taking out a loan from Lendly.

  • Fast application and funding process. Lendly streamlines the loan application experience, allowing you to complete the online form in just five minutes. Most applicants receive a decision within 24 hours, and funds can be deposited into your account as soon as the next business day after submitting the necessary documents.
  • Can help borrowers build credit. Lendly reports payment history to credit bureaus, such as Equifax, Experian and TransUnion. So, you can improve your credit score by consistently making on-time payments.
  • Applicants with any credit score may qualify. People with less-than-perfect credit can still qualify for a loan, provided they have a stable job and can set up payroll direct deposits.

Lendly loan details

Minimum credit score/credit rangeBorrowers with any credit score may qualify
APRThe APR for an average loan is around 225%, though Lendly does not disclose specific interest rates online.
Loan amount$1,000 to $2,000
TermsLoan terms vary, though typically, repayment terms are 26 bi-weekly payments, and bi-weekly payments can vary between 20 and 52 weeks.
Approval turnaroundFunds are typically deposited into your bank account by the next business day.

However, it could take up to three business days, depending on your bank.

AvailabilityAvailable in: Alabama, Alaska, Arizona, Arkansas, Delaware, Florida, Idaho, Indiana, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Montana, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah, Wisconsin, Wyoming
FeesNo prepayment fee
No origination fee
Other feesFlorida residents are subject to a Documentary Stamp Tax. Thirty-five cents per $100 or portion thereof (or $3.85 for a $1,000 loan) will be added to your loan amount if your loan application is approved and funded.

Lendly contact info

Phone number888-853-6359
Customer service hoursWeekdays: 9 a.m. to 10 p.m. ET
Weekends: 9 a.m. to 6 p.m. ET
Emailtheteam@lendly.com
X, formerly TwitterN/A
FacebookN/A

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How to qualify for Lendly

Lendly focuses on your employment and income rather than just your credit score, making it accessible to a range of borrowers. Here’s what you need to qualify:

  • No minimum credit score required, but credit history is considered
  • Proof of income and bank account information
  • Steady employment, as your repayments are automatically deducted from your payroll provider
  • US citizen or a permanent resident/green card holder
  • Driver’s license or a valid government-issued photo ID
  • Active personal checking or savings account
  • Be 18 or the age of majority in your state

How to apply

Applying for a Lendly loan is a straightforward process completed entirely online. To see the rates and terms you qualify for, however, you’ll need to submit a formal application, as Lendly does not offer a prequalification option.

Here is how to apply to Lendly:

  1. Complete the online application. The application takes 5–10 minutes and requires basic personal and employment information.
  2. Submit your application. After filling out the form, Lendly reviews your information, and you’ll typically receive a decision within 24 hours. If eligible, you’ll receive an email and/or a text notification. You can also check your eligibility by logging into the customer portal at lendly.com/login.
  3. Receive your funds. Once approved and your information is verified, funds can be deposited into your bank account as soon as the next business day.
  4. Manage your loan. You can monitor your loan and make payments by logging in to the customer portal. If needed, you can pay off the loan early without penalty. Typically, your repayments are automatically deducted from your paycheck.

How Lendly compares to other lenders

Name Product USFSL Filter Values Loan amount Turnaround time Requirements
Chime SpotMe®
Finder Score: 4.2 / 5: ★★★★★
Chime SpotMe®
Up to $200
Instant
Qualifying $200 direct deposits into Chime checking account each month. Chime debit or Credit Builder card.
Access fee-free overdrafts up to $200 when eligible. Plus get your paycheck up to 2 days early with direct deposit. See Chime terms and conditions.
EarnIn
Finder Score: 4.7 / 5: ★★★★★
EarnIn
Up to $750 per pay period, but only $150 per day
1 to 3 business days or instant for a fee
Direct deposit sent to a checking account, a regular pay schedule, a fixed work location or an online timekeeping system at work
No mandatory fees, no interest and no credit checks. Subject to EarnIn terms & conditions.
OppLoans Installment Loans
Finder Score: 4.7 / 5: ★★★★★
OppLoans Installment Loans
$500 to $4,000
As soon as the same business day
+18 years old, Receive paychecks through direct deposit, $1,500 minimum monthly income, Live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
Cleo
Finder Score: 4.1 / 5: ★★★★★
Cleo
Up to $250
3 to 4 days or instant for a fee.
Not stated
Automatically monitor your spending plus access cash advances up to $100 at a time.
Dave ExtraCash
Finder Score: 4.2 / 5: ★★★★★
Dave ExtraCash
Up to $500
Up to 3 business days or instant for a fee
At least two direct deposit paychecks to your bank account from your employer, extra money in your bank account
Borrow up to $100 to avoid hefty overdraft fees.
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Lendly reviews and complaints

BBB accredited No
BBB rating B
BBB customer reviews 1.05 out of 5 stars, based on 31 customer reviews
Trustpilot Score 4.7 out of 5 stars, based on 7,572 customer reviews
Customer reviews verified as of 22 October 2024

Lendly has a number of mixed reviews. Positive reviews on Trustpilot highlight how easy and quick the application process is. Borrowers find that their funds come through easily, which has especially helped during emergencies. Some borrowers appreciate the convenience of payroll deduction for repayments, which helps them stay on track without having to manage the payments themselves.

On the other hand, complaints center on issues like high interest rates and unclear communication regarding loan terms. Customers on the BBB raise concerns about customer service, noting difficulties in resolving issues or getting timely responses from support. Additionally, some reviews mention feeling misled by the promotional materials, particularly regarding how much the loan would end up costing.

What do people on Reddit say?

There isn’t much posted about Lendly on Reddit. One Redditor complained of receiving an APR of 199%, which was far too high for them. Commenters chimed in, agreeing, and compared Lendly to a predatory payday loan.

Frequently asked questions

Does Lendly approve bad credit?

Yes, Lendly considers applicants with less-than-perfect credit. Instead of relying heavily on credit scores, it focuses on employment history and the ability to repay through payroll deductions. However, the loan’s high APR can make it a costly option even if you’re approved.

How long does it take to get approved by Lendly?

Lendly’s online application process is quick, often providing a decision within 24 hours. Once approved, funds are typically available as soon as the next business day, depending on your bank’s processing times.

What type of loan is Lendly?

Lendly offers small personal loans, typically up to $2,000, designed for borrowers who need quick access to funds. These loans are paid back through automatic payroll deductions, which help ensure timely payments. Lendly itself is not a lender but rather works with third-party services.

Does Lendly perform a hard credit pull?

Yes, Lendly conducts a hard credit inquiry when you apply for a loan. Unlike many lenders, it doesn’t offer the ability to prequalify with a soft credit check, which means applying affects your credit score.

How are loan payments made through Lendly?

Repayments are made through automatic deductions directly from your paycheck, using your employer’s payroll direct deposit system.

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